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Table 2.2: Some financial ratios of the company in recent years.

Table 2.2: Some financial ratios of the company in recent years.

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Final thesis



Academy of finance



company had some projects finished but the partners haven’t pay for them

yet, so this target increased quickly compared to 2014. Inventory in fiscal

2015 had a fall but it is not signicant to show the decrease in size of operation.

In fact, the company almost doesn’t keep inventory in the store and bring

them directly to build constructions. Fiscal 2015 also is a year in which the

company finished many projects and new works have been begun for 1 or 2

months. They are the reasons why the company had a great fall of inventory.

- Meanwhile, average equity of the company increased from 33.042

million dong in 2014 to 47.880,5 million dong in 2015, which resulted in a

difference of 14.838,0 million dong. It means that average equity in 2015

increased of 45% compared to 2014. This situation made gearing of the

company in 2015 decrease from 0,89 in fiscal year 2014 to 0,84 in fiscal

2015. Because of raising from issuing common shares to finance 3 new

projects and a newfactory, the size of assets in 2015 went up, meanwhile,

gearing went dow. It helps the company decrease financial risk and the

financial dependence on outside.

- Net revenues come from sale of the company’s construction projects in

the year. Net revenues went down 479.486 million dong in 2014 to 378.298

million dong in 2015, difference by (-101.188) million dong, corresponding

with -21%. Cost of goods sold decreased from 439.776 million dong to 350.173

million dong, corresponding with -20%. However, net income in 2015 has

excellent performance with an 1.445 million dong increase or a 40% growth.

Because of the features of the business, revenues depend on the progress of

projects. The decrease in net revenue is not that the company is restricting

business. In fiscal 2015, the company only had some projects finished to

record revenue such as Chanh Hoa Bridge , 1A highway, Bo Ao Bridge,…

and others when almost projects are at first steps of process. The fall in net

revenue didn’t result in the decrease in net income. It determined that the



Tran Thi Minh Nguyet



28



CQ50/11.18



Final thesis



Academy of finance



company was good at saving expenses in the business in 2015 from financial

expenses, cost of goods sold or materials expenses, which not only helps the

company make more profit but also make increase in financial resources in

2016.

- The operating ratios of the company in 2015 had a good performance.

ROA and ROS of the company all increased from 1,23% to 1,50% ( a 22%

growth) and from 0,76% to 1,34% (a 77% growth). It shows that the

effectiveness of the company’s operation is going up.



The company is



exploiting the capacity of machines or equipments very well. Because the

increase in equity is faster than the increase in net income, ROE in fiscal 2015

of the company made a 0,38% decrease because equity of the year increased

quickly with 100% rate of growth. Anyway, the company had a successful

fiscal year.

2.2 Situation of capital structure of Thang Long mechanical four and

construction joint stock company .

2.2.1. Situations of capital structure

Situations of size and structure of capital in Thang Long mechanical four

and construction joint stock company



Tran Thi Minh Nguyet



29



CQ50/11.18



Final thesis



Academy of finance



TABLE 2.3: SIZE, STRUCTURE AND FLUCTUATION OF CAPITAL STRUCTURE FROM FISCAL 2013 TO 2015.

31/12/2013

Item



Million

VND



31/12/2014



Difference



31/12/2015



2014-2013



2015-2014



Proportion



Million

VND



Proportion



Miliion

VND



Proportion



Miliion

VND



Proportion



Growth

rate



Million

VND



Proportion



Growth

rate



Total

capital



290.56

9



100,00%



297.127



100,00%



378.595



100,00%



6.558



0,00%



2,26%



81.468



0,00%



27,42%



A.

Liabilities



258.56

3



88,99%



263.048



88,53%



316.913



83,71%



4.485



-0,45%



1,73%



53.865



-4,82%



20,48%



1. Short

term debt



247.77

5



95,83%



254.751



96,85%



226.556



71,49%



6.976



1,02%



2,82%



-28.195



-25,36%



-11,07%



2. Long

term debt



10.788



4,17%



8.297



3,15%



90.356



28,51%



-2.491



-1,02%



-23,09%



82.059



25,36%



989,02%



B. Equity



32.006



11,01%



34.079



11,47%



61.682



16,29%



2.073



0,45%



6,48%



27.603



4,82%



81,00%



1. Capital

invested by

the owners.



32.006



100,00%



34.079



100,00%



61.682



100,00%



2.073



0,00%



6,48%



27.603



0,00%



81,00%



(Source: Balance sheet of the company from 2013 to 2015).



Tran Thi Minh Nguyet



CQ50/11.18



Final thesis



Academy of finance



Overview of situation of capital:

Acorrding to table 2.3, we can see the influction of capital in Thang

Long mechanical four and construction joint stock company from fiscal 2013

to fiscal 2015. From year 2013 to year 2015, total capital or total assets of the

company increased very quickly. At the end of the year 2013, total capital

was 290.569 million VND, this item increased to 6.558 million VND in the

end of the year 2014, corresponding with 2,26%. On 31 st December 2015,

total capital of the company went up to 378.595 million VND compared to the

same time in 2014, which was a 81.468 million VND growth corresponding

with 27,42% . The great increase in total assets or capital from 2013 to 2015

shows that the company is expanding the operation quicklier, which makes

the company have more opputunities to make profit in the future.

More detailed

About liabilities:

- Liabilities at the end of the year 2014 had an 4.485 million VND

increase with growth rate of 1,73% compared to the same time in year 2013.

This situation was caused by the increase of 6.979 million VND in short term

debt and the decrease 2.491 million VND in long term debt. On 31 st

December 2015, total liabilites of the company went up to 316.913 million

VND, which is equal to an 53.865 million VND increase, corresponding with

a 20,48% growth compared to the same year 2014. Because of the 28.195

million decrease in short term debt ( a 11,07% decrease) and the increase of

82.059 million in long term debt ( an 989,02% increase) in the fiscal 2015,

total liabilities of the company still had an quite great increase. This situation

happened because in short term debt decreased in revenue deferred and

account payable when it started to finance some long term loans from the

banks. In 2015,the company completed a part of projects such as Rach Chiec

Bridge and Lao Bridge, this means that the company can record revenue of

this finished part of work and reduce revenue deferred. Fiscal 2015 is a year



Tran Thi Minh Nguyet



CQ50/11.18



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Table 2.2: Some financial ratios of the company in recent years.

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