Fundamental of Financial Management – Hoa Phat Corporation
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VIETNAM NATIONAL UNIVERSITY – HCMCINTERNATIONAL UNIVERSITY——oOo——[pic 1]FUNDAMENTAL OF FINANCIAL MANAGEMENTHOA PHAT CORPORATIONLecturer: Le Dang Thuy TrangGroup members: _ Đặng Việt Quốc BABAIU15013Phạm Nguyễn Như Quỳnh BABAIU15188Nguyễn Minh Ngọc Trân BABAIU15129Nguyễn Hoàng Mỹ BABAIU16090ContentsI. Introduction of Hoa Phat Corporation 3II) FINANCIAL STATEMENT 5III) HORIZONTAL ANALYSIS 6a)Business Result 6b)Cash and Cash Equivalents 8c)Liabilities 9IV) RATIO ANALYSIS 101)Liquidity Ratio 10a) Working Capital 10a) Current ratio: 11b) Quick ratio: 122) SOLVENCY RATIOS: 13a)Total Debt Ratio: 13b)Liabilities/ Equity ratio: 13c)Long-term Debt Ratio 14c)Interest Coverage Ratio 153) ASSET MANAGEMENT RATIO 15a)Inventory turnover 15b)Number of days’ sales in inventory 16c) Account Receivable Turnover 17d)Number of Days’ Sales in Receivables 18e) Fix Asset Turnover 19f) Total Asset Turnover 204)PROFITABILITY RATIOS 225) MARKET VALUE RATIOS 23a)Price Earning ratio( P/E ratio) 23IV) FINANCIAL RATIO COMPARISON 241)Comparison between Hoa Phat and Hoa Sen 24a) Introduction of Hoa Sen 242) BENCHMARK ANALYSIS 253) COMPARISON BETWEEN HOA PHAT AND AVERAGE INDUSTRY 34V) SUMMARY AND RECOMMENDATION 36
VI) REFERENCE 36Introduction of Hoa Phat CorporationThe Hoa Phat group is one of the leading private business manufacturing corporations in Vietnam.Originating as a mall production system and equipment trading business enterprise in August 1992, Hoa Phat has steadily accelerated its business to trading and production of furniture (1995), metallic Pipe (1996), metallic (2000), Refrigeration (2001), and assets development (2001). In 2007, Hoa Phat was reorganized into a set structure, with Hoa Phat institution Joint stock organization being the parent agency of its subsidiaries. due to the fact that fifteenth November, 2007, Hoa Phat has been officially listed on the stock trade underneath the stock ticker symbol ‘HPG’.The Hoa Phat group operates with a focus on metal, refrigeration, furnishings, machinery and belongings improvement inclusive of industrial zone and housing; its agricultural phase comprises husbandry and feed production with dozens of plants in numerous provinces nationwide. At present, production of construction metallic is the core enterprise activity of the organization and accounts for 80% of overall sales and total profit.Through its production metal segment, the Hoa Phat group is the owner of the Hoa Phat integrated steel complex in Hai Duong Province. With a complete capability of up to 1.7 million tonnes in keeping with 12 months, the venture positioned all three levels into operation concurrently in region I of 2016, raising the construction metallic capability total of Hoa Phat to 2 million lots in line with yr. presently, the Hoa Phat organization is recognized as the most important production metal and metal pipes in Vietnam with a market percentage of twenty-two% and 26%, respectively. The Hoa Phat furniture leads the market proportion for office fixtures. [pic 2][pic 3][pic 4] [pic 5][pic 6][pic 7] [pic 8][pic 9] [pic 10][pic 11][pic 12] [pic 13][pic 14][pic 15] [pic 16][pic 17][pic 18][pic 19] [pic 20][pic 21][pic 22][pic 23] [pic 24][pic 25][pic 26][pic 27] Hoa Phat Group[pic 28] [pic 29][pic 30][pic 31][pic 32][pic 33] [pic 34][pic 35][pic 36] Hoa Phat Group[pic 37][pic 38][pic 39]II) FINANCIAL STATEMENTITEMS20122013201420152016Revenue 17,122,073 19,200,234 25,851,861 27,864,558 33,884,892 Net sales 16,826,851 18,934,292 25,525,384 27,452,932 33,283,210 Cost of goods sold 14,341,643 15,650,541 20,338,346 21,858,956 24,532,650 Gross profit 2,485,209 3,283,752 5,187,002 5,593,975 8,750,560 Selling expenses 274,040 253,653 366,087 424,150 489,954 Interest expense526,970370,948350,629251,338279,952General and administration expenses 586,966 416,175 607,214 760,823 404,587 Results from other activities 14,943 32,867 40,461 101,358 17,146 EBIT 1,639,146 2,646,791 4,173,238 4,307,646 7,873,000 Depreciation and amortization expenses 596,227 720,195 1,106,005 1,281,591 1,674,000 EBITDA 2,235,373 3,366,986 5,279,244 5,589,237 9,547,000 Net financial profit 420,339 252,130 403,546 317,626 171,000 Profit before tax 1,218,205 2,394,404 3,769,521 3,989,828 7,701,823 Corporate income tax 187,670 383,969 519,306 485,446 1,096,000 Net profit 1,030,505 2,010,435 3,250,215 3,504,382 6,606,203 Earnings per share (VND) 2,386 4,663 6,435 4,517 7,162 Price per share (VND) 21,116 41,08152,25227,734 39,462.62 Book value per share (BVPS) 19,294 22,671 24,478 19,739 23,554