247. “FINANCIAL PERFORMANCE A CASE STUDY OF VICENZA DEVELOPMENT INVESTMENT JOINT STOCK COMPANY”

ACADEMY OF FINANCE Major Corporate Finance GRADUATION THESIS TOPIC: “FINANCIAL PERFORMANCE: A CASE STUDY OF VICENZA DEVELOPMENT INVESTMENT JOINT STOCK COMPANY” Full name: Vũ Thế Anh Class: CQ54/11CL.01 Student code: 16CL3402010008 Instructor: Mrs Đoàn Hương Quỳnh Internship unit: Vicenza development investment joint stock company Address: Lot A, Le Mon Industrial Park, Quang Hung Ward, Thanh Hoa City, Thanh Hoa Province Graduation Thesis Academy of Finance PREFACE INTRODUCTION Currently, the restructuring of the economy and strong integration as well as the increasingly fierce competition among economic sectors have created difficulties and challenges for businesses Facing such landmark challenges, every business needs a certain amount of preparation to be able to affirm its position To affirm that as well as survive and develop more and more sustainably, it requires businesses to have a thorough grasp of the situation, the results of production and business activities as well as be proactive in each of their steps to have proper and reasonable future construction and development plans For that reason, businesses must always pay attention to the financial situation - the most important factor that directly affects the company's production and business activities as well as the longterm development of businesses in the future hybrid The regular analysis of the financial situation will clearly show the real situation of financial activities, the results of production and business activities in the period of the enterprise so that they can be fully, rightly and reasonably determined and the level of influence of the factors that can simultaneously evaluate the potential, efficiency of production and business as well as the risks and future prospects of the company to help businesses with their owners superiors can give effective solutions and accurate decisions to improve the quality of economic management, improve production and business efficiency of enterprises Stemming from that fact I chose the topic: Financial performance: a case study of Vicenza development investment joint stock company Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance OBJECTIVES AND RESEARCH QUESTIONS Thesis “Financial performance: a case study of Vicenza development investment joint stock company” is selected to address the following basic goals:  Systematizing theoretical issues about the corporate financial situation  Analyzing and assessing the current financial situation of Vicenza development investment joint stock company  Proposing some solutions to improve the financial situation of Vicenza development investment joint stock company Research questions:  How assets and asset structure fluctuate?  How sources of capital and capital structure fluctuate?  How revenues, expenses and income fluctuate?  What is the situation of the cash flow?  How the liquidity is expressed?  How asset utilization efficiency and profitability fluctuate?  Is the profit distribution reasonable? SCOPE OF STUDY Based on the financial statements we conduct:  General analysis of the financial situation  Analyzing assets and asset structure  Analyzing sources of capital and capital structure  Analyzing revenues, expenses and income  Analyzing cash flows  Analyzing liquidity Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance  Analyzing asset utilization efficiency and profitability  Analyzing profit distribution From the above factors we can assess the current financial situation of the company Scope of space: Vicenza development investment joint stock company Scope of time: Assessing the current financial situation of Vicenza development investment joint stock company in the period of 2018 – 2019 and proposing some solutions to improve the financial situation in 2020 METHODOLOGY AND DATA The research project is based on the simultaneous use of general methods of analyzing financial and economic activities such as the method of selecting the study area, collecting and analyzing data, analyzing financial indicators, comparing and statistics The research topic uses data from financial statements in the period of 2018 – 2019 of Vicenza development investment joint stock company THESIS STRUCTURE Besides the introduction and conclusion, the thesis is structured into chapters  Chapter 1: Overview of financial situation of a company  Chapter : Financial situation of Vicenza development investment joint stock company  Chapter 3: Solutions to improve the financial situation of Vicenza development investment joint stock company Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Vũ Thế Anh Academy of Finance CQ54/11CL.01 Graduation Thesis Academy of Finance CHAPTER OVERVIEW OF FINANCIAL SITUATION OF A COMPANY 1.1 Corporate finance and financial management 1.1.1 Corporate finance and financial decisions 1.1.1.1 Definition of corporate finance Enterprise is an economic organization that carries out production and supply of goods to consumers through the market for the purpose of making a profit The business process of the enterprise is also the process of combining the inputs such as factories, equipment, materials and labor to create the output factor of goods and consumption of goods to make a profit With each legal form of organization, the enterprise has an appropriate method to create the initial capital, from which the enterprise purchases machinery, equipment and materials After production is complete, the business sells the goods and earns sales proceeds From the sales proceeds, the enterprises use it to offset the material expenses already consumed, pay wages to laborers, other expenses, pay taxes to the State and the remainder shall be profits after tax The enterprise then uses this share of profits to distribute to accumulating and consuming purposes Thus, the operation process of an enterprise is also the process of creating, distributing and using monetary fund constituting the financial activities of the enterprise Within the process of creating and using an enterprise's monetary fund, these are economic relations in the form of value that constitute the financial relations of the enterprise and cover the following major financial relations:  Financial relationship between enterprises and the State This relationship is reflected in the enterprise's fulfillment of financial obligations to the State, such as paying taxes and fees to the budget  Financial relations between enterprises and economic entities and other social organizations Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance The financial relationship between enterprises and other economic entities is very diverse and rich, which is reflected in the payment of material rewards when enterprises and other economic entities provide goods and services to each other (including financial services) In addition to financial relations with other economic entities, businesses may have financial relations with other social organizations, such as enterprises that provide grants to social organizations  Financial relationship between the enterprise and its employees This relationship is reflected in the enterprise's payment of wages, bonuses and material penalties to employees in the course of engaging in business activities of enterprises  Financial relationship between an enterprise and its owners This relationship is reflected in the owners making investments, contributing capital or withdrawing capital from enterprises and in distributing the enterprises' profit after tax  Financial relations within the enterprise This is the payment relationship between the internal divisions of the business in the business operation, in the formation and using of the enterprise's funds, as well as when distributing business results and performing internal accounting enterprise From the above issues, some definitions can be drawn as follows:  In essence, corporate finance is economic relations in the form of arising value associated with the creation and using of monetary funds of the enterprise in the course of its operation Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance  In form, corporate finance is monetary funds in the process of creation, distribution, using and movement associated with the operation of the business 1.1.1.2 Financial decisions Although not completely agreed upon in the concept of corporate finance in terms of words, there is a consistency when the different concepts of corporate finance say that corporate finance really cares about studying three decisions Three decisions are investment decisions, capital decisions and dividend decisions  Investment decisions: are decisions related to the total value of assets and the value of each asset part (fixed assets and current assets) Investment decisions affect the left (the assets portion) of the balance sheet Investment decisions are considered the most important of corporate finance decisions because they create value for the business A right investment decision will contribute to increase the value of the business, thereby increasing the value of the property for the owner, whereas a wrong investment decision will damage the value of the business resulting in damage to the business owners  Financing decisions (capital decisions): These are decisions regarding which funds to choose for investment decisions Determining the capital source that affects the right of the balance sheet (the capital) The decision to raise capital is a big challenge for the financial administrators of the business In order to make proper financing decisions, financial managers must have a firm grasp of the advantages and disadvantages of using Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance capital raising tools, accurately assess the current situation and forecast correct market movements - future prices before making a decision to raise capital  Dividend decisions: associated with the decision on dividend distribution or dividend policy of the business Financial managers will have to choose between using most of the after-tax profits to pay dividends, or keep it for reinvestment These decisions are related to how the company should pursue dividend policy and whether the dividend policy will affect the value of the company or its stock price in the market In addition to the three main types of decisions in corporate finance mentioned above, there are many other types of decisions related to the business operations of the business such as mergers and acquisitions, financial risks prevention decisions in production and business activities, In short, financial managers must make financial decisions to maximize business value With every financial decision, the manager must always face the contradiction between risk and profit A wise financial decision is a decision that can maximize the value of the business, so that the financial decision must ensure to minimize risks and maximize profitability for the owner This is very difficult for financial managers in the process of analyzing and making decisions to choose the appropriate financial decisions 1.1.2 Financial management 1.1.2.1 Definition of financial management Corporate financial management is the selection, decision making and organization of financial decisions to achieve the operational objectives of the business Because financial decisions are associated with the creation, Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance distribution and use of monetary funds during the operation of the business, corporate financial management is also considered as the planning and organization process, implement, adjust and control the process of creating, distributing and using monetary funds to meet the operation needs of enterprises Corporate finance management includes the activities of managers related to the investment, purchase, financing and asset management of an enterprise to achieve its objectives It can be seen that corporate financial management involves three main types of decisions: investment decisions, capital decisions and dividend decisions, in the most beneficial way for business owners Corporate finance management is a part and the most important content of corporate management, it has close relationship and affects all aspects of business operations Most corporate management decisions are based on the results drawn from the financial evaluation of corporate finance management This comes from the role of financial management for the business 1.1.2.2 The role of financial management in a company Currently, with the transition to a multi-sector economy operating under the market mechanism, enterprises must have full autonomy in production and business and financially The operation of enterprises faces many challenges due to the competition of other businesses together with unpredictable market fluctuations Under these conditions, the operations of enterprises must be based on the planning work both in terms of strategy (long term) and tactics (short term) Strategically, businesses need to identify long-term business plans and goals In addition to strategic decisions, corporate managers must also Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance to reward employees, then strengthen management and supervise the work progress of employees and conduct rewarding in accordance with the company policy, so that it can both save costs and create incentives for employees so they can improve their work efficiency even more For methods to limit the damage of production and business equipment, to be able to apply this measure, the company needs to ensure that employees follow the procedures to avoid damage to the equipment This requires the company to organize training sessions for all employees on each apparatus that employees must undertake, thus ensuring the ability of employees to operate with the machine hook In addition, in the process of using, businesses also need to regularly check and maintain their equipment to be able to replace damaged parts, so as to avoid the risk of seriously damage and expensive In terms of how to find the best suppliers, firstly, the company needs to find out the list of suppliers near its operating areas through the internet or through social contacts After that, the company will dive into the necessary information such as the price of the supplier, the quality of the materials provided, the reputation as well as the scale of the supply From the above factors, it is possible to conduct analysis and evaluation to apply this method The next method is to use the Internet to support the marketing of products, to survey and learn about the product that customers are aiming for The condition for applying this measure is that the company must have a sample of survey with a certain set of questions related to the above issues and then sends to long-term customers as well as individual consumers through social networks to receive customer comments line Of course, it is possible to market the company's product samples in the survey sample and Vũ Thế Anh 91 CQ54/11CL.01 Graduation Thesis Academy of Finance see how customers react If there is a sample and social network, this measure can be easily implemented Finally, the method to increase the initial cost for ensuring occupational safety, the conditions for applying this method are simple, there is a coordination between the employee and the employer Employers should increase maintenance of machinery in combination with providing equipment with supportive labor protection functions to ensure safety when using equipment and holding concurrent sessions to turn up the basic knowledge about occupational safety in order to raise employees' awareness while workers improve their own safety and strictly comply with the regulations on using machines or steps to perform the task  Conditions for applying solutions on cash flow issues With the method of improving revenue, reducing purchasing costs and general costs, businesses only need to meet two conditions to be able to apply this measure The first condition is to determine the amount of revenue the company wants to achieve in the future to increase the selling price for each type of products, but the price must not be higher than the average price of the market, if that case happens, the company will have to adjust prices again The second condition is that the company must reach an agreement with suppliers in terms of pricing in the most beneficial way for the company to purchase and at the same time strengthen supervision of each stage of its operation, if there are unnecessary stages or overlapping functions, it is possible to cut costs to save costs for the company If the business is able to satisfy the conditions of price increases, agreements and monitoring, it will be easier to apply this measure Vũ Thế Anh 92 CQ54/11CL.01 Graduation Thesis Academy of Finance The next step is to withdraw capital from the investment cash flows, the company needs to conduct a profit comparison to determine whether or not to withdraw capital Before the company makes an investment, there will always be a profit assessment and prediction, so just take a look at the current returns and the expected profits if there are certain differences, so the company should offer the most profitable treatment possible Therefore, the condition to be able to apply this measure is to conduct monitoring and comparing investment profits As for measures to increase debt recovery and inventory control, first of all, with increasing debt recovery, the company needs to have incentive policies that are attractive enough for those that it needs debt collection, such as the payment discount policy that many companies are currently using Of course there are many other incentives, but the mandatory condition here is that it must be attractive enough for the debtors, so that it can increase the ability to recover capital The second is about inventory control, in order to apply this factor, the company must conduct regular monitoring of the situation of goods in the warehouse and closely monitor the reports on the profit rate that each type of product carries Therefore, it is possible to know which products are popular and which ones are not able to bring high profits Thus, the condition for applying this measure is an attractive early repayment incentive policy and enhanced control with monitoring in profitability of the product In the latter's method of payment to the seller, this solution requires that the company reach a reasonable agreement with the seller without compromising other commercial terms The mandatory condition for this measure to be applied is the skill in persuasion of the negotiator as well as the Vũ Thế Anh 93 CQ54/11CL.01 Graduation Thesis Academy of Finance agreement from the seller, lacking any of the two factors above, this measure cannot be performed Finally, the method of leasing the property is still usable, the conditions for using this method are quite simple, the company only needs to use a few common advertising methods in combination with posting on internet or social networks, finding tenants will be faster in this day  Conditions for applying solutions on liquidity issues For measures to increase fast liquidity and instant solvency, the conditions to apply this method are quite strict First the company needs to come up with policies to encourage early repayment that is appealing enough to the debtor, then it must monitor and come up with methods to increase the amount of cash that exists during its operations based on the specific consideration at the situation of trading securities or similar short-term assets that work to increase cash flow, of course, can also consider many ways to increase cash flow but the conditions here are these policies must be appropriate and effective for the company Only when the company meets the above two conditions can this measure be taken For the method of liquidating assets that are no longer profitable, the company only needs to post some information related to assets to be sold on the Internet or social networks, the liquidation will take place quickly and easily much more The company may also sell it to acquaintances or property collectors based on social connections, so the sale will be made directly On the method of establishing appropriate cost levels and regularly considering reducing costs, in order to implement this measure, it is imperative that the company must carry out as accurately as possible the cost level in each process by looking at previous cost reports and estimating Vũ Thế Anh 94 CQ54/11CL.01 Graduation Thesis Academy of Finance future costs, furthermore from reports it is possible to consider which stage of costs can be further reduced Thus, the application of the above measures will be carried out smoothly With the method of effective receivables monitoring, in order to apply this measure, the company should conduct a review of the reports for each receivable, accurately identify the object to collect money and specify the level of cash needs to be collected and priority is given to large amounts, as these often play a very important role in the company's working capital In addition, the company also needs to limit the selling in credit amount at a certain number, not let this level exceed the limited amount as planned, otherwise there will be many unreasonable difficulties in the business process Enterprises need to implement all of the above factors to apply this method In the control of accounts payable, the condition to apply is that the company must create an agreement on delaying payment terms with the sellers, of course this is a huge challenge for ingenuity in the persuasive skills of negotiators Moreover, for nonprofit expenses, the company needs to know exactly what the purpose of the money is spent and analyze whether the purpose is attractive enough and worth spending money on that purpose or not If the company can ensure these conditions, the implementation of this measure is extremely positive Finally, in terms of profitability measures, the conditions to apply are that the company needs to set up and closely manage the reports of profits brought about by each type of product as well as the total cost of using it to produce each of those products, furthermore from the reports of production costs the company should assess where the costs can be reduced without compromising the quality of each product As long as the company finds those points, the implementation of this measure will be much easier Vũ Thế Anh 95 CQ54/11CL.01 Graduation Thesis Academy of Finance  Conditions for applying solutions on the issue of efficient use of assets Firstly, with regard to the method of building lines and machines using the most modern technology, in order to apply this method, the company must first have a certain amount of capital, then identify and set a development orientation in the future, it is then possible to determine what lines the company should invest in, in order to match the future direction The company then needs to set up specific tasks in updating, researching and developing technologies applied to these new lines and machines After the company meets the above factors, the application of the above measures will be easier and faster The second is that with the use of fixed assets scientifically, the company must first understand the methods of operation as well as the benefits when using these assets, then from these points, it is possible to use these assets to support other jobs and further research to see how the operation and the use of the assets can help businesses gain more from it In addition, the company also needs to check the status of assets in a certain short period of time to ensure a certain efficiency as well as promptly replace assets that are no longer in operation Thirdly, with the measure of decentralizing the management of fixed assets, the company only needs to clearly assign tasks to the relevant departments during the operation process and offer bonus policies for effective management with punishment for not completing the task, the implementation of this measure will be much more effective Next to is the method of determining working capital needs and organizing the procurement and storage of materials, in order to implement this measure, the company needs to consider the size of working capital in the past to be able to analyze and predict working capital demand in the future, the company then needs to follow up the reports on the situation of material Vũ Thế Anh 96 CQ54/11CL.01 Graduation Thesis Academy of Finance procurement as well as the amount of materials remaining in each period to have possible ways to provide the best treatment method for materials with too long inventory time In strictly controlling the ability to consume materials in combination with a rational organization of the labor process, increasing the quality of products and supplies, and motivating employees, the conditions for application are first and foremost, the company should review the list of materials and then set a certain norm and this norm must satisfy both the amount of capital, production output as well as product quality assurance The next step is to develop a scientific labor method so that the labor process can achieve the highest efficiency and at the same time provide incentive policies for those employees who fulfill their assigned tasks Finally, in terms of organizing many forms of product consumption and building good relationships with customers, the conditions for applying this measure are quite simple The company just needs to solicit ideas of product consumption within the company then evaluate and select the most satisfactory forms and conduct it Then for customers, the company should apply attractive incentive policies, especially for patrons, the more the company should offer the privileges that only new customers have, so the attracting of attention will be promoted and the above measures will be much more effective For the organization of the payment process, the company should conduct a close confirmation of the object and the amount of payment that can be applied immediately  Conditions for applying the solution on the level of profit For methods of increasing product quality, increasing capital of business activities and increasing marketing ability of products, the conditions to apply are not too complicated To increase the quality, the company must Vũ Thế Anh 97 CQ54/11CL.01 Graduation Thesis Academy of Finance proceed to increase the modernity of machinery and technology while using good quality materials for production Following that on the level of capital, the company should use the prediction method to determine the capital needs of the planned business, avoiding unnecessary waste of capital As for marketing, because this is a specialized field, it can only rely on encouraging employees to improve their own expertise In increasing product sales, the company needs to closely monitor the profitability situation of all types of products From there, considering, analyzing and evaluating which products sell well, which products in the future can thrive and then devise reasonable development and consumption plans The company only needs to perform well the prediction assessment with good development plan, so it is not difficult to apply this measure Finally, the cost reduction measures are based on the calculation of the influence of the factors in the cost of products, in order to apply this measure, the company must first have reports showing the process of using costs into production operations, then proceed the calculation of influencing factors to analyze and consider the possibilities in reducing costs, of course in this process also requires the professional knowledge and personal ability of the participants in the calculation and the evaluation therefore requires an additional condition that the individual competencies of the staff must also match the requirements of the job  Conditions for applying solutions on the issue of profit distribution For measures to minimize the rate of profit receipt of shareholders and use that profit in reinvestment, the condition for implementing this measure is that the company must satisfy two factors The first factor is that the company must hold a meeting of shareholders to announce this measure and at the same time provide a specific plan for the use of this undistributed profit, then have Vũ Thế Anh 98 CQ54/11CL.01 Graduation Thesis Academy of Finance to set out favorable conditions for shareholders and determine how much profit the shareholder can receive compared to the time when it was still divided as at the beginning The second and most important factor is the approval of the shareholders so that this measure can be implemented In the method of delaying the profit distribution period, the conditions to apply this method are not too complicated, just need to discuss with the shareholders that the company can make a guarantee about the payment ratio as well as payment terms and shareholders' approval, this method will be much easier to perform Finally, with the method of changing the form of dividend payment, the condition for applying this measure is that the company must assure shareholders that it will update its business situation as well as normal financial situation for shareholders to keep track of the company's activities, and to be approved by shareholders, this measure can be applied Vũ Thế Anh 99 CQ54/11CL.01 Graduation Thesis Academy of Finance CONCLUSION In the context of fierce competition of the market mechanism, in order to survive and develop, the raising of financial capacity of the enterprise is put on top As one of the equitized enterprises in the field of construction material investment and development, the company plays a major role in creating technical and material foundations for the national economy This is one of the key sectors in the strategy country's development, the success of the industry in recent years is a condition to promote the country's industrialization and modernization process In the context that the market economy wants to affirm its position, it wants to win against the competitors largely depending on the performance of the company This performance is assessed through financial analysis, showing the overall picture of business operations that help find the right direction, timely strategies and decisions to achieve high performance The thesis “financial performance: a case study of Vicenza development investment joint stock company” aims to analyze the financial situation of the company to see clearly the problems and find solutions to improve the financial capability of the company With such goals, the thesis has scientifically analyzed the financial situation of the company, showing the results achieved as well as the shortcomings On that basis, the thesis boldly proposed a number of solutions to improve the financial capacity of the company However, with limited capacity of the author, the author cannot avoid certain limitations in completing the thesis The author hopes to receive suggestions from teachers and friends to improve the thesis Vũ Thế Anh 100 CQ54/11CL.01 Graduation Thesis Academy of Finance REFERENCES Corporate finance curriculum (2015) - Academy Of Finance, Associate Professor Bui Van Van, Associate Professor Vu Van Ninh Balance sheet of Vicenza development investment joint stock company in 2018 Balance sheet of Vicenza development investment joint stock company in 2019 Income statement of Vicenza development investment joint stock company in 2018 Income statement of Vicenza development investment joint stock company in 2019 Cash flow statement of Vicenza development investment joint stock company in 2018 Cash flow statement of Vicenza development investment joint stock company in 2019 Website: Wikipedia.org, Cophieu68.vn, Cafef.vn Vũ Thế Anh 101 CQ54/11CL.01 Graduation Thesis Academy of Finance LIST OF TABLES Table 2.2.1.1 Asset structure ratios in 2018 - 2019 47 Table 2.2.1.2 Short-term asset structure in 2018 - 2019 .49 Table 2.2.1.3 Long-term asset structure in 2018 – 2019 51 Table 2.2.2.1 Capital structure ratios in 2018 - 2019 52 Table 2.2.2.2 Liability structure in 2018 - 2019 54 Table 2.2.2.3 Equity structure in 2018 - 2019 56 Table 2.2.3.1 Revenue fluctuation rate in 2018 - 2019 57 Table 2.2.3.2 Expenses fluctuation rate in 2018 - 2019 .58 Table 2.2.3.3 Income fluctuation rate in 2018 - 2019 60 Table 2.2.4.1 The criteria in business cash flow management in 2018 – 2019 61 Table 2.2.5.1 The liquidity ratios in 2018 – 2019 63 Table 2.2.6.1 The asset efficiency ratios in 2018 – 2019 .67 Table 2.2.6.2 The profitability ratios in 2018 – 2019 69 Table 2.2.6.3 General ratios of development investment .71 sector in 2018 – 2019 71 Table 2.2.7.1 Profit distribution ratios in 2018 – 2019 71 Vũ Thế Anh 102 CQ54/11CL.01 Graduation Thesis Academy of Finance APPENDIX PREFACE OBJECTIVES AND RESEARCH QUESTIONS CHAPTER OVERVIEW OF FINANCIAL SITUATION OF A COMPANY 1.1 Corporate finance and financial management 1.1.1 Corporate finance and financial decisions .4 1.1.2 Financial management 1.2 Financial situation of a company 13 1.2.1 Definition of financial situation 13 1.2.2 Indicators for assessing financial situation of a company 16 1.3 Determinants of financial situation of a company 35 1.3.1 Objective factors 35 1.3.2 Subjective factors 37 CHAPTER : FINANCIAL SITUATION OF VICENZA DEVELOPMENT INVESTMENT JOINT STOCK COMPANY .39 2.1 Overview of Vicenza development investment joint stock company 39 2.1.1 The establishment and development of Vicenza development investment joint stock company 39 2.1.2 The business characteristics of Vicenza development investment joint stock company .41 2.1.3 Overview of financial performance of Vicenza development investment joint stock company 46 2.2 The financial situation of Vicenza development investment joint stock company 47 2.2.1 Assets and Asset Structure 47 2.2.2 Sources of Capital and Capital Structure 52 Vũ Thế Anh 103 CQ54/11CL.01 Graduation Thesis Academy of Finance 2.2.3 Revenues, Expenses and Income 57 2.2.4 Cash flows 61 2.2.5 Liquidity 63 2.2.6 Asset utilization efficiency and Profitability .66 2.2.7 Profit distribution 71 2.3 Assessment of the financial situation of Vicenza development investment joint stock company 72 2.3.1 Achievements .72 2.3.2 Shortcomings and reasons 74 CHAPTER 3: SOLUTIONS TO IMPROVE THE FINANCIAL SITUATION OF VICENZA DEVELOPMENT INVESTMENT JOINT STOCK COMPANY 77 3.1 The strategies of Vicenza development investment joint stock company in the future .77 3.2 Solutions to improve the financial situation of Vicenza development investment joint stock company 79 3.3 Conditions needed for implementing the solutions 88 CONCLUSION .99 REFERENCES 100 LIST OF TABLES .101 APPENDIX 101 CRITIC’S JUDGEMENT 104 Vũ Thế Anh 104 CQ54/11CL.01 Graduation Thesis Academy of Finance CRITIC’S JUDGEMENT Critic: Student: Vu The Anh Group: 11CL.01 Topic: Financial performance: Intake: CQ54 a case study of Vicenza development investment joint stock company Vũ Thế Anh 105 CQ54/11CL.01 ... financing decisions, financial managers must have a firm grasp of the advantages and disadvantages of using Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance capital raising tools, accurately... Thesis Academy of Finance summary of all aspects of the level of financial management, including the level of revenue and cost management, the level of asset management, the level of capital management... Financial performance: a case study of Vicenza development investment joint stock company Vũ Thế Anh CQ54/11CL.01 Graduation Thesis Academy of Finance OBJECTIVES AND RESEARCH QUESTIONS Thesis “Financial