Phân tích báo cáo tài chính công ty cổ phần cảng đoạn xá

Phân tích báo cáo tài chính công ty Cổ phần cảng Đoạn Xá Nội Dung 1. Mục đích, phương pháp phân tích báo cáo tài chính 2. Phân tích báo cáo tài chính của công ty cổ phần Cảng Đoạn Xá 3. Kết Luận, đưa ra nhận xét và lời khuyên đầu tư

The corporate financial analysis

The concept and purpose of the corporate financial analysis

1 Concept

First, the analysis is understood as the division of phenomena, objects into parts or components, which recognize the shape, size and nature of the subjects they study and see the impact of relationship between them Simultaneous analysis

is to see the movement and development trend of the rules of phenomena

Financial activities is one of the basic content of business operations of the business to resolve relationships arising in the business process which are

expressed in monetary form

Analysis of the financial situation is consider the review of checking

process, collate and compare financial data on current and past Over there we can recognize and evaluate the potential, effectiveness as well as the risks and

prospects of the business in the future Financial analysis gives a correct and

comprehensive view about financial situation of business, helping the owners and managers make decisions correctly in overall economic management, including financial management

2 Purpose

Awareness and comprehensive assessment objectively and true about

financial situation and the financial management of the business, through that see

 These properties of results achieved in financial management

 These contradictions exist about the reason which effect negative and have impact to financial situation

 Accurate assessment, comprehensive about the financial situation in many ways: mobilizing capital distribution, use and manage the capital in production and business

 Assessing receivable and payable, debt solvency, capital preservationand growth of the capital of business

 Assessing the efficiency use of capital and general business

efficiency in particular parts

 Provide full, accurate and timely information necessary for business owners, investors and users of financial information of the business

 Provides information about the use of capital, the ability to exploit capital, solvency, efficiency business to help businesses overcome the existing shortcomings

 Provides information about the debt situation the ability to consume goods and profitability as well as the impact of changing business conditions of manufacturing helping businesses predict accurately their future

In summary the most important purpose of financial analysis is help decisionmakers choose the optimal business plan and have accurate assessment of the financial situation and potential of the business

I The significance of analyzing the financial position of enterprise

The analysis of the financial situation of enterprise play an important role in the collecting of information of DIRECTORS, investors, credit lenders, managers through which they may take the true and fair view of the financial picture of this business as well as every aspect of the overall

1 For the business owners and the managers of the business:

One of the most considered thing of them is profit-seeking and the company’s ability to pay off the debts Business owners and managers alway concern about the financial position of the business which can make them to be able to

understand and accurately assess the financial ability and help them make the right decisions during the operations

The regular analyzing the financial position of enterprises will be:

 An orientation for the decision of the BOARD OF DIRECTORS and CFO: investment decisions, funding, distribution of dividends

 As a basis for forecasting financial investment : the cash budget

 As a tools to control operations management

2 For the banks and the creditors:

Their main concern is the company’s ability to pay off its debts, so they pay attention to the amount of cash and the business’s ability to quickly convert assets into cash The amount of company’s equity is an insurance for its detbs when they meet risk

 The quick (acid) ratio is the one which the banks and the creditors want to pay attention in case of the short term loans

 In case of long term loans, the banks and the creditors would like to take care about the abilities to settle and to generate the profit of the company on the loans it takes

2 For the supplier :

Just like the creditors or bankers, the supplier are also interested in settlement ability, especially in case of purchase of goods on credit

4 For the investors:

They will care about: the risks, payback period, present value of the company, net profit of investment, profitability so they need information about the

financial condition, operations, and the earnings growth potential

There are also a lot of different groups who interested in the financial position of the business: agency financial, tax authority, employee

In summary, due to a lot of different purposes of each group they would considerthe financial information on the different sides and angles Such financial analysis

is not only important for the businesses themselves but also have significant

meaning for other stakeholder who related directly or indirectly to the enterprise

1 Analysis of generalized fluctuation about assets and capital

 Purposes : Awareness, an overall assessment on the mobilization of

capital and capital distribution, use and management of capital in the production process of enterprise business

 Based on the aggregate data on capital and capital on the balance sheet and the accounting indicators reflecting business results such as revenue,profitability and sales service provider , earnings and other profits Method of analysis which often be used is comparison.We can compute the target growth rate, the difference between rises and falls, the

coefficients reflect the general financial situation

 Analysis of generalized fluctuation of corporate assets

 Analysis of generalized fluctuation of corporate capital

 Analysis of the relationship between assets and capital

2 Analysis of the management and usage of assets

The assets of the business are labor of production enterprises Assets are classified into current assets and fixed assets

 Analysis of the management and usage of current assets

 Analysis of capital situation by cash

 Analysis of debts situation

 Analysis of invetory situation

3 Analysis of the management and usage of fix assets

4 Analysis of the management and usage of capital

The capital of the business including two basic sources: the liabilities and owners' equity

 Analysis of the liabilities

 General analysis

 Analysis of needs and solvency

 Analysis of owners' equity

 General analysis

 Analysis of profitability of owner's equity

 Analysis of the ensure capital situation for production and business activities

5 The sources and methods used in the analysis of corporate finance

The methods:

7 Balance Sheet

As financial statements reflecting general existing assets and resources which constitute assets of the business at a certain time and a certain currency The balance sheet structure consists of two parts: Assets and liabilities and equity

8 Report the results of operations and business

As financial statements reflecting the overall process of production and

business activities in the accounting period and the obligations to the

goverment Operating Results Report can be divided into 3 parts:

 Profit and loss statement

 The obligations to the Government

 Value-added tax is deducted, refund, remission

9 Others sources

Cash flow statement, the notes to the financial statements and the reports to explain the increase or decrease capital asset

COMPANY OVERVIEW Name: DOAN XA PORT JOINT STOCK COMPANY

Abbreviation: DOAN XA PORT

Stock code (HOSE): DXP

Address: 15 Ngo Quyen Street, Ward Van My, Ngo Quyen District, Hai PhongTel: (031) 3765029 / (031) 3767969 Website: http://www.doanxaport.com.vn Certificate of business registration: 0203000123 by Hai Phong Authority for

Planning and Investment registered in November 27th 2001 and the 4th

amendment was October 12, 2011 with new code 0200443827

Activities

- The lines of business of the Company is: Loading and unloading; warehousing and storing goods; transportation in coastal and ocean; transportation in road; shipping services, agency services, ocean freight

Places: Hai Phong

1) Company profile (History):

The process of formation and development

- DXP was formed known as Doan Xa Port Stevedoring firms Xa, unit of Hai Phong Port, was established under No 334 / DOP-LD on 06/28/1995 Vietnam Maritime Administration

- 2001 October 19th, follow Prime Minister signed No 1372 / QD-TTg, turned into DXP with Charter capital reached VND 35bik, in which government capital was 17.85bil, account for 51%

- 2005 December 12th, Ha Noi Stock Exchange certified: Cong Doan Xa Port JointStock Company listed on HNX since 12/12/2005 Stock code: DXP

- 2006 November 13th, 2006, the State Security Commission of Vietnam

certificate DXP listed HOSE from 2006 November 13th The first trading day on HOSE was 11/12/2006

- 2007 December 25th, 2007, DXP issued bonus shares to increase its charter capital from VND 52.5 billion development fund and profit after tax in 2007

according to the resolution on 2007 November 20th of the General Meeting of Shareholders with VND 26.775bil of the goverment capital was 51% officialy in January 25th 2008

- 2009 May 5th, HNX certified DXP on HNX since 21/05/2009 The first trading day on the Hanoi Stock Exchange is 8/06/2009

- 2011 March 16rth, the Company issued bonus shares at the ratio of 2: 1 from the development fund, increased its charter capital from VND 52.5 bil to 78.74972 bil according to the resolutions of the Annual General Meeting in 2011 May 18th Number of additional shares listed HNX on 2011 December 16th

- 2011 March 3th, the company has been awarded Labor Medal by the President byvirtue of having outstanding achievements in their work and contributing to build Socialism and defend the nation

- Establishment of branch DXP- Enterprise Transport Services Multi-Method from

No 17 / QD-09 by Board of Directors on 22 May 2011

- Establishment of branch DXP – Loading and Unloading Services from No 18 / QD-09 by Board of Directors on 22 May 2011

.- 2011 August, based on earnings growth, sales growth, return on equity in the past 3 years (2008-2010), the ability to overcome economy crisis and global

financial crisis began in 2008, the company has been honored in Forbes 200 best small and medium enterprises in Asia, in that Vietnam has 10 companies on the listabove

- 2013 January, the Company was awarded the Prime Minister's Emulation Flag because of outstanding achievements, leading the Patriotic of Ministry of Transport

in 2012

- 2014 January, the company was awarded 13 by the Prime Minister's Emulation Flag of Ministry of Transport according to No 47 / QD-BGTVT 01.07.2014.

2) The structure of the company (Board of Directors, Supervisory Board, Board

of Directors / general manager / plant, branch, subsidiary)

- The governance model include: General Meeting of Shareholders, the Board

of Directors, Supervisory Board, the Executive Board by the Board of Directors appointed

Content analysis of financial statements

I) Analysis of balance sheet 1.1 Assets

enterprise(Assets structure)

a) Assets used in operating activities b) Assets not used for business purposes:

1.2 Sources of support

Equity Liabilities

1.3 Debt levels and the ability of suffering from risk

1.4 The ability to due debts

1.5 Changes in financial position

II Analysis of reporting business performance 2.1 Analysis the business performance of Doan Xa

Port.

2.2 Operating expenses of Doan Xa Port.

2.3 Doan Xa Port’s net profit.

situation

2 Financial advice

3 Advice for Enterprise

4 Stock evaluation

I) Analysis of balance sheet

1.1 Assets enterprise

Analysis of data over the years shows that the total value of assets increased by 43.627 billion In particular, the increase was mainly due to Enterprise investing in short-term assets Specifically, short-term assets increased by 60,652 billion on the other hand long-term assets decreased by 17,025 billion

In 2011, the assets of the company were 219 415 795 357 VND, in which term assets are 84,822,765,816 VND accounted for 38.7% of total asset value At the end of 2013, enterprise owns 263 042 643 176 VND of fixed assets, including short-term assets 145 474 784 857 VND accounted for 55.3% of total property value Consequently, there was a modification in the asset structure which is

short-increasing short-term assets, reducing long-term assets Fixed assets in 2013

decreased due to depreciation of fixed assets This demonstrates the ability to expend and payment of enterprise is better and enterprise tends to invest in short-term assets

Assets structure

a) Assets used in operating activities: cash, inventories, short-term receivables…

According to data table, cash and cash equivalent increase during the period

2011-2012 Specifically, total assets increased were 43,627 billion, including 42,575 billion of cash and cash equivalent increased This indicator increased primarily due to reduced customer liabilities and relaxation policies implemented by

investment in machinery and equipment in 2013 In addition, the inventory

situation and short-term receivables are relatively stable in the 3-year cycle Since

we can evaluate the sales abilities and provide the company's services are still kept steady growth

b) Assets not used for business purposes: investments in short-term and

long-term Long-term investment stayed the same during this period, but Short-term financial investments tend to increase from 10 billion in 2011 to 25 billion in 2013

(an increase of 15 billion that equal to 150% increasing) It can be concluded financial investment activities of enterprises focus primarily on short-term

investments in the 3-year period from 2011 to 2013 Efficient using assets in 2013 was 0.76 which was down 24% compared in 2012 as a result from from total revenues decreased total

1.2 Sources of support

Equity of the Company increased from 189 653 264 VND to 231 847 125 314 VND mainly from the increase in fund development Liabilities did not increase significantly from 29,762,530,883 to 31,195,517,862 VND Business activity of the company based on the basis of equity and loan capital The proportion of equity/ liabilities is 7.43: 1 that indicate that it is easy for the company to pay debts

Equity accounted for 86.43% in 2011 corresponding to 189 653 264 474 VND,

decreased to 84.97% in 2012 corresponding to 223 144 910 135 VND, increased to88.14% in 2013

The increase in equity proves that company is reducing a loan Thereby, investors can find out an independent financial situation and does not depend on the

corporate debt

Liabilities

Liabilities accounted for a small proportion of corporate financial structure only from 11.86% to 15.03% The company has been rarely under pressure to pay debts even if the service provider does not achieve good results A special thing on the financial statements of Doan Xa is no long-term debts item It means that the company has only short-term debts and rarely borrow money from external This suggests that this is a company worthy of investor attention because of the ability

to pay debts

1.3 Debt levels and the ability of suffering from risk

Working capital= Current assets- Current liabilities=23, 847-117,567=114, 28 (billion) Working capital is more than liabilities (31,195 billion)

Conclusion: The low level of corporate debt and the ability for suffering from the