(Tiểu luận) the superdong fast ferry kien giang joint stock company

On July 8, 2014, all 17,474,854 shares of SKG were officially traded on HOThe company started its business on the Rach Gia - Phu Quoc route with only one Superdong I high-speed train wit

HO CHI MINH CITY OPEN UNIVERSITY SPECIAL TRAINING DEPARTMENT

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REPORT FINANCIAL ANALYSIS

JOINT STOCK COMPANY

Lecture: Ph.D Do Thi Thanh Nhan

Group member: 1 Pham Huong Giang – 2054042058

2 Nguyen Thanh Hang – 2054042073

3 Nguyen Tuong Nhi – 2054042197

4 Hoang Khai Huyen - 2054042098 Class : KT20DB02

Ho Chi Minh City, 17 th December 20 22

ABOUT THE SUPERDONG FAST FERRY KIEN

GIANG JOINT STOCK COMPANY

Company

name Cong ty co phan Tau cao toc Superdong-Kien Giang

Abbreviated

English name Superdong Fast Ferry Kien Giang Joint Stock Company

Headquarters 187 Nguyen Trung Truc Street, Quarter 5, Duong Dong Ward,

Phu Quoc City, Kien Giang Province

The company was established and put into operation on 11/14/2007 with the name Superdong - Kien Giang High Speed Train Company Limited and the initial registered charter capital was VND 9.6 billion The main activities of the company are Coastal passenger and cargo transportation, passenger and cargo transportation by inland waterways On January 22, 2010, the company changedits form into a joint stock company On July 8, 2014, all 17,474,854 shares of SKG were officially traded on HO

The company started its business on the Rach Gia - Phu Quoc route with only one Superdong I high-speed train with a capacity of 171 seats By 2010, the Superdong brand had been trusted and chosen by customers and rose strongly, reflected in the strong growth in revenue and the number of trains used for the Rach Gia - Phu Quoc route was 03 high-speed trains − In 2011, following the success of the Rach Gia - Phu Quoc route, the Company boldly expanded its operating area to the new Ha Tien - Phu Quoc route, bringing the total number

of ships operating to 04 high-speed trains − In 2015, the Company maintained its leading position in the market of passenger transportation by high-speed train, creating momentum for the expansion of the operation area The Rach Gia– Nam Du route has officially been in operation since June 2015 − The year

2017, marked a new step for the Company to implement the business strategy ofdiversifying business types and diversifying the needs of customers client On 14/07/2017, the Company opened a new route Soc Trang - Con Dao; and in September 2017, the Company officially put into operation the Ha Tien - Phu Quoc ferry route − In 2018, the Company continued to invest in expanding to new locations The company has put into operation the new route Phan Thiet - Phu Quy since June 2018 − In 2019, the Company continues to put into operation the new route Phu Quoc - Nam Du Works with 18 speedboats and ferries − In 2020, the Company will continue to put into operation the new route Rach Gia - Hon Nghe − In 2021, the Company applies information technology in management and operation, effectively operating the online ticketing system Officially implement the issuance of electronic invoices.The company always improves every day to bring customers the best service experience With continuous efforts, the Company has invested in a fleet of modern high-speed boats and ferries with experienced, professional and serious staff, and a wide distribution network to build the Superdong brand

increasingly strong, committed to providing customers with core values including: "SAFETY - STABLE - ON TIME - COMFORT - CONVENIENCE -DIFFERENT SERVICE - REASONABLE PRICE"

Up to now, the Company has 16 speedboats and 02 ferries transporting

passengers, means of transport and goods from the mainland to Phu Quoc, Nam

Du, Con Dao and Phu Quy; Accompanying services such as shuttle bus, fast

food service are also deployed to optimize convenience for customers − The

company started its business on the Rach Gia - Phu Quoc route with only 01

Superdong I high-speed train with a capacity of 171 seats By 2010, the

Superdong brand had been trusted and chosen by customers and rose strongly, reflected in the strong growth in revenue and the number of trains used for the Rach Gia - Phu Quoc route was 03 high-speed trains

Superdong - Kien Giang Speedboat Joint Stock Company: - Is a leading

company in the field of transporting passengers and goods between the

mainland and Vietnam's tourist islands by inland waterways by speedboat -

Listed on HOSE from 08/07/2014, stock code SKG - Capacity: o 16 speedboats,carrying capacity up to 306 passengers/car, speed 28-30 knots/hour o 2 high-

speed ferries, capacity of 229 passengers and 150 motorbikes, 40 4-seater cars

or 25 7-seat cars or 11 trucks of 13 tons and lots of goods, speed 11–13 knots o Feeder system - Active routes Ha Tien - Phu Quoc Rach Gia - Phu Quoc Rach Gia - Nam Du Rach Gia - Hon Son Soc Trang - Con Dao Phan Thiet - Phu Quy

AN ANALYSIS OF THE FINANCIAL STATEMENTS AT

STOCK COMPANY

1

1 General analysis of financial statements

1

1.1 Horizontal and vertical analysis of balance sheet

Table 1.1: Table of proportions of balance sheet items

Cash 6,905 0.7% 9,585 1.1% 8,191 1.0%Cash equivalents 0 0.0% 5,000 0.6% 0 0.0%

Receivables 89,057 9.6% 92,368 10.4% 126,161 15.5% Inventory 24,518 2.6% 28,036 3.2% 27,998 3.5% Other current assets 12,311 1.3% 11,360 1.3% 10,589 1.3%

LONG-TERM ASSETS 638,277 68.7% 573,816 64.8% 524,631 64.6% Fixed assets 579,217 62.3% 528,615 59.7% 491,911 60.6% Other long-term assets 16,410 1.8% 12,854 1.5% 8,437 1.0% TOTAL ASSETS 929,727 100.0

fund 6,825 0.7% 6,825 0.8% 6,825 0.8%Financial provision fund 2,000 0.2% 2,000 0.2% 2,000 0.2%Undistributed profits 258,220 27.8% 217,597 24.6% 147,392 18.2%

(Source: financial statements for the years 2019,2020,2021)

Table 1.2: Comparison of items on the balance sheet

Unit: million VND

TARGETS The year 2020 compared to 2019 The year 2021 compared to 2020

SHORT-TERM

ASSETS 19,689 6.8% -24,238 -7.8% Cash and cash

equivalents 7,680 111.2% -6,394 -43.8%

Cash 2,680 38.8% -1,394 -14.5%Cash equivalents 5,000 0.0% -5,000 -100.0%

Receivables 3,311 3.7% 33,793 36.6% Inventory 3,518 14.3% -38 -0.1% Other current assets -951 -7.7% -771 -6.8% LONG-TERM ASSETS -64,461 -10.1% -49,185 -8.6% Fixed assets -50,602 -8.7% -36,704 -6.9% Other long-term assets -3,556 -21.7% -4,417 -34.4% TOTAL ASSETS -44,772 -4.8% -73,423 -8.3%

CAPITAL

LIABILITIES MUST

PAY -4,148 -23.2% -3,218 -23.4% Short-term debt -4,148 -23.2% -3,218 -23.4%

Short-term loans 0 0.0% 0 0.0%Payable to the seller -2,277 -44.8% 794 28.4%buyer pays first -814 -34.4% -208 -13.4%Taxes payable to the state 512 74.1% -1,151 -95.7%Pay staff -2,669 -29.5% -1,375 -21.6%Other payables and

payables 1,100 154.1% -1,277 -70.4%Bonus and Welfare Fund 0 0.0% 0 0.0%

Long-term liabilities 0 0.0% 0 0.0%Other long-term payables 0 0.0% 0 0.0%Provision for severance

OWNER'S CAPITAL -40,623 -4.5% -70,205 -8.1%

Surplus equity 0 0.0% 0 0.0%Investment and

development fund 0 0.0% 0 0.0%Financial provision fund 0 0.0% 0 0.0%Undistributed profits -40,623 -15.7% -70,205 -32.3%

TOTAL CAPITAL

SOURCES -44,772 -4.8% -73,423 -8.3%

(Source: compilation)

a) About the property

- Through the data table, we see that the asset value in 2019 is 929,727 millionVND; in 2020 is 884,955 million VND, down 44,772 million VND, ie down4.8% compared to 2019; 2021 is 811,533 million dong, down 73,423 milliondong, ie down 8.3% compared to 2020

- In-depth analysis of each item we see:

-Short-term assets:

In 2019, the value of short-term assets was VND 291,449 million,accounting for 31.3% of the total asset value, in 2020 it was VND 311,138million, accounting for 35.2% of the total asset value; in 2021 is 286,900million VND, accounting for 35.4% of the total asset value Horizontal analysis

of short-term asset value in 2020 compared to 2019 increased by VND 19,689million, ie an increase of 6.8%; 2021 compared to 2020 decreased by VND24,238 billion, ie a decrease of 7.8% Current assets decreased sharply in 2021while total assets increased as the company focused on paying short-termliabilities Consider each specific item in current assets:

 Cash and cash equivalents in 2019 were VND 6,905 billion, accountingfor 0.7% of total asset value; in 2020 is 14,585 billion VND, accounting for1.6% of the total asset value; in 2021 is 8,192 billion dong, accounting for 1%

of the total asset value Horizontal analysis shows that the value of cash andcash equivalents in 2020 will increase by VND 7,680 billion in 2020 compared

to 2019; that is, an increase of 111.2%; in 2021 compared to 2020 decreased byVND 6,394 billion, ie a decrease of 43.8% Thus, the cash and cash equivalentsitems in 2020 increased quite a lot because the company had not mobilized thefund well, but in 2021, it started to tend to decrease, which is considered apositive sign because the money was put into the fund investment, productionand business without having too many funds

 • Short-term receivables in 2019 were VND 89,057 million, accountingfor 9.6% of total asset value; in 2020 is 92,368 million dong, accounting for10.4% of total asset value; in 2021 is 126,161 million VND, accounting for15.5% of the total asset value Horizontal analysis shows that the value of short-term receivables in 2020 increased by VND 3,311 million in 2020 compared to2019; that is, an increase of 3.7%; in 2021 compared to 2020 is 33.793 millionVND, which is an increase of 36.6% Thus, short-term receivables tend toincrease, which shows that the business is trusted by customers, so it is veryquick to recover customer's water payment This is considered a good sign thatthe company's capital is not occupied for too long, the risk of recovery islimited.

• Inventories in 2019 were VND 24,518 million, accounting for 2.6% oftotal asset value; 2020 is 28,036 million dong, accounting for 3.2% of total assetvalue; in 2021 is VND 27,998 million, accounting for 3.5% of total asset value.Horizontal analysis shows that inventories in 2020 increased by VND 3,517million compared to 2019 or 14.3%; 2021 compared to 2020 reduced by 38million dong, ie down 0.1% Thus, inventory tends to increase becausebusinesses are stocked with unsold goods This shows that the business has notbeen effective in doing business and needs improvement to be effective, theability to sell products to customers increases

- Long-term assets are mainly fixed assets

Long-term assets in 2019 were VND 638.277 million, accounting for 68.7% of the total asset value; in 2020 is VND 573,816 million, accounting for 64.8% of the total asset value; in 2021 is VND 524,632 million, accounting for 64.6% of the total asset value Thus, long-term assets in 2020 compared to 2019 decreased by VND 64,461 million, ie by 10.1%; in 2021 compared to 2020 reduced by 49,185 million VND, ie 8.6% down Thus, long-term assets tend to decrease continuously for 3 years, but considering that 2020 and 2021 are 2 years when the covid epidemic takes place and cannot do business, the companyhas focused on paying periodic expenses, Paying more for increased fuel costs and implementing epidemic prevention and control to maintain operations have had a very negative impact on business results, so the company no longer focuses on investing in long-term assets at this time present

b About the source of capital

The total capital of the company in 2019 is 929,727 million VND In which, liabilities are VND 17,893 million, accounting for 1.9% of total capital; equity

is 911,833 million dong, accounting for 98.1% of total capital In 2020, the totalcapital is 884,955 million VND, which is a decrease of 4.8% compared to 2019

The total capital in 2020 is reduced compared to 2019 because of the debt payable in 2020 is 13.745 million VND, accounting for 1.6% of the total capital.capital; equity is 871,210 million dong, accounting for 98.4% of total capital Compared to 2019, in 2020 liabilities decreased by 4,148 million dong, or 23.2%, besides this year, equity also decreased by 40,623 million dong, ie by 4.5% The analysis results show that the company's capital in the period from

2019 to 2021 tends to decrease, showing that the company's financial resources are showing signs of weakening, and equity is also decreasing sharply There are not many investors in the business, but the liabilities, mainly short-term debts, also decreased, showing that although there is not much profit in production and business, the business is showing very good signs of short-term debt repayment, which proves that the company is not profitable Financially independent, with good financial self-sufficiency

Looking at each item in the capital source in detail, we see:

• Regarding payables:

The structure of liabilities is mainly short-term debt In 2019, short-term debt accounted for 1.9% of total capital, of which payables to sellers accounted for the majority with a proportion of total capital of 0.5%, other items only accounted for a very small proportion In 2020, short-term debt decreased by VND 4,148 million, accounting for 23.2%, and the proportion of short-term debt to total capital also decreased to 1.6% Liabilities in 2019 increased mainlybecause businesses have high short-term debts and use credit policy, and payables to sellers increased, so this is considered the year the company expands its business tools, materials, so the payables increased, but in 2020, thebusiness is profitable, so the business begins to pay specific debt sources such

as short-term debts, which are reduced to only 13.745 million dong , payables

to sellers also decreased to only 2,800 million dong and customers paid in advance also increased, so the amount paid by buyers also decreased to only 1,551 million dong, so in 2020, although there is not much profit, the business has focused share that profit to pay off debt And finally, in 2021, the business isnot very profitable compared to 2020 but still paying short-term debts is still very good, and the company begins to stabilize and slowly expand in size, so the payables to sellers increase slightly to 3,594 million dong, so in 2021, although it decreased in profit, the company still managed to repay short-term debts

• Regarding equity:

The company's equity includes the owner's investment capital, share premium, investment and development funds, and other funds under equity The analysis results show that the value of invested capital and funds The company's

development investment and other funds remained unchanged in the period

from 2019 to 2021 In 2019, the investment capital was VND 633.317 million, accounting for 68.1% of the total capital, the share capital surplus was 11,469 million dong, accounting for 1.2% of total capital, investment and development fund is 6,825 million, accounting for 0.7% of total capital, other equity funds are 2 million dong, accounting for the proportion of the total capital is 0.2%;

undistributed profit is 258.220 million dong, accounting for 27.8% of total

capital In 2020, undistributed profit decreased by VND 40,623 million, down 15.7%, reducing the proportion by 24.6% Thus, it can be seen that 2019 is the year the company has the highest business efficiency, by 2020 and 2021 the

company is no longer profitable, all items are reduced, showing that the

company is gradually being lost lost its advantage in the market, there were

many competitors making the product no longer appreciated in the market, so the equity did not change over the years

1

1.2 Horizontal and vertical analysis of income statements:

Table 1.3: Table for calculating the income statement item weights

Unit: million VND

TARGETS

2019 2020 2021Value Proportio

n Value

Proportio

n Value

Proportion

Revenues 452.143 100,0% 304.339 100,0% 167.159 100,0% COGS -300.350 -66,4% -237.977 -78,2% -179.548 -107,4% Gross profit 151.792 33.6% 66.361 21,8% -12.389 -7,4%

F.Revenues 11.580 2,6% 10.885 3,6% 8.112 4,9%

F Expenses -90 0,0% -34 0,0% -1 0,0%

In which: Interest

expenses 0 0,0% 0 0,0% 0 0,0%Selling Expenses -42.375 9,4% 38.354 -12,6% -25.320 -15,1%Administrative

Expenses -15.600 -3,5% -15.015 -4,9% -10.122 -6,1%

Profit/ loss from

other activities 1.315 0,3% 1.046 0,3% 1.181 0,7% Income before

taxes 106.622 23,6% 24.890 8,2% -38.539 -23,1% Income tax -5.522 -1,2% -2.181 -0,7% 0 0,0% Net Income 101.100 22,4% 22.708 7,5% -38.539 -23,1%

(Source: financial statements for the years 2019, 2020, 2021)

Table 3.4: Comparison of items in the income statement

Target

2020 vs 2019 2021 vs 2020Increase/decreas

e

Rate ofincrease/decrease

Increase/decrease

Rate ofincrease/decrease

Revenues -147,804 -32.7% -137,180 -45.1% COGS 62,373 -20.8% 58,429 -24.6% Gross profit -85,431 -56.3% -78,750 -118.7%

Financial

Revenues -695 -6.0% -2,773 -25.5%Financial

Expenses 6,036 -95.8% 267 -100.0%

Profit/ loss

from other

activities -269 -20.5% 135 12.9% Income

before taxes -81,732 -76.7% -63,429 -254.8% Income tax 3,341 -60.5% 2,181 -100.0% Net Income -78,392 -77.5% -61,247 -269.7%

(Source: compilation)

Through the data from the income statement, we see:

In terms of net revenue: the analysis results show that net revenue tends to decrease continuously in the period from 2019 to 2020 (in 2020 compared to

2019 it decreased by 32.7%, equivalent to 147,804 million VND; in 2021 compared to 2019 compared to 2019) with 2020 down 45.1%, equivalent to 137,180 million dong) That shows that the company is stagnating, no longer achieving efficiency in production and business The reason is that the market has begun to appear worthy competitors, so profits are no longer as effective as

in 2019

Cost of goods sold: COGS also decreased from 2019 to 2021 Specifically, in

2020 it decreased by 20.8% compared to 2019, equivalent to VND 62,373 million; 2021 down 24.6% compared to 2020, equivalent to 58,429 million Thus, the company can control the price of raw materials, but because the revenue has not maintained a specific growth, the weekly revenue has

continuously decreased according to the cost of goods sold, so it shows that in 3years the business is gradually slowing down In the market, there are not many outstanding products on the market, so the growth rate of net revenue and COGS have not changed much

Gross profit: In 2020 compared to 2019 gross profit decreased by VND 85,431 million, ie a decrease of 56.28%; in 2021 compared to 2020 decreased by VND 78,751 million, which is a decrease of 118.67% The ratio of gross profit to net revenue decreased sharply (in 2019 it was 33.6%, in 2020 it was 21.8%, in 2021

it was 7.4%)

Selling expenses: In 2019 selling expenses accounted for 9.4%, in 2020 this proportion increased to 12.6% and reached 15.1% in 2021 Horizontal analysis, selling expenses tended to decrease in period 2019-2021: in 2020 compared to

2019 selling expenses decreased by 9.5%, that is, by VND4,021 million; in

2021 compared to 2020 decreased by 34%, equivalent to a decrease of VND 13,034 million This shows that enterprises can control selling expenses such as

advertising, labor, brand promotion and products, so selling expenses tend to decrease.

Administration expenses: Account for a small proportion of net revenue: in

2019 accounted for 3.5% of net revenue; 2020 will account for 4.9% of net revenue; in 2021, accounting for 6.1% of net revenue General and

administrative expenses tend to decrease In 2020 it will decrease by 3.8%, equivalent to a decrease of 585 million VND compared to 2019; in 2021, a decrease of 32.6%, equivalent to a reduction of VND 4,893 million

Profit/ Loss from operating activities: In 2019 was 105,306 million VND, accounting for 23.3% of net revenue; 2020 is VND 23,843 million, accounting for 7.8% of net revenue; in 2021 is 39,721 million dong, accounting for 23.8%

of net revenue Horizontal analysis shows that profit from business activities in

2020 will decrease by 81,486 million dong, ie 77.4%; in 2021 compared to 2020increased by 15,878 million dong, ie an increase of 66.6% The reason for the decrease in net profit from production and business activities from 2019 to 2020

is the inefficient increase in revenue

1

1.3 Analyze cash flow statement:

Table 1.5: Statement of cash flow

Unit: million VND

2021 CASH FLOWS FROM OPERATING

Income tax paid -2,430

Other expenses from operating activities -4,564

Net cash from operating activities

CASH FLOWS FOR INVESTING

ACTIVITIES 132,666 69,534 8,521

Purchase of property, plant and equipment -56,693 -25,682 -38,387Interset received 9,793 12,288 10,310

Net cash from investing activities -79,257 1,475 16,751

CASH FLOWS FROM FINANCING

ACTIVITIES

Short-term loan received

Principal debts payment

Dividend paid -57,572 -63,329 -31,664

Net cash used in financing activities -57,572 -31,664

Net cash flows during the fiscal year -4,164 7,680 -6,392(Source: financial statements for the years 2019, 2020, 2021)

According to the data from the cash flow table for the period of 2019 to 2021, itshows that: Net cash flows in 2019, 2020, and 2021 are: (4,164) million dong;7,680 million VND; (6,392) million VND The negative net cash flow in 2019 and

2021 shows that the company spends more money to invest in long-term assets, thecompany's production and business scale is being expanded It can be seen that cashflow is mainly generated from business and investment activities, and the cash-generating capacity of financial activities is still weak The figures in the cash flowstatement show that investment and financial activities have not yet brought profit

to the company, profits are mainly generated from operating and investingactivities

Specifically analyzing the cash flow of each activity:

• For cash flows from operating activities:

In 2019, the net cash flow from operating activities was VND 132,666 million, ofwhich the main inflow from operating profit was VND 146,099 million During theperiod, the company paid for business activities such as prepayment (VND 9,084)million, CIT payment of VND 2,430 million, expenses for other activities of VND4,564 million The movement of items on the asset side increased, such as:receivables decreased by 7,960 million dong; Inventories increased by VND 1,553million, which increased the cash flow from business activities Thus, the totalinflow from operating activities is larger than the total outflow from operatingactivities, so the net cash flow from operating activities in 2019 is positive In other