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In the First 6 months GDP rose 5.52% as estimates. Growth rates higher in this year despite the general rate of the same period of year 2012 2014 (r espectively 4.93%, 4.9%, 5.22%), but there are signs of slowing compared with the speed rose 6.28% in the first 6 months of 2015. For Vietnams economic prospects in 2017, most experts, organizations and the international media have stated that Vietnam will be a bright spot of economic growth in Southeast Asia in this year.
AN PHAT PLASTIC AND GREEN ENVIRONMENTAL JOINT STOCK COMPANY AN PHAT ’S FINANCIAL STATEMENT ANALYSIS CONTENTS MACRO ANALYSIS .2 1.1 ECONOMIC GROWTH 1.2 EXPORTS AND IMPORTS 1.3 INDEX OF INDUSTRIAL PRODUCTION .5 1.4 INFLATION INDUSTRY ANALYSIS 2.1 PLASTICS INDUSTRY IN THE WORLD .6 2.2 VIETNAM PLASTICS INDUSTRY OVERVIEW ABOUT BUSINESS ACTIVITIES 3.1 INTRODUTION .9 3.2 SHAREHOLDER STRUCTURE AND ORGANIZATION 3.3 AAA HAS TWO SUBSIDIARIES AND ONE ASSOCIATE COMPANY 10 3.4 POSITION OF AN PHAT COMPANY IN PLASTIC BRANCH 11 3.5 ABILITY IN MANUFACTURING 11 INCOME STATEMENT ANALYSIS 12 4.1 Horizontal analysis 12 4.2 Vertical analysis 14 CAPITAL STRUCTURE AND ASSETS ANALYSIS .17 5.1 ANALYSIS OF CAPITAL SOURCING AND CAPITAL USE 17 5.2 ANALYSIS OF FINANCIAL STRUCTURE 19 FINACIAL RATIOS ANALYSIS 21 6.1 SHORT-TERM SOLVENCY RATIOS 21 6.2 PROFITABILITY RATIOS .22 MACRO ANALYSIS In the First months GDP rose 5.52% as estimates Growth rates higher in this year despite the general rate of the same period of year 2012 - 2014 (r espectively 4.93%, 4.9%, 5.22%), but there are signs of slowing compared with the speed rose 6.28% in the first months of 2015 For Vietnam's economic prospects in 2017, most experts, organizations and the international media have stated that Vietnam will be a bright spot of economic growth in Southeast Asia in this year 1.1 ECONOMIC GROWTH Vietnam's economy has expanded an annual 6.68 percent in the fourth quarter of 2016, compared to an upwardly revised 6.56 percent growths in the previous three months, a preliminary estimate from the General Statistics Office showed It was the strongest quarterly growth since the December quarter of 2015, boosted by rising exports For full year of 2016, the economy grew by 6.21 percent, slowing from a 6.68 percent expansions in the same period a year earlier and falling short of the government's target of 6.7 percent It was the first annual slowdown since 2012, mainly driven by adverse weather, a marine environmental disaster and an unfavorable global economy GDP Annual Growth Rate in Vietnam averaged 6.47 percent from 2000 until 2017, reaching an all time high of 8.48 percent in the fourth quarter of 2007 and a record low of 3.12 percent in the first quarter of 2009 Manufacturing, construction, and services expanded in Viet Nam robustly in the first half of 2016, driven by inflows of foreign direct investment, but growth in gross domestic product was weighed down by weak performance in agriculture and mining Although the economy is expected to pick up in the second half of 2016, Growth forecasts for the year as a whole and for 2017 are nevertheless revised down Inflation has stirred, as expected, but is forecastted to remain moderate 1.2 EXPORTS AND IMPORTS According to statistics 17.01.2016 of General Administration of Customs, the total import-export turnover in May 12/2016 reached more than 33.66 billion dollars, up 3.5% respectively increase more than 1.15 billion dollars from the previous month In particular, exports reached more than 16.58 billion, up 2.8%, corresponding to 451 million increase over the previous month; imports reached nearly 17.08 billion dollars, up 4.3% respectively, up 702 million US dollars By the end of 12 months / 2016 total exports and imports over the country reached 350.74 billion dollars, up 7.1%, corresponding to an increase of nearly 23.16 billion dollars over the same period last year In particular, exports reached 176.63 billion US dollars, up 9%, respectively increase 14.62 billion; imports reached 174.11 billion US dollars, up 5.2%, more than 8.54 billion USD Balance of trade in goods deficit country May 12/2016 494 million, bringing the trade surplus in 2016 of the more than $2.52 billion Exports: Export turnover in the first half of this year was estimated at $ 82.24 billion, up 5.9% over the same period of 2015 (6 months in 2015, up 9.2% over the same period last year) This is a low increase, even considering the correlation with GDP growth this year Low export growth was mainly due to a 6.3% fall in export prices, including falling crude oil prices and export prices of processed goods Excluding the price factor, export growth in the first months was 10.1% (albeit still lower than the growth rate of 13.4% in the same period last year but higher than that of the same period last year) Imports: In the first months, import turnover reached $ 80.7 billion, down 0.5% over the same period last year The surplus in the first six months was estimated at $ 1.54 billion, equaling about 1.9% of export turnover Import prices of raw materials, fuels and materials fell sharply over the same period, leading to a decrease in total import value despite the increase in imports of commodities, such as iron and steel, petroleum, liquefied gas , Plastic materials, rubber, paper, textile fiber, metal 1.3 INDEX OF INDUSTRIAL PRODUCTION Industrial production in Vietnam jumped 15.2 percent year-on-year in February of 2017, compared to a 0.7 percent growth in January It was the strongest increase since January 2015, mainly driven by a surge in the output of processing (22.4 percent from 6.6 percent in the prior month) In contrast, mining output fell 8.6 percent (compared to a 2.4 percent rise in January) For the first two months of 2017, industrial output rose 2.4 percent, much slower than a 6.6 percent gain in the same period a year earlier Industrial Production in Vietnam averaged 9.06 percent from 2009 until 2017, reaching an all time high of 28.40 percent in January of 2010 and a record low of -10.10 percent in February of 2013 1.4 INFLATION CPI accelerated in recent months, rose 0.46% in June from the previous month, an increase of 2.35% compared with 12/2015 and six-month average increase of 1.72% over the same period The Main cause is due to the recovery of world oil prices caused domestic gas prices are continuously adjuste Nevertheless, the CPI rose by months of the year remained below 5% of the target for the whole year Our highly price inflation remains below than 5% by the end of this year thanks to the mainly oil prices stabilize at 45-50 USD / barrel and gasoline prices will not be adjusted compared to the first two quarters The 6/2016 core inflation rose 0.13% month over the previous month and increased 1.88% over the same period of last year Average core inflation of the first months in 2016 increased 1.80% compared to the same period in 2015 Basic inflation low supportted in running monetary policy of the central bank to support economic growth The inflation 4,74% lower than target that is proposed According to GENERAL STATISTICS OFFICE of VIET NAM , there are commodity groups that their price has increased Garment has increased by 0.25%, beacause of shopping for winter clothes Drinks and cigarettes have increased by 0.21% Buldibng and marterials have increased 0.19% beacause need of repairing house in the last months of year Equipment and household appliances increased by 0,08% Medical group has increased , CPI index increased by 2,7% The other commodities ‘ve decreased such as traffic, food services,etc Education group hasn’t changed Inflation 2016 is higher than 2015 The inflation in 2017 is forecasted to depend on adjustment of the public services : if public services are not adjusted, inflation is forecasted about 4% If public services are adjusted , inflation is predicted about 5% INDUSTRY ANALYSIS 2.1 PLASTICS INDUSTRY IN THE WORLD Plastics industry is an integral and integral part of the global economy Plastic is the name of the material means that "flexible and easy to shape" Recently, plastic is also used to refers to polymeric materials, consisting of repetitive chains of monomers formed primarily of carbon and hydrogen atoms, under appropriate conditions, joined to the chain structure Over the past 150 years, plastic materials have been constantly improved and have contributed greatly to the development and advancement of human beings Plastics are present in computers, cell phones and most of modern medical advances Thanks to its light weight and good insulation, plastic help save fuel for heating and transportation Thanks to its cheap price, plastic replaces much of the natural material, making more of the material produced, at a lower cost, lighter, safer and stronger More than 90% of plastic production is produced from fossil fuels The plastics industry consumes about 6% of global oil demand, which is equivalent to that of the aviation industry If plastics continue to grow as predicted, by 2050, the plastics industry is expected to consume 20 percent of its oil output and 15 percent of global carbon emissions The United States, Europe and Asia produce 85% of plastic production, with Asia accounting for about half, in which China is the largest plastics producer with 26% of global output The United States and Europe, however, account for only about 40 percent of the production of plastics, but the majority of global businesses involved in plastic packaging are headquartered These are decision makers at the start of the plastic value chain 2.2 VIETNAM PLASTICS INDUSTRY Strong growth over the years Over the past few years, the plastics industry has grown rapidly, becoming one of the most dynamic sectors of the economy The growth rate of the plastics industry is just behind the telecommunications and textile sectors The sector's output increased from 890 thousand tons in 2000 to 13,238 thousand tons in 2015, corresponding to an average growth of 19.7% per year The role of the plastics industry in the economy is increasing As of the end of October 2015, the plastics industry contributed 4.8% to the total industrial production value of the whole country, and it is forecasted that the total production value of the industry will reach 8.81 billion USD in 2020 Plastic production increased sharply thanks to high economic growth Per capita income increased from $740 in 2006 to $1,078 in 2014 Population increased from 77.6 million in 2000 to more than 94 million in 2015, while plastic consumption per capita also increased From low starting point According to the Vietnam Plastics Association, Vietnam's per capita plastic consumption is projected to increase to 45 kg per year by 2020, equivalent to a compound annual growth rate of 4% Most are small and medium enterprises Nationally, there are about 1,500 plastic enterprises operating The number of domestic firms is still dominated by 85% More than 80% of local businesses are small and medium sized enterprises (SMEs) with limited technology About 85% of equipment in the industry is imported The domestic plastics industry does not have the research and technology and technology foundations, so it has not produced high-level details to participate in the global supply chain Consumption in the domestic market increased sharply The plastic products mainly serve the domestic market, export is very lowed, accounting for only 1.2 - 1.5% of total output Vietnamese plastic product s are available at all retail channels in the country Demand in the domestic market is growing rapidly under the impact of low plastic consumption per capita and the recovery of the construction plastics segment (+ 15% in 09 months 2015) In 2014, consumption of plastic per capita reached 40 kg / person / year, much lower than many countries in the region and in the world (69.7 kg / person / year), in the US and EU 120 kg / person / year It is forecasted that this consumption will increase to 45 kg by 2020 Export value of plastics by 2015 will be $ 2.48 billion, down 0.1% compared to 2014, of which plastics export about USD billion, plastic materials export about 475 million USD) OVERVIEW ABOUT BUSINESS ACTIVITIES 3.1 INTRODUTION An Phat Plastic and Green Environment Joint Stock Company (AAA) (formerly known as An Phat Plastic and Packaging Joint Stock Company) was established on March 09, 2007 with initial chartered capital of VND 30 billion Precursor of AAA Anh Hai Duy Co., Ltd was established in 2002 with 02 members the charter capital is VND 500 million AAA transformed into an old company in 2007 and listed on the HNX in 2010 3.2 SHAREHOLDER STRUCTURE AND ORGANIZATION AAA's shareholder structure includes 19.5% foreign ownership, 31.9% Ownership of the Board of Directors and the rest of domestic shareholders The management of AAA includes Mr Pham Anh Duong, Chairman, Mr Nguyen Le Trung, CEO, and other members of the board Administrators include, Mr Pham Hoang Viet, Ms Hoa Thi Thu Ha, and Mr Pham Dinh Ngu SHAREHOLDER STRUCTURE 19.10% 0.20% 31.90% 0.40% Foreign organizations 0.2% Director board 31.9% Domestic individuals 48.4% Foreign individuals 0.4% Foreign Organization 19.1% 48.40% 3.3 AAA HAS TWO SUBSIDIARIES AND ONE ASSOCIATE COMPANY An Phat Plastic and Mineral Joint Stock Company - Yen Bai: The company has capital Chartered capital of VND86 billion, of which AAA owns 91.86% stake Currently, An Phat Yen Bai owns a factory with an area of 40,000 m2 is equipped with modern production lines capacity of 20,000 tons of product per year Main product of the company is ANPHAT CALBEST Additive (PE and PP) Additive used as additives in plastic products In addition ANPHAT CALBEST additives are used in public manufacturing construction materials:bait powder, paint, industrial cosmetic production, paper industry,etc Thakkhek Plastic Company Limited: is a company established under developed project number 007 / TSZ on 05/03/2013 between the separate Thakhek Special Economic Zone Authority Council Governance Thakhek Plastic has a chartered capital of $ 2.5 million, owned by AAA 100% capital In addition, AAA also associates with Vinh Plastic Packaging JSC Specialized in manufacturing and trading cement packaging, agricultural packing Products and plastic products Plastic and Packaging Joint Stock Company Vinh has a chartered capital of VND29,999,890,000 on December 31, 2015 in which An Phat owns 32.22% of capital Subsidiary and affiliated company of AAA Ownership rate (%) Charter capital ( biliion) Invesment value ( biliion) Subsidiary 10 An Phat Plastic and Mineral Joint Stock Company - Yen Bai 91.86 86 79 100 44 44 32.22 30 9.6 Thakhek Plastic Company Limited - Laos Associated company Vinh Plastic Packaging JSC Total 132.6 3.4 POSITION OF AN PHAT COMPANY IN PLASTIC BRANCH An Phat is a company that they not only manufacture and serve the domestic market but also export to the external markets An Phat company has a biggest capacity in Vietnam that they are able to manufacture 4000 tons/month 95% of products ,which An Phat produced, have high quality An Phat is in the top 10- best companies produce self-decomposing bag in Asia-Pacific Economic Cooperation ( arcoding to the statics of Chevron Phillips ) An Phat is senior in plastic branch They have a lot of traditional customers; good relations in business An Phat’s market share is to export products for big brand all over the world such as Public Embal, Compoplast ,etc Those company distribute products to European markets On the other hand, An Phat company has imported a huge amount of raw materials for manufacture They can easily negotiate to buy materials with cheaper price and discounts 3.5 ABILITY IN MANUFACTURING Produce the plastic things : An Phat company has factories in Hai Duong province with the capacity 4000 tons/month Two more factories are being built (2015).If the factories is ready , the total capacity can reach 80000 tons/year An Phat can become a top company about manufacturing plastic bags in Southest Asia Most products are exported to Japan, Europe, etc Plastic bags : include bags for supermarket,garbage bags , coloured or be colourlesse is up to customer’s orders Especially, An Phat manufacture self-decomposing plastic bags which can be self-decomposed in months to years and no harm to the environment 11 Plastic film : is supplied mainly for the factories or industrial sector However, from 2016-2020, An Phat will diversify and improve quality of plastic films to expand their market Plastic seed: An Phat supplies plastic seeds with a huge of amount include pigment, masterbatch,etc INCOME STATEMENT ANALYSIS 4.1 Horizontal analysis NET SALES 12 NET SALES 2500 2000 1500 2053.15 1531.83 1521.96 01 01 1000 500 01 The net revenue from sales and service activities of AAA has abnormal fluctuations By 2015, this rate decreased by 0.64% but by 2016 it increased by 34.9% As such, we see that although sales felt during the 2014-2015 period, but by 2015 - 2016 sales revenue increased quite high, It proves that the company has controlled quite well the growth, the company has quickly restored its business EBIT N et pro fi t /( l o s s ) bef o re t ax a nd i nt e re st 200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 175.29 85.77 59.73 2014 2015 2016 Total earning before tax and interest in 2015 increased by 20,141 billion compared to 2014, the rate increased 47.1% but 2016 compared to 2015 increased to 88,515 billion, the rate increased 140.71% and increased very fast compared to the growth rate Of 2015 To analyze the cause, we need to analyze the impact of each profit department Firstly, the core business profit in 2015 increased by VND 9.72 billion compared to that of the year 2014, increasing by 17.68%; But in 2016 compared with 2015 we see this index increased to 100,685 billion, the increase rate reached 155.61% Second: Financial operating profit (without interest) is the opposite By 2015, this index increased by VND15.02 billion compared to 2014, the increase rate is 350.12%; But in 2016 compared with 2015, decreased 17.44 billion, the rate decreased 90.32% This rate drops rapidly abruptly, the company needs to reconsider its financial operations Third: Other profits increased very fast, in 2015 the company profits 1.75 billion, up 1.29 billion over 2014, the rate increased 280.43% By 2016 13 this indicator will increase by VND 6.28 billion, up 358.86% over 2015 Other profit increases too high but this is not a good and good result Thus, in 2015, EBIT increased by 26.03 billion dong due to the increase of core business profit of 9.72 billion dong, profit of financial activities increased 15.02 billion dong and other profit increased 1.29 billion dong In 2016, EBIT increased by VND89,852 billion mainly due to an increase in core operating profit of VND100,685 billion and other profit increased by VND6.28 billion However, financial income felt VND17.44 billion EBT Profit before tax in 2015 increased by 20,141 billion VND compared to 2014, the rate increased by 47.1%; In 2016, it increased by 88.515 billion dong, an increase of 140.7 percent The reason that EBT increased for two years at a higher rate than that of EBIT was due to the in crease in interest expense ratio which was lower than EBIT, interest expense in 2015/2014 increased by 34.71%, in 2016 / 2015 increased by 4.42% EAT Earning after tax 130.64 140.00 120.00 100.00 80.00 60.00 40.00 54.76 36.27 20.00 0.00 2014 2015 2016 After-tax profit increased quite high in 2015 compared with 2014, the increase of 18.48 billion, increasing 50.95%; By 2016, this rate increased sharply, increasing 78.88 billion VND, increasing 138.59% compared to 2015 The reason for the higher EAT growth rate in 2015 than the increase in EBT was due to a 25.58% corporate tax expense that was lower than the EBT increase; By contrast, in 2016 the increase in corporate tax expense by 154.97% is higher than the increase in EBT, which should make the rate of EAT slower than EBT SUMMARY In summary, by analyzing the volatility of profit margins and profit components over the past years, we see a fairly high profit growth rate in 2015 and a sharp increase in 2016 In particular, the company's financial 14 performance declined in 2016, the increase in profit mainly due to the increase in core operating profit 4.2 Vertical analysis EBIT/NET SALES Profit before tax and interest on sales in 2014 is 3.90%, 5.64% in 2015 and 8.54% in 2016 Thus, compared to 2014, EBIT on revenue in 2016 increased 4.64%, while in 2015 increased by 1.74% The rate of profit before tax and interest on revenue of 3.9% is achieved by 2014 due to the rate of major business operations on sales reached 3.59% plus contribution of financial activity is 0.28% and other profit reached 0.03% EBT/ NET SALES 15 The EBT on Sales in 2014 was 2.79%; in 2015 was 4.13%, 1.34% up compared to in 2014; 2016 was 7.38%, up 3.24% over in 2015 The reason was that the main operating on sales in 2015 increased less than the increased in EBIT margin on sales was due to the ratio of loan interest expenses on sales Earnings in 2015 increased by 0.39% compared to 2014, the EBT margin on sales in 2016 increased more than the growth rate of EBIT on sales was due to the ratio of loan interest expenses on sales in 2016 decreased 0.34% compared With 2015 EAT/ NET SALES Return on Sales (ROS) in 2014 was 2.37%; In 2015 it was 3.60%, an increase of 1.23% over in 2014, lower than the increase in EBT on Sales was due to the increase in corporate income taxes on sales in 2015 compared to 2014 was 0.11% In 2016, ROS was 6.36%, an increase of 2.77% over 2015, lower than the increase in EBT margin on sales because the corporate income taxes expense on sales in 2016 has increased over 2015 was 0.11% SUMMARY ROS in 2015 increased by 1.23% over in 2014 due to the increase in the effectiveness of savings in the main operating cost, the increase in contribution of the other profit, the increase in interest expense on revenue led to an increase in total ROS Plus 0.35% (0.66% + 0.08% - 0.39%) In addition, the 16 impact of increased pre-tax financial income on sales and corporate tax expense on sales increased ROS by 0.88% (0.99% - 0.11%) ROS in 2016 increased by 2.77% over 2015 due to the increase in core operating expenses, the increase in other contribution, the lower interest expense ratio resulted in an increase in total ROS Plus 4.42% (3.8% + 0.28% + 0.34%) However, the impact of lower interest-bearing financing ratios on revenue and corporate tax expense on revenue increased ROS by 1.66% (1.18% + 0.48%) CAPITAL STRUCTURE AND ASSETS ANALYSIS 5.1 ANALYSIS OF CAPITAL SOURCING AND CAPITAL USE 17 CAPITAL USE In 2016, An Phat Company used resources : increase the fixed asssets by 802,289 million VNĐ (66.09% of the use of the resources) Restoring more inventories by 232,352 million VND (19.14%) Receivables was 130,682 million VND (10.77%) Moreover, others assets was 1.75%, capital construction in progress was 1.43% CAPITAL SOURCES 18 In order to fund such capital use, AAA Company used the following capital sources: Short-term loans of VND 465.11 billion, which contributed to 38.33% of total capital demand, additional loans Long-term VND374.4 billion (30.8%), an increase of long-term investments of VND180.2 billion (14.8%) Thus, in 2016 AAA company focused on capital investment to expand production scale In order to fund the expansion, AAA used mainly from external sources, which accounted for 69.18% of total funding, and a portion of internal capital was long-term investments SUMMARY In 2016, the company increased long-term debt and short-term debt, increased equity, so the capital increase during the period was mainly to increase long-term capital and short-term capital, suitable for capital use purposes During the period, there was an increase in assets However, longterm capital outflows increased significantly over long-term assets, which significantly changed the company's financial structure towards a more stable one 5.2 ANALYSIS OF FINANCIAL STRUCTURE 19 NET WORKING CAPITAL Working Capital 800 700 600 500 400 300 200 100 791.18 585.7 01/01/2016 31/12/2016 The table shows that the company's net working capital at the beginning of the year and at the end of 2016 is positive, showing that the long-term assets in the financial structure at the beginning of the year and at the end of the year are f inanced entirely by long-term assets The company does not use short-term funds to invest in long-term assets or, in other words, AAA's long-term assets are financed by stable capital As compared to the beginning of the year, AAA's net working capital at the end of 2016 fell 149 714 billion, from 221.56 to 71.846 billion Cause of 2016 long-term capital of the company increased 499.08 billion (long-term debt increased 374,376 billion, owner's capital increased 124.7 billion) while long-term assets increased 648.79 billion The declining working capital, safety and solvency of the AAA company has deteriorated NET WORKIG CAPITAL / SHORT-TERM ASSETS At the beginning of the year, Long-term assets is not only long enough to finance long-term assets but 27.42% for short-term assets.By the end of 2016, 20 this rate has dropped significantly to 6.04%.Thus, compared to the beginning of the year, the proportion of long-term funding sources for short-term assets fell by 21.03%.93.96% of short-term assets are funded by short-term funds As such, the risk of short-term solvency of AAA has increased significantly, the trend of financial structure changes in 2016 is not reasonable, the company should take appropriate financial restructuring measures than NET WORKING CAPITAL/WORKING CAPITAL Net working capital on working capital at the beginning of the year is 37.83%, at the end of the year, this ratio dropped to 9.08%, Down 28.75% over the beginn ing of the period Chart Title 100% 71.85 221.57 80% 60% 791.18 585.7 40% 20% 0% 01/01/2016 Working Capital 31/12/2016 Net working capital The reason for the decrease was due to working capital increasing by VND 205.48 billion, net working capital decreased by VND 149.41 billion During the period the company increased its short-term liabilities(VND255.20 bilion) and long-term liabilities (VND 374.38 bilion), to buy more property (VND315.39 bilion), expand production FINACIAL RATIOS ANALYSIS 6.1 SHORT-TERM SOLVENCY RATIOS 21 Curre nt Rati o 1.60 1.34 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 014 1.38 1.07 015 016 From the end of 2014 to the end of 2016, the current ratio is always maintained by An Phat at more than 1, indicating that the short-term assets value is enough to ensure the payment of payable debts in the next year Ac id - te st Rati o 1.20 1.05 1.00 1.03 0.80 0.63 0.60 0.40 0.20 0.00 014 15 16 The acid-test ratio at the end of 2016 is 0.63, down from 0.4 at the end of 2015 and lower than the end of 2014 at 0.42 Thus, if the value of inventory and other short-term assets is excluded, then one short-term debt at the end of 2016 will have 0.63 assets with high liquidity to ensure the performance of payment obligations 6.2 PROFITABILITY RATIOS ROI XItems ROI EBIT/ Revenue Revenue/average capital ( round) 2015 5.39% 5.64% 2016 7.61% 8.54% Change 2.22% 2.90% 0.9559 0.8915 -0.0644 The table illustrate ROI index in 2016 is higher than index in 2015 That was a result in saving effectively expense In 2016 , company could save 2.9 dong for activity expenses when earn 100 dong Averagely, company earned 5.64 dong EBIT for every 100 dong in revenue in 2015 Compare with ROI in 2015, company earned 8.53 dong for every 100 in revenue In the capital 22 respect in 2016, 0.89 dong in revenue was created from 100 dong in average capital Unlike capital in 2016 , capital in 2015 was higher which was at 0.96 In total, the revenue created from average capital decreased by 0.06 dong ROA Items Average capital EAT Revenue I EAT+I*(1-t)=NOI ROA NOI/Revenue Revenue/Average capital 2015 1592.19 54.755 1521.96 22.86 73.04 4.59% 4.80% 0.9559 2016 2302.93 130.64 2053.15 23.87 149.74 6.50% 7.29% 0.8915 Change 710.74 75.89 531.19 1.01 76.69 1.91% 2.49% -0.0644 Based on the results of the above analysis, we see that the ROA of 2016 is 1.91% higher than that of 2015, the company achieved this result due to the increased cost-effectiveness resulting in a net profit margin of 2.49% However, the round of capital fell by 0.0644 laps If 2016, the rotation of capital is not changed, the effect of cost savings increase will increase ROA: 2.49% x 0.9559 = 2.38% As the ROI decreases, ROA decreases: -0.0644 x 7.29% = -0.4695% Summarize the effect of cost-saving efficiency and capital saving efficiency = 2.38% - 0.4695% = 1.9105% ROE ITEMS EBIT Average capital ROI EAT Loan interest expenses Tax (%) Average owner's equity ROA ROE 2015 85.77 1592.19 5.39% 54.755 22.86 20% 757.03 4.59% 7.23% 2016 175.29 2302.93 7.61% 130.64 23.87 20% 843.56 6.50% 15.49% Change 89.53 710.74 2.22% 75.885 1.01 0% 86.52 1.91% 8.26% ROE in 2016 was 15.49%, making a fair rise of 8.26% compared to 2015 This pointed out that the effectiveness of equity using after loan and tax impact were improved in 2016 However, this ratio was still low, the company 23 should have plans to save costs, improve production capacity in order to make more profits for its shareholders 24 ... Horizontal analysis 12 4.2 Vertical analysis 14 CAPITAL STRUCTURE AND ASSETS ANALYSIS .17 5.1 ANALYSIS OF CAPITAL SOURCING AND CAPITAL USE 17 5.2 ANALYSIS OF FINANCIAL STRUCTURE... STRUCTURE AND ORGANIZATION 3.3 AAA HAS TWO SUBSIDIARIES AND ONE ASSOCIATE COMPANY 10 3.4 POSITION OF AN PHAT COMPANY IN PLASTIC BRANCH 11 3.5 ABILITY IN MANUFACTURING 11 INCOME STATEMENT ANALYSIS. .. PHAT COMPANY IN PLASTIC BRANCH An Phat is a company that they not only manufacture and serve the domestic market but also export to the external markets An Phat company has a biggest capacity