Financial management assignment

Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis of the financial statements. From your analysis, give your advice to share investors.In Ho Chi Minh City, taxis are considered as a second ways of passengers’ public transportation after bus transportation. As of May 2010, there are 36 enterprises and cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000 passengers per day, occupy 30% of the carried volume of public passenger transportation. There are big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi, and Saigon Air; each of these companies has at least 100 taxis with the number rising every year. In addition, there are 2,000-3,000 illegal taxis outside the authority’s control.

Trang 1

MASTER OF BUSINESS ADMINISTRATION

INTERNATIONAL PROGRAM

ASSIGNMENT

Submitted to: Dr Phan Dinh Nguyen

Submitted by: Huynh Thi My Dieu

ID No.: CGSVN00014998

Class: MBAOUM0313

Ho Chi Minh City, October

Ho Chi Minh City, October 2013

Trang 2

A completed report would not be done without any assistance First of all, I would like to express my endless thanks to

support and continuous advices went through the process of comp

Without his motivation and instructions, the report could not be done effectively.

My special thanks approve to my parents for their endless love, care and have most assistances and motivation me

brothers and sister for their support and care me all the time.

As last, my deeply thanks come to all

gave me strength and lift me up all the trouble for the rest of my life.

Acknowledgement

would not be done without any assistance First of all, I would express my endless thanks to lecturer Dr Phan Dinh Nguyen

support and continuous advices went through the process of completion of my

motivation and instructions, the report could not be done effectively.

My special thanks approve to my parents for their endless love, care and have most

d motivation me I also would like to explain my thanks to my siblin brothers and sister for their support and care me all the time

my deeply thanks come to all colleagues Their kindly help, care, motivation gave me strength and lift me up all the trouble for the rest of my life

With kindest regards,

Huynh

would not be done without any assistance First of all, I would

an Dinh Nguyen His kindly

letion of my report motivation and instructions, the report could not be done effectively

My special thanks approve to my parents for their endless love, care and have most

I also would like to explain my thanks to my siblings,

colleagues Their kindly help, care, motivation

With kindest regards,

Huynh Thi My Dieu

Trang 3

Part 1: Introduction .

Part 2: General Introduction of VINASUN Part 3: Analysis of Financial statement for VINASUN Part 4: Conclusion and Policy Recommendation References

Table 3.1: Balance Sheet of VINASUN from 2009 Table 3.2: Cash Flow of VINASUN from 2009 Table 3.3: Business Result of VINASUN from 2009 Table 3.4: Financial Ratio of each indicator Table 3.5: Summarize actual Table 3.6 Peers comparison with VINASUN in the same industry Table 4.1: Forecasted Cash flow in the next 4 years Table 4.2: Business plan of VINASUN Chart 1: Growth in Taxi number in HCM City from 2007 Chart 2: Revenue and profit after Tax of VINASUN Chart 3: Growth in ROA and ROE of VINASUN from 2009 Table of Contents

General Introduction of VINASUN

Part 3: Analysis of Financial statement for VINASUN

Part 4: Conclusion and Policy Recommendation

List of Tables Sheet of VINASUN from 2009 – 2012

Cash Flow of VINASUN from 2009 – 2012

Business Result of VINASUN from 2009 – 2012

Financial Ratio of each indicator for VINASUN from 2009 – 2012 actual and forecasting VINASUN’s business performan Peers comparison with VINASUN in the same industry

ash flow in the next 4 years

Business plan of VINASUN

List of Charts Chart 1: Growth in Taxi number in HCM City from 2007 – 2012

Revenue and profit after Tax of VINASUN

Growth in ROA and ROE of VINASUN from 2009 – 2014F

1

3

5

14

17

5

6

7

2012 8

formance 9

13

15

16

2

10

11

Trang 4

ANALYSIS OF FINANCIAL STATEMENT

FOR VIETNAM SUN CORPORATION (V

Question:

Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis

of the financial statements

FOR VIETNAM SUN CORPORATION (VINASUN

Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis

of the financial statements From your analysis, give your advice to share investors

INASUN) Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis

From your analysis, give your advice to share investors

Trang 5

Nowadays, citizens prefer to start using public transportation more because of rising petrol

prices, unavoidable traffic jams and growing environmental pollution In the long run, private

car ownership will rise, although much of the current generation has calculated that t

not make sense In general, Vietnam’s roads are poor and complex Despite of concerning on

construction new highway, only 13.5% of the road network is considered to be in good

condition, 26% has two or more lanes and 29% is tarred (BMI report) Ru

taxi industry varies from city to city While almost all cities have had no licensing

requirements, larger urban areas had the strictest regulations Currently, HCM City, Hanoi

and Danang have licensing regulations in force to regulate

Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown

at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of

May 2010) The industry is expected to maintain an average grow

over the 2010-2015 periods Rising living standards and high capita per cab (800 in HCMC

versus 210 in Singapore) underpin growth

In Ho Chi Minh City, taxis are considered as a second ways of passengers’ public

transportation after bus transportation As of May 2010, there are 36 enterprises and

cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000

passengers per day, occupy 30% of the carried volume of public passenger transportation

There are big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,

and Saigon Air; each of these companies has at least 100 taxis with the number rising every

year In addition, there are 2,000

Part I: Introduction prefer to start using public transportation more because of rising petrol

car ownership will rise, although much of the current generation has calculated that t

condition, 26% has two or more lanes and 29% is tarred (BMI report) Ruling of the Vietnam

varies from city to city While almost all cities have had no licensing

and Danang have licensing regulations in force to regulate taxi numbers

May 2010) The industry is expected to maintain an average growth rate of 10% annually

2015 periods Rising living standards and high capita per cab (800 in HCMC

versus 210 in Singapore) underpin growth

, taxis are considered as a second ways of passengers’ public

r bus transportation As of May 2010, there are 36 enterprises and

e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,

year In addition, there are 2,000-3,000 illegal taxis outside the authority’s control

prefer to start using public transportation more because of rising petrol

car ownership will rise, although much of the current generation has calculated that this does

ng of the Vietnam

varies from city to city While almost all cities have had no licensing

th rate of 10% annually

2015 periods Rising living standards and high capita per cab (800 in HCMC

, taxis are considered as a second ways of passengers’ public

r bus transportation As of May 2010, there are 36 enterprises and

e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi,

ontrol

Trang 6

Source: Ho Chi Minh Department of Transportation, Mekong Securities

The growth rate of taxi at current

development phase For example, in the study proposed to the Prime Minister approved at

Decision dated 22/1/2007 101/QD

and vision after 2020, the expected number of taxis for period 2010

vehicles But at the present, the actual figure is exceeding 13

The service sector is one of the growth sectors likely positive Most of the macroeconomic

situations in the country at present prove proof

thanks to (1) increase per capita income, (2) the cost of buying a car individu

expensive, (3) the development of public transport plus not enough to meet the needs of the

whole market However, the growth rate of taxi service in Vietnam may be leveling off in to

time by the limitations of transport infrastructure as well

traffic

Cab number (units)

2,000 4,000 6,000 8,000 10,000 12,000 14,000

Growth in Taxi numbers in HCM City, 2007

of taxi at current is much faster than expected pace through each

n dated 22/1/2007 101/QD-TTg on the HCMC Transport Development Plan to 2020

and vision after 2020, the expected number of taxis for period 2010 -

, the actual figure is exceeding 13,000 units (up to

rvice sector is one of the growth sectors likely positive Most of the macroeconomic

situations in the country at present prove proofs to estimate the market taxi steady growth

thanks to (1) increase per capita income, (2) the cost of buying a car individu

time by the limitations of transport infrastructure as well as restrictions HCM City

2007 2008 2009 2010 2011 2012 Cab number (units) 8,000 9,395 10,710 11,500 12,550 13,000

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000

Chart 1:

Growth in Taxi numbers in HCM City, 2007 - 2012

is much faster than expected pace through each

ment Plan to 2020

2015 was 9,500

to 26.9%)

rvice sector is one of the growth sectors likely positive Most of the macroeconomic

to estimate the market taxi steady growth

thanks to (1) increase per capita income, (2) the cost of buying a car individual are quite

HCM City's taxi

2012 13,000

Trang 7

Part 2: General introduction of

Stock Code: VNS, Stock Floor:

Industrials: Taxi Transportation Services

Charter Capital: VND 300 billions

Add: 306 Dien Bien Phu, Ward 22, B

District, Ho Chi Minh City

- Operating in taxi transportation with the

brand-name Taxi Vinasun;

- Operating in travel, air travel with the brand

name Vinasun Travel;

- Operating in restaurants, food and beverage;

- Operating in real estate Currently, the

company invested constructing the Tan Da

Retail Center with a total area of 1,200m

The residential project at 103 Truong Dinh

Hoi in District 8 with an area of 2,659 m

land locates at 26-28-30-32 Thu Khoa Huan.

The memorable numbers of Vinasun Taxi in 2012:

- Average revenue was VND1,828 million/ day/ car (increase of

- 27,154 calls for services/ day, up 6.6% compared to 2011;

- Above 90 million was the number of customers served

- VND7.2 million/ month is the average income of directly driving staff;

- VND5 million/ month is the average inc

introduction of Vietnam Sun Corporation (VINASUN

Code: VNS, Stock Floor: HOSE

Industrials: Taxi Transportation Services

Charter Capital: VND 300 billions

306 Dien Bien Phu, Ward 22, Binh Thanh

- Vietnam Investment Fund: 9%

- PCA International Fund SPC: 5%

- Satra: 10%

- Prudential VN Assurance PLC: 5%

- Others: 37%

Operating in taxi transportation with the

name Taxi Vinasun;

Operating in travel, air travel with the

brand-Operating in restaurants, food and beverage;

Operating in real estate Currently, the

d constructing the Tan Da Retail Center with a total area of 1,200m2

The residential project at 103 Truong Dinh

Hoi in District 8 with an area of 2,659 m2 and

32 Thu Khoa Huan

 Board of manager:

- Dang Phuoc Thanh: Chairman

- Huynh Van Minh: Vice Chairman

- Dang Thi Lan Phuong Member of BOM

- Ta Long Hy: Member of BOM

- Truong Dinh Quy: Member of BOM

 Board of director:

- Dang Thi Lan Phuong: CEO

- Ta Long Hy: Deputy General Director

- Truong Dinh Quy: Deputy General Director

- Ngo Thi Thuy Van: Deputy General Director

- Huynh Van Sy: Deputy General Director

- Tran Anh Minh: Deputy General Director

- Dang Phuoc Hoang Mai: Deputy General Directo The memorable numbers of Vinasun Taxi in 2012:

Average revenue was VND1,828 million/ day/ car (increase of 11.13% compared to 2011);

calls for services/ day, up 6.6% compared to 2011;

Above 90 million was the number of customers served in 2011;

VND7.2 million/ month is the average income of directly driving staff;

VND5 million/ month is the average income of indirect staff, directly operating and business

VINASUN):

Shareholders Structure:

Vietnam Investment Fund: 9%

PCA International Fund SPC: 5%

Prudential VN Assurance PLC: 5%

Chairman Vice Chairman Dang Thi Lan Phuong Member of BOM

Member of BOM Member of BOM

: CEO Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Mai: Deputy General Director 11.13% compared to 2011);

ome of indirect staff, directly operating and business support;

Trang 8

- 13,488 personnel as of 31/12/2012;

- 7,287 employees must pay income tax on individuals while

employees;

- 4,622 is the number of Vinasun taxi vehicles up to da

Source: VNS prospectus, HOSE

VINASUN is a Vietnam-based passenger transportation services provider

company is the Trade Travel Services and Investment Consulting Vietnam Sun

established on 15/06/1995, with

Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8

billion On 25/5/2006, the Company increased its chartered capital to VND 16 billion to

invest in new vehicles for taxi services

values to increase charter capital to VND 100 billion to restructure debt and invest more cars

in the year of 2007 To 10/2007, the Company issued

investors; increase the Company's share capital to VND

In addition, the company has its presence in development of commercial and residential

buildings as supporting activities to tourism operation

listed its shares on the stock exchange in

operation contributed to 97% of total revenue

shares to increase charter capital to VN

increased to more than VND

On 3/09/2013, Forbes Vietnam, the Vietnamese version of the leading business magazine in

the world, announced the list of 50 best listed companies on the st

This is the first company ranked by Forbes Vie

488 personnel as of 31/12/2012;

income tax on individuals while 6,779 of them are direct

4,622 is the number of Vinasun taxi vehicles up to date 31/12/2012

Source: VNS prospectus, HOSE

based passenger transportation services provider Predecessor of the

company is the Trade Travel Services and Investment Consulting Vietnam Sun

, with registered capital of VND300 million On 17/7/2003, the

On 25/5/2006, the Company increased its chartered capital to VND 16 billion to

xi services On 2/2007, the Company issued VND

10/2007, the Company issued VND 70 billion face value for big

crease the Company's share capital to VND 170 billion

ompany has its presence in development of commercial and residential

ctivities to tourism operation On 29/7/2008, the company officially

listed its shares on the stock exchange in Ho Chi Minh City As of December 31, 2008, taxi

operation contributed to 97% of total revenue In 9/2009, the company issued additional

shares to increase charter capital to VND 200 billion The charter capital of the company

299 billion on 7/2010

, Forbes Vietnam, the Vietnamese version of the leading business magazine in

the world, announced the list of 50 best listed companies on the stock market in Vietnam

This is the first company ranked by Forbes Vietnam perform research Vietnam Sun

are directly driving

Predecessor of the

company is the Trade Travel Services and Investment Consulting Vietnam Sun Co Ltd., was

On 17/7/2003, the

On 25/5/2006, the Company increased its chartered capital to VND 16 billion to

VND 84 billion par

70 billion face value for big

ompany has its presence in development of commercial and residential

On 29/7/2008, the company officially

As of December 31, 2008, taxi

9/2009, the company issued additional

he charter capital of the company

, Forbes Vietnam, the Vietnamese version of the leading business magazine in

ock market in Vietnam

tnam perform research Vietnam Sun Joint

Trang 9

Stock Company (Vinasun Corp.) was ranked at 34

VND 1,701 billion; revenue in 2012 was

However, the author still expect Vinasun sustain current growth while promoting activities in

the nearby market access as Binh Duong

Part 3: Analysis of financial statements

FINANCIAL SUMMARIZE:

BALANCE SHEET

Property

Assets

Cash and cash equivalents

The short-term receivables

Real Estate Investment

Long-term financial investments

Total other long-term assets

Funds and other funds

Total Sources of Funds

The interests of minority shareholders

TOTAL RESOURCES

Stock Company (Vinasun Corp.) was ranked at 34th on the list with a market capitalization of

revenue in 2012 was VND 2,713 billion

still expect Vinasun sustain current growth while promoting activities in

rby market access as Binh Duong, Dong Nai and Vung Tau

Analysis of financial statements for VINASUN

E: Table 3.1: Balance Sheet of VINASUN from

Unit: VND Million

2009 2010 2011

59,257 62,994 38,484 52,147 95,715 123,553

903 2,017 3,642 23,883 32,163 40,819 136,190 192,888 206,499 5,234 2,864 1,119 962,312 1,545,634 1,558,471

-236,454 -422,606 -614,825

197,210 11,570 11,570 2,400 1,660 1,140 6,268 7,133 9,117 1,309,615 1,761,749 1,787,916

48,772 183,999 170,879 548,784 749,799 753,346 597,556 933,798 924,225

703,465 819,978 855,868 8,594 N/A

712,059 819,978 855,868 The interests of minority shareholders N/A 7,973 7,824

1,309,615 1,761,749 1,787,916

on the list with a market capitalization of

still expect Vinasun sustain current growth while promoting activities in

: Balance Sheet of VINASUN from 2009 – 2012

2011 2012

38,484 28,298 123,553 138,199 3,642 4,291 40,819 33,095 206,499 203,883 1,119 11 1,558,471 1,560,312

614,825 -891,065

11,570 11,570 1,140 540 9,117 5,819 1,787,916 1,782,135

170,879 177,607 753,346 664,227 924,225 841,833

855,868 936,220 N/A N/A 855,868 936,220 7,824 4,081 1,787,916 1,782,135

Trang 10

Table 3.2: Cash Flow of VINASUN from

Cash Flow Indirect

Cash flow from operating activities

1 Net profit before tax

- Business income tax paid

- Other payments from operating activities

Net cash flow from operating activities

1 Purchases of fixed assets

Net cash flow from investing activities

1 Purchase issued shares from other entities

2 Repayments of financial lease

3 Dividends paid

4 Minority equity in joint venture

Net cash flow of the year

VINASUN from 2009 – 2012

Unit: VND Million

2009 2010 2011 1,068,603 1,643,696 2,274,328 881,627 1,380,614 1,954,709 186,975 263,082 319,619

36,502 81,339 125,257

2009 2010 2011 Cash flow from operating activities

143,821 239,875 177,993 117,872 173,258 340,445 115,680 197,424 257,488

958 676 715 Profit(Loss) from investing activities -35,267 -105,441 -42,494

36,502 80,599 124,737 3.Operating profit before working capital changes 261,693 413,134 518,438

Increase/decrease in receivables -21,493 -51,698 -25,899

inventories -625 -1,113 -1,626

-12,041 40,652 -82,196 paid expense 1,821 -11,038 -6,290

-36,502 -77,546 -123,788 -29,058 -62,929 -41,005 Other payments from operating activities -16,598 -22,451 -26,348

Net cash flow from operating activities 159,277 249,825 230,699

-456,415 -696,509 -264,087 from investing activities -376,541 -408,481 -201,155

Purchase issued shares from other entities -1,807

-27,575 -23,124 -46,882 -30,698 -54,506 -30,688 Minority equity in joint venture 8,000

50,630 3,737 -24,510

2012 2,274,328 2,713,311 1,954,709 2,257,708 319,619 455,603

125,257 113,492

2012

177,993 204,000 340,445 393,899 257,488 291,200

715 164 42,494 -10,355 124,737 112,890 518,438 597,899 25,899 -4,344 1,626 -649 82,196 -4,448 6,290 -452 123,788 -111,739 41,005 -48,387 26,348 -24,849 230,699 421,986 264,087 -298,485 201,155 -283,686 -4,000 46,882 -35,613 30,688 -76,014

24,510 -10,187

Định dạng
Số trang	21
Dung lượng	544,87 KB