Performanceanalysis Q2_ver 12.08.11 tài liệu, giáo án, bài giảng , luận văn, luận án, đồ án, bài tập lớn về tất cả các l...
Quarterly Report - 2nd Quarter 2011 At a glance / Highlights AT A GLANCE Key figures – 2nd quarter 2011 % total sales VND bil Q2, 2011 Q2, 2010 176.3 94.4 100% 100% 86.7% 66.6 36.3 37.8% 38.5% 83.3% 8.3 4.7% 3.2% 173.4% 2.4 1.4% 1.1% 139.9% SG&A 27.2 18.3 15.4% 19.5% 48.8% NPBT 45.2 20.6 25.7% 21.8% 119.8% NPAT 36.2 16.5 20.5% 17.5% 119.7% Current ratio 3.63 4.07 Quick ratio 1.45 1.36 Net sales Gross profit Financial Income Financial Expense 1 Q2, 2011 Q2, 2010 Incr./Decr SG&A: Selling expenses, General and administration expenses Total Revenues by quarter Operating results by quarter 250,000 70,000 60,000 200,000 50,000 150,000 40,000 30,000 100,000 20,000 50,000 10,000 0 Q1 2010 Q2 Q3 Q4 2011 HIGHLIGHTS – 2nd QUARTER 2011 • Total revenues increase 86.7% to VND 176.2 bil • Profit-after-tax jumps 119.7% to VND36.2 bil • Free cash flow totaled VND80.4 bil Q1 2010 Q2 Q3 2011 Q4 Quarterly Report - 2nd Quarter 2011 Everpia Vietnam JSC (HSX: EVE) Continued impressive business growth and strong performance For Q2 /2011, EVE has achieved VND176.3bil in net revenue (+ 86.7% yoy )and VND36.2bil in net profit after tax (+119.7% yoy) These results were exceeding the sales plan by 37.1% and profit plan by 55.9% SECOND QUARTER 2011 TOTAL SALES GROWTH Quarter on fiscal year (VND bil.) Bedding Padding Bedding sales % total revenue Q2 Rev growth Q2 2010 36.4 38.6% Q2 2011 77.7 44.1% Total Padding sales % total revenue Q2 Rev growth -20.9% 58 61.4% 71.2% 94.4 17.8% 113.5% 98.5 69.8% 176.3 86.7% 55.9% Value Growth EVE completed Q2/2011 in high note with VND 176.2bil in sales, increasing 86.7% from VND94.6bil the same period of previous year Significant sales growth is recorded across all key segments supported by: (i) Significant growth of bedding related to the adjustment in pricing policies in Mar and the increase in orders from customers Bedding sales accounting for 44.1% of total sales, increased 113.5% compared to Q2/2010 and exceeded the plan by 43.8%; (ii) Notable growth of padding thanks to the increase of padding price and strong orders from new and existing customers Thus, sales of padding increased from VND58bil in Q2/2010 to VND98.5bil in Q2/2011, exceeded the plan by 32.2% OPERATING RESULTS Despite the stiff price increase of fibers and fabrics by over 30% in 1st half 2011, the gross profit margin was kept stable at around 38% qoq in Q2/2011 thanks to the effective pricing policies of EVE and B.O.D’s decision to import raw material in advance Although SG&A expenses went up by 48.7% yoy due to aggressive marketing activities, expansion of the retail networks and upgrade of current shops, net profit increased at a higher rate than sales growth and the gross margin The second-quarter net profit-aftertax rose 119.6% As the result, the current and quick ratios show EVE’s good capability to meet its short-term obligation The current ratio, although in slight decline compared to Q2/2011 was still high, at 3.63 times as of the end of Q2/2011 The quick ratio, increased from 1.36 in Q2/2010 to 1.45 in Q2/2011 qoq: quarter-on-quarter Quarterly Report - 2nd Quarter 2011 FINANCIAL STRUCTURE During Q2/2011, EVE borrowed VND71.4 bil from bank to finance its working capital Longterm financial debt is nil, the financial structure of the company is very sound with leverage at only 0.3 times In addition, EVE has a strong cash cushion as cash and cash equivalents at the end of Q2 2011 reached VND80.4 bil although in reduction compared with January 2011 due to seasonal working capital needs Additionally, to expand production EVE has invested an amount of VND25bil to purchase land for the new Hung Yen factory Quarterly Report - 2nd Quarter 2011 EVE SHARES The performance of EVE shares vs Consumer Goods sector and VN-Index EVE CONSUMER GOODS EVE VNINDEX Source: Golden Bridge Investment Consultant JSC Quarterly Report - 2nd Quarter 2011 GROWTH PERSPECTIVE During 1st half 2011, Everpia Vietnam JSC already fulfilled 47% of its annual revenue target and 57% of its NPAT target Entering the bedding season (last six months) which commonly accounts for 65%of total sales of a year, EVE expects total revenue in the last months to achieve VND 463 bil Thus, the Board of Everpia Vietnam has decided to increase the 2011 plan EVE now believes that full-year revenue for the Group will increase by 41.1% compared with 2010 (instead of 26.8%) to VND800 bil., net profit after tax is revised to VND160bil., 56.4% increase from 2010 NPAT Expectations 2011 Everpia Vietnam JSC Previous plan Revised plan Sales VND719 bil VND800 bil NPAT VND130 bil VND160 bil Q1/ Plan Q1/ Actual Q2/ Plan Q2/ Actual Q3/ Plan Q4/ Plan Sales 122.7 160.7 128.5 176.3 177.3 291 NPAT 22.2 37.5 23.2 36.2 33.0 53.3 Unit: VND bil COMING EVENT - In the third quarter, EVE will list additional bonus shares issued to shareholders from 25th May, 2011 and complete the procedure for listing of 410,000 shares under the Employee Stock Option Program (ESOP) - The new factory in Hung Yen, which is under construction, is scheduled to start operations early next year The total estimated investment is VND61.8bil For more information, please contact: Ms Phan Mai Linh Planning Team Manager Tel: 04.3 827 6490 (ext: 347) Email: info@everpia.vn / mailinh@everpia.vn