Phân tích báo cáo tài chính công ty cổ phần kinh doanh khí hóa lỏng miền nam

VIETNAM NATIONAL UNIVERSITY, HANOI UNIVERSITY OF LANGUAGES AND INTERNATIONAL STUDIES FACULTY OF ENGLISH LANGUAGE TEACHER EDUCATION GRADUATION PAPER CASE STUDY : FINANCIAL STATEMENT ANALYSIS OF PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY Supervisor : Nguyen The Hung Student : Bui Thanh Tung Course: QH2010 HÀ NỘI – 2014 ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG ĐẠI HỌC NGOẠI NGỮ KHOA SƯ PHẠM TIẾNG ANH KHỐ LUẬN TỐT NGHIỆP PHÂN TÍCH BÁO CÁO TÀI CHÍNH CƠNG TY CỔ PHẦN KINH DOANH KHÍ HÓA LỎNG MIỀN NAM Giáo viên hướng dẫn: Nguyễn Thế Hùng Sinh viên: Bùi Thanh Tùng Khoá: QH2010 HÀ NỘI – NĂM 2014 I hereby state that I: Bui Thanh Tung, QH2010.F1.E19, being a candidate for the degree of Bachelor of Arts (TEFL) accept the requirements of the College relating to the retention and use of Bachelor’s Graduation Paper deposited in the library In terms of these conditions, I agree that the origin of my paper deposited in the library should be accessible for the purposes of study and research, in accordance with the normal conditions established by the librarian for the care, loan or reproduction of the paper Signature Date: May st, 2014 ACKNOWLEDGEMENT Firstly I would like to thank my school teachers for giving me supports throughout the research Financial Analysis of PetroVietnam Southern Gas Joint Stock Company especially my supervisor, Mr Nguyen The Hung, for his dedicated contribution as well as his helpful instruction during all the phases of the research, from the selection of practical topic to the final submission If it had not been for his help, I would not have been able to finish this study Secondary I also want to thank my family and friends for their full supports during the time of the research They have been supporting me, both materially and spiritually Also many friends of mine have participated in the study as my assistances Without their help, I would find the conduct of study more drastically difficult Finally, I like to thank all of the authors whose books and articles have been used as references materials in my study I owe my deepest gratitude to Professor Nguyen Minh Kieu and Doctor Pham Thi Thuy for their works have been my guidelines in the field of financial analysis i ABSTRACT Financial analysis, for a long time, has been among the most important procedures for any professional participant in the financial market However, financial analysis and its application only receive minor interest in undergraduate program for students in University of Languages and International Studies The goal of the case study is to help create a sufficient analysis system practically applicable for the real-time analysis, and yet available and suitable for the usage of undergraduate student During the research, the researcher has demonstrated the application in the specific case of Petrovietnam Southern Gas Joint Stock Company, a developing company listed in HNX Exchange Market The research has assessed the company’s current financial situation for the last year in order to come to some conclusions relating to the company financial conditions, operating performance and cash flow Although the research is far from perfection, the researcher hopes that it will provide the readers with an adequate system for financial analysis, and would attract more attention to the related study in the near future ii TABLE OF CONTENT Acknowledgements Abstract Table of Content List of figures, tables, and abbreviations Page i ii iii v Chapter 1: Introduction 1.1 Statement of the problem and the rationale for the study 1.2 Aims and objectives of the study 1.3 Significance of the study 1.4 Scope of the study 1.5 Organization 1 Chapter 2: Literature review 2.1 General definition of Financial Statement Analysis 2.2 The importance of Financial Statement Analysis 2.3 Financial Statement Analysis Materials and Methods 2.3.1 Financial Analysis Materials 2.3.2 Financial Analysis Methods and Techniques 2.4 Analysis Content 2.4.1 General analysis of the company 2.4.2 Analysis of financial ratios 2.4.2.1 Liquidity Ratios 2.4.2.2 Solvency Ratios 2.4.2.3 Asset Management Ratios 2.4.2.4 Profitability Ratios 5 6 10 12 12 14 14 15 16 19 Chapter 3: Methodology 3.1 Introduction of PetroVietnam Southern Gas Joint Stock Company 3.1.1 History of establishment and development 3.1.2 The company’s principal activities 3.2 Data collection instruments 3.3 Procedures of data collection 21 21 21 21 22 22 Chapter 4: Financial Analysis of PetroVietnam Southern Gas Joint Stock Company 4.1 General analysis of the company 4.1.1 Assets, Liability and Equity Analysis 4.1.1.1 Liabilities & Equity Analysis 23 23 23 23 iii 4.1.1.2 Asset Allocation Analysis 4.1.2 Sales, Expense and Profit Analysis 4.1.3 Cash Flow Analysis 4.2 Analysis of financial ratios 4.2.1 Liquidity Ratios 4.2.2 Solvency Ratios 4.2.3 Asset Management Ratios 4.2.4 Profitability Ratios 4.3 Summary Chapter 5: Conclusion 5.1 Summary of findings 5.2 Limitations 5.3 Suggestions for further research References Appendices 26 28 30 32 32 33 37 39 43 44 44 44 45 46 48 iv LIST OF TABLES, FIGURES AND ABBREVIATIONS No No 10 11 12 13 Table Table Table Table Table Table Table 1: Cash flow of the PetroVietnam Southern Gas JSC 2: Gross Profit Margin 3: Operating Profit Margin 4: Net Profit Margin 5: Return on Asset 6: Return on Equity in DuPont model Figures Figure 1: Changes in liabilities and equity value Figure 2: Revenue components of the PetroVietnam Southern Gas JSC Figure 3: Sales, Gross, Operating and Net Profit Figure 4: Current Ratios, Quick Ratios and Cash Ratios Figure : Debt-to-asset Ratio Figure 6: Debt-to-capital Ratio Figure 7: Debt-to-equity Ratio Figure 8: Financial Coverage Ratio Figure 9: Interest Coverage Ratio Figure 10: Receivables Turnover & Day of Sales Outstanding Figure 11: Inventories Turnover & Days of Inventory on Hand Figure 12: Payables Turnover & Payables Payment Period Figure 13: Total Assets Turnover Abbreviation Meaning CFA Figureered Financial Analyst JSC Joint Stock Company DSO Days of Sales Outstanding VND Vietnam Dong Pages 30 39 40 41 41 42 Pages 23 28 29 32 33 34 34 35 36 37 37 38 39 v CHAPTER 1: INTRODUCTION 1.1 Statement of the problem and the rationale for the study Financial Statement Analysis is certainly among the most important processes to be conducted by both individual and institutional investors who participate in the Capital Market, especially those who follow the Fundamental Analysis in the Stock Investment However, the skills required for financial statement analysis is still a challenge for most college students, since the knowledge acquired at school is too theoretical and fragmented for the task In order to successfully conduct an analysis of a company’s financial situation, students must master a sufficient system of analysis and valuation methods which are both academically reasonable as well as practicably applicable That is the reason demanding a research which focus on the finding of a system of company financial statement analysis and its application in the real-time market 1.2 Aims and objectives of the study By doing the study, the researcher hopes to accomplish two objectives The first objective is to develop a system of financial statement analysis which would be available and suitable for undergraduate students who wish further their study and career in Finance This in turn is to be applied in the case of Petrovietnam Southern Gas Joint Stock Company to give the researcher a detail look at the company’s current financial situation as well as prospect of future development In other words, the study will focus on dealing with the two following questions: What is the suitable set of financial statement analysis methods and models to be applied in the case of Petrovietnam Southern Gas Joint Stock Company? Under the application of the identified methods and models, what are the findings about the current financial situation and future prospec t of Petrovietnam Southern Gas Joint Stock Company? 1.3 Significance of the study Financial statement analysis is among the most important and popular activities conducted in the financial market Financial statement analysis is the process in which the analyst, based on the previously collected data (including those reflected in the financial reports, articles and in other form of information), assesses the financial situation of a company in a specific period Such process is indispensable for investors, especially institutional ones, in the game of beating the market Recognized of such importance, financial statement analysis has received increasing attention at the undergraduate level in the recent years In his work “Tài Chính Doanh Nghiệp” (2009), Professor Nguyen Minh Kieu has mentioned the general knowledge of financial analysis The topic is further studied by Doctor Pham Thi Thuy in her work “Báo Cáo Tài Chính: Phân Tích Dự Báo & Định Giá” (2012) Both have been highly praised and been used as textbooks for undergraduate students in the University of Language and International Studies and the University of Economics & Business, Vietnam National University However, as textbooks, both focus much on the general academic and theoretical knowledge of financial analysis, with oversimplified examples that cannot be fully applied to the diverse financial statement analysis in real financial world There have been some researchers in Vietnam National University who have lent insight into the process of financial analysis, such as Nguyen Thi Duyen’s “Phân tích tài CTTM Zinia” and Nguyen Thi Thuong’s “Phân tích tài so sánh CTCP FPT CTCP Tập Đồn Cơng Nghệ CMC CTCP Tập Đồn HIPT” Those researchers have both done a great jobs in generalizing the financial process suitable for undergraduate’s level and applying it into specific cases of operating, listed companies However, their studies still only focus much on the use of financial index, with few regard on non-index factors of the business Thus, the question of a sufficient analysis for the purpose of investment is still left unanswered d Total Assets Turnover Figure 13: Total Assets Turnover Total Assets Turnover measures the company’s overall ability to generate revenues with a specific level of assets A high level of total assets turnover reflects great efficiency in managing asset of the company In the case of PetroVietnam Southern Gas JSC, total assets turnover has been improved overtime: from 1.6 in 2009 to nearly 2.25 in 2013 (which means a dollar invested in assets would generate more than two dollars in revenues) The company overall has sufficiently managed its assets to create sales 4.2.4 Profitability Ratios a Gross Profit Margin Unit Revenue (Million 2009 2010 2011 2012 2013 1,978,865 3,705,491 5,764,166 6,374,939 6,901,993 143,965 400,578 960,955 984,072 1,096,035 7.28% 10.81% 16.67% 15.44% 15.88% VND) Gross Profit (Million VND) Gross Profit % Margin 39 Table 2: Gross Profit Margin Gross profit margin measures the difference between sales and cost of goods sold and is the direct profit the company earns by selling higher than its original cost, before deducting any other expense Gross profit margin of PetroVietnam Southern Gas JSC is relatively low (averagely 14% of total sales) This is due to the fact that petroleum and gas are commodities with high cost price Additionally, LPG and CNG, the two main goods of the company, must be imported and therefore are under the pressure of foreign price changes and variation The increasing price of gas and petroleum in foreign market makes the gross profit only slightly increase, disproportionately with the increase speed of sales b Operating Profit Margin Unit Revenue (Million 2009 2010 2011 2012 2013 1,978,865 3,705,491 5,764,166 6,374,939 6,901,993 46,660 298,539 380,492 236,511 257,567 2.36% 8.06% 6.60% 3.71% 3.73% VND) Operating Profit Operating (Million VND) % Profit Margin Table 3: Operating Profit Margin Operating profit is the remain of gross profit after deducting some operating expense such as labor cost, utilities, sale expense, interest expense, depreciation and so on Note that taxes and other non-recurring items are usually excluded from operating profit In the case of PetroVietnam Southern Gas JSC, the operating margins actually decline overtime: the operating profit falls from 380 billlion VND in 2011 to only 257 billion in 2013, whereas the revenue actually increases The falls of operating profit margin (from 8.06% in 2010 to 3.73% in 2013) should raise some concerns about the company 40 expense management, especially selling expense, which has been increasing dramatically overtime c Net Profit Margin Unit Revenue (Million 2009 2010 2011 2012 2013 1,978,865 3,705,491 5,764,166 6,374,939 6,901,993 39,974 274,749 342,855 211,790 237,680 2.02% 7.41% 5.95% 3.32% VND) Net Profit (Million VND) Net Profit % 2.63% Margin Table 4: Net Profit Margin The net profit is what is left for the company after deducting all expenses, including taxes In the case of PetroVietnam Southern Gas JSC, the net profit margin’s trend is decreasing over time: from 7.4% in 2010 to only 2.63% in 2013 This would be a problem for the company in long term since most of the revenue had been expensed Only around 2% are left for the company after all deduction d Return on Asset – ROA Net Profit Unit 2009 2010 2011 2012 2013 (Million 39,974 274,749 342,855 211,790 237,680 1,231,678 2,485,571 3,276,475 2,921,341 3,069,728 3.25% 11.05% 10.46% 7.25% 7.74% VND) Total (Million Asset VND) ROA Time Table 5: Return on Asset The return on asset reflects how much money the company earns with its asset Recently the return on asset trend is decreasing, from 11.05% in 2010 to 7.25% in 2012 One reason for this reduction is because the company failed to maintain the net profit to keep up with the increase in asset value In 2013, the situation is slightly improved when the net profit is 237,680 million VNS, increasing faster than the 41 increase in asset value However, this is still not as good as the ROA used to be in the period of 2010-2011 e Return on Equity – ROE – DuPont Model We have the Dupont 3-part analysis model, by separating the ROE into smaller parts: Net Income Unit 2009 2010 2011 2012 2013 (Million 39,974 274,749 342,855 211,790 237,680 1,978,865 3,705,491 5,764,166 6,374,939 6,901,993 1,231,678 2,485,571 3,276,476 2,921,342 3,069,728 192,244 350,639 737,547 810,368 913,528 % 2.02 7.41 5.95 3.32 2.63 % 160.66 149.08 175.93 218.22 224.8 % 640.68 708.87 444.24 360.50 336 VND) Revenues (Million VND) Total Assets (Million VND) Total (Million Equity VND) Net Profit Margin Assets Turnover Leverage Coverage Table 21: Return on Equity in DuPont model Return on Equity reflects the use of company’s equity to generate earnings The Company has a relatively impressive return on equity number, although the trend is declining (from 78.36% in 2010 to 25% in 2013) However, these numbers not say much by themselves By applying the DuPont model, the analyst can take a deep insight to the earnings of PetroVietnam Southern Gas JSC: The net profit margin of the company is relatively small (only about 2.6% in 2013), which indicates that the company has some problems in controlling its 42 expenses.The asset turnover is high (more than 200%), meaning the company has somehow successfully utilized the assets to generate revenue Also, as stated before, the company tends to use a large number external resources and liabilities to service its operation Consequently the equity of the company, though increasing, is still a humble number Such relatively small value of equity equally means a high level of leverage coverage, which further boosts the return on equity In conclusion, the company impressive return on equity is not due to great expense management, but rather a relatively good asset control to generate earnings and extensive use of leverage Such strategy is not sustainable in the long future The company should try to reduce its expenses as well the impact of financial lever age on the net income 4.3 Summary of Financial Statement Analysis After analyzing the recent financial situations and conditions of PetroVietnam Southern Gas JSC, the analyst has come to some conclusions of PGS’s strengths and weaknesses as below:  Strengths o The company has a low level of inventories due to the specific characteristics of the industry and sufficient controlling method and infrastructure of the company o The company maintains sufficient cash asset and confidence in receivables management The company has utilized well the assets resource, including working capital to generate sales o Revenues have increased consistently over the years Operating income and operating cash flows are sufficient to cover major expenses  Weaknesses o Capital relies significantly on debts and other external liabilities, which may cause liquidity issues in the future o High cash level may question the company utilization of asset 43 o Although the revenues are high, the company is struggling in controlling expenses which greatly reduce the net profit 44 CHAPTER 5: CONCLUSION 5.1 Summary of findings Throughout the research, the researcher has studied the general financial conditions as well as the performance of PetroVietnam Southern Gas Joint Stock Company Additionally, the researcher has initially studied the market valuation of the company stock PGS Therefore, the researcher has some findings  PetroVietnam Southern Gas Joint Stock Company is a strong business entity in the energy industry Appropriate analysis method which can be used for the company include: General Analysis (company financial structure, operation performance and cash flow), Index Analysis (Liquidity, Solvency, Asset Management, Operation), and Market Valuation Index Analysis (P/E, P/B, Divident Payout and so on)  Under the analysis, the researcher has come to some conclusions: Although the financial structure of the company reflects the preference of using debt and external resource, the company is still able to meet its obligation in both short and long term The company has managed its asset well, although improvement can be made in the utilization of cash, receivables In terms of performance, although the company has succeeded in increasing the revenues overtime, expense management should be focus more in the future 5.2 Limitations Although the researcher has intensively developed the study, the analysis is still far from perfection Particularly, the impact of working capital on asset utilization and revenue generation has not received proper attention Moreover, the study of company expense control still needs further attention Finally, DDM method for estimation is still a complex method which cannot be used widely by undergraduate students 45 5.3 Suggestions for further research Financial analysis is a broad field with many practical applications in real time business For readers who are interested in conducting further research in the company, the researcher believes that much more could be found in the application of other estimation method to the case of PGS stock Additionally, the common-size application can be further applied and studied the company’s usage of financial resource as well as the composition and management of operating expenses 46 REFERENCES (All references are listed in alphabet order) ACBS (2012) Financial Analysis Report: PGS Retrieved December 5,2013, from http://acbs.com.vn/trung-tam-phan-tich/bao-cao-phan-tich.htm Epstein L (2009) Reading Financial Reports For Dummies New York: John Willey & Son Graham B., Buffet W E., Zweig J (2006) The Intelligent Investor: The Definitive Book on Value Investing A Book of Practical Counsel (Revised Edition) New York: Collin Harpers Graham B., Dodd D L (2008) Security Analysis (6 Ed) New York: McGrawHill Higgins R (2011) Analysis for Financial Management (10 Ed) Singapore: McGraw-Hill/Irwin Krantz M (2009) Fundamental Analysis For Dummies (1Ed) New York: John Willey & Son Le T X (2009) Phân tích Tài Chính Doanh Nghiệp, Hanoi: National Economics University Publisher Madura Z (2009) Financial Markets and Institutions (9Ed) Singapore: SouthWestern College Ngo T T T (2010) Phân tích tài cơng ty TNHH Bảo Hiểm Nhân Thọ AIA University of Economics and Business Vietnam National University Hanoi 10 Nguyen A.V (2010) Phân tích tình hình tài Cơng Ty Cổ Phần Alphanam University of Economics and Business Vietnam National University Hanoi 11 Nguyen M K (2009) Tài Chính Doanh Nghiệp, Hanoi: Thong Ke Publisher 47 12 Nguyen T H T (2010) Phân tích tình hình tài Cơng Ty Cổ Phần Cơ Khí Lắp Máy Lilama University of Economics and Business Vietnam National University Hanoi 13 Nguyen T.T (2013) Phân tích tình hình tài Cơng Ty Cổ Phần Điện Tử Truyền Hình Cáp Việt Nam University of Economics and Business Vietnam National University Hanoi 14 Nguyen T.T (2013) Phân tích tài so sánh CTCP FPT CTCP Tập Đồn Cơng Nghệ CMC CTCP Tập Đồn HIPT University of Economics and Business Vietnam National University Hanoi 15 Pham T.T & Nguyen T.L.A (2012) Báo Cáo Tài Chính: Phân Tích Dự Báo & Định Giá Hanoi: National Economics University Publisher 16 Petrovietnam Southern Gas Joint Stock Company (2009, 2010, 2011, 2012) Financial Statements in the financial years of 2009, 2010, 2011, 2012 Retrieved November 28, 2013, from http://www.pgs.com.vn/vi/quan-he-co-dong/bao-caotai-chinh 17 Petrovietnam Southern Gas Joint Stock Company (2009, 2010, 2011, 2012) Annual Statements in the financial years of 2009, 2010, 2011, 2012 Retrieved November 28, 2013, from http://www.pgs.com.vn/vi/quan-he-co-dong/bao-caothuong-nien 18 Ross, Westerfield, Jordan (2010) Fundamentals of Corporate Finance New York: McGraw-Hill Irwin 19 Subramanyam K R., Wild J J (2008) Financial Statement Analysis Singapore: McGraw-Hill Irwin 20 Tracy J A (2009) How to read a financial report: Wringing vital signs out of the number (7 Ed), New York: John Wiley & Sons 48 APPENDICES Balance Sheet, Income Statement and Cash Flow Statements of Petrovietnam Southern Gas Joint Stock Company (2009-2013) The Balance Sheet (Unit Million VND) A I II III IV V B I II ASSET CURRENT ASSETS 2009 672.008 2010 1.184.125 2011 1.457.111 2012 1.189.829 2.013 1.739.388 Cash and cash equivalents Cash Cash equivalents Short-term investments Short-term investments Accounts receivable Receivable from customers Prepayments to suppliers Other receivable Provisions for bad debts Inventories Inventories Other current assets Short-term prepaid expenses Taxes withholding Taxes receivable Other current assets 167.311 147.114 20.197 0 390.202 376.301 19.111 3.756 -8.966 75.649 75.649 38.846 7.046 349.978 270.978 79.000 71.100 71.100 571.882 510.222 26.721 39.646 -4.707 135.239 135.239 55.926 13.662 586.256 347.311 238.945 108.510 108.510 628.334 549.003 44.940 39.117 -4.725 75.337 75.337 58.673 16.250 443.037 365.037 78.000 68.900 68.900 529.047 498.223 11.246 25.788 -6.211 123.514 123.514 25.331 10.464 593.788 396.138 197.650 68.100 68.100 818.641 772.213 23.480 29.781 -6.832 204.115 204.115 54.743 22.311 24.818 94 6.888 37.409 4.855 25.205 4.041 13.177 9.221 5.644 22.998 42 9.391 LONG-TERM ASSETS Long-term accounts receivable Other long-term receivable Fixed assets Tangible assets Historical costs Accumulated depreciation Financial leasehold assets Historical costs Accumulated depreciation Intangible assets 559.671 86 1.301.447 6.160 1.819.365 4.271 1.731.513 1.330.341 86 313.896 273.327 306.697 -33.370 866 1.521 -655 11.475 6.160 913.072 783.738 933.713 -149.974 54.269 55.483 -1.214 19.219 4.271 1.193.338 900.426 1.223.076 -322.650 217.309 233.362 -16.053 34.191 1.074.153 839.875 1.346.197 -506.322 171.444 233.415 -61.971 33.726 847.915 657.649 1.468.293 -810.644 117.402 234.190 -116.788 33.185 49 III IV V A I 11 II Initial costs Accumulated amortization Construction-in-progress Investment property Historical costs Accumulated depreciation Long-term investments Investments in business concerns and joint ventures Other long-term investments Provisions for devaluation of long-term investments Other long-term assets Long-term prepaid expenses Deferred income tax Other long-term assets Goodwill TOTAL ASSETS LIABILITIES Short-term liabilities Short-term debts and loans Payable to suppliers Advances from customers Taxes and other obligations to the State Budget Payable to employees Accrued expenses Inter-company payable Other payable Bonus and welfare funds Long-term liabilities Other long-term payable Long-term debts and loans Provision for retirement allowance Fund for research and development 11.661 -186 28.227 0 108.218 37.265 20.520 -1.302 55.845 0 64.894 50.041 35.868 -1.678 41.412 0 100.593 60.593 36.005 -2.278 29.108 762 5.653 -4.891 93.792 14.201 36.021 -2.836 39.679 73.354 17.254 40.000 110.000 50.000 -2.401 -2.401 -30.409 -50.000 137.472 137.472 317.321 316.886 521.163 481.252 562.805 520.790 482.425 441.343 0 1.231.678 0 435 2.485.571 16.508 23.403 3.276.476 3.420 20.698 17.897 2.921.342 5.499 23.193 12.390 3.069.728 1.039.434 801.329 29.973 561.815 12.192 1.776 1.921.862 1.349.370 288.515 907.842 1.469 37.081 2.309.023 1.542.184 372.992 1.017.797 2.681 13.456 1.888.386 1.396.884 451.274 839.772 936 27.927 1.908.475 1.626.360 388.799 1.133.611 906 7.153 10.026 5.223 173.835 5.133 1.356 238.106 61.000 177.105 19.779 37.283 51.699 5.702 572.492 129.299 438.966 2.228 22.009 22.046 83.438 7.767 766.839 158.945 605.991 1.903 22.035 18.862 22.438 13.639 491.502 159.010 324.844 694 21.380 31.303 2.000 6.954 37.148 6.061 282.115 126.717 148.443 6.954 50 B I 10 C OWNER'S EQUITY Owner's equity Capital Share premiums Treasury stocks Financial reserved fund Other funds Retained earnings MINORITY INTEREST TOTAL LIABILITIES AND OWNER'S EQUITY 192.244 192.244 150.000 0 8.068 3.860 30.316 1.231.678 350.639 350.639 158.756 2.454 104.189 13.023 72.218 213.070 2.485.571 737.547 737.112 380.000 46.199 127.681 25.877 157.355 229.906 3.276.476 810.368 810.368 380.000 46.150 5.846 173.944 38.788 165.639 222.587 2.921.342 913.528 913.528 380.000 46.150 5.846 268.172 46.980 166.380 247.726 3.069.728 The Income Statement (Unit: Million VND) Net sales Costs of goods sold Gross profit/ (loss) Financial income Financial expenses In which: Loan interest expenses Selling expenses Administrative overheads Net operating profit/(loss) Other income Other expenses Other profit/(loss) Profit/(loss) from Affiliated companies, joint ventures Profit/(loss) before tax Corporate income tax Withholding income tax Profit/(loss) after tax 10 11 12 13 14 15 16 2009 2010 2.011 2012 2.013 1.978.865 3.705.491 5.764.166 6.374.939 -1.834.900 -3.304.913 -4.803.210 -5.390.867 6.901.993 5.805.958 143.965 35.139 -18.497 400.578 186.098 -48.171 960.955 48.871 -134.321 984.072 40.301 -145.368 1.096.035 34.790 80.968 12.616 -101.567 32.274 -177.895 122.025 -374.118 117.546 -508.966 60.851 623.197 -12.381 -62.071 -120.896 -133.529 169.093 46.660 10.678 -13.946 -3.268 298.539 16.838 -3.312 13.526 380.492 34.224 -21.486 12.738 236.511 44.752 -26.369 18.383 257.567 25.020 4.475 20.544 43.392 -3.418 39.974 312.065 -37.316 274.749 393.230 -50.375 342.855 171 255.065 -46.695 3.420 211.790 278.111 42.509 -2.079 237.680 51 The Statement of Cash Flow (Unit: Million VND) I, 1, 2, 3, II, CASH FLOWS STATEMENT Cash flows from operating activities Profit/ (loss) before tax Adjustments Depreciation of fixed assets Provisions Gain/ (loss) from foreign exchange differences Gain/ (loss) from investing activities Loan interest expenses Operating profit/ (loss) before changes in working capital (Increase)/ decrease of accounts receivable (Increase)/ decrease of inventories Increase/ (decrease) of accounts payable (Increase)/ decrease of prepaid expenses Loan interests already paid Corporate income tax already paid Other gains Other disbursements Net cash flows from operating activities Cash flows from investing activities Purchases and construction of fixed assets and other longterm assets Gains from disposals and liquidation of fixed assets and other long-term assets Loans given and purchases of debt instruments of other entities 2009 2010 2011 2012 2.013 43.392 312065 393.230 255065 278.111 12.426 -1.150 284 65924 -4259 7644 190.862 18 560 263072 27756 316.562 27.884 118 -22.551 -130050 41.370 -38208 -31.423 12.616 45.017 32274 283598 122.025 748.066 117546 625231 60.851 652.103 -164.799 -223880 -112.908 104459 -273.199 -64.352 -59590 59.902 -48347 -54.975 291.447 473458 104.999 -228995 300.463 27.415 -186031 -138.033 -28360 74.274 -12.170 -542 -32274 -7462 -105.711 -74.149 -123772 -33480 -67.226 -59.473 -3.863 118.153 -13759 234060 435 -65.773 416.828 11919 -511 278143 748 -46.371 526.345 -257.580 -613771 -493.691 -124916 -108.093 28.782 3099 12.406 18337 2.359 193.113 34136 -19840 52 III, Recovery of loans given and disposals of debt instruments of other entities Investments into other entities Withdrawals of investments in other entities Net cash flows from investing activities Cash flows from financing activities Gains from stock issuance and capital contributions Short-term and long-term loans received Loan principal amounts repaid Payments for financial leasehold assets Dividends and profit already paid to the owners Net cash flows from financing activities Net cash flows during the year Beginning cash and cash equivalents Ending cash and cash equivalents -37.265 -146040 40000 54.400 33.072 173910 11997 -164.161 33.202 45779 -44.555 6.240 -39.877 -536669 -612.244 -40640 -61.513 12530 264.989 10.653 56.385 653846 843.133 600289 752.366 -139152 -557.461 -765236 -961.488 -287 -1364 -35.841 -40014 -29.654 -1.347 -40585 -83.127 -175759 -85.958 54.751 485275 431.694 -380722 -314.081 133.027 182667 236.278 -143219 150.751 34.284 167311 349.978 586256 443.037 167.311 349978 586.256 443037 593.788 53 ... ĐẠI HỌC NGOẠI NGỮ KHOA SƯ PHẠM TIẾNG ANH KHOÁ LUẬN TỐT NGHIỆP PHÂN TÍCH BÁO CÁO TÀI CHÍNH CƠNG TY CỔ PHẦN KINH DOANH KHÍ HĨA LỎNG MIỀN NAM Giáo viên hướng dẫn: Nguyễn Thế Hùng Sinh viên: Bùi Thanh... researchers in Vietnam National University who have lent insight into the process of financial analysis, such as Nguyen Thi Duyen’s ? ?Phân tích tài CTTM Zinia” and Nguyen Thi Thuong’s ? ?Phân tích tài so sánh... Thuy in her work ? ?Báo Cáo Tài Chính: Phân Tích Dự Báo & Định Giá” (2012) Both have been highly praised and been used as textbooks for undergraduate students in the University of Language and International