Financial statements analysis FM 15 11

Compared to the same period last year, the second quarter of 2021 has increased by VND -6080 billion, an increase of about 79.45% compared to the same period last year, the second quarte

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GROUP 1

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COMMENTS AND RECOMMENDATIONS 03

INTRODUCE ABOUT THE HOA SEN GROUP

ANALYSIS OF FINANCIAL STATEMENTS

Balance Sheet Analysis Analysis Income Statement Analysis Cash Flow Statement Analysis Financial Ratio

Analysis Profitability Analysis Indicators Analysis price

02

CONTENT

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INTRODUCE ABOUT THE HOA SEN GROUP

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2 ANALYSIS OF SMALL FINANCIAL STATEMENTS

Accounting balance sheet

ASSETS AND CAPITAL SOURCES Quarter

1/2020

Quarter 2/2020

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021 Quarter 2/2021SHORT-TERM ASSETS 7,099 7,653 7,392 9,025 8,878 13,733

Undistributed after-tax profit 1,193 1,395 1,502 1,952 2,440 3,435

TOTAL CAPITAL SOURCES 16,725 16,983 16,436 17,762 17,351 21,969

Unit: Billion Dong

( https://vietstock.vn )

2.1 Balance Sheet Analysis

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2.1.1 Analysis of asset movements

Horizontal asset movement table

ASSET

Quarter 2 (2021) and Quarter 1 (2020)

Difference % Difference % Difference % Difference % Difference % SHORT-TERM ASSETS 6,634 93.5 6,080 79.5 6,341 85.8 4,708 52.2 4,856 54.7 Cash and cash

equivalents 283 65.6 335 88.2 324 83.1 140 24.4 224 45.7Short-term financial assets (67.748) -88.8 7 571.6 8 1,033.6 8 1,547 3 54.1 Short-term receivables 1,670 126.7 1,672 127.1 1,491 99.6 964 47.6 193 6.9 Inventory 4,730 110.8 4,007 80.2 4,404 95.8 3,475 62.9 4,226 88.5 Other current assets 18 1.8 58 6.0 114 12.6 121 13.4 209 25.7 LONG-TERM ASSETS (1,390) -14.4 (1,093) -11.7 (808) (8.9) (501) (5.7) (237) (2.8) Long-term receivables (64) -27.5 (51) -23.1 (42) (19.8) (17) (9.0) (7) (4.1) Fixed assets (1,183) -14.2 (890) -11.1 (736) (9.3) (326) (4.5) (118) (1.7) Long-term unfinished

assets (97) -14.9 (109) -16.5 10 1.8 (5) (18.9) 0 0Long-term financial

investment (0.528) -2.4 (0.528) -2.4 (0.528) (2.4) (12) (3.3) 11 3.4Other long-term assets (46) -11.8 (43) -11.1 (39) (10.2) 27 33.0 27 32.7 TOTAL ASSETS 5,244 31.4 4,987 29.4 5,533 65.00 140 24.4 224 45.7

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Quý 1/20200 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021 5,000

10,000 15,000 20,000 25,000

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2021, it has increased by about VND 6635 billion, which means that the second quarter of 2021 has increased to 93.55% com pared to the first quarter of 2020 Compared to the same period last year, the second quarter of 2021 has increased by VND

-6080 billion, an increase of about 79.45% compared to the same period last year, the second quarter of 2020 This is mainly due

to the significant increase in cash and cash equivalents

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Quý 1/20200 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021 100

Cash and cash equivalents fluctuated slightly, not too strongly from the first quarter of 2020 to the first quarter of 2021 But

by the second quarter of 2021, there was a strong fluctuation, more specifically, cash and cash equivalents increased to nearly VND 335 billion, accounting for 88.16% compared to the second quarter of 2020 because the company sent a quite a large amount of money into the bank right at the time of the 2nd quarter of 2021

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Quý 1/20200 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021

Short-term revenues tend to increase between quarters But it is worth mentioning that it is the second quarter of

2021 because it has increased by a fairly large amount, increasing to nearly 1672 billion dong, accounting for 127.05 percent compared to the second quarter of 2020 The reason is due to the outstanding increase of short-term receivables from customers in parallel with the provision for short-term bad debts

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2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Inventories increased slightly from the first quarter of 2020 to the first quarter of 2021, but especially in the second quarter of

2021, the increase was very high by nearly 4731 billion VND, equivalent to 110.77% compared to the first quarter of 2020 Compared to the same period last year, the second quarter of 2021 has increased by VND 4008 billion, ie an increase of 80.27%, an impressive figure The reason is that enterprises import a lot of raw materials with high costs

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7,000 7,500 8,000

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200 300 400 500 600

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Quý 1/2020 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021 0%

Changes in asset structure

The proportion of short-term assets tends to increase gradually, and conversely, the proportion of long-term assets tends to decrease gradually over the past 6 quarters, the proportion of short-term assets increased quite high in the second quarter of

2021 and increased quite a lot compared to the previous quarter second quarter of the same period of 2020

Vertical analysis

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4,000 6,000 8,000 10,000 12,000 14,000 16,000

2.1.2 Analysis of capital fluctuations

Horizontal analysis

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Short-term debt increased slightly from the first quarter of 2020 to the first quarter of 2021, but in the second quarter of

2021, it increased significantly, specifically here it increased to 4873 billion dong, or 61.44% higher than the third quarter

2020 Compared to the same period last year, the second quarter of 2021 has increased to VND 4223 billion, ie an increase of about 49.21% The main reason was the increase in short-term trade payables and other short-term payables, and some other items also increased but not much

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2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

Equity increased continuously from the first quarter of 2020 to the second quarter of 2021 However, in the second quarter of

2021, it increased significantly, increasing by about VND 2438 billion, equivalent to a rate of 43.20% compared to the first quarter of 2020 And the second quarter of 2021 has increased to VND 2241 billion, or 38.37% compared to the second quarter of 2020

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Quý 1/2020 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021 0%

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Statement of business results Unit: Billion VND

Source: https://vietstock.vn )

2.2 Analysis of business performance reports

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2,000 4,000 6,000 8,000 10,000 12,000

Fluctuations in gross profit

The company grew strongly in both revenue and gross profit In which, the growth rate of net revenue increased by 4261 billion dong, equivalent to 64.71% compared to the first quarter of 2020 and the cost of goods sold increased by 3224 billion dong, equivalent to 59 02% of the above factors increased, leading to an increase in gross profit of VND 937 billion, equivalent to 98.32% compared to the first quarter of 2020

2.2.1 Gross profit from sales and service provision

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4,000 6,000 8,000 10,000 12,000

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2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Cost of goods sold has continuously increased in recent years Compared to the same period last year, the second quarter of

2021 has increased by VND 4253 billion, equivalent to 90.43%

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2.2.2 Analysis of profit from business activities

0 200 400 600 800 1000 1200

Fluctuations in net profit

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100 150 200 250

Horizontal analysis

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200 300 400 500 600 700 800 900

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40 60 80 100 120 140 160

Horizontal analysis

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20 30 40 50 60 70

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400 600 800 1000 1200

2.2.3 Analysis of profit from business activities

Horizontal analysis

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BUSINESS RESULTS Quater 1/2020 Quater 2/2020 Quarter 3/2020 Quarter 4/2020 Quater 1/2021 Quarter 2/2021

Revenue from sales and service provision 100 100 100 100 100 100

The deduction from revenue 0.20% 0.14% 1.74% 1.10% 0.74% 0.15%

Net revenue from selling goods and providing services 99.80% 99.86% 98.26% 98.90% 99.27% 99.85%Cost of goods 85.36% 81.27% 82.98% 80.80% 82.92% 82.45%

Gross profit on sales and service provision 14.44% 18.59% 15.28% 18.11% 16.35% 17.40%

Financial income 0.11% 0.41% 0.30% 0.40% 0.16% 0.61%

Financial expenses 2.64% 3.85% 2.10% 1.49% 1.34% 1.10%

In which: interest expense 2.39% 2.63% 1.96% 1.35% 1.00% 0.71%

Selling expenses 7.09% 8.71% 6.87% 9.15% 6.49% 5.97%

Enterprise Cost Management 1.59% 2.45% 1.37% 1.26% 1.15% 0.64%

Net profit from operating activities 3.24% 4.01% 5.26% 6.60% 7.54% 10.31%

Total accounting profit before tax 3.33% 3.97% 5.29% 6.53% 7.55% 10.37%

Expenses for the current corporate

Deferred empirical tax expense -0.12% -0.43% -0.16% 0.02% -0.03% -0.25%

Profit after corporate income tax 2.74% 3.47% 4.57% 5.33% 6.24% 9.53%

Profit after tax of shareholders of the parent

VERTICAL ANALYSIS

Vertical business report analysis table

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TARGETS Quarter 1/2020 Quarter2/2020 Quarter 3/2020 Quarter 4/2020 Quarter 1/2021

Net cash flow from investing activities -91,529,982,567 -46,468,225,449 -78,079,058,173 -142,323,365,034 -75,663,252,462 Net cash flow from operating activities 548,096,972,744 1,260,672,795,845 1,403,362,070,858 1,922,973,683,512 758,834,947,074 Net cash flow from financing activities -313,559,038,735 -1,130,981,954,956 -1,223,513,624,507 -1,512,372,087,420 -767,415,036,069 Net cash flow for the year 143,007,951,442 83,222,615,440 101,769,388,178 268,278,231,058 -84,243,341,457 Cash and cash equivalents at the beginning of the year 288,707,713,172 288,707,713,172 288,707,713,172 288,707,713,172 574,767,066,704 Cash and cash equivalents at the end of the year 431,715,664,614 379,875,597,063 390,477,101,350 574,767,066,704 490,523,725,247

Cash Flow Statement

Unit: VND

2.3 Analysis of the statement of cash flows

Source: https://vietstock.vn )

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Net cash flow from investing

Net cash flow from operating

activities

Net cash flow from financing

activities

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NET CASH FLOW FROM OPERATING ACTIVITIES

Compared to the first quarter of 2020, the net cash

flow from operating activities of the first quarter of

2021 increased by 211 billion, equivalent to 27.8%

However, compared to the fourth quarter of 2020, it

decreased sharply in the first quarter of 2021, down

about 1164 billion about 153%.

REASONS

HSG's product quality increased, the company focused on quality, so it built a reputation, so it sold many products

Owning a production system of 10 large factories in all 3 regions of the North - Central - South and a distribution system of more than 536 branches/stores nationwide, export channels to more than 85 countries and territories

The decrease in revenue in the second quarter of 2021 compared to the fourth quarter is due to high consumer demand

at the end of the year and construction materials in the first quarter usually coincides with the Lunar New Year and the beginning of the year, so business activities are not more.

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NET CASH FLOW FROM

INVESTING ACTIVITIES

By the first quarter of 2021, the net cash flow

has increased more than that of the first quarter

of 2020 from -91.5 billion to -75.7 billion, an

increase of 15.8 billion (equivalent to 17.27%).

REASON fixed assets, it decreased from 7926 Due to the effect of spending on

billion to 6936 billion

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NET CASH FLOW FROM

FINANCING ACTIVITIES

The value of this cash flow decreased sharply and

became negative from the first quarter of 2020 to

the first quarter of 2021 Compared to the same

period last year, the difference is -453.8 billion

(equivalent to 59.13%).

REASON

The company has accelerated debt repayment, paying more debt than borrowing capital makes this cash

flow negative.

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0.1 0.2 0.3 0.4 0.5 0.6

0 0.2 0.4 0.6 0.8 1 1.2

Volatility to pay short tern

Khả năng thanh toán nhanh Khả năng thanh toán tức thời Khả năng thanh toán ngắn hạn

Analysis of short-term debt solvency

2.4 Analyze financial metrics

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The ability to pay quickly Fluctuations, causes

Short-term solvency

Instant payment ability

ANALYSIS OF SHORT-TERM DEBT SOLVENCY

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Analysis of financial leverage ratio

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Debt to total assets 6.82% higher than Hoa Phat, it can be seen that Hoa Sen

company has less loans

It can be seen that in 6 quarters, the ratio always fluctuates from 59% to 66% With this ratio, it can be seen that most of the

company's assets are financed by debt

Because it is a manufacturing company, this ratio is quite high

Analysis of financial leverage ratio

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Debt to equity

Although it has decreased to 145%, it is still quite high compared to Hoa Phat (109%)

In the first quarter of 2020, this ratio was up to 196%, but by the first quarter of 2020, it had decreased to 145% Within a year the

company was more financially self-sufficient than in the same period last year, but by the second quarter of 2021 this ratio had

increased to 171.86%

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Ability to pay interest

Lower than Hoa Phat (13.37%)

It can be seen that this coefficient is increasing gradually over quarters, increasing sharply in the first quarter of 2021 and increasing

dramatically in the second quarter of 2021, in the second quarter of 2020 it is 2.52 increasing

to 15.61 in the second quarter of 2021

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40 60 80 100 120

0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

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Inventory turnover dropped sharply to 0.94 in the second quarter of 2020 from 1.32 in the first quarter of 2020, then this index increased steadily for four consecutive quarters from 0.94 in the second quarter of 2020 to 1.48 in the first quarter of 2021 and decreased to 1.3 in the second quarter of 2021 The fluctuation of inventory turnover also led to the opposite changes in the number of days of inventory holding Specifically, the number of days of inventory holding increased from 68.2 days in Q1 2020 to 95.7 days in Q2 2020.

this index falls around 2.2 rounds.

Compared to the industry average inventory turnover (which was 1.02 in the latest quarter), this index of the company is much higher.

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Quý 1/2020 0 Quý 2/2020 Quý 3/2020 Quý 4/2020 Quý 1/2021 Quý 2/2021

10 20 30 40 50 60 70 80 90 100

0 1 2 3 4 5 6 7

Biến động về vòng quay các khoản phải thu

Analyze performance metrics

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