Phân tích báo cáo tài chính công ty cổ phần cảng đoạn xá

Phân tích báo cáo tài chính công ty Cổ phần cảng Đoạn Xá Nội Dung 1. Mục đích, phương pháp phân tích báo cáo tài chính 2. Phân tích báo cáo tài chính của công ty cổ phần Cảng Đoạn Xá 3. Kết Luận, đưa ra nhận xét và lời khuyên đầu tư

The corporate financial analysis The concept and purpose of the corporate financial analysis Concept First, the analysis is understood as the division of phenomena, objects into parts or components, which recognize the shape, size and nature of the subjects they study and see the impact of relationship between them Simultaneous analysis is to see the movement and development trend of the rules of phenomena Financial activities is one of the basic content of business operations of the business to resolve relationships arising in the business process which are expressed in monetary form Analysis of the financial situation is consider the review of checking process, collate and compare financial data on current and past Over there we can recognize and evaluate the potential, effectiveness as well as the risks and prospects of the business in the future Financial analysis gives a correct and comprehensive view about financial situation of business, helping the owners and managers make decisions correctly in overall economic management, including financial management Purpose Awareness and comprehensive assessment objectively and true about financial situation and the financial management of the business, through that see  These properties of results achieved in financial management  These contradictions exist about the reason which effect negative and have impact to financial situation  Accurate assessment, comprehensive about the financial situation in many ways: mobilizing capital distribution, use and manage the capital in production and business  Assessing receivable and payable, debt solvency, capital preservation and growth of the capital of business  Assessing the efficiency use of capital and general business efficiency in particular parts  Provide full, accurate and timely information necessary for business owners, investors and users of financial information of the business  Provides information about the use of capital, the ability to exploit capital, solvency, efficiency business to help businesses overcome the existing shortcomings  Provides information about the debt situation the ability to consume goods and profitability as well as the impact of changing business conditions of manufacturing helping businesses predict accurately their future In summary the most important purpose of financial analysis is help decision makers choose the optimal business plan and have accurate assessment of the financial situation and potential of the business I The significance of analyzing the financial position of enterprise The analysis of the financial situation of enterprise play an important role in the collecting of information of DIRECTORS, investors, credit lenders, managers through which they may take the true and fair view of the financial picture of this business as well as every aspect of the overall For the business owners and the managers of the business: One of the most considered thing of them is profit-seeking and the company’s ability to pay off the debts Business owners and managers alway concern about the financial position of the business which can make them to be able to understand and accurately assess the financial ability and help them make the right decisions during the operations The regular analyzing the financial position of enterprises will be:  An orientation for the decision of the BOARD OF DIRECTORS and CFO: investment decisions, funding, distribution of dividends  As a basis for forecasting financial investment : the cash budget  As a tools to control operations management 2 For the banks and the creditors: Their main concern is the company’s ability to pay off its debts, so they pay attention to the amount of cash and the business’s ability to quickly convert assets into cash The amount of company’s equity is an insurance for its detbs when they meet risk  The quick (acid) ratio is the one which the banks and the creditors want to pay attention in case of the short term loans  In case of long term loans, the banks and the creditors would like to take care about the abilities to settle and to generate the profit of the company on the loans it takes For the supplier : Just like the creditors or bankers, the supplier are also interested in settlement ability, especially in case of purchase of goods on credit For the investors: They will care about: the risks, payback period, present value of the company, net profit of investment, profitability so they need information about the financial condition, operations, and the earnings growth potential There are also a lot of different groups who interested in the financial position of the business: agency financial, tax authority, employee In summary, due to a lot of different purposes of each group they would consider the financial information on the different sides and angles Such financial analysis is not only important for the businesses themselves but also have significant meaning for other stakeholder who related directly or indirectly to the enterprise Analysis of generalized fluctuation about assets and capital  Purposes: Awareness, an overall assessment on the mobilization of capital and capital distribution, use and management of capital in the production process of enterprise business  Based on the aggregate data on capital and capital on the balance sheet and the accounting indicators reflecting business results such as revenue, profitability and sales service provider , earnings and other profits Method of analysis which often be used is comparison.We can compute the target growth rate, the difference between rises and falls, the coefficients reflect the general financial situation  Analysis of generalized fluctuation of corporate assets  Analysis of generalized fluctuation of corporate capital  Analysis of the relationship between assets and capital Analysis of the management and usage of assets The assets of the business are labor of production enterprises Assets are classified into current assets and fixed assets  Analysis of the management and usage of current assets  Analysis of capital situation by cash  Analysis of debts situation  Analysis of invetory situation Analysis of the management and usage of fix assets Analysis of the management and usage of capital The capital of the business including two basic sources: the liabilities and owners' equity  Analysis of the liabilities  General analysis  Analysis of needs and solvency  Analysis of owners' equity  General analysis  Analysis of profitability of owner's equity  Analysis of the ensure capital situation for production and business activities The sources and methods used in the analysis of corporate finance The methods:  Comparison  Ratio Analysis  Balance  Form Resource analysis It should be based on many different sources, which are mainly the financial statements The financial statements are prepared based on the accounting methods which synthesize data according to financial indicators arise at the time, a certain period => help me identify financial situation to make good decisions Financial statements must ensure system synchronization, accurate data Balance Sheet As financial statements reflecting general existing assets and resources which constitute assets of the business at a certain time and a certain currency The balance sheet structure consists of two parts: Assets and liabilities and equity Report the results of operations and business As financial statements reflecting the overall process of production and business activities in the accounting period and the obligations to the goverment Operating Results Report can be divided into parts:  Profit and loss statement  The obligations to the Government  Value-added tax is deducted, refund, remission Others sources Cash flow statement, the notes to the financial statements and the reports to explain the increase or decrease capital asset COMPANY OVERVIEW Name: DOAN XA PORT JOINT STOCK COMPANY Abbreviation: DOAN XA PORT Stock code (HOSE): DXP Address: 15 Ngo Quyen Street, Ward Van My, Ngo Quyen District, Hai Phong Tel: (031) 3765029 / (031) 3767969 Website: http://www.doanxaport.com.vn Certificate of business registration: 0203000123 by Hai Phong Authority for Planning and Investment registered in November 27th 2001 and the 4th amendment was October 12, 2011 with new code 0200443827 Activities - The lines of business of the Company is: Loading and unloading; warehousing and storing goods; transportation in coastal and ocean; transportation in road; shipping services, agency services, ocean freight Places: Hai Phong 1) Company profile (History): The process of formation and development - DXP was formed known as Doan Xa Port Stevedoring firms Xa, unit of Hai Phong Port, was established under No 334 / DOP-LD on 06/28/1995 Vietnam Maritime Administration - 2001 October 19th, follow Prime Minister signed No 1372 / QD-TTg, turned into DXP with Charter capital reached VND 35bik, in which government capital was 17.85bil, account for 51% - 2005 December 12th, Ha Noi Stock Exchange certified: Cong Doan Xa Port Joint Stock Company listed on HNX since 12/12/2005 Stock code: DXP - 2006 November 13th, 2006, the State Security Commission of Vietnam certificate DXP listed HOSE from 2006 November 13th The first trading day on HOSE was 11/12/2006 - 2007 December 25th, 2007, DXP issued bonus shares to increase its charter capital from VND 52.5 billion development fund and profit after tax in 2007 according to the resolution on 2007 November 20th of the General Meeting of Shareholders with VND 26.775bil of the goverment capital was 51% officialy in January 25th 2008 - 2009 May 5th, HNX certified DXP on HNX since 21/05/2009 The first trading day on the Hanoi Stock Exchange is 8/06/2009 - 2011 March 16rth, the Company issued bonus shares at the ratio of 2: from the development fund, increased its charter capital from VND 52.5 bil to 78.74972 bil according to the resolutions of the Annual General Meeting in 2011 May 18th Number of additional shares listed HNX on 2011 December 16th - 2011 March 3th, the company has been awarded Labor Medal by the President by virtue of having outstanding achievements in their work and contributing to build Socialism and defend the nation - Establishment of branch DXP- Enterprise Transport Services Multi-Method from No 17 / QD-09 by Board of Directors on 22 May 2011 - Establishment of branch DXP – Loading and Unloading Services from No 18 / QD-09 by Board of Directors on 22 May 2011 - 2011 August, based on earnings growth, sales growth, return on equity in the past years (2008-2010), the ability to overcome economy crisis and global financial crisis began in 2008, the company has been honored in Forbes 200 best small and medium enterprises in Asia, in that Vietnam has 10 companies on the list above - 2013 January, the Company was awarded the Prime Minister's Emulation Flag because of outstanding achievements, leading the Patriotic of Ministry of Transport in 2012 - 2014 January, the company was awarded 13 by the Prime Minister's Emulation Flag of Ministry of Transport according to No 47 / QD-BGTVT 01.07.2014 2) The structure of the company (Board of Directors, Supervisory Board, Board of Directors / general manager / plant, branch, subsidiary) - The governance model include: General Meeting of Shareholders, the Board of Directors, Supervisory Board, the Executive Board by the Board of Directors appointed Content analysis of financial statements I) Analysis of balance sheet 1.1 Assets enterprise(Assets structure) a) Assets used in operating activities b) Assets not used for business purposes: Equity 1.2 Sources of support Liabilities 1.3 Debt levels and the ability of suffering from risk 1.4 The ability to due debts 1.5 Changes in financial position II Analysis of reporting business performance 2.1 Analysis the business performance of Doan Xa Port 2.2 Operating expenses of Doan Xa Port 2.3 Doan Xa Port’s net profit III Analysis of cash flows Cash flow and objectives of cash flow Conclusion Evaluation of the company’s financial situation Financial advice Advice for Enterprise Stock evaluation I) Analysis of balance sheet 1.1 Assets enterprise Analysis of data over the years shows that the total value of assets increased by 43.627 billion In particular, the increase was mainly due to Enterprise investing in short-term assets Specifically, short-term assets increased by 60,652 billion on the other hand long-term assets decreased by 17,025 billion In 2011, the assets of the company were 219 415 795 357 VND, in which shortterm assets are 84,822,765,816 VND accounted for 38.7% of total asset value At the end of 2013, enterprise owns 263 042 643 176 VND of fixed assets, including short-term assets 145 474 784 857 VND accounted for 55.3% of total property value Consequently, there was a modification in the asset structure which is increasing short-term assets, reducing long-term assets Fixed assets in 2013 decreased due to depreciation of fixed assets This demonstrates the ability to expend and payment of enterprise is better and enterprise tends to invest in shortterm assets Assets structure a) Assets used in operating activities: cash, inventories, short-term receivables… According to data table, cash and cash equivalent increase during the period 20112012 Specifically, total assets increased were 43,627 billion, including 42,575 billion of cash and cash equivalent increased This indicator increased primarily due to reduced customer liabilities and relaxation policies implemented by investment in machinery and equipment in 2013 In addition, the inventory situation and short-term receivables are relatively stable in the 3-year cycle Since we can evaluate the sales abilities and provide the company's services are still kept steady growth b) Assets not used for business purposes: investments in short-term and longterm Long-term investment stayed the same during this period, but Short-term financial investments tend to increase from 10 billion in 2011 to 25 billion in 2013 (an increase of 15 billion that equal to 150% increasing) It can be concluded financial investment activities of enterprises focus primarily on short-term investments in the 3-year period from 2011 to 2013 Efficient using assets in 2013 10 was 0.76 which was down 24% compared in 2012 as a result from from total revenues decreased total 1.2 Sources of support Equity of the Company increased from 189 653 264 VND to 231 847 125 314 VND mainly from the increase in fund development Liabilities did not increase significantly from 29,762,530,883 to 31,195,517,862 VND Business activity of the company based on the basis of equity and loan capital The proportion of equity / liabilities is 7.43: that indicate that it is easy for the company to pay debts Equity accounted for 86.43% in 2011 corresponding to 189 653 264 474 VND, decreased to 84.97% in 2012 corresponding to 223 144 910 135 VND, increased to 88.14% in 2013 The increase in equity proves that company is reducing a loan Thereby, investors can find out an independent financial situation and does not depend on the corporate debt Liabilities Liabilities accounted for a small proportion of corporate financial structure only from 11.86% to 15.03% The company has been rarely under pressure to pay debts even if the service provider does not achieve good results A special thing on the financial statements of Doan Xa is no long-term debts item It means that the company has only short-term debts and rarely borrow money from external This suggests that this is a company worthy of investor attention because of the ability to pay debts 1.3 Debt levels and the ability of suffering from risk Working capital= Current assets- Current liabilities=23, 847-117,567=114, 28 (billion) Working capital is more than liabilities (31,195 billion) Conclusion: The low level of corporate debt and the ability for suffering from the risk of the business is very high 1.4 The ability to due debts 11 The significantly increasing in indicators of quick ratio proves that the company's payment is very good There was this result is due to short-term assets of the company continued to increase while current liabilities decreased An indicator of capital structure continued to decline over the years proved effective operation of the business when the debt diminished as assets and equity increased continuously Indicators of profitability over the years from 2011 to 2013 with no major fluctuations, was maintained at approximately 0.3 to 0.4 This means that the business activities of the company are still profitable prospects 1.5 Changes in financial position Cycle of inventory has declined over the years from 2011 to 2013 but goods were not stagnant and rapid consumption The inventory costs will be lower that leads to the prospects in corporate money flowing high II Analysis of reporting business performance 2.1 Analysis the business performance of Doan Xa Port Revenue from sales of goods and rendering services is a kind of Doan Xa Port’s revenue which has the largest proportion of the revenue structure of business The company’s revenue increased from 2011 to 2012 but decreased sharply in 2013, with revenue increasing from 179.809.088.916 VND to 249.347.647.665 VND and then reduced to 190.113.340.986 VND The size of capital increased with the growth rate of revenue is 10.304.252.070 VND in the period 2011-2013 Doan Xa Port’s one of the companies which had quite high revenue growth rate in the period 2011-2013 in Viet Nam The main reason of company’s high revenue growth rate is the needs of the market share increased in that period On the other hand, the company also implemented the right policies in the direction specified investment and development 2.2 Operating expenses of Doan Xa Port Ratio of cost of goods sold compared to net revenues from sales of goods and rendering of services fell sharply from 64% in 2011 to 6% in 2013 This suggests that companies are managed and used costs to generate business activites better 2.3 Doan Xa Port’s net profit 12 The company’s profit compared to net sales accounted for a high proportion with 37% in 2011 and increased to 42% in 2013 Net profit after tax of the company’s growth in 2011-2013, rose high from 49 billion dong to 54 billion dong Earnings per share also increased from 6.227 VND in 2011 to 6.875 VND in 2013 Cost of goods sold had a very large proportion, however, the period 2011-2013, the contribution of cost of sales to net sales decreased (6% in 2013) Revenue from financial activities is very low proportion which is less than 1% in all three years This suggests that company used effectively their capital and there is no surplus capital to provide loans Financial expenses decreased sharply from 440.000.596 VND in 2011 to 197.674 VND in 2013 This suggests that company did not use a large amount of loan for their business activities Therefore, the company was less pressure on interest payment This had little effect on the rate of growth as well as profitability of the company’s business in the future III Analysis of cash flows Cash flow and objectives of cash flow In 2011, in terms of cash flow from operations, pretax profit from operating activities is the lowest in three years In addition, the company suffered a loss in investment activities in the period from 2011 to 2013 Therefore, cash flows tend to go out of business Income from dividend is also lower compared to the others year In 2012, the company made a quantum leap in business Profit before tax has increased almost 1.7 times Hence dividend payable to holders is also higher However, the amount of cash and cash account at maturity has increased more than compared to the beginning (from 34.900 to 74.095) In 2013, the business of the company is no longer as good as 2012 since pre-tax profits fell sharply The amount of cash flow during this period is negligible Conclusion Evaluation of the company’s financial situation In the past 3-year period (2011-2013), general financial condition of the Doan Xa join stock company is considered quite good Through the analysis 13 of the report, investors may find out the financial indicators of the company still promises a business context prospects Especially in 2012, due to the state policy of allowing the company to keep the order as well as gain greater profits from port charges, the company has prospered the most in the fiscal year during 2011-2013 However, in 2013 the advantages of port operations were not to continue as 2012 The northern port enterprises compete strongly to maintain market share In 2013, company almost not conduct investment business expansion Fixed assets and long-term investment of the DXP virtually unchanged from a year earlier Fixed assets and long-term investment of the DXP virtually unchanged from the beginning of year Doan Xa Port has experienced a relatively difficult year Revenue and profits of the company have fallen significantly compared to 2012 In the explanatory text results 4Q own business, Doan Xa said that the quantity of goods and container with cold retention time decreased over the same period in 2012 Net sales in 2013 of DXP only reaches 190 million, down 23.7% compared to 2012 Despite the significant reduction of expenses, profit still Xa Port inevitable decline Results Xa Port's net profit was 54 billion, down 30.8% compared to 2012 EPS decreased with the same rate, from 9,957 dong / share to 6,875 VND / share Despite the sharp decline, compared with 70 billion EBT, Doan Xa Port was fitting finish with 71.5 billion Financial advice In the 3-year period from 2011 to 2013, the company used the tightening fiscal policy which does not expand the scope of business-service delivery and cut costs One thing especially on the balance sheet of the company is absolutely no long-term debt as well as financial investments This means that company used typically equity to business Well, it seems this is a safety However, considering the views "have the right business loan ', the company really has not been successful in managing and regulating their financial resources The decline in profit in 2013 is resulted from company did not expand port infrastructure as well as upgrading old items, while the other firms in the industry have done this job Advice for Enterprise In the coming years, especially in 2014, the company should improve management capacity and efficient use of resources, efficient use of capital 14 owners Can enterprise think about the short-term financial investments and long-term Moreover, the company can raise loans and loans used to expand the business and provide services In particular, in this 2014, the company should expand the port building and capacity building activities of the port Stock evaluation DOAN XA JOINT STOCK COMPANY was voted the one of the 200 best small and medium companies in Asia by prestigious economic magazine Forbes, including 10 Vietnamese companies on this list Moreover, Board of Directors are complying with the regulations of economic law, especially the payment of dividends to investors always full and on time But in 2013, the company's profitability indicators have been reduced However, Quick payment indicators as well as the ability to pay debts of the company are still very good This illustrates the safety of investing in shares of the company Moreover, comparing to other firms in the same industry, the financial indicators of the company remains in top Especially, Doan Xa Port is profitable quarter 2014 reached 12.5 billion and second-quarter profit more than 13.4 billion This is a good sign for those who invest in company's stock In short, this is a worth investment company, especially those who referred the safety and stability On the other hand, in another aspect, although the Doan Xa's stock is safe and stable, on the stock market, the stock is not really attractive because they have not made much of mutations Company profits generally stable over the years This is not satisfy the desire to get rich "quick" through investment in direct financing on the stock market Stock of Doan Xa also not reflect totally the dynamism, competitiveness and risk of the stock which is a financial tool The investors in Doan Xa stocks not usually spend a lot of time to predict trends and tend to hold stocks for dividend but profitability is not high 15 Appendix Table Cash and cash equivalents Inventory Short-term receivables Investments in shortterm Investments in longterm Current assets Long-term assets Total value of assets % Increase in total value of assets (2011 is base year) 2011 34.990.194.96 2.580.446.986 36.958.044.80 10.000.000.00 35.584.573.92 84 822 765 816 134 593 029 541 219 415 795 357 2012 74.094.997.382 2013 77.565.264.500 2.624.363.046 41.039.815.374 2.672.289.770 39.855.136.348 25.000.000.000 35.584.573.920 35.584.573.920 118 240 178 157 145 474 784 857 144 361 335 991 117 567 858 319 262 601 514 148 263 042 643 176 19,7% 19,9% Table Equity Liabilitie 2011 189 653 264 474 29 762 530 883 16 2012 223 144 910 135 39.456.604 2013 231.847.125.314 31.195.517.862 s Surplus equity Fund development Profit after tax retained Fund financial reserve Table 013 1.352.660.4 54 62.442.706 284 72.897.965 402 1.352.660.454 44 982 320 384 59 277 825 103 250 000 000 1.352.660.454 79.552.032.473 64.317.740.387 7.701.857.9 95 7.874.972.000 2011 2012 2013 Current Ratio 2,85 3,00 4,66 Quick Ratio 2,79 2,93 4,58 Liabilities-to-asset ratio 0,14 0,15 0,12 Liabilities-to-equity ratio 0,16 0,18 0,13 ROS 0.27 0.31 0.28 ROE 0.26 0.35 0.23 ROA 0.22 0.3 0.21 Gross Margin 0.34 0.41 0.37 Liquidity Ratios 1) Capital Structure Ratios 2) Profitability Ratio Table 2011 Inventory 17 2012 2013 Inventory turnover 50,46 52,23 42,11 Sale-to-equity 0.82 0.95 0.72 Appendix Table 2013 Revenue 190.113.340.986 from sales of goods and renderi ng services Deducti ble amounts Net 190.113.340.986 revenue from sales of goods and renderi ng services Cost of 11.528.579 goods 370 sold Gross 78.584.761 profit 616 from sales of goods and renderi ng of 2012 249.347.647 665 2011 179.809.088 916 - - 249.347.647.665 18 179.809.088.916 35.926.475.9 33 114.394.843 561 13.421.171.7 32 65.414.245.3 55 services Table Doan Xa Port’s Income Statement C o d e Year 2013 Year 2012 Year 2011 Revenu e from sales of goods and renderi ng services 190.113.340.98 16 249.347.647.66 05 % 179.809.088.91 06 % 10 % Deducti ble amount s % % - % Net revenue from sales of goods and renderi ng services (10=01- 190.113.340.98 06 179.809.088.91 06 % 10 % - - 249.347.647.66 05 % 19 02) Cost of goods sold 1 11.528.5 79.370 Gross profit from sales of goods and renderi ng of services (20=101) 78.584.761.616 Revenu e from financia l activitie s % 114.394 843.561 64 % 13.421.171.732 % 65.414.245.355 % 37 % 8.365.459.145 1.432.725.037 % 8.791.400.909 % % Financi g costs 2 71.081.312 % 440.000.596 % % Manage ment costs 16.305.586.221 21.855.267.129 % 13.299.066.167 % % Profit from operatio ns (30=20+ (21-2)- 70.644.436.866 102.897.548.32 88 % 60.466.579.501 % 34 % 197.674 20 35.926.4 75.933 % (24+25)) Other income 1.132.549.609 57.060.694 % 798.730.276 % % Other costs 325.785.012 20.537.245 % 220.262.322 % % Other profit (40=3132) 806.764.597 0 356.523.449 % 578.467.954 % % Total profit before tax (50=30+ 40) 71.451.201.463 103.254.071.77 87 % 61.045.047.455 % 34 % Income tax 17.316.085.005 1 24.846.827.583 % 12.007.887.560 % % Profit after tax (60=5051) 54.135.116.458 78.407.24.194 % 49.037.159.895 % 27 % Earning s per share 0 % % % 6.875 Table 21 9.957 6.227 2013 2012 2011 Cost of goods sold/ Net revenues 6% 15% 64% Management costs/ Net revenues 9% 9% 8% 22 ... owners' equity  Analysis of the liabilities  General analysis  Analysis of needs and solvency  Analysis of owners' equity  General analysis  Analysis of profitability of owner's equity  Analysis... Business activity of the company based on the basis of equity and loan capital The proportion of equity / liabilities is 7.43: that indicate that it is easy for the company to pay debts Equity accounted... Assets not used for business purposes: Equity 1.2 Sources of support Liabilities 1.3 Debt levels and the ability of suffering from risk 1.4 The ability to due debts 1.5 Changes in financial position