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THE REPORT OF PHU NHUAN JOINT STOCK COMPANY I BASIC PROFILE OF PNJ COMPANY 1) Information about PNJ Firm name : Phu Nhuan Joint Stock Company ( PNJ., JSC) Address : 170E Phan Dang Luu – Ward – Phu Nhuan Town – Ho Chi Minh City – Viet Nam Contact : (84-28) 39951703 – Email : pnj@pnj.com.vn Business registration certificate : 0300521758 Tax identification number : 0300521758 Legal representative : Mrs Cao Thi Ngoc Dung – Chairman of the board of PNJ Company Charter capital : 1.621.393.240.000 VND The main operation scope : Producing jewelry and fine gold Processing gold jewelry and fine art Production of details in silver and gold with precious metals or base metals plated with precious metals such as food, flatware, dishes, bowls, sanitary details, office details, expenses religious use Produce specifications or experiments with precious metals: crucibles, shovel tables, metal anodes Precious metal watches, cuffs, watch straps, cigarette cases Export and import of gold jewelry, fine art articles in gold, silver, other precious metals, diamonds, precious stones, semi-precious stones, gold bars and raw material gold in the form of leaves, powder wires, blocks, ingots and seeds , pieces Export and import jewelry, imitation jewelry and related details Service of inspection of diamonds, precious stones and precious metals Real estate business 2) The process of formation and development 28/04/1988: Phu Nhuan Jewelry Shop was established, directly under the People's Committee of Phu Nhuan District 1992: Officially named Phu Nhuan Jewelry Company after changing its name from Phu Nhuan Jewelry and Gold Shop and Kieu Hoi Fine Jewelry Company Phu Nhuan, at the same time identifying the development strategy professional jewelry manufacturers; At this time, PNJ also expanded its activities by founding Dong A Bank with a 40% stake 2001: PNJ Silver brand was officially born 02/01/2004: Equitized, transformed from a Party economic enterprise into Phu Nhuan Jewelry Joint Stock Company 03/04/2008: PNJ officially changed the new logo to celebrate the 20th anniversary of its establishment and development 03/2009: Stock of PNJ was officially listed on HOSE, increasing its charter capital to 400 billion VND 08/2009: CAO Fashion Company Limited was established with the addition of watch business of world famous brands at PNJ system 03/2011: PNJ started construction of PNJ Jewelry Factory, and at the same time constantly upgraded the scale of distribution system, inaugurated the headquarters and opened gold jewelry centers in many places 18/10/2012: Inaugurated PNJ Jewelry Enterprise with total investment capital of VND 120 billion and production capacity of over million products / year 11/2013: Increased charter capital to 755.97 billion VND 10/07/2015: Increased charter capital to 982, 745, 770,000 VND 02/02/2018: Increased charter capital to 1,081,020,340,000 VND 10/07/2018: Increasing charter capital to 1,621,393,240,000 VND 14/12/2018: Increased charter capital to 1,670,029,820,000 VND 3) Mission Constantly mobilizing to achieve sustainable development in aglobal business environment with scientific and advanced management systems, modern machinery and equipment, skilled and dedicated workers to providing customers with diverse products and services with the best quality and competitive prices 4) Business philosophy Put customer benefits and social benefits into business benefits 5) Business operation status PNJ participates in the main business activities as follows: Trading in gold, silver and gemstones: PNJ is a gold and silver processing enterprise, then resells to gold and silver business shops all over the country with the main products being machine chains and gold casting jewelry 58.5% and 68% With a nationwide retail network, PNJ has trademarked brands such as PNJ Gold, PNJ Silver, CAO Fine Jewelery, Jeara, Yabling Some brands are exported abroad In April 2008, PNJ cooperated with Dong A Bank to upgrade the production of Phuong Hoang PNJ into Phuong Hoang PNJ – Dong A Bank brand and put it into widespread consumption in the market Gold piece products were created to meet the demand of storing, exchanging and trading people Export activities: PNJ exports gold bars and jewelry to big and stable markets The company has just been operating since 2004 but has also made great progress By 2010, the company had export gold bars to Denmark, Germany, America, Australia , most recently Japan and Canada Promote promotion and increase PNJ gold bar business revenue with very positive results with pepper ratio PNJ gold bullion accounted for 74% of total gold bar consumption volume throughout the PNJ system (up 22% compared to the same period in 2009), showing the liquidity and reputation of gold bar brand Phuong Hoang PNJ - DongA Bank dated more affirmation in domestic and world markets Financial investment activities: In addition to core business, PNJ also uses its capital for financial investment activities through the forms of founding shareholders, joint ventures, and capital contribution to the fields Potential areas to maximize profits for the company 6) Some achievement of PNJ in 2016,2017,2018 Evidently, especially in the last months in 2018, PNJ has a total revenue of about 6.489 billion VND, up 34.1% compared to the same period In particular, retail sales reached 4.763 billion VND Gross profit reached more than 1.149 billion VND and reached 46.4% of the yearly plan These figures have contributed to bringing the total profit before tax of PNJ to over VND 580 billion PNJ is constantly increasing its influence in Asia On November 7,2018 PNJ and Swarovski Group signed a cooperation agreement on the cocreation and creation of PNJ Suncut product, exclusively for PNJ brand, exclusively around the world Previously, PNJ was the first Vietnamese jewelry brand to sign a strategic cooperation with this "Austrian jewel", so far, ECZ product line (Excellent Cubic Zirconia) of PNJ combined with CZ of Swarovski becomes into an important growth link of PNJ PNJ vs Swarovski 2018 saw "an explosive PNJ" After marking the fourth consecutive year honored in the Top 100 best working environments in Vietnam organized by Anphabe and Nielsen at the end of March 2018, this jewelry business conquered Vietnam HR Awards Appraisal Council to attend the Best Companies to work for in Asia awards ceremony - Asia's best working environment, held on September 14, 2018 As of December 31, 2008, PNJ recorded 55 stores increased compared to the end of 2017, including opening 61 and closing stores, continuing to maintain the system expansion at a rapid rate (2017, 50 store increased) In 2017, consolidated pre-tax profit reached 908.11 billion, up 54% over the same period and reached 121% of the plan Total revenue of PNJ reached VND 11,049 billion, an increase of 28% compared to 2016, retail sales reached VND 5,780 billion, up 39% over the same period At the same time, gross profit reached nearly VND 1,912 billion, up 36% compared to the same period last year 7.2017, Forbes Vietnam published a ranking of "40 most valuable company brands", of which PNJ brand was valued at nearly US $ 57 million About PNJ, the magazine commented: PNJ is a national brand of jewelry that holds a unique position in Vietnam's jewelry industry In 2017, PNJ is the company with the highest profit margin among enterprises, PNJ, Doji and SJC, which are much higher in the market In 2017, PNJ revenue reached nearly VND 11,000 billion, only half of that of SJC, but the gross profit of the company was VND 1,912 billion, 11 times higher than SJC, equivalent to 17.4% gross profit margin 7) Competitors of PNJ 7.1 Doji Gem Silver Joint Stock Company Doji Gemstone Gold Group was formerly known as TTD Technology and Trade Development Company (established on 28/07/1994) having had two decades of business operation in the field of hinges as Gold Silver Gemstones and constantly expanding investment, encroaching into the field of Business Services, Real Estate and Banking and Finance So far, Doji Gemstone Gold Group consists of member companies operating under the model of Parent-Child company, jointventure companies and 13 branches.Being the only Vietnamese member of the International Gemstone Association (ICA) and was named the King of Ruby with Vietnam Ruby Star product "Vietnam Star Ruby - VSR", Doji group has promoted and contacted advancing and exporting Ruby and Ruby star stones to many international markets such as Japan, Thailand, India, Hong Kong, Taiwan etc are proud to affirm the names of Vietnamese gemstones made by Vietnamese people in the village Map of world gems Some achievements of Doji Joint Stock Company : Vietnam National Brand ranked and selected by the Ministry of Industry and Trade (From 2012-2016) Acquired ISO 9001: 2008 Certification on Quality Management System by UK SGS Group - the world's leading organization in the field of inspection, testing, certification and verification (2012) Ranking the largest private enterprise in Vietnam (According to VNR 500): Top 5/500 (2010), Top 3/500 (2011) and 03 consecutive years reaching the position of No 1/500 Large private enterprise most in Vietnam (2012, 2013 & 2014) Some achievements of Doji Joint Stock Company in 2016,2017 and 2018 Doji is the largest revenue and gold enterprise with nearly VND 52,000 billion in 2017, equivalent to USD 2.2 billion Revenue in 2018 was over VND 60,000 billion, an increase of 13% compared to 2017, specifically VND 52,000 billion 7.2 Saigon Gemstone Gold and Silver Company Limited - SJC Founded in 1988, after 22 years of operation with the name Saigon Jewelry Company - SJC A state-owned enterprise under the People's Committee of Ho Chi Minh City, operating under the model of parent company - subsidiary company as a multidisciplinary business group in which gold production, trading and jewelry are the main business, the party besides real estate, financial investment and services.After September 16, 2010, Saigon Jewelry Company - SJC changed its name with the new name Saigon Jewelry Company Limited (Saigon Jewelry Company Limited) SJC aims to become a leading economic group in the country within the next few years, developing gold and jewelry business with the foundation of a national brand to become an international brand The company model includes parent company, 23 branches, subsidiaries and associates, 13 enterprises with investment capital Distribution business network includes more than 200 stores, 43 official agents, over 3,000 retail outlets nationwide Besides, SJC also has a concentrated jewelry manufacturing factory, which has shipped more than 500,000 products a year Some achievements of Saigon Gemstone Gold and Silver Company Limited – SJC: National brand title in two consecutive terms from 2008 to 2010 Top 500 Retailers in Asia - Pacific region ( Silver) in consecutive years from 2006 to 2010 The title of Vietnam Strong Brand, Top 10 from 2004 - 2011 Gold Star Award in Vietnam from 2007 - 2010 Top 500 Largest Enterprises in Vietnam Famous brand in Vietnam from 2006 to 2010, topped the jewelry industry II DATA ANALYSIS 1) Income Statement 1.1 Income Statement 1.2 Common-size Income Statement 2) Balance Sheet 2.1 The Balance Sheet 2.2 Common-size Balance Sheet 3) Statement Of Cash Flow 4) Financial Ratios The table show some ratios of PNJ company from 2016 to 2018 As an overall trend, it is clear that the ratios transformed very chaotically Current assets Current ratio = Current liabilities ; one of the best known and most widely used ratios; it is a measure of short-term liquidity The higher the current ratio, the more liquid the firm is considered to be Looking at the table, we see that there was a significant increase in the ratio between 2016 and 2017, it rose by approximately 0.62 Between 2017 and 2018, this figure dropped dramatically to 2.01890737 That meant in 2017, more liquid the firm is considered to be Quick ratio = ( Current assets−Inventories ) Current liabilities ; inventories is often the least liquid current assets It’s also the one for which the book values are least reliable as measures of market value because the quality of the inventory isn’t considered A quick ratio of 1.0 or greater is occasionally recommended It is easy to see from the table that the quick ratios of years is smaller than 1.0 The ratio was at its highest level in 2017, it was about 0.33194291 In 2016 and 2018, the ratios stood at approximately 0.15 This data shows that the ability of enterprises to pay short-term loans immediately is not good Cash Cash ratio = Current liabilities ; the period between 2016 and 2017 saw a dramatic growth in the ratio, it increased from 0.076841788 to 0.11768773 It fell to 0.07721204 in 2018 Inventory turnover = Cost of goods sold ; tells how efficiently a company turns Inventory its inventory into sales We see that PNJ sold off the entire inventory approximately 2.5 times in 2016 The ratio rose steadily to 2.66460364 in 2017 and there was a slight decrease in 2018, it declined to 2.37353176 365 days Days’ sales in inventory = Inventory turnover ; We see that in 2016, inventory sat 145 days on average before it is sold Alternatively, assuming we have used the most recent inventory and cost figures, it will take about 145 days to work off our current inventory It reached a peak of 154 days in 2018 and felt to a low of only 137 days in 2017 Profit margin = Net income Sales ; company pay a geat deal of attention to their profit margin In 2016, the ratio of profit margin is approximately 0.05 This tell us that PNJ, in an accounting sense, generates a little less than percent in profit for every dollars in sales Between 2017 and 2018, the ratio remained fairly static at approximately 0.06 Sales Receivable turnover = Accounts receivable ; is defined much like inventory turnover Sales Net working capital turnover = NWC ; this ratio measures how muck “work” they get out of their working capital The ratio was at its highest level in 2016, it was approximately Between 2016 and 2017, this figure dropped dramatically to 4.58963951 It rose by 0.793 over the next year Sales Total asset turnover = Total assets In other words, for every dollar in assets, PNJ generated 2.4 in sales in 2016 It fluctuated for the following two years In 2017, it was 2.45957691 and in 2018, it was 2.28006178 Return on assets (ROA) = Net income ; evaluating the firm’s return on Total assets investment by comparing its income to its assets; is a measure of profit per dollar of assets In 2016, the ratio was 0.1215554541 From 2016 to 2017, it rose by 0.0358 The ratio peaked at 0.16135725 in 2017, it was at its highest level There was a slight decrease in the ratio in 2018 Net income ; is a measure of how the stockholders fared Total equity Return on equity = during the year Because benefiting shareholders is their goal, ROE is, in an accounting sense, the true bottom-line measure of performance The ratio was at its highest level in 2016 It went up ( 0.24575166 ) and down(0.2563163 ) widely over the next two years Total debt ratio = Total assets−Totalequity ; the total debt ratio takes into account Total assets all debts of all maturities to all creditors In this case, we might say that PNJ uses 58 percent debt in 2016 It fell to a low of only 34 percent in 2017 The period between 2017 and 2018 saw a dramatic growth in the ratio ... under the People''s Committee of Phu Nhuan District 1992: Officially named Phu Nhuan Jewelry Company after changing its name from Phu Nhuan Jewelry and Gold Shop and Kieu Hoi Fine Jewelry Company. .. that of SJC, but the gross profit of the company was VND 1,912 billion, 11 times higher than SJC, equivalent to 17.4% gross profit margin 7) Competitors of PNJ 7.1 Doji Gem Silver Joint Stock Company. .. affirm the names of Vietnamese gemstones made by Vietnamese people in the village Map of world gems Some achievements of Doji Joint Stock Company : Vietnam National Brand ranked and selected by the
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