EVE - Performance Analysis 1st half 2012 tài liệu, giáo án, bài giảng , luận văn, luận án, đồ án, bài tập lớn về tất cả...
FIRST HALF INTERIM REPORT For the period from Jan 1st – Jun 30th, 2012 BUSINESS REVIEW KEY FIGURES - 1ST HALF 2012 Business Overview PROFIT & LOSS ACCOUNT Net Sales Cost of Goods Sold Gross profit SG&A NPBT NPAT st half Unit: VND bil Incr./dec r Demand for the Company’s bedding products has been bedding season starts in September, bedding revenue for 2012 303.7 195.8 2011 336.0 202.5 -9.6% -3.3% 107.9 28.1 49.7 38.8 133.5 24.4 92.4 72.9 -19.2% 15.2% -46.2% -46.8% affected by the macroeconomic situation In addition, as first half of the year is usually lower than in the second half Besides, economic recession in Europe and United State has directly affected the main export market of the Padding business Sales Performance As of 30th Jun BALANCE SHEET Current assets Non-current assets Inventories Total Assets Current liabilities Long-term liabilities Total Liabilities Shareholder's Equity 201 614 252 345 867 210 17 228 638 201 648 151 366 799 167 16 183 615 31st Dec 2011 633.9 215.8 358.1 849.7 As a result, Everpia Vietnam JSC ended the first half of 2012 with VND 303.7 bil in revenue and VND 38.8 bil in Net Profit After Tax Revenue from the Bedding business was VND 177.5 bil., decreasing 9.2% year on year The Padding business revenues achieved VND 126.2 bil, decreasing 10.1% compared to the same period of last year 139.4 17.5 The Company has been promoting Online Business 156.9 channel with the brand Lovelon Sales of products 690.5 through this channel are promising Distribution network KEY RATIOS Profitability ratios Gross profit margin Return on Assets (ROA) Return on Equity (ROE) Return on Sales (ROS) As of 30th Jun 2012 2011 35.2% 4.5% 6.1% 12.8% Head Office and Factory in Hanoi Add : Duong Xa, Gia Lam, Hanoi Tel: 04 - 3827 6490 Fax: 04 - 3827 6492 The distribution network of the Company has expanded to 607 shops as at 30th Jun 2012: 39.7 % 9.1% 11.9 % 21.7 % Type AG Factory in Dong Nai Add : Route 4, Bien Hoa Industrial Zone, Bien Hoa City, Dong Nai Province Tel: 061– 8869 161 Fax: 061 – 8869 151 Website: www.everpia.vn North 99 South Total 110 209 Office and Showroom in Ho Chi Minh City Add : 85 An Duong Vuong, Ward 8,District 5, Ho Chi Minh City Tel: 08 – 6261 2078 Fax: 08 – 6261 1514 Return on Capital Employed Liquidity ratios Current ratio Quick ratio Gearing ratio Debt-to-Equity ratio 6.0% 11.5 % 3.7 1.6 3.9 1.7 0.28 0.30 DB 186 212 398 S.Total 285 322 607 AG: Agent in Hanoi & Hochiminh city DB: Distributor in provinces *Note: Current liabilities was included the share dividend payable amount that were not converted into Charter Capital as the Company finalizing necessary procedures OPERATING RESULTS Gross profit margin decreased but remained at high level of 35.2% Margin has been affected by the following: (i) To stimulate consumption, the Company implemented several measures such as discount, promotion, etc (ii) Basic salary increased by 40% since Oct 2011 under the new Government’s salary policy (iii) Raw material cost of goods sold was high However, EVE expects improvement in the 2H2012 as raw material price has been decreasing since the beginning of the year (iv) The Company has to bear the continuously increase of electricity, gasoline, and water fee in the first half of 2012 Selling and General Administration expenses increased by 30.7% year-on-year mainly due to increase in basic salary and new recruitment to develop the new brands (Edelin and Lovelon) In addition, Everpia Vietnam has contributed about VND 4.2 bil for Corporate Social Responsibility activities in the first half of 2012 As a result, Net Profit After Tax stood at VND 38.8 bil., declining 46.8% year on year and representing a net margin of 12.8% CHANGE IN SHAREHOLDER’S EQUITY As of 30th June, 2012, the Company's equity reached VND 638 bil excluding VND 45.6 bil share dividend which is temporally recorded as account payable During the second semester of 2012, this amount will be accounted for as equity once the share dividend issuance formalities are completed Head Office and Factory in Hanoi Add : Duong Xa, Gia Lam, Hanoi Tel: 04 - 3827 6490 Fax: 04 - 3827 6492 Factory in Dong Nai Add : Route 4, Bien Hoa Industrial Zone, Bien Hoa City, Dong Nai Province Tel: 061– 8869 161 Fax: 061 – 8869 151 Website: www.everpia.vn Office and Showroom in Ho Chi Minh City Add : 85 An Duong Vuong, Ward 8,District 5, Ho Chi Minh City Tel: 08 – 6261 2078 Fax: 08 – 6261 1514 The Company paid cash dividend of 15% par value during the first semester 2012, for a total amount of VND 41 billion During the period, the Company bought 330,400 treasury shares at average price of VND 24,213 per share with total amount of VND 8.0 bil FINANCIAL STATUS Capital structure Financial situation remains solid with cash and deposits of VND87 billion as compared to VND142 billion at end of 2011.To finance working capital, Everpia Vietnam maintains borrowed VND60 bil short-term debt and has no long term debt As at the end of Jun, the gearing stood at 28% Liquidity ratios Excluding the share dividend payable amount (VND 45.8 bil.) recorded as current liabilities according to Vietnam Accounting Standard, Current ratio and Quick ratio of EVE in the first half 2012 remained at relatively very level at 3.7 times and 1.6 times respectively despite slight decrease compared with 2011 Capital Expenditure As at 30th June 2012, EVE has invested VND83.4 bil for the new factory and office in Hung Yen in and the remaining amount to be disbursed during the second semester of 2012 is VND 30.4 bil The new factory and office will be operational in November 2012 Operating cash flows Despite a challenging business environment, the Company has successfully managed it inventory level, leading to a strong improvement in operating cash flow Net cash used in operating activities was reduced remarkably by 84.1% compared to last year COMING EVENTS Business activities Cambodia is a potential market for both Bedding and Padding business as the purchasing power is increasing and the Cambodian Government encourages Contract Manufacturer factories Thus, EVE sees the Cambodian market as a good growth driver and is setting up a subsidiary and a showroom in Phnom Head Office and Factory in Hanoi Add : Duong Xa, Gia Lam, Hanoi Tel: 04 - 3827 6490 Fax: 04 - 3827 6492 Factory in Dong Nai Add : Route 4, Bien Hoa Industrial Zone, Bien Hoa City, Dong Nai Province Tel: 061– 8869 161 Fax: 061 – 8869 151 Website: www.everpia.vn Office and Showroom in Ho Chi Minh City Add : 85 An Duong Vuong, Ward 8,District 5, Ho Chi Minh City Tel: 08 – 6261 2078 Fax: 08 – 6261 1514 Penh New Target Sales & Profit Based on the currently tough economic situation and the performance in the first half in 2012, EVE has decided to adjust its 2H2012 targets for sales and profit Previous plan VND 900 bil VND 160 bil Sales NPAT Revised plan VND 800 bil VND 110 bil Listing stock dividend In the third quarter, after receiving the new License Investment, EVE will start procedures with Ho Chi Minh Stock Exchange and Vietnam Securities Depository for additional listing dividend stock The listing is expected from st October, 2012 Inauguration of the new factory and office in Hung Yen: expected in 4Q12 Head Office and Factory in Hanoi Add : Duong Xa, Gia Lam, Hanoi Tel: 04 - 3827 6490 Fax: 04 - 3827 6492 Factory in Dong Nai Add : Route 4, Bien Hoa Industrial Zone, Bien Hoa City, Dong Nai Province Tel: 061– 8869 161 Fax: 061 – 8869 151 Website: www.everpia.vn Office and Showroom in Ho Chi Minh City Add : 85 An Duong Vuong, Ward 8,District 5, Ho Chi Minh City Tel: 08 – 6261 2078 Fax: 08 – 6261 1514 ... of EVE in the first half 2012 remained at relatively very level at 3.7 times and 1.6 times respectively despite slight decrease compared with 2011 Capital Expenditure As at 30th June 2012, EVE. .. water fee in the first half of 2012 Selling and General Administration expenses increased by 30.7% year-on-year mainly due to increase in basic salary and new recruitment to develop the new brands... Profit Based on the currently tough economic situation and the performance in the first half in 2012, EVE has decided to adjust its 2H2012 targets for sales and profit Previous plan VND 900 bil