Financial analysis of binh minh pty ltd

Lunghwa University of Science and Technology Department of Business Administration Thesis for a Master’s Degree Financial analysis of Binh Minh Pty Ltd Researcher: Le Duy Anh Supervisor 1: Ph D., Assistant Professor Tseng, Kuo-An Supervisor 2: Associate professor, PhD Nguyen Ngoc Quang June 2017 Approval Certificate of Master's Degree Examination Board This is to certify that the Master’s Degree Examinations Board has approved the thesis “Financial analysis of Binh Minh Pty Ltd” published by Mr Le Duy Anh in the Master Program of Graduate School of Department of Business Administration Lunghwa University of Science and Technology Master’s Degree Examination Board BoardMembers: Advisors: _ Chair: _ Date： / / ABSTRACT Thesis title: Financial analysis of Binh MinhPtyLtd Pages:100 University: Lunghwa University of Science andTechnology Graduate School: Department of Business and Management Date:2017/11 Degree:Master Graduate Student: LE DUY ANH Advisor 1: Ph D., Assistant Professor Tseng, Kuo-An Advisor 2: Associate professor, PhD Nguyen Ngoc Quang Keywords: Financial report, Analysis of financial statements at the enterprise, Dissertation analysis of corporate financial statements, Regional financial statements, The problem remains in business, Solution for business The financial statement analysis helps the company to recognize unprocessed outstanding archival issues, inaccurate investments and accurate estimates for the years Identify constraints through annual reporting and based on comparative data.It can help lead the company and establish strategic focus on helpful employees to stabilize and improve the results and quality of the company's business operations.The research was conducted at joint ventures in Hanoi, Vietnam, which operates in the manufacturing sector Identify a number of factors that affect the results of business operations in joint ventures in Vietnam by establishing a comparison between business performances over successiveyears Based on the research results, propose measures to help the enterprise's management make policies to improve the quality of business in the company Thesis using calculation methods and comparing research targets over time, comparisons between the actual period of analysis with the actual number of business periods prior to clearly identify changing trends on the situation enterprise financial Assess growth or decline of the financial activities of the enterprise.Horizontal comparison on the financial statements of the business, compare, compare the changes of both the absolute number and relative number on each indicator, individual financial statements Thereby determine the variation in the size of the target analysis and the impact of each factor indicator-to-indicator analysis.Comparing along on the financial statements of the business, using the ratio, the coefficient showing the correlation between the indicators in each financial report, between the financial statements of the business ACKNOWLEDGEMENTS Firstly, I would like to express my sincere gratitude to my advisor Ph D., Assistant Professor Tseng, Kuo-An for the continuous support of my Master study and related research, for his patience, motivation, and immense knowledge His guidance helped me in all the time of research and writing of this thesis I could not have imagined having a better advisor and mentor for my Master study Besides my advisor, I would like to thank the rest of my thesis committee: Associate professor, PhD Nguyen Ngoc Quang, for his insightful comments and encouragement, but also for the hard question which incented me to widen my research from variousperspectives Last but not the least, I would like to thank my family: my parents and to my brothers and sister for supporting me spiritually throughout writing this thesis and my life in general Thankyou! Author Le DuyAnh TABLE OF CONTENTS The urgency of the topic………………………………………………………………….9 Overview of related research…………………………………………………………… Objectives of the study…………………………………………………………….…… 11 Object, scope of study……………………………………………………………………11 Research methodologies………………………………………………………………….12 New contributions of the topic………………………………………………………… 13 Structural Thesis………………………………………………………………………….13 Chapter 1: Rationale for analysis of financial statements……………………………….…14 1.1 Overview of financial statement analysis…………………………………………… 14 1.1.1 Definition of financial statement analysis………………………………………… 14 1.1.2 Meaning of financial statement analysis………………………………………….….14 1.1.3 Collection of analytical data………………………………………………………….15 1.1.4 The importance of analyzing financial ratios…………………………………… …17 1.2 Method of financial statement analysis……………………………………………… 18 1.2.1 Horizontal analysis (by analysis of scale)……………………………………… ….18 1.2.2 Trend analysis……………………………………… ………………………………18 1.2.3 Analysis of vertical………………………………………………………………… 19 1.2.4 Analysis of ratio……………………………………… …………………………….19 1.2.4.1 Assessment short-term solvency ……………………………………………….….19 a) Short-term payment ratio…….………………………………………………………….19 b) Quick ratio………………………………………… ………………………………… 19 1.2.4.2 Assessment long-term solvency………………………………………………… 20 a) Debt to owner's equity………………………………………………………………… 20 b) Number of loan repayments…………………………………………………………… 20 1.2.4.3 Performance evaluation…………………………………………………………….20 a) Inventory ratios……………………………………………………………………….…20 b) Ratios of receivables….……………………………………………………………… 21 c) The number of revolutions of assets…………………………………………………….21 1.2.4.4 Profitability assessment……………………………………………………….……21 a) Return on Revenue (ROS)………………………………………………………… ….21 b) Return On Assets (ROA)…………………………………………………………….…22 c) Return on Equity (ROE)…………………………………………………………….….22 d) Earnings per share (EPS)…………………………………………………………… 23 1.2.4.5 Assessment of cash flow capacity…………………………………………… … 23 a) Cash flow / profit ratio………………………………………………………………… 23 b) Cash flow / turnover ratio………………………………………………………….……23 c) Cash flow / assets ratio………………………………………………………………… 23 d) Free cash flow……………………………………………………………………… …23 1.2.4.6 Market test ratios…………………………………………………… ……………23 a) Price-to-profit ratio………………………………………………………………….… 23 b) Dividends……………………………………… …………………………………… 23 c) Book value per share…………………………………… ………………………… …24 1.2.5 Dupont analysis…………………………………………………………………… 24 1.3 Factors affecting the analysis of financial statements in enterprises………………… 25 1.3.1 Subjective factors…………………………………………………………………….25 1.3.1.1 Management's perception of the importance of financial statement analysis…… 25 1.3.1.2 Quality of information sources used in financial statement analysis………………26 1.3.1.3 Personnel performing financial statement analysis……………………………… 26 1.3.1.4 Select the financial statement analysis method…………………………………….26 1.3.2 Objective factors………………………………………………………………….….27 1.3.2.1 Inflation………………………………………………………………………… 27 1.3.2.2 Sector average indicator system……………………………………………… ….27 1.3.2.3 Seasonal factors in business……………………………………………………… 27 Conclusion Chapter 1………………………………………………………………… … 28 Chapter 2: Analysis of financial statements of Binh Minh Plastic Joint Stock Company From 2012 to 2016…………………………………………………………………………29 2.1 Overview of the plastic market in Vietnam……………………………………………29 2.2 General information about Binh Minh Plastic Joint Stock Company……………….…29 2.2.1 History and development of Binh Minh Plastic Joint Stock Company…… ………29 2.2.1.1 Introduction of Binh Minh Plastics Joint Stock Company……………………… 29 2.2.1.2 History and development of Binh Minh Plastics Joint Stock Company………… 29 2.2.2 Products of Binh Minh Plastic Joint Stock Company……………………………… 31 2.2.3 Organizational structure of Binh Minh Plastics Joint Stock Company………… ….31 2.2.4 Position of Binh Minh Plastics Joint Stock Company……………………………….33 2.3 General Analysis of Financial Statements of Binh Minh Plastics Joint Stock Company Company from 2012 - 2016…………………………………… …………………………33 2.3.1 Balance Sheet…………………………………… …………………………………33 2.3.1.1 Structure and change of assets of Binh Minh Plastics…………………………… 33 2.3.1.2 Structure and fluctuation of capital source of Binh Minh Plastics…………… ….38 2.3.2 Statement of income….…………………………………… ……………………… 40 2.3.3 Cash flows……………………………………… ………………………………… 43 2.4 Financial Analysis of Binh Minh Plastics Joint Stock Company from 2012 to 2016……………………………………… …………………………………………….…45 2.4.1 Short-term solvency assessment…………………………………………………… 45 2.4.2 Assessment of long-term solvency….……………………………………………….46 2.4.3 Performance evaluation…….……………………………………………………… 46 2.4.4 Assessment of profitability……………………………………………………… …48 2.4.5 Market test ratios……………………………………… ……………………… ….49 2.5 DuPont Analysis………………………………………………………………… ……50 2.6 Compare with plastic companies in the market…………………………………… …51 2.6.1 Comparison with Tien Phong Plastics Joint Stock Company……………………… 51 2.6.2 Comparison with Dong Nai Plastic Joint Stock Company………………………… 57 2.6.3 Comparison with Thai Plastics……………………………………………………….58 2.7 Binh Minh Plastics compared with the average plastic industry in Vietnam……… 60 2.8 Assessment of financial status at Binh Minh Plastics Joint Stock Company through interviews with management….………………………………………………………… 62 2.9 Faces made, not done and exist exist….………………………………………………63 2.9.1 Some advantages in the company's business….…………………………………… 63 2.9.2 Some limitations and problems………………………………………………………64 2.9.3 Cause exists… …………………………………… ……………………………… 64 Conclusion Chapter 2………………………………………………………………… ….66 Chapter 3: Some solutions to improve financial situation Binh Minh Plastics Joint Stock Company……………………………………… ………………………………………….67 3.1 Company Development Strategy for 2017 – 2019……………………………… ……67 3.1.1 Product strategy…………………………………………………………………… 67 3.1.2 Business Strategy…………………………………………………………………….67 3.1.3 Organizational strategy…………………………………………………………… 68 3.2 Solutions to improve financial situation Binh Minh Plastics Joint Stock Company… 68 3.2.1 Create a solid position, increase market share and build customer confidence…… 68 3.2.2 Enhancing the management of fixed assets………………………………………….69 3.2.3 Improve capital use efficiency and adjust capital structure……………………….…69 3.2.4 Improve profitability… …………………………………………………………… 70 3.2.4.1 Improve the profitability of sales…………………………………………… ……70 3.2.4.2 Improve the profitability of assets………………………………………………….71 3.2.4.3 Increase the profitability of equity…………………………………………… … 72 3.2.5 Improve the financial analysis in Binh Minh Plastics Joint Stock Company…….….73 3.3 Recommendations…………………………………………………………… ………73 3.3.1 Recommendations to the government………………………………………….…….73 3.3.2 Recommendations for Binh Minh Plastics……………………………………… ….74 Conclusion Chapter 3…….……………………………………………………………… 75 General conclusion………………………………………………………………… …….76 References………………………………………… ………………………………… …77 FULL NAMES OF ACRONYMS…………………………………………………………79 LIST OF TABLES…………………………………………………………………… ….80 LIST OF FIGURES, CHARTS…………………………………………………….………81 LIST OF APPENDICES……………………………………………………………… ….82 APPENDIX……………………………………………………………………………… 83 INTRODUCTION Urgency of the topic Analyze financial statements are extremely important in providing information for the interested in the financial situation of enterprises By the financial situation of enterprises present status or financial situation of the enterprise at a time and is the result of a process The financial situation of the business is good or bad, clearly expressing the quality of the activity that the entire enterprise was conducting Based on information analyzed the status of specific financial as well as the development of business in terms of financial security, the degree of independent financing the mobilization and use of capital situation and solvency At the same time, through consideration of the current financial situation, Plastics industry is an important sector in the national industrial structure and is rapidly developing in Vietnam As one of the leading plastic business and have a great reputation in the plastics industry in Vietnam with a long tradition and experience of 36 years "High Quality Goods" maintained its position among the top 500 largest private enterprises in Vietnam However, at present, Binh Minh Plastics could not avoid the difficulties of the plastics industry in Vietnam as a source of raw materials, capital and technology so enterprises still looking for opportunities to cooperate with joint venture, technology transfer of high-tech production required Binh Minh also needs to take appropriate measures to improve its operational efficiency as well as its competitiveness The analysis of financial reports will help the business management better understand the financial situation; can make appropriate policies to improve the operational efficiency of the Company Because information from financial analysis is the foundation of every decision, and sees this as an essential work in corporate governance Therefore, I chose the theme: "Financial analysis of Binh Minh Pty Ltd" An overview of the research Analysis of financial statement said a lot of interest in the co-authors of enterprises, according to the method; scientists have proposed some different views to measure the efficiency of enterprises Your view has made a lot of research and scientific research, 10 APPENDIX 02: CONSOLIDATED BALANCE SHEET AS OF BMP EXCLUDED FROM INFLATION IN 2012-2016 Unit: VND ASSET A SHORT-TERM PROPERTY I Cash and cash equivalents money Cash equivalents II Short-term financial investments Short-term investment Provision for short-term investment III Short-term receivables Receivable customers Pay in advance to the seller Short term internal receivables Receivables in accordance with the progress of construction plan Other receivables Provision for short-term receivables IV Inventory Inventory Provision for devaluation of inventories V Other short-term assets Short-term prepaid expenses VAT is deductible Taxes and other receivable state Other short-term assets B LONG-TERM ASSETS I Long-term receivables II Fixed assets Tangible fixed assets Original price Value of wear and tear Financial leasing fixed assets Original price Value of wear and tear Intangible fixed assets Original price Value of wear and tear Construction expenses in progress III Real estate investment Original price Code 100 110 111 112 120 121 129 130 131 132 133 134 135 139 140 141 149 150 151 152 154 158 200 210 220 221 222 223 224 225 226 227 228 229 230 240 241 Present V.1 V.2 V.3 V.4 V.5 V.6 V.7 V.8 2012 2013 2014 2015 2016 550,256,649,595 94,337,022,992 38,437,022,992 55,900,000,000 17,400,000,000 23,000,000,000 (5,600,000,000) 134,653,360,094 127,400,349,590 6,933,599,354 625,148,053,615 59,119,172,043 29,114,172,043 30,005,000,000 13,979,602,273 19,415,000,000 (5,435,397,727) 265,386,032,476 161,662,089,010 104,330,860,940 - 569,490,824,327 64,065,837,725 56,118,307,475 7,947,530,250 254,547,745,230 201,807,564,967 52,991,989,375 - 708,546,755,461 232,485,953,430 45,779,776,711 186,706,176,719 236,435,261,961 203,688,106,777 33,776,044,722 - 774,597,832,693 277,553,933,520 86,815,091,908 190,738,841,612 231,844,874,974 184,656,267,272 10,281,048,042 - 1,418,818,188 (1,099,407,038) 269,550,928,865 269,550,928,865 34,315,337,644 1,010,015,800 4,451,177,852 28,854,143,992 273,993,154,757 265,580,812,749 233,425,237,707 472,707,999,830 (239,282,762,123) 32,130,105,042 35,996,185,657 (3,866,080,615) 25,470,000 - 260,102,490 (867,019,964) 269,308,929,503 269,308,929,503 17,354,317,320 1,157,370,510 503,821,171 787,970,427 14,905,155,211 241,602,359,407 234,258,674,562 201,439,790,100 458,086,394,354 (256,646,604,255) 27,682,131,474 31,766,633,842 (4,084,502,368) 5,136,752,988 - 396,335,597 (648,144,709) 229,311,466,310 229,311,466,310 21,565,775,063 994,916,198 1,569,973,419 19,000,885,446 273,299,036,845 205,559,909,089 183,214,619,212 441,897,276,804 (258,682,657,591) 22,112,632,826 26,007,343,127 (3,894,710,301) 232,657,051 - 489,222,575 (1,518,112,114) 226,567,208,607 226,567,208,607 13,058,331,463 1,307,767,491 11,750,563,972 249,336,328,553 188,920,911,462 164,503,486,496 454,494,973,518 (289,991,487,022) 20,093,538,909 24,236,243,060 (4,142,704,151) 4,323,886,057 - 45,349,320,297 (8,441,760,637) 232,677,874,254 232,677,874,254 32,521,149,945 1,476,311,446 31,044,838,499 289,036,499,817 142,398,191,055 118,988,203,793 431,948,162,023 (312,959,958,230) 18,397,664,244 22,772,373,979 (4,374,709,735) 5,012,323,018 - 72 Accumulated depreciation IV Long-term financial investments Investment in subsidiaries Invest in Joint Venture Companies Other long-term investments Provision for long-term financial investment V Other long-term assets Long-term prepaid expenses Deferred income tax assets Other long-term assets VI Commercial advantage TOTAL ASSETS 242 250 251 252 258 259 260 261 262 268 269 270 V.9 V.14 7,170,312,500 7,170,312,500 173,372,345 8,155,000,000 8,155,000,000 257,342,008 257,342,008 - 173,372,345 - 824,249,804,352 300 310 311 312 313 314 315 316 319 V.10 V.11 V.12 V.13 Bonus and welfare fund II Long-term liabilities Long-term payables to sellers Long-term repayment Other long-term payables Borrowings and long-term debt Deferred income tax liabilities Provision for severance allowance Provision for long-term payables B OWNERSHIP CAPITAL 330 I Equity The investment capital of the owner Share capital surplus 410 411 412 331 332 333 334 335 336 337 400 8,453,699,337 - 21,765,395,344 (6,323,212,704) 52,296,945,116 51,774,078,570 522,866,546 - 7,840,308,877 14,812,606,880 (4,667,195,350) 42,429,696,684 41,815,161,976 614,534,707 - 7,065,733,971 2,653,231,314 (1,265,265,948) 138,184,609,425 137,513,341,676 671,267,749 - 152,344,787,536 151,306,364,225 11,260,221,392 111,254,152,062 881,772,274 7,082,650,560 8,298,486,044 5,307,137,716 1,703,572,059 842,789,861,172 84,645,732,427 83,341,738,727 5,758,260,217 16,103,301,794 379,984,658 28,430,383,006 10,069,092,646 5,124,347,028 1,692,457,806 957,883,084,014 100,031,552,607 100,031,552,607 2,899,008,957 33,599,757,510 469,056,160 25,985,553,062 9,711,047,049 6,901,057,189 1,904,911,180 1,063,634,332,510 121,597,594,770 121,597,594,770 22,743,273,712 33,048,377,791 277,534,762 23,818,305,416 13,753,893,253 8,387,281,203 934,482,325 5,518,372,118 13,198,094,858 15,783,911,572 18,561,161,498 18,634,446,307 1,038,423,311 1,239,943,786 1,303,993,700 - - - - - - 671,905,016,816 1,239,943,786 752,323,194,252 1,303,993,700 758,144,128,745 857,851,531,407 942,036,737,740 671,905,016,816 347,691,920,000 1,592,782,700 752,323,194,252 307,783,982,900 1,405,630,733 758,144,128,745 252,757,125,248 1,150,789,881 857,851,531,407 235,544,365,018 1,072,421,090 942,036,737,740 287,711,860,480 1,007,646,856 1,038,423,311 V.15 17,985,720,408 - 866,750,413,021 114,427,218,769 113,187,274,983 10,826,510,000 54,895,742,717 2,593,887,668 11,643,290,502 9,328,675,023 7,639,552,798 3,061,521,417 CAPITAL A LIABILITY I Short-term debt Borrowings and short-term debt Pay the seller Buyers pay in advance Taxes and payments to the state Payable to employees Expenses paid Other payables 15,442,182,640 - 73 Treasury shares Development investment fund Financial reserve fund Other funds belonging to owner's capital 10 Profit after tax is not distributed II Funding C BENEFITS OF SHAREHOLDERS 414 417 418 419 420 430 439 130,864,228,602 18,485,564,387 16,796,149,211 156,474,371,916 TOTAL FUNDING OUTSIDE BALANCE SHEET ITEMS Assets rented out 440 824,249,804,352 Supplies and goods kept for processing or processing Goods sold, deposited, deposited Bad debts already handled Foreign currencies of all kinds USD EUR Expenditures on non-business expenditures, projects 256,765,375,845 32,976,463,766 23,912,351,679 129,479,389,329 866,750,413,021 - 328,565,159,950 27,873,099,893 25,275,712,525 122,522,241,249 842,789,861,172 416,208,306,118 26,269,553,380 23,554,436,502 155,202,449,299 957,883,084,014 - 439,738,488,869 24,928,309,034 22,131,748,537 166,518,683,965 1,063,634,332,510 - 93,064.23 58,821.23 380,542.97 479,834.99 2,085.90 11,535.00 9,545.60 17,925.41 74 165,509.24 13,654.60 - APPENDIX 03: REPORT OF BUSINESS RESULTS OF BMP FOR 2012 - 2016 Unit: VND TARGETS Code Present 2012 2013 2014 2015 2016 Revenues from the sale of goods and provision of services Deductions from sales VI.1 1,156,149,641,356 1,441,655,094,939 1,852,671,588,329 1,924,194,001,778 2,131,858,459,998 VI.2 12,995,957,619 24,794,752,221 26,248,303,945 33,447,779,545 43,713,641,153 Net revenue from sales of goods and rendering of service Cost of goods sold 10 VI.3 1,143,153,683,737 1,416,860,342,718 1,826,423,284,384 1,890,746,222,233 2,088,144,818,845 11 VI.4 806,603,438,469 1,035,350,522,823 1,355,892,001,307 1,301,574,886,710 1,466,114,810,947 Gross profit margin on sales and service provision Turnover from financial activities 20 336,550,245,268 381,509,819,895 470,531,283,077 589,171,335,523 622,030,007,898 21 VI.5 4,173,819,971 10,401,583,569 14,594,625,371 14,679,647,151 30,521,562,828 Financial expenses 22 VI.6 3,348,265,069 7,239,080,616 8,786,511,141 6,821,537,919 17,504,446,599 In which: interest expenses 23 2,229,277,877 1,130,064,900 847,975,744 770,755,540 905,745,100 Cost of goods sold 24 25,271,305,819 39,347,852,704 52,308,931,572 64,095,605,933 68,631,181,008 Enterprise management costs 25 28,447,926,885 33,045,935,102 41,308,119,814 59,866,213,393 67,049,442,056 10 Net profit from business activities 30 283,656,567,466 312,278,535,042 382,722,345,921 473,067,625,428 499,366,501,063 11 Other income 31 1,528,309,440 1,503,218,514 1,564,016,358 1,989,028,398 1,569,810,395 12 Other expenses 32 20,659,406 50,404,124 3,552,155 7,048,741 985,870,861 13 Other profits 40 1,507,650,034 1,452,814,390 1,560,464,203 1,981,979,657 583,939,534 4,419,594,142 (475,821,310) 14 Profit or loss from associated companies and joint ventures 15 Total accounting profit before tax 50 16 Current corporate income tax expenses 51 VI.7 17 Deferred corporate income tax expenses 52 VI.8 18 Profit after corporate income tax 60 - 18.2 Profit after tax of shareholders of parent company 19 Basic earnings per share 313,731,349,432 384,282,810,124 479,469,199,228 499,474,619,287 35,445,777,279 38,372,731,116 90,280,462,576 119,131,882,231 129,692,307,275 (200,814,195) - VI.9 - 285,164,217,500 249,919,254,416 18.1 Minority interests - 60,886,093 275,297,732,223 - (527,232,052) 294,529,579,600 - (189,032,101) 360,526,349,098 - (148,349,742) 369,930,661,754 - 249,919,254,416 275,297,732,223 294,529,579,600 360,526,349,098 369,930,661,754 7,223 7,894 8,419 7,927 8,134 75 APPENDIX 04: BUSINESS RESULT OF BMP EXCLUDED FROM INFLATION FROM 2012 - 2016 Unit: VND TARGETS Code Present 2012 2013 2014 2015 2016 Revenues from the sale of goods and provision of services VI.1 1,156,149,641,356 1,272,260,621,284 1,338,560,317,415 1,295,560,423,141 1,348,683,957,347 Deductions from sales VI.2 12,995,957,619 21,881,368,835 18,964,471,783 22,520,400,428 27,654,690,800 Net revenue from sales of goods and rendering of service 10 VI.3 1,143,153,683,737 1,250,379,252,449 1,319,595,845,631 1,273,040,022,713 1,321,029,266,547 Cost of goods sold 11 VI.4 806,603,438,469 913,696,836,391 979,635,699,647 876,350,778,257 927,512,572,835 Gross profit margin on sales and service provision 20 336,550,245,268 336,682,416,057 339,960,145,984 396,689,244,456 393,516,693,712 Turnover from financial activities 21 VI.5 4,173,819,971 9,179,397,500 10,544,656,966 9,883,811,017 19,308,947,058 Financial expenses 22 VI.6 3,348,265,069 6,388,488,644 6,348,278,462 4,592,943,614 11,073,890,107 In which: interest expenses 23 2,229,277,877 997,282,274 612,664,807 518,949,946 573,004,216 Cost of goods sold 24 25,271,305,819 34,724,480,011 37,793,346,910 43,155,591,519 43,418,348,139 Enterprise management costs 25 28,447,926,885 29,163,037,728 29,845,230,163 40,307,940,199 42,417,687,922 10 Net profit from business activities 30 283,656,567,466 275,585,807,175 276,517,947,414 318,516,580,141 315,915,714,602 11 Other income 31 1,528,309,440 1,326,590,339 1,130,006,120 1,339,213,442 993,113,819 12 Other expenses 32 20,659,406 44,481,639 2,566,442 4,745,920 623,694,415 13 Other profits 40 1,507,650,034 1,282,108,699 1,127,439,678 1,334,467,523 369,419,404 2,975,714,118 (301,020,250) 14 Profit or loss from associated companies and joint ventures - 15 Total accounting profit before tax 50 16 Current corporate income tax expenses 51 VI.7 17 Deferred corporate income tax expenses 52 VI.8 18 Profit after corporate income tax 60 276,867,915,874 277,645,387,092 322,826,761,782 315,984,113,755 35,445,777,279 33,863,935,210 65,227,882,482 80,211,533,562 82,047,630,035 (200,814,195) - 18.1 Minority interests 19 Basic earnings per share - 285,164,217,500 249,919,254,416 18.2 Profit after tax of shareholders of parent company - 53,731,977 242,950,248,687 - (380,926,607) 212,798,431,217 - (127,275,373) 242,742,503,593 - (93,850,938) 234,030,334,659 - 249,919,254,416 242,950,248,687 212,798,431,217 242,742,503,593 234,030,334,659 7,223 7,894 8,419 7,927 8,134 VI.9 76 APPENDIX 05: CASH FLOW STATEMENT OF BMP FOR 2012 - 2016 TARGETS Code 2012 2013 2014 Unit: VND 2015 2016 I CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 01 285,164,217,500 313,731,349,432 384,282,810,124 479,469,199,228 499,474,619,287 Depreciation of fixed assets 02 44,928,770,996 53,707,370,042 69,367,942,428 73,494,817,550 68,126,726,247 Provisions 03 (4,324,046,731) 442,142,754 2,507,351,078 (462,350,164) 6,157,301,079 Unrealized foreign exchange gain / loss 04 91,410,138 269,442,356 (2,143,584,005) (202,313,260) (155,183,342) Profit and loss from investing activities 05 (4,132,325,450) (10,560,994,240) (12,517,982,697) (17,955,070,113) (27,166,861,527) Interest expenses 06 2,229,277,877 1,130,064,900 847,975,744 770,755,540 905,745,100 Profits from business activities before changes in working capital Increase or decrease receivables 08 323,957,304,330 358,719,375,224 442,344,512,672 535,115,038,781 547,342,346,844 09 (36,286,667,965) (163,304,150,278) (51,893,342,564) 1,934,170,817 (26,552,365,015) Increase, decrease inventory 10 (80,774,494,256) (35,614,996,918) (12,218,978,718) (19,117,551,127) (31,290,378,253) Increase or decrease in payables 11 102,314,753,648 (38,548,336,961) (28,455,889,466) 28,715,971,410 (23,481,351,945) Increase or decrease the upfront cost 12 (229,690,967) (301,452,200) (71,724,924,966) 8,989,297,409 (155,653,202,831) Interest paid 13 (2,189,037,844) (768,651,594) (1,317,392,107) (1,068,732,000) (128,043,686) Corporate income tax paid 14 (31,219,615,692) (33,312,778,925) (73,857,257,629) (116,674,982,082) (128,386,117,727) Other receipts from business activities 15 17,262,902,633 155,609,165,340 177,486,497,464 9,493,587,222 250,226,026 Other expenses for business activities 16 (51,758,929,562) (159,011,581,449) (208,676,234,456) (27,008,482,553) (37,156,903,792) Net cash flows from operating activities 20 241,076,524,325 83,466,592,259 171,686,990,230 420,378,317,877 144,944,209,621 Expenses for procurement, construction of fixed assets and other long-term assets 21 (92,977,968,124) (53,625,223,933) (88,429,921,397) (69,579,114,572) (12,738,944,399) Proceeds from liquidation, sale of fixed assets and other longterm assets Loans to buy debt instruments of other entities 22 327,984,091 245,000,000 2,727,273 70,000,000 Money recovered from loans and resale of debt instruments of other units Investments in other entities 24 25 Adjustments for the Item II CASH FLOWS FROM INVESTING ACTIVITIES 23 (1,000,000,000) 77 - - - - - 1,000,000,000 - - - - - - - - Proceeds from investment in other entities 26 - 30,000,000 - Lending proceeds, dividends and profits shared 27 4,132,325,450 10,282,753,773 12,272,982,697 14,432,748,698 30,362,461,370 Net movement from investing activities 30 (89,845,642,674) (41,984,486,069) (75,911,938,700) (55,143,638,601) 32,233,966,728 31 4,808,182,700 - - - - 32 - - - - - 33 53,366,370,074 12,175,600,832 24,062,686,826 4,005,670,000 45,270,187,000 Payment for loan principal 34 (90,641,392,903) (11,167,822,224) (28,360,806,826) (7,669,880,000) (13,625,670,000) Payment for financial lease 35 Dividends and profits already paid to the owners 36 (42,550,457,500) (69,752,744,000) (69,945,264,000) (104,958,176,000) (115,444,611,700) Net movement from financing activities 40 (75,017,297,629) (68,744,965,392) (74,243,384,000) (108,622,386,000) (83,800,094,700) Net movement during the period 50 76,213,584,022 (27,262,859,202) 21,531,667,530 256,612,293,276 93,378,081,649 Money and cash equivalents at the beginning of the period 60 18,123,438,970 94,337,022,992 66,990,563,221 88,672,102,251 345,293,101,809 Impact of exchange rate changes in foreign currency 61 - (83,600,569) 149,871,500 8,706,282 57,028,631 Cash and cash equivalents at the end of the period 70 94,337,022,992 66,990,563,221 88,672,102,251 345,293,101,809 438,728,212,089 III CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from share issuance, capital contribution from the owner Payment of capital contributed to owners, repurchase of shares of issued enterprises Short-term and long-term loans received - 78 - - - 14,540,449,757 - APPENDIX 06: STATEMENT OF CASH FLOWS OF BMP EXCLUDED FROM INFLATION IN 2012-2016 Unit: VND TARGETS Code 2012 2013 2014 2015 2016 I CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 01 285,164,217,500 Adjustments for the Item 276,867,915,874 277,645,387,092 322,826,761,782 315,984,113,755 - - - - Depreciation of fixed assets 02 44,928,770,996 47,396,754,062 50,118,529,166 49,484,083,640 43,099,213,423 Provisions 03 (4,324,046,731) 390,190,980 1,811,568,049 (311,300,510) 3,895,311,692 Unrealized foreign exchange gain / loss 04 91,410,138 237,782,879 (1,548,745,338) (136,217,581) (98,174,099) Profit and loss from investing activities 05 (4,132,325,450) (9,320,077,417) (9,044,276,923) (12,089,154,322) (17,186,652,398) Interest expenses 06 2,229,277,877 997,282,274 612,664,807 518,949,946 573,004,216 Profits from business activities before changes in working capital 08 323,957,304,330 316,569,848,635 319,595,126,853 360,293,122,955 346,266,816,591 Increase or decrease receivables 09 (36,286,667,965) (144,115,912,620) (37,493,082,709) 1,302,277,816 (16,797,901,642) Increase, decrease inventory 10 (80,774,494,256) (31,430,234,780) (8,828,245,726) (12,871,853,152) (19,795,325,047) Increase or decrease in payables 11 102,314,753,648 (34,018,907,368) (20,559,458,393) 19,334,472,531 (14,855,077,511) Increase or decrease the upfront cost 12 (229,690,967) (266,031,567) (51,821,455,531) 6,052,496,757 (98,471,348,594) Interest paid 13 (2,189,037,844) (678,335,032) (951,819,420) (719,577,590) (81,004,658) Corporate income tax paid 14 (31,219,615,692) (29,398,527,401) (53,362,071,744) (78,557,301,923) (81,221,291,457) Other receipts from business activities 15 17,262,902,633 137,325,088,413 128,234,482,506 6,392,035,245 158,301,235 Other expenses for business activities 16 (51,758,929,562) (140,327,720,629) (150,769,153,254) (18,184,819,749) (23,506,682,544) Net cash flows from operating activities 20 241,076,524,325 73,659,267,669 124,044,322,580 283,040,852,889 91,696,486,373 - - - - II CASH FLOWS FROM INVESTING ACTIVITIES Expenses for procurement, construction of fixed assets and other longterm assets Proceeds from liquidation, sale of fixed assets and other long-term assets 21 Loans to buy debt instruments of other entities 23 Money recovered from loans and resale of debt instruments of other units 24 Investments in other entities Proceeds from investment in other entities (92,977,968,124) (47,324,260,121) (63,890,861,392) (46,847,639,600) (8,059,076,279) 289,445,960 177,013,174 1,836,274 44,284,308 - - - - - 882,500,000 - - - 25 - - - - - 26 - 26,475,000 - - 9,198,767,971 22 (1,000,000,000) 79 Lending proceeds, dividends and profits shared 27 4,132,325,450 9,074,530,205 8,867,263,749 9,717,574,212 19,208,294,229 Net movement from investing activities 30 (89,845,642,674) (37,051,308,956) (54,846,584,469) (37,128,229,115) 20,392,270,230 III CASH FLOWS FROM FINANCING ACTIVITIES - - - - 31 4,808,182,700 - - - - 32 - - - - - 33 53,366,370,074 10,744,967,734 17,385,357,404 2,697,018,864 28,639,413,028 Payment for loan principal 34 (90,641,392,903) (9,855,603,113) (20,490,760,924) (5,164,132,603) (8,620,048,133) Payment for financial lease 35 Dividends and profits already paid to the owners 36 (42,550,457,500) (61,556,796,580) (50,535,645,589) (70,668,372,724) (73,034,068,013) Net movement from financing activities 40 (75,017,297,629) (60,667,431,958) (53,641,049,109) (73,135,486,463) (53,014,703,118) Net movement during the period 50 76,213,584,022 (24,059,473,246) 15,556,689,003 172,777,137,312 59,074,053,485 Cash and cash equivalents at the beginning of the period 60 18,123,438,970 94,337,022,992 70,203,772,244 85,868,743,817 258,651,743,072 Impact of exchange rate changes in foreign currency 61 - (73,777,502) 108,282,571 5,861,942 36,078,192 Cash and cash equivalents at the end of the period 70 94,337,022,992 70,203,772,244 85,868,743,817 258,651,743,072 317,761,874,749 Proceeds from share issuance, capital contribution from the owner Payment of capital contributed to owners, repurchase of shares of issued enterprises Short-term and long-term loans received - - - - - 80 APPENDIX 07: ELIMINATE VOLATILITY ASSET INFLATION SINCE BMP 2012-2016 Targets Short-term assets Cash and cash equivalents Short-term financial investments Short-term receivables 2013/2012 Level % 74,891,404,020 13.61% Level (35,217,850,949) -37.33% (3,420,397,727) -19.66% 130,732,672,382 (241,999,362) Inventory 2014/2013 2015/2014 % Level 2016/2015 % Level % (55,657,229,287) -8.90% 139,055,931,133 24.42% 66,051,077,232 9.32% 4,946,665,682 8.37% 168,420,115,705 262.89% 45,067,980,090 19.39% (13,979,602,273) -100.00% - - 97.09% (10,838,287,247) -4.08% (18,112,483,269) -7.12% (4,590,386,986) -1.94% -0.09% (39,997,463,193) -14.85% (2,744,257,703) -1.20% 6,110,665,647 2.70% 4,211,457,743 24.27% (8,507,443,599) -39.45% 19,462,818,482 149.05% Other current assets (16,961,020,324) -49.43% Long-term assets (32,390,795,350) -11.82% 31,696,677,438 13.12% (23,962,708,292) -8.77% 39,700,171,264 15.92% Fixed assets (31,322,138,187) -11.79% (28,698,765,472) -12.25% (16,638,997,627) -8.09% (46,522,720,407) -24.63% Real estate investment Long-term financial investments Other long-term assets TOTAL ASSETS - - (984,687,500) -12.07% (83,969,663) -32.63% 42,500,608,669 5.16% 8,271,870,140 115.36% 52,123,572,771 30064.53% (23,960,551,849) -2.76% - - 2,543,537,768 16.47% (9,867,248,432) -18.87% 95,754,912,742 225.68% 13.66% 105,751,248,496 11.04% 115,093,222,841 (9,532,021,071) 81 -53.00% APPENDIX 8: CAPITAL STRUCTURE, ELIMINATE INFLATION OF BMP SINCE 2012-2016 Targets 2012 Value Proportion 2013 Value Proportion Value 2014 Proportion Value 2015 Proportion 2016 Value Propor tion A LIABILITY 152,344,787,536 18.48% 114,427,218,769 13.20% 84,645,732,427 10.04% 100,031,552,607 10.44% 121,597,594,770 11.43% I Short-term debt 151,306,364,225 18.36% 113,187,274,983 13.06% 83,341,738,727 9.89% 100,031,552,607 10.44% 121,597,594,770 11.43% 11,260,221,392 1.37% 10,826,510,000 1.25% 5,758,260,217 0.68% 2,899,008,957 0.30% 22,743,273,712 2.14% 111,254,152,062 13.50% 54,895,742,717 6.33% 16,103,301,794 1.91% 33,599,757,510 3.51% 33,048,377,791 3.11% 881,772,274 0.11% 2,593,887,668 0.30% 379,984,658 0.05% 469,056,160 0.05% 277,534,762 0.03% Taxes and payments to the state Payable to employees 7,082,650,560 0.86% 11,643,290,502 1.34% 28,430,383,006 3.37% 25,985,553,062 2.71% 23,818,305,416 2.24% 8,298,486,044 1.01% 9,328,675,023 1.08% 10,069,092,646 1.19% 9,711,047,049 1.01% 13,753,893,253 1.29% Expenses paid 5,307,137,716 0.64% 7,639,552,798 0.88% 5,124,347,028 0.61% 6,901,057,189 0.72% 8,387,281,203 0.79% Other payables 1,703,572,059 0.21% 3,061,521,417 0.35% 1,692,457,806 0.20% 1,904,911,180 0.20% 934,482,325 0.09% Bonus and welfare fund 5,518,372,118 0.67% 13,198,094,858 1.52% 15,783,911,572 1.87% 18,561,161,498 1.94% 18,634,446,307 1.75% II Long-term liabilities 1,038,423,311 0.13% 1,239,943,786 0.14% 1,303,993,700 0.15% - - Provision for severance allowance 1,038,423,311 0.13% 1,239,943,786 0.14% 1,303,993,700 0.15% - - 89.96% Borrowings and short-term debt Pay the seller Buyers pay in advance 671,905,016,816 81.52% 752,323,194,252 86.80% 758,144,128,745 671,905,016,816 81.52% 752,323,194,252 86.80% 758,144,128,745 347,691,920,000 42.18% 307,783,982,900 35.51% 252,757,125,248 1,592,782,700 0.19% 1,405,630,733 0.16% Development investment fund 130,864,228,602 15.88% 256,765,375,845 Financial reserve fund 18,485,564,387 2.24% Other funds belonging to owner's capital 10 Profit after tax is not distributed TOTAL FUNDING 16,796,149,211 2.04% 156,474,371,916 824,249,804,352 B OWNERSHIP CAPITAL I Equity The investment capital of the owner Share capital surplus 857,851,531,407 89.56% 942,036,737,740 88.57% 857,851,531,407 89.56% 942,036,737,740 88.57% 29.99% 235,544,365,018 24.59% 287,711,860,480 27.05% 1,150,789,881 0.14% 1,072,421,090 0.11% 1,007,646,856 0.09% 29.62% 328,565,159,950 38.99% 416,208,306,118 43.45% 439,738,488,869 41.34% 32,976,463,766 3.80% 27,873,099,893 3.31% 26,269,553,380 2.74% 24,928,309,034 2.34% 23,912,351,679 2.76% 25,275,712,525 3.00% 23,554,436,502 2.46% 22,131,748,537 2.08% 18.98% 129,479,389,329 14.94% 122,522,241,249 14.54% 155,202,449,299 16.20% 166,518,683,965 15.66% 100% 866,750,413,021 100% 842,789,861,172 100% 957,883,084,014 100% 1,063,634,332,51 100% 82 APPENDIX 09: CAPITAL MOVEMENT OF ELIMINATING INFLATION SINCE BMP 2009 to 2013 Targets 2013/2012 % 2014/2013 % 2015/2014 % Unit: VND 2016/2015 % A LIABILITY -37917568767.05 -24.89% -29781486341.81 -26.03% 15385820179.45 18.18% 21566042163.32 21.56% I Short-term debt -38119089241.56 -25.19% -29845536256.77 -26.37% 16689813879.92 20.03% 21566042163.32 21.56% -433711392.00 -3.85% -5068249782.83 -46.81% -2859251259.68 -49.65% 19844264754.29 684.52% Borrowings and short-term debt Pay the seller -56358409345.29 -50.66% -38792440922.89 -70.67% 17496455716.47 108.65% -551379718.83 -1.64% Buyers pay in advance 1712115393.87 194.17% -2213903009.64 -85.35% 89071502.05 23.44% -191521398.13 -40.83% Taxes and payments to the state 4560639942.11 64.39% 16787092504.32 144.18% -2444829944.15 -8.60% -2167247646.25 -8.34% Payable to employees 1030188979.03 12.41% 740417622.59 7.94% -358045596.87 -3.56% 4042846204.63 41.63% Expenses paid 2332415082.39 43.95% -2515205770.68 -32.92% 1776710161.56 34.67% 1486224013.91 21.54% Other payables 1357949358.37 79.71% -1369063611.05 -44.72% 212453373.67 12.55% -970428854.84 -50.94% Bonus and welfare fund 7679722739.98 139.17% 2585816714.14 19.59% 2777249926.15 17.60% 73284808.53 0.39% II Long-term liabilities 201520474.51 19.41% 64049914.97 5.17% -1303993700.47 -100.00% Provision for severance allowance 201520474.51 19.41% 64049914.97 5.17% -1303993700.47 -100.00% B OWNERSHIP CAPITAL 80418177436.30 11.97% 5820934492.81 0.77% 99707402662.04 13.15% 84185206332.87 9.81% I Equity 80418177436.30 11.97% 5820934492.81 0.77% 99707402662.04 13.15% 84185206332.87 9.81% -39907937100.00 -11.48% -55026857652.32 -17.88% -17212760229.37 -6.81% 52167495461.28 22.15% (187,151,967) -11.75% (254,840,852) -18.13% (78,368,791) -6.81% The investment capital of the owner Share capital surplus Development investment fund Financial reserve fund Other funds belonging to owner's capital 10 Profit after tax is not distributed TOTAL FUNDING 125,901,147,243 96.21% 71,799,784,104 27.96% 14,490,899,379 78.39% (5,103,363,873) 7,116,202,468 42.37% (26,994,982,587) 42,500,608,669 (64,774,234) -6.04% 87,643,146,168 26.67% 23,530,182,751 5.65% -15.48% (1,603,546,513) -5.75% (1,341,244,346) -5.11% 1,363,360,846 5.70% (1,721,276,023) -6.81% (1,422,687,965) -6.04% -17.25% (6,957,148,080) -5.37% 32,680,208,050 26.67% 11,316,234,665 7.29% 5.16% (23,960,551,849) -2.76% 115,093,222,841 13.66% 105,751,248,496 11.04% 83 APPENDIX 10: STRUCTURE OF REVENUES, COSTS OF INFLATION REMOVED FROM BMP YEAR 2012-2016 Unit: VND TARGETS 2012 Proportion 2013 Proportion 2014 Proportion 2015 Proportion 2016 Revenues from the sale of goods and provision of services 1,156,149,641,356 100% 1,272,260,621,284 100% 1,338,560,317,415 100% 1,295,560,423,141 100% 1,348,683,957,347 100% 12,995,957,619 1.12% 21,881,368,835 1.72% 18,964,471,783 1.42% 22,520,400,428 1.74% 27,654,690,800 2.05% 1,143,153,683,737 98.88% 1,250,379,252,449 98.28% 1,319,595,845,631 98.58% 1,273,040,022,713 98.26% 1,321,029,266,547 97.95% Cost of goods sold 806,603,438,469 69.77% 913,696,836,391 71.82% 979,635,699,647 73.19% 876,350,778,257 67.64% 927,512,572,835 68.77% Gross profit margin on sales and service provision 336,550,245,268 29.11% 336,682,416,057 26.46% 339,960,145,984 25.40% 396,689,244,456 30.62% 393,516,693,712 29.18% Turnover from financial activities 4,173,819,971 0.36% 9,179,397,500 0.72% 10,544,656,966 0.79% 9,883,811,017 0.76% 19,308,947,058 1.43% Financial expenses 3,348,265,069 0.29% 6,388,488,644 0.50% 6,348,278,462 0.47% 4,592,943,614 0.35% 11,073,890,107 0.82% In which: interest expenses 2,229,277,877 0.19% 997,282,274 0.08% 612,664,807 0.05% 518,949,946 0.04% 573,004,216 0.04% Cost of goods sold 25,271,305,819 2.19% 34,724,480,011 2.73% 37,793,346,910 2.82% 43,155,591,519 3.33% 43,418,348,139 3.22% Enterprise management costs 28,447,926,885 2.46% 29,163,037,728 2.29% 29,845,230,163 2.23% 40,307,940,199 3.11% 42,417,687,922 3.15% 283,656,567,466 24.53% 275,585,807,175 21.66% 276,517,947,414 20.66% 318,516,580,141 24.59% 315,915,714,602 23.42% 1,528,309,440 0.13% 1,326,590,339 0.10% 1,130,006,120 0.08% 1,339,213,442 0.10% 993,113,819 0.07% 20,659,406 0.00% 44,481,639 0.003% 2,566,442 0.000% 4,745,920 0.00% 623,694,415 0.05% 1,507,650,034 0.13% 1,282,108,699 0.10% 1,127,439,678 0.08% 1,334,467,523 0.10% 369,419,404 0.03% 2,975,714,118 0.23% (301,020,250) -0.02% Deductions from sales Net revenue from sales of goods and rendering of service 10 Net profit from business activities 11 Other income 12 Other expenses 13 Other profits 14 Profit or loss in the LK, LD 15 Total accounting profit before tax 16 Current corporate income tax expenses 17 Deferred corporate income tax expenses 18 Profit after corporate income tax 18.1 Minority interests 18.2 Profit after tax of shareholders of parent company 19 Basic earnings per share - - - Proportion 285,164,217,500 24.66% 276,867,915,874 21.76% 277,645,387,092 20.74% 322,826,761,782 24.92% 315,984,113,755 23.43% 35,445,777,279 3.07% 33,863,935,210 2.66% 65,227,882,482 4.87% 80,211,533,562 6.19% 82,047,630,035 6.08% -0.02% 53,731,977 0.004% 21.62% 242,950,248,687 19.10% (200,814,195) 249,919,254,416 249,919,254,416 7,223 21.62% 242,950,248,687 7,894 (380,926,607) 212,798,431,217 -0.03% 15.90% 19.10% 212,798,431,217 8,419 (127,275,373) 242,742,503,593 -0.01% 18.74% 15.90% 242,742,503,593 7,927 (93,850,938) 234,030,334,659 -0.01% 17.35% 18.74% 234,030,334,659 17.35% 8,134 84 APPENDIX 11: VOLATILITY REVENUES, COSTS OF INFLATION REMOVED FROM BMP YEAR 2012-2016 TARGETS Difference 2013/2012 % Difference 2014/2013 % Difference 2015/2014 % Difference2016/2015 % Revenues from the sale of goods and provision of services Deductions from sales 116,110,979,928 10.04% 66,299,696,131 5.21% (42,999,894,274) -3.21% 53,123,534,206 4.10% 8,885,411,216 68.37% (2,916,897,052) -13.33% 3,555,928,645 18.75% 5,134,290,372 22.80% Net revenue from sales of goods and rendering of service 107,225,568,712 9.38% 69,216,593,183 5.54% (46,555,822,918) -3.53% 47,989,243,834 3.77% Cost of goods sold 107,093,397,922 13.28% 65,938,863,256 7.22% (103,284,921,390) -10.54% 51,161,794,578 5.84% 132,170,789 0.04% 3,277,729,927 0.97% 16.69% (3,172,550,744) -0.80% 1,365,259,466 14.87% -6.27% Gross profit margin on sales and service provision Turnover from financial activities 5,005,577,529 119.93% 9,425,136,041 95.36% Financial expenses 3,040,223,575 90.80% (40,210,181) -0.63% (1,755,334,848) -27.65% 6,480,946,493 141.11% (1,231,995,603) -55.26% (384,617,467) -38.57% (93,714,861) -15.30% 54,054,270 10.42% 9,453,174,192 37.41% 3,068,866,899 8.84% 5,362,244,609 14.19% 262,756,620 0.61% 715,110,843 2.51% 682,192,435 2.34% 10,462,710,036 35.06% 2,109,747,723 5.23% (8,070,760,291) -2.85% 932,140,240 0.34% 41,998,632,726 15.19% (2,600,865,539) -0.82% (201,719,101) -13.20% (196,584,219) -14.82% 209,207,323 18.51% (346,099,624) -25.84% 12 Other expenses 23,822,233 115.31% (41,915,198) -94.23% 2,179,478 84.92% 13 Other profits (225,541,335) -14.96% 207,027,845 18.36% In which: interest expenses Cost of goods sold Enterprise management costs 10 Net profit from business activities 11 Other income 14 Profit or loss from associated companies and joint ventures - (154,669,021) -12.06% 56,729,098,472 (660,845,948) 2,975,714,118 - 618,948,495 13041.70% (965,048,119) -72.32% (3,276,734,368) -110.12% 15 Total accounting profit before tax (8,296,301,626) -2.91% 777,471,219 0.28% 45,181,374,690 16.27% (6,842,648,027) -2.12% 16 Current corporate income tax expenses (1,581,842,069) -4.46% 31,363,947,273 92.62% 14,983,651,079 22.97% 1,836,096,473 2.29% (434,658,585) -808.94% 253,651,235 -66.59% 33,424,434 -26.26% (30,151,817,469) -12.41% 29,944,072,376 14.07% 17 Deferred corporate income tax expenses 18 Profit after corporate income tax 18.1 Minority interests 18.2 Profit after tax of shareholders of parent company 254,546,172 (6,969,005,729) 126.76% -2.79% (6,969,005,729) -2.79% (30,151,817,469) -12.41% 29,944,072,376 (8,712,168,935) -3.59% 14.07% (8,712,168,935) -3.59% 19 Basic earnings per share 85 86 ... thesis The structure of the thesis consists of chapters: Chapter 1: RATIONALE OF ANALYSIS OF CORPORATE FINANCIAL REPORT Chapter 2: ANALYSIS OF THE FINANCIAL STATEMENTS OF BINH MINH PLASTIC JOINT... FINANCIAL SITUATION OF BINH MINH PLASTICS JOINT STOCK COMPANY 14 CHAPTER 1: RATIONALE OF ANALYSIS OF CORPORATE FINANCIAL REPORT 1.1 Overview of financial statement analysis 1.1.1 Definition of. .. from financial analysis is the foundation of every decision, and sees this as an essential work in corporate governance Therefore, I chose the theme: "Financial analysis of Binh Minh Pty Ltd"