EVE - Performance Analysis 1st half 2012 tài liệu, giáo án, bài giảng , luận văn, luận án, đồ án, bài tập lớn về tất cả...
Trang 1KEY FIGURES - 1ST HALF 2012
Unit: VND bil.
PROFIT & LOSS
ACCOUNT 1 st half Incr./decr
2012 2011
Cost of Goods Sold 195.8 202.5 -3.3%
BALANCE SHEET As of 30
th Jun 31 st Dec
2011
2012 2011
Non-current assets 252.9 151.1 215.8
Current liabilities 210.8 167.4 139.4
Long-term liabilities 17.5 16.2 17.5
Total Liabilities 228.3 183.5 156.9
Shareholder's Equity 638.0 615.0 690.5
KEY RATIOS 2012 As of 30 th Jun 2011
Profitability ratios
Return on Capital Employed 6.0% 11.5%
Liquidity ratios
Gearing ratio
*Note: Current liabilities was included the share dividend payable
amount that were not converted into Charter Capital as the Company
finalizing necessary procedures
BUSINESS REVIEW
Business Overview
Demand for the Company’s bedding products has been affected by the macroeconomic situation In addition, as bedding season starts in September, bedding revenue for first half of the year is usually lower than in the second half Besides, economic recession in Europe and United State has directly affected the main export market of the Padding business
Sales Performance
As a result, Everpia Vietnam JSC ended the first half of 2012 with VND 303.7 bil in revenue and VND 38.8 bil in Net Profit After Tax Revenue from the Bedding business was VND 177.5 bil., decreasing 9.2% year on year The Padding business revenues achieved VND 126.2 bil, decreasing 10.1% compared to the same period of last year
The Company has been promoting Online Business channel with the brand Lovelon Sales of products through this channel are promising
Distribution network
The distribution network of the Company has expanded to 607 shops as at 30th Jun 2012:
Type North South Total
S.Total 285 322 607
AG: Agent in Hanoi & Hochiminh city DB: Distributor in provinces
OPERATING RESULTS
Gross profit margin decreased but remained at high level of 35.2% Margin has been affected by the following:
FIRST HALF INTERIM REPORT
For the period from Jan 1st – Jun 30th, 2012
Trang 2promotion, etc.
(ii) Basic salary increased by 40% since Oct 2011 under the new Government’s salary policy
(iii) Raw material cost of goods sold was high However, EVE expects improvement in the 2H2012 as raw material price has been decreasing since the beginning of the year
(iv) The Company has to bear the continuously increase of electricity, gasoline, and water fee in the first half of 2012
Selling and General Administration expenses increased by 30.7% year-on-year mainly due to increase in basic salary and new recruitment to develop the new brands (Edelin and Lovelon) In addition, Everpia Vietnam has contributed about VND 4.2 bil for Corporate Social Responsibility activities in the first half of 2012
As a result, Net Profit After Tax stood at VND 38.8 bil., declining 46.8% year on year and representing a net margin of 12.8%
CHANGE IN SHAREHOLDER’S EQUITY
As of 30th June, 2012, the Company's equity reached VND 638 bil excluding VND 45.6 bil share dividend which is temporally recorded as account payable During the second semester of 2012, this amount will be accounted for as equity once the share dividend issuance formalities are completed
The Company paid cash dividend of 15% par value during the first semester 2012, for a total amount of VND
41 billion
During the period, the Company bought 330,400 treasury shares at average price of VND 24,213 per share with total amount of VND 8.0 bil
FINANCIAL STATUS Capital structure
Financial situation remains solid with cash and deposits of VND87 billion as compared to VND142 billion at end
of 2011.To finance working capital, Everpia Vietnam maintains borrowed VND60 bil short-term debt and has
no long term debt As at the end of Jun, the gearing stood at 28%
Liquidity ratios
Excluding the share dividend payable amount (VND 45.8 bil.) recorded as current liabilities according to Vietnam Accounting Standard, Current ratio and Quick ratio of EVE in the first half 2012 remained at relatively very level at 3.7 times and 1.6 times respectively despite slight decrease compared with 2011
Capital Expenditure
As at 30th June 2012, EVE has invested VND83.4 bil for the new factory and office in Hung Yen in and the remaining amount to be disbursed during the second semester of 2012 is VND 30.4 bil The new factory and office will be operational in November 2012
Operating cash flows
Despite a challenging business environment, the Company has successfully managed it inventory level, leading to a strong improvement in operating cash flow Net cash used in operating activities was reduced remarkably by 84.1% compared to last year
COMING EVENTS
Trang 3Business activities
Cambodia is a potential market for both Bedding and Padding business as the purchasing power is increasing and the Cambodian Government encourages Contract Manufacturer factories Thus, EVE sees the Cambodian market as a good growth driver and is setting up a subsidiary and a showroom in Phnom Penh
New Target Sales & Profit
Based on the currently tough economic situation and the performance in the first half in 2012, EVE has decided
to adjust its 2H2012 targets for sales and profit
Previous plan Revised plan Sales VND 900 bil VND 800 bil
Listing stock dividend
In the third quarter, after receiving the new License Investment, EVE will start procedures with Ho Chi Minh Stock Exchange and Vietnam Securities Depository for additional listing dividend stock The listing is expected from 1st October, 2012
Inauguration of the new factory and office in Hung Yen: expected in 4Q12