financial report analysis: becamex trade and development join stock company

BECAMEX TRADE AND DEVELOPMENT JOIN

STOCK COMPANY

2016

FINANCIAL REPORT ANALYSIS

Table of ContentsI. Company overview......................................................................................................................1

II. Financial Highlights....................................................................................................................2

III. Trend Analysis...........................................................................................................................3

IV. Capital Structure Ratio..............................................................................................................4

V. Liquidity ratio.............................................................................................................................7

A. Current ratio:...........................................................................................................................7

B. Quick Asset ratio:...................................................................................................................8

VI. Market performance ratio..........................................................................................................8

A. CFPS.......................................................................................................................................8

B. EPS..........................................................................................................................................9

C. P/E.........................................................................................................................................10

VII. Profitability............................................................................................................................10

A. Return On Asset (ROA)........................................................................................................10

B. Return On Equity (ROE)......................................................................................................11

C. Gross Profit Margin..............................................................................................................12

D. Operating Profit Margin.......................................................................................................12

VIII. Efficiency Ratio....................................................................................................................14

IX. Recommendation.....................................................................................................................16

X. Reference..................................................................................................................................18

XI. Appendix.................................................................................................................................19

A. Financial Formula.................................................................................................................19

B Financials Report of TDC 2013-2015....................................................................................20

I. BALANCE SHEET............................................................................................................20

II. INCOME STATEMENT..................................................................................................22

III. CASH FLOW STATEMENT.........................................................................................23

Table of Figure

Figure 1 Trend of Cash, Inventories, Trade Receivable and Trade Payables.................................3

Figure 2 Trend in Net sales, COGS and Gross Profits....................................................................3

Figure 3 Trend in Net Profit............................................................................................................4

Figure 4 Debt Ratio.........................................................................................................................5

Figure 5 Interest Coverage Ratio.....................................................................................................6

Figure 6 Debt Coverage Ratio.........................................................................................................6

Figure 7 Trend in Current Assets, Current Liabilities and Inventories...........................................7

Figure 8 Current Ratio.....................................................................................................................7

Figure 9 Quick Asset Ratio.............................................................................................................8

Figure 10 CFPS...............................................................................................................................8

Figure 11 EPS..................................................................................................................................9

Figure 12 PER...............................................................................................................................10

Figure 13 ROA of TDC and HoaBinh...........................................................................................11

Figure 14 ROE of TDC and HoaBinh...........................................................................................11

Figure 15 Gross Profit Margin of TDC and HoaBinh..................................................................12

Figure 16 Operating Profit Margin of TDC and HoaBinh............................................................13

Figure 17 ROA and ROE of TDC.................................................................................................13

Figure 18 Operating Profit Margin and Gross Profit Margin of TDC...........................................14

Figure 19 Day Inventories of TDC and HoaBinh..........................................................................15

Figure 20 Asset Turnover Ratio....................................................................................................15

Figure 21 Day debtors...................................................................................................................16

I. Company overview

Binh Duong Trade and Development Joint Stock Company (TDC) is a Vietnam-based

company worked in the construction materials industry. TDC was establish on April 1, 2002,

equitized from commercial business division of the Investment and Industrial Development

Corporation (Becamex). TDC is growing steadily in the industry thanks to their experience along

with the ability to manage and talent business leaders which lead the company have strong

development in all the areas of their business.

TDC constantly developing other business areas such as production and trading of

building materials, trades cement, steel, iron, broken stones and water pipes. TDC manufactures

and sales concrete products and ready-mix concrete, metal frames and tiles.

The Company is also work in constructing residential building for lease and for sale. In

addition, TDC involve in providing real estate brokerage services.

May 04, 2010 is the first official trading date of Binh Duong Trade and Development

Joint Stock Company shares (stock code: TDC).

Business Line:

Products and services of the company are mainly construction materials and interior

decoration, construction and business infrastructure, residential and industrial areas. Business in

which building materials are the main activities of the company since its foundation. Field

construction and commercial real estate sector is strategic and is the foundation for the

development of the company in coming years. Revenue from this activity accounted for more

than 50% of total net revenue of the entire company.

The company motto: "Always improve the quality of human resources, the quality of

products - services to satisfy the needs of customers in the best way"

Binh Duong Trade and Development Joint Stock Company 1

II. Financial Highlights

(In Billions VND)

2013 2014 2015

Cash 44.75 25.39 18.07

Inventories 2609.57 4193.04 3699.64

Trade Receivables 897.69 637.69 1119.29

Trade Payable 1384.31 2640.24 1339.41

Net cash from operating activities 165.46 -563.74 -1108.36

Net cash used in investing activities -32.72 -71.62 12.06

Net cash from financing activities -125.93 615.99 1088.99

Net increase in cash during the year 6.82 -19.36 -7.32

Total Asset 4243.49 6090.04 7211.28

Current Asset 3587.74 5069.23 5142.71

Total Liabilities 3037.60 4920.88 6039.47

Current Liabilities 2972.68 4423.12 3554.10

Owners' Equity 1205.88 1169.16 1171.82


III. Trend Analysis

Figure 1 Trend of Cash, Inventories, Trade Receivable and Trade Payables

2013 2014 20150.00

500.00

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

44.75 25.39 18.07

2609.57

4193.04

3699.64

897.69637.69

1119.291384.31

2640.24

1339.41

Cash Inventories Trade Receivables Trade Payable

(In Billions VND)

According to TDC financial report, the inventories increased 41.77% and the trade

receivables was slightly increased about 24.69% compare with 2013. Trade payable also

decreased 3.24% compare with 2013. The reason for this development is because of the recovery

of the restate market, the real estate market is becoming more and more positive for estate

company after a long time of frozen.

Figure 2 Trend in Net sales, COGS and Gross Profits

2013 2014 20150.00

200.00

400.00

600.00

800.00

1000.00

1200.00

1400.00

1600.00

1800.00

1498.541630.34

1357.00

1179.80

1329.02

979.60

318.74 301.31377.41

Net Sales COGS Gross Profit

(In Billions VND)


The net sales of TDC is increased 8.8% from 2013 to 2014. However, from 2014 to 2015

the net sale decreased 16.8% compare with 2014 (9.45% compare with 2013). The cost of goods

sold in 2015 decreased 16.97% compare with 2013. Because the decrease of cost of goods sold is

bigger than the decrease of net sales, the total gross profit of the company is increased

approximately 18.4% from 2013 to 2015.

Figure 3 Trend in Net Profit

2013 2014 20150.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

139.73

112.16 109.94

(In Billions VND)

As show on the diagram, from 2013 to 2015, there was a decrease in total net profit of

TDC at approximately 21.3%. Even though there have been many positive changes in the real

estate market lately, the frozen state of the real estate industry in the past still effect greatly to the

company revenue. Moreover, Vietnam economic was facing difficulties such as the bank

restricted in loaning, high inflation and the stock market was decline in point; these reasons had

caused companies have a hard time for raising the capital. As the result, some investor became

insolvency, being forced to terminate the contract and returning the house to real estate company

which resulted in reduce revenues of the real estate company.

In addition, interest expense increased due to higher inventory levels, high amount of

liability (87.75% total Asset) and in order to solve inventory securities, companies strengthened

the sales workforce which made selling expenses increased over the recent year.

IV. Capital Structure Ratio

A. Becamex TDC Capital Structure Ratio

Capital Structure

Ratio Formular2015 2014 2013

Debt ratio

Total debt/ Total

assets0.838 0.808 0.716


Interest coverage ratio EBIT/Interest expense 2.117 3.806 6.713

Debt coverage ratio

Non-current liablities/

Net cash flow from

operating activities

-2.242 -0.883 0.392

B. HoaBinh Capital Structure Ratio

Capital Structure

RatioFormular 2015 2014 2013

Debt ratioTotal debt/

Total assets0.850 0.830 0.800

Interest coverage ratioEBIT/

Interest expense1,90 1,87 1,37

Figure 4 Debt Ratio

2013 2014 20150.6

0.65

0.7

0.75

0.8

0.85

0.9

0.716

0.8080.8380.8

0.830.85

Becamex TDC Hoa Binh

For Becamex TDC, the debt ratio increased over the 3 year (2013-2015) from 0.716 to

0.838 which means that they borrowed more debt to finance its activities. The ratio of 0.838 is

still considered an acceptable ratio for real estate company. However, if they continue to increase

the ratio, the creditor will no longer loan them money. They will need another expensive way to

finance such as equity financing.


Figure 5 Interest Coverage Ratio

2013 2014 20150

1

2

3

4

5

6

7

8

6.713

3.806

2.117

1.371.87 1.9


For Becamex TDC, the interest coverage ratio decrease significantly from 6.7 to 2.1. Its

still a good ratio as they had no problem paying the interest for the loan. This ratio shows the

level of comfort of the group when meeting interest commitments from earning. It obviously

exceeds 1 so long as the EBIT is much greater than net finance costs (interest expenses), which

represents a substantial safety margin for the group. In addition, they also keep going up thanks

to both the decrease of interest expense and the sustainable rise of EBIT

Figure 6 Debt Coverage Ratio

2013 2014 2015

-2.5

-2

-1.5

-1

-0.5

0-0.242

-0.883

-2.242

Debt Coverage Ratio

Debt coverage ratio shows cash generating capacity of Becamex to long-term debts and

their ability to survive in the long term and remain solvent. This ratio indicates how long it will

take to repay the existing long-term debt commitments at the current operating level. A negative

debt coverage ratio implies a net operating loss and an inability to service debt. Also known as

the debt service coverage ratio is a measure of how well a business or an income property can

pay the interest on its debt. Failing to meet interest payments can result in bankruptcy. For 2014

and 2015 Becamex TDC had negative ratio which means they could not afford to pay for its long Binh Duong Trade and Development Joint Stock Company 6

term debt. This is a critical problem for a company which cannot pay for its long-term debt and

later on they may go bankruptcy.

V. Liquidity ratio

Figure 7 Trend in Current Assets, Current Liabilities and Inventories

2013 2014 2015 -

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

Current Assets Current Liabilities Inventories

(In Billions VND)

A. Current ratio:

Figure 8 Current Ratio

2013 2014 20150.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.211.15

1.45

Current Ratio

Though from 2013 to 2014, there was a dramatically increases in short term assets, the

steady rise in current obligations still caused the company risky to be unable to pay the current

loan in one year. Simply, TDC had only 1,150 VND of current asset in 2014 for 1,000 dong of

current liabilities while in 2013, it had had up to 1,210 dong of such assets. This trend normally

made the suppliers and the banks become worried about financial situation of this company at

that moment. Fortunately, in 2015, due to the marginal drop of current liabilities from 4.42

trillion dong to 3.55 trillion dong, at this moment, TDC absolutely proved a fact that the current

loans would be paid off to suppliers and the banks for it had 1,450 dong of short-term assets to

clear 1,000 dong of current loans.


B. Quick Asset ratio:

Figure 9 Quick Asset Ratio

2013 2014 20150.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.33

0.20

0.41

Quick Asset Ratio

This ratio is quite important for deducting the part of inventories out of current assets.

Here, the ratios fluctuated from 2013 to 2015. The reason of this fluctuation is because of larger

amount of stocks in warehouse in 2014 and lower amount in 2015. Clearly, TDC bought up to

4.42 trillion dong in 2014 and these inventories in 2015 was left only approximately 3.70 trillion

dong. This improvement was the good news for TDC directors, investors and suppliers. As the

main business of the firm is construction (See IV. Inventories) and a fall in construction in

progress from 2014 to 2015 indicated two things which are increase in sale predictively and

operating profit realistically.

VI. Market performance ratio

A. CFPS

Name Formula 2013 2014 2015 Unit

CFPS ( Operating Cash Flow – Preferred

Dividends) / Common Shares

Outstanding

1655 -5637 -11084 VND/share

Figure 10 CFPS

2013 2014 2015

-12000

-10000

-8000

-6000

-4000

-2000

0

2000

4000

1655

-5637

-11084

Becamex TDC


(VND/share)

Cash Flow Per Share of Becamex TDC decreased significantly in period 2013 to 2015.

Starting with 1,655 VND/share in 2013, CFPS went to negative because decreasing of Operating

Cash Flow. The Becamex TDC had no Preferred Dividends so the negative was not much

serious than if it had. However, the dropping down trend was critical with -5,637 VND/share in

2014 and then dropped twice to -11,084 VND/share. The bad performance in Operating Cash

Flow came much from increasing of Inventories but decreasing of Sales and Receivables. In

addition, this was a huge loss in investment activities.

B. EPS


EPS (Becamex

TDC)

(Profit available to

shareholders) /

(Weighted number of

shares on issue)

1397 1122 1099 VND/share

EPS

(HoaBinh)599 1345 1105 VND/share

Figure 11 EPS

2013 2014 20150

200

400

600

800

1000

1200

1400

1600

1397

1122 1099

599

1345

1105

Becamex TDC Hoa Binh Group

(VND/share)

Earnings per share (EPS) ratio was decreased from 1,397 (VND/share) in 2013 to 1,122

in 2014. Then it dropped slightly to 1,099 VND/share in 2015. Compare with HoaBinh Group,

tendency of Becamex always went down but HoaBinh was fluctuated. HoaBinh’s tendency

recovered in period 2013-2014 (from 599 to 1,345 VND/share) and fell down quietly from 2014

to 2015 (1,345 to 1,105 VND/share). The changing in EPS of Becamex TDC caused by the trend

of its net profit. As mentioned before, sales of Becamex decreased from 2013 to 2015 that

explained why the EPS down.

C. P/E



PER

(Becamex)

Current market price /

Earnings per share

5.22 8.56 6.37 (x) times

PER

(HoaBinh)

24.37 11 17.19 (x) times

Figure 12 PER

2013 2014 20150.00

5.00

10.00

15.00

20.00

25.00

30.00

5.22

8.566.37

24.37

11

17.19

Becamex TDC Hoa Binh Group

Beside EPS, PER is the second important ratio when reputing company share. Causing by

increasing share price and decreasing EPS from 2013 to 2014, PER rose form 5.22 in 2013 to

8.56 in 2014. Then Becamex’s stock price in 2015 went back to equal with year 2013. However,

PER in 2015 still was higher than in 2013 because of the EPS in 2015 lower 21.3% than 2013.

Comparing to HoaBinh, the PE changed quickly and always higher. It fell from 24.37 to 11 and

then grew back to 17.19. The reason is very clear because HoaBinh has not only the larger

assests but also high potential construction project in Ho Chi Minh City when Becamex just has

projects in other provinces and weaknesses in financial report.

VII. Profitability.

A. Return On Asset (ROA)

2013 2014 2015

Becamex TDC 3.8% 2.9% 3.8%

HoaBinh 2.46% 2.25% 2.51%


Figure 13 ROA of TDC and HoaBinh

2013 2014 20150.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

Becamex TDCHòa Bình Company

According to Becamex TDC Income Statement, ERIT decreased slightly from 197.8

billion VND in 2013 to 192.4 billion VND in 2014. After that, ERIT went up significantly and

reach to 275.9 billion VND in 2015. However, average asset also rose very fast in that period.

Therefore, the ROA was not change from 2013 to 2015 and even decreased 0.9% from 2013 to

2014. This reflects that Becamex TDC are ineffective in generating profits from its assets.

Although, BRIT has increased strongly during this period. However, ROA of Becamex TDC still

higher than HoaBinh's ROA over that years.

B. Return On Equity (ROE)

2013 2014 2015

Becamex TDC 11.8% 9.5% 9.4%

HoaBinh 3.07% 7.29% 8.06%

Figure 14 ROE of TDC and HoaBinh

2013 2014 20150.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Becamex TDC

Hòa Bình Company

ROE decreased 2.4% from 2013 to 2015. This is not good, because ROE indicates the

profitability of owner's equity and also show the profit that shareholders could receive from their


investment. The lower percentage of ROE show the inefficient management of company. The

reason is that year by year, the net profit reduced moderately. In addition, average equity also

declined slightly in that period.

In comparison, HoaBinh's ROE went up every year from 2013 to 2015. This means that

the profit earned for each investing dollar by owner in HoaBinh is greater. However, HoaBinh's

ROE is lower than TDC's ROE in that period.

C. Gross Profit Margin

2013 2014 2015

Becamex TDC 21.2% 18.4% 27.8%

HoaBinh 9.11% 11.66% 5.82%

Figure 15 Gross Profit Margin of TDC and HoaBinh

2013 2014 20150.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

21.20%

18.40%

27.80%

9.11%

11.66%

5.82%


According to Becamex TDC Income Statement from 2013 to 2015, Gross Profit margin

decreased from 21.2% in 2013 to 18.4% in 2014. After that, it rocketed to 27.8% in 2015. The

reason is the sale of company (money in) went up and the cost of goods sold (money out) drop in

this period. This increase was good for company and also indicates that Becamex TDC in 2015

has more efficient in the manufacturing and distribution processes compare to 2 previous years.

In comparison, HoaBinh's Gross Profit Margin reached a peak at 11.66% in 2014. After

that, Gross Profit Margin reduced dramatically about 5.84% from 2014 to 2015. Therefore,

HoaBinh's Gross Profit Margin is very low compare to Becamex TDC's Gross Profit Margin.

D. Operating Profit Margin

2013 2014 2015

Becamex TDC 13.2% 11.8% 20.3%

HoaBinh 1.6% 2.5% 2.2%


Figure 16 Operating Profit Margin of TDC and HoaBinh

2013 2014 20150.00%

5.00%

10.00%

15.00%

20.00%

25.00%

13.20%11.80%

20.30%

1.60%2.50% 2.20%


Operating profit margin reduced about 1.4% from 2013 to 2012. However, it recovered

and reached the highest point with 20.3% in 2015. This percentage is extremely high compared

to HoaBinh's Operating Profit Margin over that period. The reason for the increase is that ERIT

rose significantly from 2014 to 2015 and Cost of Goods Sold also drop markedly in that time.

E. Conclusion About Profitability:

Figure 17 ROA and ROE of TDC

20132014

2015

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

ROE

ROA

ROEROA

In this case, ROE always higher than ROA. Moreover, the percentage had no change of

ROA and decreased ROE from 2013 to 2015. This show that the company used its asset and

owner's investment ineffectively in this time. However, it still higher than ROE and ROA of

HoaBinh company.


Figure 18 Operating Profit Margin and Gross Profit Margin of TDC

20132014

2015

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

Gross Profit MarginOperating Profit Margin

In term of profit margin, Both Gross Profit margin and Operating profit margin of

Becamex TDC increased steadily from 2013 to 2015 and are much higher than HoaBinh

Company. This is good for Becamex TDC because the company year by year more efficient in

the manufacturing and distribution processes.

VIII. Efficiency Ratio

Table: Becamex TDC Efficiency ratio

Efficiency Ratio

Formula

Weighted Average

Method

2015 2014 2013

Asset turnover ratioSales Revenue/

Average Total Assets 0.21 0.36 0.49

Day inventoriesAverage Inventory/

Cost of sales 1,470.42 934.13 662.11

Day debtors

Average Trade

Debtor/

Sales Revenues

227.40 151.98 218.05


Figure 19 Day Inventories of TDC and HoaBinh

2013 2014 20150

200

400

600

800

1000

1200

1400

1600

662.11

934.13

1470.42

248 269

722


The days’ sales in inventory calculation, also called days’ inventory outstanding or

simply days in inventory, measures the number of days it will take a company to sell all of its

inventory. In other words, the days’ sales in inventory ratio shows how many days a company's

current stock of inventory will last. This is an important to creditors and investors for three main

reasons. It measures value, liquidity, and cash flows. For Becamex TDC, in 2013, it took

Became almost 662 days to sell all of its inventory. It increases to 1470 days in 2015. The reason

behind this is because of the fact that there are many big competitors in the market who own a lot

of good real estate.

Figure 20 Asset Turnover Ratio

2013 2014 20150

0.1

0.2

0.3

0.4

0.5

0.6

0.49

0.36

0.21

Asset Turnover Ratio

The asset turnover ratio is an efficiency ratio that measures a company's ability to

generate sales from its assets by comparing net sales with average total assets. In other words,

this ratio shows how efficiently a company can use its assets to generate sales. Therefore, a

higher ratio is always more favourable. Higher turnover ratios mean the company is using its

assets more efficiently. Lower ratios mean that the company isn't using its assets efficiently and

most likely have management or production problems. Like with most ratios, the asset turnover

ratio is based on industry standards. Some industries use assets more efficiently than others. To

get a true sense of how well a company's assets are being used, it must be compared to other


companies in its industry. In this case, for every 1,000VND of asset, Becamex TDC make

550VND. From 2013 to 2015, Becamex has failed to managed to increase the ratio but fell from

0.49 to 0.21 which mean that the company has ineffectively generated the asset well.

Figure 21 Day debtors

2013 2014 20150

50

100

150

200

250

218.05

151.98

227.4

Day debtors

The day debtor is the period of time for a company to take all the money from its account

receivable. The shorter the period of time, the more favourable that investor would like to see.

From 2011 to 2013, Becamex TDC has managed to shorten day debtor ratio in 2014 from 218

days to 158 days, which mean the period of time that entity get their money from account

receivable is shorter. Hence, it is a good sign for investors. However, the ratio increases to

227days in 2015, which mean they have problem getting money from their creditors.

IX. Recommendation

The core business of TDC had Becamex changing from trading raw material to

constructing buildings since 2013 (Financial report: Inventories).

Then, obviously, even though the quick asset ratio in 2015 (only 0.41 times) could not be

comparable with such ratio in 2011 (1.00 time), the TDC's liquidity in this year was still

acceptable. As when compared with the ratios in 2012 and 2013, it was still higher and hopefully

increases in the next years.

The current loans went down and the current asset went up in 2015, as mentioned above.

It showed a happily financial situation of TDC and its stakeholders. However, deeply in balance

sheet, a nearly double number of current receivables (in 2014, it was 657 billion dong while in

2015, the receivables were 1.14 trillion dong). This matter was really serious for the cash

collectively and cash in hand of TDC. As a consequence, cash flow ratio would decrease

annually.


Recommendation 1: For the main core business company is construction, the suggestion

for reducing receivables turnover is not available as paying off the whole sum of a buildings

normally takes ears and is agreed by TDC and the clients. Thus, incentive or discount for early

payment from customers is firstly and suitably commented. Next, using the methods like

collection calls and reminder letters for instance is good to connect the late payment customers.

Finally, TDC should invest in the short term projects instead of large but long term projects.

These will help the number of receivables reduce and cash increase shortly.

In additions, in 2015, work in progress of Becamex TDC account for more than 85% of

the total inventory of the company (Balance statement). Because currently Becamex TDC have

been investing in VSIP Hai Phong which have caused the work in progress of TDC increased

significantly and reached such a big number (nearly haft the total asset of the company).

Therefore, in the future company should consider invest in faster turnover or short-term project

to reduce the inventory (work in progress) so that the company may have a better quick asset

ratio and more positive financial condition.

Recommendation 2: As the second core business of TDC is building material trading,

TDC can improve their liquidity through this segment enhancement, too. In fact, more than 60 to

70 % of the sale of such materials are sold to the consolidated companies of TDC, mostly to

Becamex and its brand firm. So, currently, TDC sale department should connect to other

construction groups and expand the sale to other regions of Vietnam.


X. Reference

Birt, J & Chalmers, K & Byrne, S & Brooks, A & Oliver, J 2012, 'Accounting Business

Reporting For Decision Making', '1010 Printing International LTD', 4th Edition, p 342-

344.

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http://www.colliers.com/~/media/files/apac/vietnam/pdf/vietnam%20research%20%20forecast%20report%202q2012%20eng.pdf

https://www.mbs.com.vn/uploads/files/TTNC/EquityResearch/baocaonganh/Bat-Dong-San_Bao-cao-Phan-tich_06_2015.pdf

https://www.mbs.com.vn/uploads/files/TTNC/EquityResearch/baocaonganh/Bat-Dong-San_Bao-cao-Phan-tich_06_2015.pdf





http://www.becamextdc.com.vn/images_upload/codong/Cng_vn_gii_trnh_Qu_3_nm_2013.pdf

http://www.becamextdc.com.vn/images_upload/codong/GIAI_TRINH_KQKD_QUY_32015_signed.pdf

http://www.becamextdc.com.vn/images_upload/codong/GIAI_TRINH_KQKD_QUY_32015_signed.pdf

http://www.becamextdc.com.vn/images_upload/codong/BCTC_TONG_HOP_2.pdf

http://www.becamextdc.com.vn/images_upload/codong/BCTC_tong_hop_nam_2015_TDC_1.pdf

http://www.becamextdc.com.vn/images_upload/codong/BCTC_tong_hop_nam_2015_TDC_1.pdf

http://www.becamextdc.com.vn/images_upload/codong/BCTC_KIEM_TOAN_2014.pdf

XI. Appendix

A. Financial Formula

1. Market Performance

Earnings Per Share = Net profitNumber of outstanding shares

Price to earnings ratio = Current market priceEarnings per share

2. Profitability Ratio

Gross profit margin = Gross profitRevenue x 100

Operating Profit Margin = BRIT (Earnings Before Interest∧Tax)Revenue x 100

ROE = Net profitAverage Equity x 100

ROA = ¿¿ x 100

3. Efficiency Ratio

Account Receivable Turnover Ratio = Net credit salesAverage Account receivable

Days Debtors = Average trade debtorsSale revenue x 100

Inventory turnover = Average inventoryCOGS x 365

Asset Turnover = Sale∨RevenueTotal Assets

4. Liquidity Ratio

Current ratio = Current AssetsCurrent Liabilities

Quick ratio = Current Assets−InventoryCurrent Liabilities

Cash Flow Ratio = Net cash flow ¿operating activities ¿Current Liabilities

5. Capital Structure Ratio

Debt to equity ratio = Total liabilitiesTotalequity x 100

Debt Ratio= Total LiabilitiesTotal Asset x 100

Equity Ratio = Total EquityTotal Asset x 100


B Financials Report of TDC 2013-2015

I. BALANCE SHEET

ASSETS CODE 2015 2014 2013A. CURRENT ASSETS 100 5,142,714,568,208 5,069,227,145,646 3,587,740,165,489 I. Cash 110 18,070,881,623 25,388,123,276 44,752,000,112 1. Cash 111 15,570,881,623 24,888,123,276 28,252,000,112 2. Cash equivalents 112 2,500,000,000 500,000,000 16,500,000,000 II. Short-term investments 120 3,903,381,000 2,732,366,700 4,708,925,100 1. Short-term investments 121 4,893,028,550 4,893,028,550 8,095,770,935 2. Provision short-term investment 129 (989,647,550) (2,160,661,850) (3,386,845,835)III. Current accounts receivable 130 1,144,922,730,228 657,576,730,324 923,131,343,706 1. Trade receivables 131 1,119,293,032,060 637,687,798,744 897,685,791,263 2. Advances to suppliers 132 13,734,579,406 14,752,299,832 15,333,087,215 3. Other receivables 135 22,048,051,634 12,102,334,999 14,736,539,865 4. Provision for doubtful debts 139 (10,152,932,872) (6,965,703,252) (4,624,074,637)IV. Inventories 140 3,699,641,577,005 4,193,041,004,048 2,609,569,484,007 1. Inventories 141 3,699,641,577,005 4,193,041,004,048 2,609,605,433,755 2. Provision for obsolete inventories 149 - - (35,949,748)V. Other current assets 150 276,175,998,352 190,488,921,298 5,578,412,564 1. Short-term prepaid expenses 151 1,011,657,792 5,122,003,322 1,527,176,302 2. Value-added tax deductibles 152 274,783,766,291 174,833,428,254 - 3. Tax and other receivables 154 380,574,269 617,919,034 412,771,690 4. Other current assets 158 - 9,915,570,688 3,638,464,572 B. NON-CURRENT ASSETS 200 2,068,570,255,435 1,020,812,437,487 655,745,017,043 I. Long-term receivables 210 153,733,867,042 689,398,717,164 370,574,325,989 1. Receivables from customers 211 147,527,917,161 689,398,717,164 370,574,325,989 2. Others receivables 216 6,205,949,881 - - II. Fixed assets 220 116,951,881,623 150,539,693,855 112,599,875,579 1. Tangible fixed assets 221 109,486,548,320 132,631,484,609 87,564,356,242


Cost 222 205,872,364,127 206,985,682,350 145,922,411,565 Accumulated depreciation 223 (36,385,815,807) (74,354,197,741) (58,358,055,323)2. Finance lease 224 - - - Cost 225 - - - Accumulated depreciation 226 - - - 3. Intangible fixed assets 227 7,465,333,303 7,657,373,299 7,850,431,121 Cost 228 8,992,320,743 8,992,320,743 8,992,320,743 Accumulated amortisation 229 (1,526,987,440) (1,334,947,444) (1,141,889,531)4. Construction in progress 230 1,623,500,442,979 10,250,835,947 17,185,088,125 III. Investment in real estate 240 - 1,374,519,985 1,559,848,525 Cost 241 - 2,409,271,000 2,409,271,000 Accumulated amortisation 242 - (1,034,751,015) (849,422,475)IV. Long-term investments 250 170,124,149,601 169,839,913,966 167,524,789,630 1. Investment in equity of subsidiaries 251 126,039,350,000 114,370,000,000 114,370,000,000 2. Investments in associates 252 16,635,910,000 16,635,910,000 16,635,910,000 3. Other long-term investments 258 53,460,000,000 53,460,000,000 36,760,000,000 4. Provision for long term investment devaluation 259 (26,011,110,399) (14,625,996,034) (241,120,370)III. Other long-term assets 260 4,259,914,190 9,659,592,517 3,486,177,320 1. Long-term prepaid expenses 261 4,172,517,169 8,665,336,977 1,708,829,704 2. Deferred tax assets 262 87,397,021 176,960,700 912,150,791 3. Other long-term assets 268 - 817,294,840 865,196,825 TOTAL ASSETS 270 7,211,284,823,643 6,090,039,583,132 4,243,485,182,532

2015 2014 2013IV. Inventories 140 3,699,641,577,005 4,193,041,004,048 2,609,605,433,755 Raw material 10,304,474,760 6,945,414,991 5,351,841,796 Production Tool 1,229,968,793 987,236,838 913,704,333 Construction in progress 3,179,108,111,395 3,691,729,277,074 2,049,887,785,223 Building materials 1,155,485,408 2,288,030,500 3,344,676,366 Product 507,843,536,649 491,091,044,645 550,107,426,037

(VND)


II. INCOME STATEMENT

ITEM CODE 2015 2014 20131. Revenues from sale of goods and rendering of services 01 1,410,057,456,866 1,843,665,994,990 1,884,050,949,842

2. Deductions 02 53,057,204,937 213,327,483,151 385,509,727,313 3. Net revenues from sale of goods and rendering of services 10

1,357,000,251,929 1,630,338,511,839 1,498,541,222,529

4. Costs of goods sold and services rendered 11 979,595,191,263 1,329,023,717,733 1,179,797,420,361

5. Gross profit from sale of goods and rendering of services 20

377,405,060,666 301,314,794,106 318,743,802,168

6. Selling expenses 24 70,161,073,900 75,569,016,845 81,965,630,488 7. General and administration expenses 25 31,304,465,435 33,308,106,488 38,941,021,771 8. Operating profit 30 275,939,521,331 192,437,670,773 197,837,149,909 9. Income from financial activities 21 14,098,238,478 10,116,811,489 7,372,473,561 10. Expenses from financial activities 22 144,156,546,339 65,712,143,070 41,197,295,368 In which: Interest expenses 23 132,104,251,818 51,737,253,832 32,601,032,868 11. Other income 31 7,215,719,160 24,729,157,758 25,067,316,650 12. Other expenses 32 5,462,677,955 15,639,349,458 3,342,293,966 13. Other profit 40 1,753,041,205 9,089,808,300 21,725,022,684 14. Profit before tax 50 147,634,254,675 145,932,147,492 185,737,350,786

15. Current corporate income tax expense 51 37,602,954,038 33,032,625,988 46,504,355,085

16. Deferred corporate income tax expense 52 89,563,679 735,190,091 (499,712,847)

17. Net profit for the year 60 109,941,736,958 112,164,331,414 139,732,708,548 18. Basic earnings per share (VND) 70 - - -

(VND)


III. CASH FLOW STATEMENT

ITEM CODE 2015 2014 2013I. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments for: 01 147,634,254,675 145,932,147,492 185,767,350,786 Depreciation and amortisation 02 23,412,153,448 19,836,654,590 15,644,154,476 Provisions 03 12,279,489,461 15,464,370,546 (598,449,242)Unrealised foreign exchange gains 04 - 53,620,441 (1,002,233,289)Profits from investing activities 05 (14,990,846,515) (4,336,758,479) (7,323,423,023)Interest expense 06 132,104,251,818 51,737,253,832 32,601,032,868 Operating income before changes in working capital

08 300,440,302,887 228,687,288,422 225,058,432,576

Increase in receivables 09 (39,993,895,755) (232,947,328,764) 107,300,309,716 Decrease (increase) in inventories 10 (1,122,041,866,689) (1,583,435,570,293)` (927,724,051,942)Increase in payables 11 (99,140,525,015) 1,133,636,902,700 912,066,486,841

(Increase) decrease in prepaid expenses12 4,598,316,852 (10,351,334,293) (480,906,305)

Interest paid 13 (117,219,946,878) (44,874,529,865) (99,519,318,890)Corporate income tax paid 14 (27,723,551,858) (46,110,373,517) (36,744,802,657)Other cash INflows from operating activities 15

20,000,000 2,533,561,000 28,281,393,600

Other cash outflows from operating activities16 (7,303,212,120) (10,878,547,280) (42,775,351,200)

Net cash from operating activities 20 (1,108,364,378,576) (563,739,931,890) 165,462,191,739 II. CASH FLOWS FROM INVESTING ACTIVITIES

Purchases and construction of fixed assets and long-term prepaid expenses

21 (4,619,792,027) (69,663,854,716) (33,488,169,455)


Proceeds from disposals of fixed assets and other long-term assets

22 10,117,060,998 8,490,099,131 3,525,409,063

Investments in other entities 25 (2,563,902,166) (17,000,000,000) (5,525,000,000)

Proceeds from sale of investments in other entities and other long-term assets

26 - 300,000,000 561,491,934

Interest and dividends received 27 9,123,169,566 6,255,813,253 2,208,317,455 Net cash used in investing activities 30 12,056,536,371 (71,617,942,332) (32,717,951,003)III. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from capital contribution and issuance of shares

31 - - -

Capital redemption 32 - - - Borrowings received 33 1,835,905,101,071 1,350,216,448,236 496,369,701,474 Borrowings repaid 34 (606,943,384,319) (594,285,679,050) (571,111,983,367)Dividends paid 36 (139,971,116,200) (139,936,771,800) (51,186,474,932)Net cash from financing activities 40 1,088,990,600,552 615,993,997,386 (125,928,756,825)Net increase in cash during the year 50 (7,317,241,653) (19,363,876,836) 6,815,483,911 Cash at beginning of year 60 25,388,123,276 44,752,000,112 37,936,516,201 Cash at end of year 70 18,070,881,623 25,388,123,276 44,752,000,112

(VND)
