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Fundamental of Financial Management - Hoa Phat Corporation

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VIETNAM NATIONAL UNIVERSITY - HCMC

INTERNATIONAL UNIVERSITY

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FUNDAMENTAL OF FINANCIAL MANAGEMENT

HOA PHAT CORPORATION

Lecturer: Le Dang Thuy Trang

  • Group members: _                                             

Đặng Việt Quốc                                BABAIU15013

Phạm Nguyễn Như Quỳnh                 BABAIU15188

Nguyễn Minh Ngọc Trân                BABAIU15129

Nguyễn Hoàng Mỹ                                BABAIU16090

Contents

I.        Introduction of Hoa Phat Corporation        3

II) FINANCIAL STATEMENT        5

III) HORIZONTAL ANALYSIS        6

a)Business Result        6

b)Cash and Cash Equivalents        8

c)Liabilities        9

IV) RATIO ANALYSIS        10

1)Liquidity Ratio        10

a) Working Capital        10

a)        Current ratio:        11

b)        Quick ratio:        12

2) SOLVENCY RATIOS:        13

a)Total Debt Ratio:        13

b)Liabilities/ Equity ratio:        13

c)Long-term Debt Ratio        14

c)Interest Coverage Ratio        15

3) ASSET MANAGEMENT RATIO        15

a)Inventory turnover        15

b)Number of days’ sales in inventory        16

c) Account Receivable Turnover        17

d)Number of Days’ Sales in Receivables        18

e) Fix Asset Turnover        19

f) Total Asset Turnover        20

4)PROFITABILITY RATIOS        22

5) MARKET VALUE RATIOS        23

a)Price Earning ratio( P/E ratio)        23

IV) FINANCIAL RATIO COMPARISON        24

1)Comparison between Hoa Phat and Hoa Sen        24

a) Introduction of Hoa Sen        24

2) BENCHMARK ANALYSIS        25

3) COMPARISON BETWEEN HOA PHAT AND AVERAGE INDUSTRY        34

V) SUMMARY AND RECOMMENDATION        36

VI) REFERENCE        36

  1. Introduction of Hoa Phat Corporation

The 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.

        

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   Hoa Phat Group[pic 28]

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                   Hoa Phat Group[pic 37][pic 38]

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II) FINANCIAL STATEMENT

ITEMS

2012

2013

2014

2015

2016

Revenue

   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 expense

526,970

370,948

350,629

251,338

279,952

General 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

41,081

52,252

27,734

    39,462.62

Book value per share (BVPS)

          19,294

22,671

         24,478

         19,739

23,554

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