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Table 2: Capital resources of NTMED CO., LTD

Table 2: Capital resources of NTMED CO., LTD

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GRADUATION THESIS



ACADEMY OF FINANCE



Table 3. The asset allocation of NTMED CO., LTD

Unit: VND million

2012



Assets

Total current

assets



Number

1,281.6

7



2013

%



2014



Number



%



Number



99.50%



6,936.66



92.90%



8,297.95



2013/2012

%

95.20%



2014/2013



Number



%



Number



%



5,654.98



441.2



1,361.30



19.6



Cash and

equivalent



240.22



18.70%



312.77



4.50%



527.40



6.40%



72.55



30.2



214.63



68.6



Short-term

receivable



359.10



28.00%



4,109.39



59.20%



5,452.00



65.70%



3,750.29



1,044.40



1,342.61



32.7



Inventories



678.91



53.00%



1,509.26



21.80%



2,204.57



26.60%



830.34



122.3



695.32



46.1



Other current

assets



3.44



0.30%



1,005.24



14.50%



113.98



1.40%



1,001.80



29,119.1

0



-891.26



-88.7



Total longterm assets



6.66



0.50%



527.52



7.10%



415.88



4.80%



520.86



7,817.70



-111.64



-21.2



Tangible

fixed asset



-



0.00%



516.79



98.00%



410.51



98.70%



516.79



-106.28



-20.6



Other assets



6.66



100.00%



10.73



2.00%



5.36



1.30%



4.06



61



-5.36



-50



Total assets



1,288.34



100.00%



7,464.18



100.00%



8,713.83



100.00%



6,175.84



479.4



1,249.65



16.7



(Source: The balance sheet of NTMED from 2012 to 2014)



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



a. Current assets

In 2012, the amount of current assets was nearly 1,281.67 million dong, taking

the proportion of 99.5% of the total assets. In 2013, its total value was 6,936.66

million dong, climbed up 5,654.98 million dong compared with the year of 2012 at

a rising rate of 441.2 %. However, the proportion of current assets decreased, with

the percentage of 92.9% of total assets in 2013. The reason for the decrease was the

increase in long-term assets. However, in 2014, current assets increased to 8,297.95

million dong, increased by 1,361.30 million dong compared with 2013 at increased

rate of nearly 19.6 % because short-term receivable in 2014 had been increased.

Proportion in total assets also increased to 95.2 %.

 In general, the scale of short – term asset had a fluctuation through 3 years

and accounted for large proportion of total asset of the company. So the company

has to make more investment in long – term asset in order to balance structure of

asset and avoid risks in liquidity.

b. Cash and equivalents

We can see from the figure in the Table 3 that cash and equivalent assets

increased from 2012 to 2014.

In 2012, cash and equivalent of the company was 240.22 million dong,

accounting for an 18.7% of total assets. In 2013, this asset grew to more than 300

million dong, increase nearly 72.55 million dong with a rate of 30.2 % compared to

2012. However, their proportion decreased to 4.5% of current assets. In 2014, total

cash capital increased significantly to 527.40 million dong, with the rate by 68.6%.

This increase pushed the proportion of cash to 6.4% of current assets. The main

reason is the huge increase of cash on hand, cash in banks and cash equivalents in 3

years. This is due to the fact that the company needs to pay off the current debt

easily and ensure the high liquidity of the company. Cash equivalent are deposits

with maturity of 3 months or less in commercial banks.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



c. Short – term receivable

Short – term receivable had changed in three years. In 2013, short – term

receivable was at the peak of 4,109.39 million dong with the percentage of

proportion of total assets of 59.2%. Amount of short – term receivable increased

from 4,109.39 million dong to 5,452 million dong between 2013 and 2014, with the

rate of 32.7 %. Their proportion went up dramatically from 59.2% to 65.7%. The

short – term receivables as a whole was quite good due to customers paid on time.

In the future, company needs to try increasing short – term receivables to raise

necessary capital for them.

d. Inventories

Inventory in 2012 is 678.91 million dong, accounting for 53% of current

assets. In 2013, inventories rose 830.34 million dong compared to 2012, up to

1,509.26 million dong, with the rate of 122.3 %. The proportion of inventory

decreased to 21.8 %. In 2014, inventory increased to 2,204.57 million dong with a

growth rate of over 46.1%. At the same time, the inventory’s proportion of current

assets increased to more than 26%. This upward trend was due to the increase of

cost of equipment’s as well as the increase of goods and other expenses incurred to

meet the needs from customers.

e. Long-term assets

In general, the fixed assets mainly including the tangible fixed assets

accounted for small percentage of total assets. The tangible fixed assets fluctuated

over the three – year period. It increased to 516.79 million dong in 2013 but went

down to 410.51 million dong in 2014. Other asset increased significantly from 6.66

in 2012 to 10.73 in 2013 and it decreased in 5.36 in the next year.

2.2.1.3



The situation of business liabilities and equity



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF FINANCE



Table 4. The capital resources allocation of NTMED CO., LTD

Unit: VND million

Liabilities and Equity



2012



Current liabilities:



Number



2013

%



2014



Number



%



Number



2013/2012



2014/2013



%



Number



%



Number



%



Total liabilities



299.04



23.20%



2,428.14



32.50%



3,359.31



38.60%



2,129.09



711.97



931.17



38.35



Current liabilities



299.04



100.00%



2,092.74



86.20%



3,111.51



92.60%



1,793.69



599.81



1,018.77



48.68



Borrowings



-



0.00%



-



0.00%



660.00



21.20%



-



Trade account payable



293.27



98.10%



1,886.78



90.20%



1,753.79



56.40%



1,593.51



Advance from

customer



-



0.00%



191.90



9.20%



678.28



21.80%



191.90



Taxes payable to State

Budget



5.77



1.90%



7.51



0.40%



19.44



0.60%



1.73



Other current payables



-



0.00%



6.55



0.30%



-



0.00%



In current liabilities



-



0.00%



335.40



13.80%



247.80



Owner's Equity



989.29



76.80%



5,036.04



67.50%



101.10%



4,800.00

236.04



Chartered Capital

Retained Earnings

Total liabilities and

equity



1,000.0

0

-10.71

1,288.33



1.10%

100.00%



7,464.18



660.00

-133.00



-7.05



486.38



253.45



11.94



159.05



6.55



-6.55



-100



7.40%



335.40



-87.60



-26.12



5,354.52



61.40%



4,046.75



409.05



318.48



6.32



95.30%



4,800.00



89.60%



3,800.00



380



4.70%



554.52



10.40%



246.75



-2,305



318.48



134.92



100.00%



6,175.84



479.37



1,249.65



16.74



100.00%



8,713.83



543.36



30.042



(Source: The balance sheet of NTMED from 2012 to 2014)



CHU THI HUONG GIANG



CLASS: CQ50/51.02



-



GRADUATION THESIS



ACADEMY OF

FINANCE



a. Liabilities

In 2012, liabilities were 299.04 million dong, accounting for 23.2 % of total

capital. In 2013, liabilities increased to 2,428.14 million dong, more than 2 billion

dong compared with 2012 at the rate of increase 711.97 %. The proportion of

liabilities on total capital also increased from 23.2% to 32.5%. In 2014, the business

scope of the company has increased, along with a large increase in liabilities.

Specifically, liabilities increased to 3,359.31 million dong, an increase of 931.17

million dong at the growth rate of 38.35%; the proportion of liabilities on total

capital increased to 38.6% in which year.

Trade accounts payable always accounted the most proportion in three years.

This increase in 2013, then decrease in 2014. The main reason is that the company

recognized trade payables to suppliers based on customs declaration for import of

equipment’s with long term using features under long - term contract (more 12

years). When the company imported more equipment’s from the outside suppliers

for providing to hospitals, and academy specialized in chemistry then trade payables

would increase.

b. The Owner’s Equity

The owner’s Equity of the company has changed in the period of three years.

It was 989.29 million dong, just accounted for 76.8% of total capital resources in

2012 and increased 4,046.75 million dong in 2013 with the rising rate of 409.5%,

compared to 2012. In 2014, amount of owner’s equity continue increasing to

5,354.52 million dong, more than 318.48 million dong with the growth rate of

6.32% compared with 2013.

Retained earnings grew considerably in 2013 and rose slightly in 2014, which

proved that the company operated effectively.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



c. Net working capital

Table 5. Net Working Capital

Unit: VND million

Year

NWC



2012

982.63



2013

4,843.92



2014

7,986.45



We can see that the Net working capital was at high level and increased

rapidly and continuously from 2012 to 2014. This shows that current assets were

more than short-term funds. Over 3 years, the net working capital figure is

substantially positive, it indicates that the amount of short-term funds available

from current assets are more than adequate to pay for current liabilities as they

come due for payment.

2.2.1.4 The situation of business revenue

Table 6. The business revenue of NTMED CO., LTD

Unit: VND million

2012



Items

Years



Number



Net sales



2,259.38



Financial activities



2013

%



99.99964

%



2014



Number



%



Number



%



20,718.09



86.5%



15,400.04



90.8%



0.81



0.000036%



2,656.12



11.1%



1,316.14



7.8%



Other revenue



-



0



568.91



2.4%



248.06



1.5%



Total revenue



2,260.19



100.0%



23,943.12



100.0%



revenues



16,964.24



100.0%



(Source: The income statement of NTMED from 2012 to 2014)

Net sales in 2012 amounted to 2,259.38 million dong. In 2013, it increased to

20,718.09 million dong meanwhile its proportion on total revenue was 86.5%. In

2014, net sales dropped to 15,400.04 million dong which came from

competitiveness from components.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



In addition to net sales, NTMED CO., LTD also had revenue from financial

activities such as interests, dividends and unrealized exchange gains and other

revenue. These revenues were not large compared with the proportion of the

revenue from business activities. In 2013 and 2014, financial income came from

deposit interest and the interest rate and deposits decreased that a reason for their

reduction. In general, net sales accounted for almost proportion of total revenue in 3

years. In 2014, because the market demand decreased, net sales and total revenue

reduced significantly. To increase total revenue, the company should diversify many

types of services and expand operation market.

2.2.1.5 The situation of business cost

Table 7. The business cost of NTMED CO., LTD

Unit: VND million

Items

Years

Cost of goods sold

Financial activities

expenses

General &

administration expenses

Other expenses

Total cost



2012

Number

1,717.82



%

78%



2013

Number

%

18,061.97

89.563%



2014

Number

%

14,083.89

92.9%



-



0%



45.28



0.2%







0%



471.83



22%



2,048.92



10.2%



1,069.00



7.1%



2,189.65



0%

100%



0.75

20,156.92



0.037%

100.0%





15,152.89



0%

100.0%



(Source: The income statement of NTMED from 2012 to 2014)

Total cost of the company in 2012 was 2,189.65 million dong. However, it

went up quickly in 2013 to 20,156.92 million dong. The main reason for this

situation was the increase of cost of goods sold being from 1,717.82 million dong to

18,061.97 million dong. Besides, the financial activities expenses appeared in 2013

with 45.28 million dong and the selling expenses, general expenses and

administration expenses also climbed up to 2,048.92 million dong when it was just

471.83 dong in 2012. By contrast, in 2014, the total costs had a negative trend and

went down 15,152.89 million dong. In this year, almost costs were decreased

including financial activities expenses.

Cost of goods sold had been the biggest component of NTMED’s total costs.

In 2012, the proportion of cost of goods sold was 78% of total costs. In 2013, it



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



increased to 89.6 % of total cost because of the increase of net sales. In 2014,

because of revenue from selling goods and services not well, costs of goods sold

decreased slightly to 14,083.89 million dong and the percentage rose to 92.9%. Cost

of sales includes cost of the goods imported oversea and domestic’s production

companies.

Financial activities expenses had been the small part of total cost. In 2012,

company did not have financial expenses but in the next year, it jumped to 45.28

million dong. Thanks to paying most of their long-term debt in 2013, there was no

financial expense in 2014.

General& Administration expenses cover credits, warranties, salaries and

bonuses, rent, equipment’s, etc. In 2012, these expenses were 471.83 million dong

with the percentage of 22% on the total costs. In the next year, it increased to

2,048.92 million dong, took 10.2 % of total cost. In 2014, it even grew slightly

when decreasing to 1,069 million dong but accounted for 7.1% of total cost because

the total costs of the company in 2014 decreased quickly. Especially, the General

and administration expenses had tendency of decrease in following years.

Overall, the increase and decrease of cost of goods sold influence largely to

the volatility of total costs. It’s difficult to adjust the price of goods sold because

they are imported from oversea. So the company needs to have saving General&

Administration expenses policies as soon as possible.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



2.2.1.6 The situation of business profit

Table 8. The business profit of NTMED CO., LTD

Unit: VND million

Items

Years

Net sales

Gross profit

Earnings before taxes



2012



2013



2014



2,259.38

70.54



20,718.09

2,656.12



15,400.04

1,316.14



70.54

568.15

248.06

(EBIT)

Net income

70.54

554.52

236.04

(Source: The income statement of NTMED from 2012 to 2014)



The figures from the Table 7 show that the company’s net sales had a huge

fluctuation in 3 years, gross profits still increased considerably in value. Especially,

in 2012, gross profit of the company was 70.54 million dong. In the following year,

although there was a significant increase of net sales, gross profits still increased to

2,656.12 million dong. In 2014, along with the slightly decrease of net sales, gross

profit still went down considerably to 1,316.14 million dong but the cost of sales

did not have significant increase.

Earnings before taxes (EBIT) fluctuated slightly. In 2012, its value was more

than 70.54 million dong. In 2013, because of the increase of gross profit, EBIT went

up 568.15 million dong. Unfortunately, in 2014, EBIT decreased to 248.06.

Dong. The most important part of Income Statements is net income which

measure of how profitable the company is over a period of time. Of course, net

income had a similar trend with EBIT. In 2012, net income was 70.54 million dong.

In 2013, it increased to 554.52 million dong. In the next year, net income had a

slight reduction when decreased to over 236.04 million dong.

In general, NTMED still was profitable business although level of profitability

was unstable. This situation was a result of a quick increase in financial activities

expenses and general & administration expenses. Meanwhile, revenue from

financial activities and other sources also fell significantly. In the next period, the

company has to boost revenue and save costs in order to maximize profitability.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



2.2.2. Analysis financial situation of the company through calculating following

ratios:

2.2.2.1. Liquidity ratios

Table 9. Liquidity ratios of NTMED CO., LTD

Unit: times

Year



2012



2013



2014



Current



4.28



3.31



2.67



Quick



2.01



2.59



1.96



0.15



0.17



Cash

0.8

a. The current ratio of NTMED



This ratio expresses a firm's current debt in terms of current assets. In 2014, the

current ratio was 2.67, meaning that 1 VND current liabilities was with 2.67 VND current

asset. A current ratio of above 1 would mean that company made reasonable



investment in current asset because current asset is abundant leading using

capital ineffectively. And company can more easily pay off all liabilities.

b.

c. The quick ratio of NTMED



The quick ratio declined from 2.01 in 2012 to 1.96 in 2014. The quick ratio of

above 1 in three years indicates that a firm has enough quick assets to cover its total

current liabilities. Due to characteristics of payment and long – term contract with

supplier, it expressed good liquidity of the company.

d. The cash ratio of NTMED

The cash ratio fall from 0.8 to 0.17 between 2012 and 2014. The company’s

payment ability with cash and cash equivalents was worse. However, this means

that NTMED only has enough cash and equivalents to pay off 8% in 2012, 1.5 % in

2013 of current liabilities. In 2014, this ratio was just 0.17, increase compared to

2013 because of the increase of cash.

To conclude, the liquidity ratios of NTMED were lower because of the

reduction of cash and cash equivalents and the increase of current liabilities. The

lower ratios illustrates the poor ability of a company to pay off both its current



CHU THI HUONG GIANG



CLASS: CQ50/51.02



GRADUATION THESIS



ACADEMY OF

FINANCE



liabilities as they become due as well as their long-term liabilities as they become

current. However, with almost characteristics of long – term payment, the company

did not pay too much attention about liquidity but maintain the stable liquidity in

the future.

2.2.2.2. Asset and Debt Structure ratios

Table 10. Asset and Debt Structure ratios of NTMED CO., LTD

Unit: times

Year



2012



2013



2014



Debt to Equity ratio



0.3



0.48



0.63



Debt ratio



0.23



0.33



0.39



0.67



0.61



Equity ratio

0.77

a. Debt – to – owner’s equity ratio of NTMED



The debt to equity ratio was unstable from 2012 to 2014. In 2012, with every

dong of equity we had 0.3 dong of debt, 0.48 dong in 2013 and 0.63 dong in 2014.

The increase of the ratio shows that the company used debt to make short – term

payments, depending much on outside capital such as bank loans. The financial

dependence of the company was poor. A high debt to equity ratio indicates that

more creditor financing (bank loans) is used than investor financing (shareholders).

Unlike equity financing, debt must be repaid to the lender. Since debt financing also

requires debt servicing or regular interest payments, debt can be a far more

expensive form of financing than equity financing. Company leveraging large

amounts of debt might not be able to make the payments. That a reason why the

company should raise financial resources from shareholders.



CHU THI HUONG GIANG



CLASS: CQ50/51.02



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Table 2: Capital resources of NTMED CO., LTD

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