TRƯỜNG ĐẠI HỌC KINH TẾ

VIỆN QUẢN TRỊ KINH DOANH

BÀI TẬP LỚN

ĐỀ BÀI: PHÂN TÍCH BÁO CÁO TÀI CHÍNH

Giáo viên: Nguyễn Việt Hùng

Sinh viên thực hiện: Trần Thị Hoài Thương

Hoàng Thu Trang

Nguyễn Thị Hiên

Nguyễn Thị Ngọc Ánh

Nguyễn Đức Phương

Lớp: BSA2001-E*3

HÀ NỘI, NĂM 2024

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MỤC LỤC

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A. Membership and performance levels
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 Name Assignment The level of
completion
Hoang Thu Trang Mục III Report 100%

Tran Thi Hoai Thuong Mục III, Report 100%

Nguyen Thi Hien Mục II, Slide 100%

Nguyen Thi Ngoc Anh Mục II, Slide 100%

Nguyen Duc Phuong Mục IV 100%

B. The main cotent

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 Analysis of financial statement of equity ratio of 2022-2023

I. Overview of Hoa Phat Group Joint Stock Company

1. General introduction

 Transaction name: Hoa Phat Group Joint Stock Company

 Stock code: HPG
 Address: Pho Noi A Industrial Park, Giai Pham Commune, Yen My
District, Hung Yen Province, Vietnam
 Capital conditions: 58,147,857,000,000 VND
 Listing start date: November 15, 2007
 Share par value: 10,000 VND/share
 Number of outstanding shares: 5,814,785,700 shares
 Contact phone: 0243 974 7751
 Email: ir@hoaphat.com.vn
 Website: www.hoaphat.com.vn

2. Business field

The Group operates in 05 areas:

 Iron and steel (construction, hot rolled steel)

 Steel products (including steel pipes, galvanized steel, wire drawing
steel, container shells, prestressed steel)
 Agriculture
 Real estate
 Household electrical appliances.

In particular, steel products are the core area that accounts for 90% of the
group's revenue and profit.

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I. Business Efficiency:

1. Total Assets:

In 2022, the company's total assets were 170.336 trillion VND, and by 2023,
total assets had risen to 187.783 trillion VND. Total assets decreased by 17.447
trillion VND in 2022. This shows that Hoa Phat is a company with a large capital
scale, and its export market has expanded to 39 countries.
2. Equity capital:
The equity capital of the enterprise in 2023 is 102.836 trillion VND, an
increase of 6.723 trillion VND compared to 2022, indicating a slight growth in the
scale of the enterprise's equity capital. By the end of 2023, the scale of equity
capital has seen a slight increase, indicating that the owners have contributed
additional capital to enhance the equity capital of the business.
3. Indicators reflecting the financial efficiency of a business:
There are three commonly used indicators to reflect the core issue of a
company's financial efficiency. Including: return on total assets (ROA), return on
sales (ROS), return on equity. (ROE).
 Return on Assets (ROA):
It is an indicator that shows how much profit before tax and interest is
generated for each unit of investment in assets, reflecting the efficiency of asset
utilization.
Return on total assets = Net profit after tax / Average total assets
ROA 2022 = 8.444 : 170.336 = 0.0496
ROA 2023 = 6.800 : 187.783 = 0.0362
 The net return on assets (ROA) for 2023 is 0.0362 times, reflecting that on
average, for every 1 unit of assets involved in business operations, it generates
0.0362 units of profit after tax. In 2022, this ratio was 0.0496, indicating that on
average, for every 1 dong of assets involved in production and business activities,
it would generate 0.0496 dong of after-tax profit.
 The net profitability of assets in 2023 decreased by 0.0134 times compared to
2022. The declining profitability of assets indicates that the asset utilization in the
business by the management is facing significant issues. This wastes the earning
potential of the asset. In the long run, the opportunity cost that businesses miss
out on will be extremely significant.
 Return on Sales (ROS):

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 It is an indicator that shows how much profit after tax is generated for each
unit of net revenue earned during the period, helping to reflect the company's
ability to create products with low costs or high selling prices.
Profit margin on revenue = Net profit / Net revenue
ROS 2022 = 8.444 : 141.409 = 0.0597
ROS 2023 = 6.800 : 118.953 = 0.0572
 The Return on Sales (ROS) for the year 2023 is 0.0572, indicating that for every
one unit of net revenue generated during the period, the company has a profit
after tax of 0.0572 units. The ROS for 2022 is 0.0597, reflecting that for every
unit of net revenue generated during the period, the company has 0.0597 units of
profit after tax.
 The operating profit margin in 2023 compared to 2022 has decreased by 0.005.
This indicates that although the business is profitable, its ability to generate
profits is currently declining. This is something that businesses need to pay
attention to and seek solutions for in the near future.
 Return on Equity (ROE):
It is an indicator that shows how much profit after tax is generated for each
unit of equity investment, helping to assess the ability to ensure profits for capital
partners.
Return on equity = Net profit after tax / Average equity
ROE 2022 = 8.444 : 96.113 = 0.0879
ROE 2023 = 6.800 : 102.836 = 0.0661
 The return on equity (ROE) for 2023 is 0.0661 times, reflecting that on average,
for every 1 unit of equity invested in business operations, it will generate 0.0661
units of profit after tax. In 2022, the ROE was 0.0879 times, indicating that on
average, for every 1 unit of equity invested in business operations, it would
generate 0.0879 units of after-tax profit.
 Compared to 2022, this coefficient has decreased by 0.0218 times. The
company's ability to utilize its equity is currently low.
In addition to the three commonly used indicators ROA, ROS, and ROE for
assessing a company's financial performance, other indicators are also used, such
as: current liquidity ratio, total asset turnover, inventory turnover, and average
collection period. Specifically:
 Current payment ability:
It is an indicator that measures the overall ability of a business to pay its debts.
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 Current liquidity = Total asset value / Total liabilities
Current liquidity ratio 2022 = 170.336 : 74.223 = 2.2949
Current payment ability 2023 = 187.783 : 84.946 = 2.2106
 The current ratio in 2023 is 2.2106, indicating that for every 1 unit of short-term
debt, the company has 2.2106 units of short-term assets to cover it. In 2022, the
current ratio was 2.2949 times, indicating that for every 1 unit of short-term debt,
the company had 2.2949 units of short-term assets to cover it.
 Compared to 2022, this ratio has decreased by 0.0843 times.
 This index, being higher than 1 and lower than 3, indicates that the business has
good debt repayment ability and stable finances. However, further examination of
other factors is necessary to make a more accurate assessment of capital
utilization efficiency.
 Total Asset Turnover:
It is an indicator that shows how much revenue is generated for each unit of
investment in total assets, reflecting the ability to generate revenue from investing
in the company's total assets.
Total asset turnover = Net revenue / Average total assets
Asset turnover 2022 = 141.409 : 170.336 = 0.8302
Asset turnover 2023 = 118.953 : 187.783 = 0.6334
 The asset turnover ratio for 2023 is 0.6334 times, reflecting that the business
generates 0.6334 dollars in revenue for every 1 dollar of assets during a business
period. In 2022, the asset turnover ratio was 0.8302 times, indicating that the
business generated 0.8302 dollars in revenue for every 1 dollar of assets during a
business period.
 Compared to 2022, this ratio has decreased by 0.1967 times. The company's
efficiency in utilizing assets to generate revenue is not yet very high. Businesses
may need to adjust their strategies to improve asset utilization and increase
revenue growth.
 Inventory turnover:
It is an indicator that shows how many times inventory turns over in a period,
reflecting the effectiveness of inventory management activities.
Inventory turnover = Cost of goods sold / Average inventory
Inventory turnover 2022 = 110.003 : 34.491 = 3.1893
Inventory turnover 2023 = 115,195 : 34,504 = 3.3386
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 The inventory turnover for 2023 is 3.3386, reflecting that the business has
consumed and replaced its inventory approximately 3.3386 times within a period.
In 2022, the inventory turnover ratio was 3.1893, indicating that the business
consumed and replaced its inventory approximately 3.1893 times during a period.
 Compared to 2022, this coefficient has increased by 0.1493 times. The business
is managing its inventory effectively, quickly selling goods, and responding well
to market demand. This could be a positive sign for the financial and business
activities of the enterprise.
 Average Collection Period:
It is an indicator that reflects the time taken to collect receivables from
customers who owe the business, demonstrating the effectiveness of managing
accounts receivable.
Average collection period = (Average accounts receivable x analysis period) /
Net revenue
Accounts receivable average for 2022 has not been disclosed.
Accounts receivable average for 2023 has not been disclosed.
4. Summary table:

Overall, the company has a larger asset base and equity size compared to the
fiscal year 2022. However, looking at the analysis table, indicators such as
profitability ratios (ROA, ROS, ROE), current liquidity, and total asset turnover
have significantly decreased compared to 2022.
From that, we see that the company is conducting its business operations
ineffectively, particularly wasting its equity and assets in 2023. This affects the
business capability and reputation of the enterprise in the market for leasing,
buying, and selling steel products and financial investment, posing an obstacle to
the expansion of financial relationships.
With the current business situation, the company continues to maintain its
financial autonomy, establishing a reserve fund for debt repayment, among other
things. In addition, the business needs to consider restructuring its organization
and enhancing cost management efforts to improve profitability.

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