Pnj’s finance group assignment fin202 pnj company, formerly known as jewelry store, phu nhuan district

Group Assignment FIN202 TEAM Digital Marketing (mkt308) 20 PNJ’S FINANCE Group Assignment – FIN202 GROUP MEMBERS: NGUYEN SON TUNG – HS120529 LE THI MY DUYEN – HS150531 LO DUY TUNG – HS153072 DINH PHUONG NGA – HS150244 DAO MANH HIEU – HS153198 CLASS: IB1602 LECTURER: HOANG VAN TUONG 22nd October 2021 20 TABLE OF CONTENTS Introduction………………………………………………………2 Financial statements……………………………………….4 Financial ratios…………………………………………………8 3.1 Liquidity ratios……………………………………………………… 3.2 Efficiency ratios………………………………………………10 3.3 Leverage ratios………………………………………………11 3.4 Profitability ratios…………………………………………….14 Forecast………………………………………………………… 16 References………………………………………………………17 1|Page 20 Introduction PNJ Company, formerly known as Jewelry Store, Phu Nhuan District, was established on April 28, 1988 Phu Nhuan Jewelry Joint Stock Company is a Vietnamese joint-stock company This company specializes in manufacturing and trading gold, silver, gemstone jewelry, business gifts, fashion accessories, souvenirs, watches, buying and selling gold bars, providing diamond and stone testing services precious metals, precious metals, and real estate business In 2010, PNJ was ranked 16th by Plimsoll in the top 500 largest jewelry companies in the world Vision: To become Asia's leading company in jewelry making and retailing beauty products, reaching out to the world Mission: PNJ is constantly innovating to bring exquisite products with real value to honor the beauty of people and life Core Values: INTEGRITY FOR PERSONALITY CONTINUOUSLY HOLLOW THE GOAL INTERESTED IN DEVELOPMENT DELICIOUS FOR CUSTOMERS DIFFERENT CREATION PENSION Over 33 years of establishment and development, PNJ has achieved many remarkable achievements: being in the Top 500 leading retailers in the Asia Pacific, Asia Pacific Quality Award, National Brand, Top 500 100 Best Working Environments in Vietnam, Best Working Environments in Asia, Vietnam HR Awards 2020… The company's main market share is through traditional retail stores, which still account for the majority of the market, in addition, the company also sells products on e-commerce sites such as Shopee, Lazada, or Genuine website The three largest companies in this gold sector include PNJ, DOJI, and SJC, all with over 20 years of experience DOJI and SJC are two competitors, but each side finds its own strengths to develop But in the 2|Page 20 jewelry segment, PNJ's notable competitor is the one-year-old brand Precita, which currently has nearly 20 stores To be able to develop and grow as it is today, PNJ has been having strategic projects PNJ has been implementing the new enterprise resource planning project - ERP, which was initially started on April 5, 2018, in Ho Chi Minh City with the most important component of the Digital Transformation strategy development strategy direction in the period of 2018 - 2022 and a vision to 2030, in which, building a technology infrastructure foundation and digitalizing business operations strategy (Digital Transformation) is an important pillar Competitors: The world jewelry industry is already familiar with famous brands such as Tiffany, Swarovski or Jacobs & Co As for Vietnam, the market is "overpopulated" by "emerging" brands such as Shimmer or FloralPunk However, these are niche brands and are not highly competitive The common point of these types is outsourcing or importing goods from China or Thailand with pre-defined designs on the market Growth in revenue - profit or even growth in business size compared to the past is hardly a good indicator for understanding future sustainability The core problem lies in the difference so that it is difficult or impossible for competitors in the industry to "imitate" Currently, the jewelry industry is divided into different segments with low-end, mid-end and high-end With thousands of large and small brands, the market is "saturated with brands" with names like PNJ, Doji, SJC, Bao Tin Minh Chau, Phu Quy and smaller brands like Shimmer and FloralPunk Brands began to compete fiercely in this area, as shown by the rapid growth of jewelry stores There are core factors of a jewelry retail business that help affirm competitive advantages (1) Production and supply management capacity, (2) Strong distribution system and (3) Supplier position Supreme Factor (1) here includes a modern factory with outstanding capacity and production and supply management capacity In addition, factor (1) also includes the design team and skilled labor Owning a modern production line, a design team of 50 members and a force of artisans and jewelers of more than 1,000 people, every year, PNJ launches more than million products to the market From gold and silver jewelry to precious stones and diamonds The current capacity of PNJ is - tons/year, only running 50 - 75% of the total supply capacity With a maximum capacity of tons/year, PNJ can completely supply to the market an additional 1.3 - 1.5 million products in the next 1-3 years, bringing the total supply capacity to over million products/year In terms of the entire market, PNJ's supply capacity far exceeds that of competitors in the same segment, ranking in the Top 10 factories with the largest 3|Page 20 capacity in Asia This is the foundation for PNJ to reduce production costs per finished product and overwhelm the supply volume of competitors before the whole industry "moves" to increase capacity Above all, when demand explodes, PNJ can completely increase capacity to reach the ceiling level or further increase capacity to take the lead in the industry Meanwhile, factor (2) is a core thing when the retail system must be able to distribute to the widest customers As of January 2021, PNJ currently has 339 stores and plans to open another 40-50 stores in the period 2020-2025 as well as expand the e-commerce segment Broadly speaking, PNJ's store system is currently much superior to its nearest competitors, Bao Tin Minh Chau (BTMC) and DOJI With 200 retail stores, BTMC is the most potential competitor that can threaten PNJ right now However, the market situation was quite clear with BTMC only having a distribution system from Quang Tri, while PNJ had more than 80% of stores in the South Further, when jewelry demand in Vietnam reaches the Asian average, there will be great room for both giants to increase their market share through strong distribution and supply chains Going further, factor (3) is an important factor determining the success or failure of factors (1) and (2) The relationship between these three factors is complementary and intimate Factor (3) focuses on the ability to control input costs and the ability to determine selling prices However, it is not Doji or SJC that is the competitor that puts pressure on PNJ even though this brand has 13 stores Unlike Doji or SJC, both PNJ and Diamond World are focused on innovation and retail promotion The concentration of this market is still low, because more than 70% of the market belongs to small stores A big piece of cake for two businesses to exploit, the opportunity will be divided equally if the business goes in the right direction If PNJ has a strong advantage in the system, the retail jewelry firms will be more competitive in price According to a survey on fashion consumption habits by Q&Me at the end of 2017, price is the most important factor in making purchasing decisions, accounting for 23% According to a Nielsen study, the group of young people will reach 40 million people in the next decade and spend about 100 billion VND per year Millennials target this customer, accounting for about 35% of Vietnam's population Financial statement analysis Data calculated by the excel file below 4|Page 20 PHUNHUAN JEWELRY JOINTSTOCK COMPANY ASSETS Currentassets Cash Cashequivalents Held-to-maturity investments Short-term trade accounts receivables Short-term prepayments to suppliers Other short-term receivables Deficits in assets awaitingsolution As at 31 December 2018 100 110 3,896,141,901,410 5,405,256,600,641 175,208,552,187 206,721,179,629 111 111,158,552,187 112 64,050,000,000 206,721,179,629 2019 7,333,364,485,251 95,224,439,008 95,224,439,008 - - Taxes & otherreceivables from theStatebudget Non-currentassets Other long-term receivables Fixedassets Tangiblefixedassets Historical cost Accumulated depreciation Intangiblefixed assets Historical cost Accumulated amortization Current liabilities 300 310 2017 As at 31 December 2018 1,542,697,241,029 2,692,822,128,700 4,025,698,610,469 1,488,758,034,029 2,677,317,785,700 4,017,860,824,469 Short-termtrade accounts payables 311 278,898,463,294 342,676,925,196 Short-term prepayments from customers 312 37,773,098,354 82,798,544,221 Taxes & otherpayables from theStatebudget 313 117,206,887,902 153,579,308,096 99,466,563,099 228,337,052,181 2019 690,808,185,195 95,353,052,369 192,682,671,178 160,065,000,000 - - Payables to employees 314 123 160,065,000,000 - - Short-term accruedexpenses 315 Othershort-term payables 319 52,071,661,615 237,629,562,960 69,257,739,996 4,629,017,766 10,833,940,595 222,296,091,737 45,877,630,688 130 84,622,464,067 155,196,257,825 129,688,313,476 Short-term loans 320 846,278,850,200 1,558,482,498,026 2,610,902,622,222 131 39,946,216,659 57,664,060,443 48,292,876,716 Bonus & welfare funds 322 52,433,491,799 62,979,954,425 90,682,831,084 132 33,682,107,963 57,981,679,202 74,867,455,343 136 10,858,761,425 39,159,008,338 5,287,941,028 7,837,786,000 139 135,378,020 391,509,842 Non-current liabilities 1,240,040,389 140 3,401,959,226,624 4,968,145,942,990 7,030,420,371,216 141 3,401,959,226,624 4,968,145,942,990 7,030,420,371,216 Long-term construction in progress 150 74,286,658,532 75,193,220,197 Equity investments in other entities Provision for long-term investments 151 69,117,536,788 68,191,416,708 Otherlong-termassets Long-term prepaid expenses Deferred income taxassets EQUITY 120 Inventories Inventories Othershort-termassets Short-term prepaid expenses Value addedtax deductibles LIABILITIES & OWNERS' LIABILITIES 28,174,789 625,511,019 6,306,692,920 5,140,946,955 6,376,292,470 91,289,736 TOTAL ASSETS 1,032,638,955,963 210 42,787,737,738 57,498,444,869 216 42,787,737,738 57,498,444,869 220 487,243,774,697 719,287,274,744 221 205,748,326,607 225,960,569,846 70,721,623,109 70,721,623,109 923,870,354,474 263,827,234,353 396,615,581,684 (190,867,255,077) 227 281,495,448,090 493,326,704,898 660,043,120,121 228 286,740,907,873 499,937,407,873 679,619,883,005 229 (5,245,459,783) (6,610,702,975) (19,576,762,884) 240 9,665,078,966 70,822,681,154 28,457,398,434 242 9,665,078,966 70,822,681,154 - 628,026,000 476,006,000 Long-term loans 338 46,234,864,000 7,800,000,000 3,700,000,000 Provision for long-term liabilities 342 7,076,317,000 3,661,780,000 7,076,317,000 OWNERS' EQUITY 400 3,028,602,914,462 3,745,073,427,904 4,577,265,811,347 Capital&reserves 410 3,028,602,914,462 3,745,073,427,904 4,577,265,811,347 Owners' capital 411 1,081,020,340,000 premium 412 876,761,282,458 534,818,699,342 (270,991,464,989) 28,457,398,434 - Share Treasury shares 415 Investment & development fund 418 - 253 395,271,613,400 395,271,613,400 395,271,613,400 254 (395,271,613,400) (395,271,613,400) (395,271,613,400) 260 135,461,662,680 185,030,555,196 246,550,560,548 261 53,968,320,576 99,678,730,358 158,318,980,481 262 81,493,342,104 85,351,824,838 88,231,580,067 270 4,571,300,155,491 6,437,895,556,604 8,602,964,421,816 (7,090,000) 220,087,556,918 Retained earnings 421 850,740,825,086 - Retainedearnings accumulated to the prioryearend 412a 233,985,702,026 - Retainedearnings ofthe currentyear 421b TOTAL LIABILITIES & OWNERS' EQUITY 223 250 454,178,423,940 1,269,599,936,565 222 (228,217,854,094) 15,504,343,000 628,026,000 71,633,378,895 153 675,158,254,081 53,939,207,000 337 78,031,361,551 152 200 330 Otherlong-term payables 440 616,755,123,060 4,571,300,155,491 1,670,029,820,000 925,397,862,458 (7,090,000) 265,087,556,918 884,565,278,528 2,252,935,850,000 968,074,112,458 (2,101,090,000) 313,083,556,918 1,045,273,381,971 98,780,546,381 29,482,225,528 785,784,732,147 1,015,791,156,443 6,437,895,556,604 8,602,964,421,816 5|Page 20 PHUNHUAN JEWELRY JOINTSTOCK COMPANY Year ended 31 December Netsales Grossprofit Financial income Financial expenses Including: Interest expense Selling expenses General and administration expenses Netoperatingprofit(EBIT) Other income Other expenses Resultsofotheractivities Net income before tax Business incometax-current Business incometax-deferred Net income after tax 2017 14,571,135,744,850 (9,064,872,939,048) (11,792,052,183,391) 1,911,963,950,916 2,779,083,561,459 8,794,872,100 (56,475,629,564) (54,981,032,499) 6,846,027,091 (66,345,864,211) (61,109,042,390) (774,978,169,326) (1,170,069,069,426) (187,936,351,549) (345,868,153,940) 901,368,672,577 1,203,646,500,973 (1,384,144,655) 4,637,809,502 (2,734,037,354) 6,010,723,280 1,903,772,148 7,394,867,935 907,379,395,857 1,205,550,273,121 (182,038,883,247) (249,485,408,708) (484,064,550) 724,856,448,060 3,858,482,734 2,879,755,229 959,923,347,147 Atributable to: 724,856,448,060 Earningspershare Diluted earnings pershare 6,434 6,434 959,923,347,147 6,481 6,481 6|Page 20 17,000,681,080,523 PHUNHUAN JEWELRY JOINTSTOCK COMPANY (Indirect method) Year ended 31 December 2018 1,205,550,273,121 42,101,648,087 (169,041,343) (7,406,944,577) 61,109,042,390 (86,037,746,014) (1,566,186,716,366) 412,203,203,546 (44,784,289,702) (60,443,657,529) (231,958,086,112) (26,117,591,079) (302,139,905,578) (336,378,415,370) 1,075,665,048 160,065,000,000 6,331,279,529 (168,906,470,793) 97,273,160,000 - 4,320,772,043,080 (3,647,003,259,254) (268,371,812,300) 502,670,131,526 31,623,755,155 175,208,552,187 (111,127,713) 206,721,179,629 7|Page 20 Financial ratios 3.1 Liquidity ratios Table of the liquidity ratios of PNJ for the period of 2017-2019 Value Cash ratio Current ratio Quick ratio 2017 0.12 2.62 0.33 with2017 2018 0.08 2.02 0.16 2019 0.02 1.83 0.08 Absolute(+/-) (0.04) (0.60) (0.17) with2018 Absolute(+/-) (0.05) (0.19) (0.09) Cash ratio is the ratio to measure the amount of money currently available at the company to cover all short-term liabilities This ratio immediately indicates the financial crisis of the company Calculating by the formula : Cash ratio = Cash &cash equivalents Current liabilities In 2017, the cash ratio of the firm was 0.12, in 2018 decreased by 0.04 to 0.08 and in 2019 continued to decrease 0.05 to 0.02 This shows that the company's ability to pay cash is declining Current ratio is the ratio to measure the amount of money currently available at the company to cover all short-term liabilities The current ratio shows the correlation between current assets and current liabilities, is a widely used measure The current ratio indicates how many short-term assets each company uses for its short-term debt Calculating by the formula: Current ratio = Current assets Short -term debt In 2017, this index was 2.62 By 2018, it has decreased by 0.6 to 2.02 The year 2019 continued to decrease by 0.19 compared to 2018, to 1.83 The corporate current ratio in three years, though decreasing, is greater than 1, proving that the company's short-term assets are capable of paying shortterm debts and this will increase the company's reputation with creditors 8|Page 20 Quick ratio illustrates the firm's true ability to pay its debts against shortterm debts However, in reality, many short-term assets have lower liquidity than inventories, so this ratio is not effective Calculating by the formula: Quick ratio = Curren tassets − Inventories Short -term debt The company's quick solvency in 2017 was 0.33 and decreased from 0.17 to 0.17 in 2018 By 2019, this index continues to decrease by 0.09 to only 0.08 PNJ's LIQUIDITY RATIOS In three year 2017 - 2018 - 2019 2.8 2.62 2.4 2.02 1.83 1.6 1.2 0.8 0.33 0.4 0.16 0.08 0.12 0.08 0.02 2017 2018 Cash ratio Current ratio 2019 Quick ratio In general, liquidity indices decreased continuously in 2018 and 2019, showing that the liquidity of PNJ's short-term debts is going down In particular, the two ratios of Cash ratio and Quick ratio are very low (below 1), indicating that enterprises are in a quite dangerous debt situation due to the lack of ability to meet short-term obligations with The most liquid asset However, the current ratio is still kept at steep high (1.83), showing that the company is still in a good liquidity position due to its large inventory, which is suitable for the characteristics of its business, jewelry 9|Page 20 3.2 Efficiency ratios Table of the efficiency ratios of PNJ for the period of 2017-2019 Value Inventory turnover Total assets turnover Accounts receivable turnover ay's sales in inventory (days) Day's sales outstanding (days) 2017 2.66 2.40 274.79 136.98 1.33 2018 2.37 2.26 252.69 153.78 1.44 with2017 2019 1.93 1.98 352.03 189.52 1.04 with2018 Absolute(+/-) Absolute(+/-) (0.29) (0.45) (0.14) (0.29) (22.10) 99.34 16.80 35.74 0.12 (0.41) Inventory turnover indicates the relationship between inventory and cost of goods sold in a period Used to evaluate the effectiveness of a company's inventory management This index shows the average number of inventory rotation how many periods to generate revenue Calculating by the formula: Inventory turnover = Revenue Average inventory The inventory turnover of the company decreased continuously for over years In 2017, this index was 2.66 to 2018, down to 2.37 and in 2019 to only 1.93.This shows that the company is not effectively managing the inventories Low inventory turnover causes the costs of inventories to increase, which reduces the company's revenue Total assets turnover measures the effectiveness of assets using regardless of whether they are long-term or short-term assets This ratio indicates how much revenue each asset generates Calculating by the formula: Total assets turnover = Revenue Average of total assets The total assets turnover of the company decreased gradually over years from 2017 to 2019 In 2017, with a single asset generated 8.52 times of revenue, in 2011, it was only 7.1 times and in 2012, it was only generated 2.49 times This shows that the company has not used assets effectively and showed signs of weakening 10 | P a g e 20 Accounts receivable turnover ratio is used to quantify the company's effectiveness in collecting accounts receivable or debts from customers The ratio shows how well a company uses and manages credit to its customers and how quickly short-term debt is collected or paid off Calculating by the formula: Account receivable turnover = Net sales Accounts receivable The company's Day's sales outstanding in 2017 was 1.33 and increased by 0.12 to 1.44 in 2018 By 2019, this index decreased by 0.41 to 1.04 It can be seen that this index of PNJ has had an unstable change Overall, the company's efficiency ratios show that the ability to use the company's assets to generate income is on the decline Because efficiency ratio is important because it is directly related to profitability, PNJ needs to improve the efficiency of its business operations in order to obtain a better profit 3.3 Leverage ratios Table of the leverage ratios of PNJ Value Total debt ratio Debt-to-equity ratio Equity multiplier 2017 0.34 0.51 1.51 2018 0.42 0.72 1.72 for the period of 2017-2019 with2017 with2018 2019 Absolute(+/-) Absolute(+/-) 0.47 0.08 0.05 0.88 0.21 0.16 1.88 0.21 0.16 The total debt ratio is the ratio to measure the extent to which the firm finances its assets from sources other than the stockholders The higher the total debt ratio, the more debt the firm has in its capital structure (Robert, David, & Thomas, 2011) Calculating by the formula: Total debt ratio = Total debt Total assets In 2017, the total debt of PNJ was 0.34, in 2018 increased by 0.08 to 0.42 and in 2019 continued to increase by 0.05 to 0.47 In general, PNJ’s total debt 11 | P a g e 20 ratio in years was at the allowed level, not exceeding 0.5, which means that most of the company’s assets are financed through equity The debt-to-equity ratio is the ratio to indicate the relative proportion of the entity’s equity and debt used to finance an entity’s assets The debt-toequity ratio is one of the important financial ratios and used as a customary for judging a company’s financial standing Calculating by the formula: Debt / Equityratio = Total debt Total equity In 2017, this ratio was 0.51, it means for each VND in equity, the firm has 51 cents in leverage The index went up by 0.21 from 0.51 to 0.72 and reached a peak at 0.88 in 2019 Comparing to the industry average, the debt to equity ratio is not high This shows that the firm failed to depend upon borrowing for financial activities Equity multiplier is the ratio to show the number of assets that the firm has for every dollar of equity (Robert, David, & Thomas, 2011) In other words, equity multiplier is a method of evaluating a company’s ability to use its debt for financing its assets Calculating by the formula: Equity multiplier = Total assets Total shareholder equity Overall, the equity multiplier increased steadily over years In 2017, this index was 1.51 and increased by 0.21 to 1.72 in 2018 By 2019, this index continued to increase by 0.16 to 1.88 The increase of PNJ’s multiplier indicates that a larger portion of the company’s total assets is derived from debt 12 | P a g e 20 PNJ's LEVERAGE RATIOS In three year 2017 - 2018 - 2019 1.88 1.8 1.72 1.6 1.51 1.4 1.2 0.88 0.8 0.72 0.6 0.51 0.47 0.42 0.34 0.4 0.2 2017 2018 Total debt ratio Debt-to-Equity ratio 2019 Equity mutiplier In general, the leverage ratios have increased for years, showing that PNJ is able to meet its debts The two indexes of total debt ratio and debt-to-equity ratio tends to increase but still remain below 1, which shows that PNJ's financial sustainability over years is quite stable For equity multiplier, this ratio is kept at a high level, showing more debt-financed assets than equity In other words, PNJ is considered to be more leveraged and riskier for investors and creditors (when PNJ's assets are mainly financed by debt), which also means that current investors actually own less of PNJ’s assets than current creditors 13 | P a g e 20 3.4 Profitability ratios Table of the profitability ratios of PNJ for the period of 2017-2019 Value Gross profit margin Operating profit margin Net profit margin ROA ROE EROA 2017 17.42% 8.21% 6.60% 15.86% 23.93% 19.72% 2018 19.07% 8.26% 6.59% 14.91% 25.63% 18.70% with2017 2019 20.36% 8.86% 7.02% 13.88% 26.08% 17.51% with2018 Absolute(+/-) Absolute(+/-) 1.65% 1.29% 0.05% 0.60% -0.02% 0.43% -0.95% -1.03% 1.70% 0.45% -1.02% -1.19% Gross profit margin is an indicator used to assess the company's business model and financial health by revealing the remaining amount from sales after subtracting the cost of goods sold Calculating by the formula: Gross profit margin = Net sales − Cost of goods sold Total revenue This index of PNJ increased by 1.65% between 2017 and 2018; however, it will only increase by 1.29% in 2019 Profit margins have been reduced Operating profit margin indicates how many co-profits can be generated before taxes and interest Calculating by the formula: Operating profit Operating profit margin = A high operating Total revenue profit margin means that cost management is effective or that revenue increases faster than operating costs Managers need to find the reasons for the high or low operating profit so that they can determine whether the business is operating products has increased faster company's profits increased PNJ managers have effectively or if the selling price of or slower than the cost of capital The steadily within years This proves that succeeded in making profits from the operation of the business Net profit margin reflects the net income (after-tax profit) of a business compared to sales Calculating by the formula: Net profit margin = Profit after tax Total revenue 14 | P a g e 20 In 2018, it decreased by 0.02%, it indicates that the enterprise is having problems hindering the potential profitability due to unnecessary costs, productivity and management issues But it increased again in 2019 at 0.43% Return on assets (ROA) is an indicator that shows the correlation between the profitability of a company and its assets ROA will tell us the effectiveness of the company in using assets to make a profit Calculating by the formula: ROA = Net income Total assets The return on equity (ROE) reflects the net income on equity of shareholders (or on the tangible net asset value) Calculating by the formula: ROE = Net income Total equity PNJ's PROFITABILITY RATIOS In three year 2017 - 2018 - 2019 30.00% 25.00% Gross profit margin 20.00% Operating profit margin Net profit margin ROA ROE EROA 15.00% 10.00% 5.00% 0.00% 2017 2018 2019 Accordingly, in 2019, PNJ recorded net revenue of VND 17,000 billion, up 16.7%, significantly lower than the increase of 2018 and 2017 (respectively 32.7% and 28.2%) However, thanks to the improved gross profit margin, gross profit growth was higher than net revenue growth, reaching 24.5%, though still 15 | P a g e 20 ... Forecast………………………………………………………… 16 References………………………………………………………17 1|Page 20 Introduction PNJ Company, formerly known as Jewelry Store, Phu Nhuan District, was established on April 28, 1988 Phu Nhuan. . .PNJ? ??S FINANCE Group Assignment – FIN202 GROUP MEMBERS: NGUYEN SON TUNG – HS120529 LE THI MY DUYEN – HS150531 LO DUY TUNG – HS153072 DINH PHUONG NGA – HS150244 DAO MANH HIEU – HS153198 CLASS:... statement analysis Data calculated by the excel file below 4|Page 20 PHUNHUAN JEWELRY JOINTSTOCK COMPANY ASSETS Currentassets Cash Cashequivalents Held-to-maturity investments Short-term trade accounts