TRƯỜNG ĐẠI HỌC KINH TẾ - ĐẠI HỌC ĐÀ NẴNG KHOA KẾ TOÁN  GROUP WORK: DA NANG RUBBER JOINT STOCK COMPANY Giảng viên:Trần Thị Nga Lớp : 41K18.1-CLC Student performance: 1, Trần Thị Phương Thảo 2, Mai Khánh Trang Student comment: 1, Nguyễn Thị Thu Trang 2, Đậu Thị Hải Đà Nẵng, 1/2018 GROUP - DA NANG RUBBER JOINT STOCK COMPANY Contents I Asset structure analysis: II Resource structure analysis III Long-term financial analysis: IV Short- term financial balance .8 Nhận xét: .10 GROUP - DA NANG RUBBER JOINT STOCK COMPANY FINANCIAL STRUCTURE ANALYSIS OF DA NANG RUBBER JOINT STOCK COMPANY I Asset structure analysis: (unit: million VND) GROUP - DA NANG RUBBER JOINT STOCK COMPANY 2017 2015Items 2016 Proportion Value (%) ITERMS Proportion (%) Value Proportion (%) Value Cash & cash 67,220 equivalents 2.41 50,834 1.81 240,227 7.64 Account receivable – 412,479 short – term 14.80 419,093 14.89 278,349 8.86 21.38 770,987 27.38 784,836 24.97 0.28 6,352 0.23 128 0.0041 39 1,247,267 44.30 1,303,540 41.48 YEAR Current Asset Inventory 596,003 Other current 7,792 assets Total Current Asset 1,083,495 NonCurrent Asset Account receivable – 127 long – term 0.0046 Fixed assets 46.63 Financial investment 1,299,731 4,103 Other Non49,886 Current Asset Total NonCurrent Asset 1,703,780 TOTAL ASSET 2,787,275 27 1,488,117 0.15 1.79 61 4,334 0.0045 46 52.86 1,759,710 0.15 4,620 0.0015 5.99 0.15 59,255 2.10 15,754 0.50 1,568,156 55.70 1,839,352 58.52 2,815,423 100 3,142,891 100 100 GROUP - DA NANG RUBBER JOINT STOCK COMPANY Notes:   *100%  *100%  Comment: First, the table shows that the size of corporate assets is declining over the years, from 3,142,891 in 2015 to 2,787,275 in 2017 This is due to a decline in both short-term and long-term assets In order to see more clearly the changes in asset size, we consider each of the following factors Through the table above we also see the short-term assets accounts for a large amount of nearly 2/5 of the total assets of the company Inventory accounts for a relatively high proportion, more than half of the company's short-term assets mean that inventories account for more than one-fifth of total assets However, inventories in 2017 tend to decrease compared to 2015 and 2016 The reason that inventory accounts for a high proportion is due to raw materials and finished products account for a very high proportion of total inventory value For example, in 2016, raw materials accounted for 295,351 / 770,987 total inventories of 38.3% and finished products accounted for 48.5% (374,071 / 770,987) Short-term assets also include:  Cash and cash equivalents account for a small proportion of the Company's assets and have a declining trend In 2015, corporate cash flow is VND 240.222 million (7.64% of total assets) in 2016 VND 50,834 million (1.81%) until 2017 despite a slight increase of VND 67,220 million (2.41% of total assets) The decrease in cash and cash equivalents indicates that enterprises have limited business activities and difficulties in payment  Short-term receivables account for a large proportion of the company's assets with VND412,479 million representing 14.8% of total assets and tends to increase from 8.86% in 2015 to 14.8% in 2017 This shows that the capital of the company is temporarily used by other units tends to increase, is a bad sign in the debt collector GROUP - DA NANG RUBBER JOINT STOCK COMPANY  Other short-term assets account for only a small part of the company's total assets Long-term assets make up more of the company's short-term assets Due to the specific nature of the enterprise, it is required to operate in the industrial production sector, which requires large amounts of fixed assets to be higher than current assets The share of total long-term assets of enterprises tends to increase slightly from 58.52% in 2015 to 61% in 2017, although the amount of long-term assets has decreased gradually over the years mainly due to the decrease in fixed assets gradually over the years  As discussed above, fixed assets account for a very large share of total assets, about half of total assets, 55.99% in 2015 and 46.63% in 2017 The proportion of fixed assets decreased due to the fact that enterprises have limited fixed asset purchase and depreciation of fixed assets over the years  Long term receivables of the company are small, although they have increased over the years but increased significantly This shows a long-term debt management policy and good corporate debt recovery  The proportion of financial investment of enterprises only accounts for a very small proportion of less than 1% of total assets and has a decreasing trend over the years but not much change Demonstrate that all assets of the company are used for capital calibration process, the investment outside is not the target of the business should not be focused In summary, analysis of corporate assets shows that Da Nang Rubber Joint Stock Company has relatively reasonable asset structure Long-term assets are invested in construction, however, only short-term receivables of the business are mobilized, and occupied should be noted and overcome Year 2017 2016 2015 Current liabilities 880,152 841,723 876,966 Non- current liabilities 409,004 391,599 592,992 Owner’s equity 1,498,119 1,582,100 1,672,934 Total resources 2,787,275 2,815,423 3,142,891 46.251 43.806 46.771 Debt ratio GROUP - DA NANG RUBBER JOINT STOCK COMPANY Self-fund ratio 53.749 56.194 53.229 Debt/equity ratio 86.05 77.955 87.868 Short-term resources ratio 31.578 29.897 27.903 Long-term resources ratio 68.422 70.103 72.097 78.554 80.159 73.83 Owner's quity/long- term resources ratio II Resource structure analysis (Unit: million VND) Note: Debt ratio = * 100% Self-fund ratio= *100% Debt/ equity ratio= * 100% Short- term resources ratio= *100% Long term resources ratio=*100% Owner’s equity/long-term resources ratio=*100% Comment: The debt ratio have fluctuation trend through years This ratio decreased from 46.771% to 43.806% between 2015 and 2016, but in 2017, this increased to near by the proportion in 2015, 46.251% However , the proportion of self-fund debt had inverse trend The Self-fund ratio rised from 53.229% to 56.194% between 2015 and 2016, and then reduced to 53.749% in 2017 In sum, the debt ratio is smaller than 50% and the Self-fund ratio is larger than 50% through year In general, the company use more owner equity than debt, and is linked to a more independent business that does not need to rely heavily on borrowed funds, and is therefore more financially stable Most of the company's assets are financed through equity => high self- control Through years, the Short-term resources ratio have increasing trend This ratio increased from 27.903% to 31.578% While, the Long-term resources ratio GROUP - DA NANG RUBBER JOINT STOCK COMPANY have decreasing trend, decreasing from 72.097% to 68.422% between 2015 and 2017 In sum, the proportion of Long-term resources was still higher than the proportion of short term resources and the proportion of owner equity was highest The short term liabilities is relatively low through years, so that interest rate pressures is low III Long-term financial analysis: (Unit: million VND) Year 2015 Iterms Cash & cash equivalents 240,227 Current assets Account receivable short-term 278,349 Inventory 784,836 Other current assets 128 2016 2017 50,834 67,220 419,093 412,479 770,987 596,003 6,352 7,792 1,303,540 1,247,267 1,083,495 ( WC ) 1,303,540 1,247,267 1,083,495 Long-term resouces 2,265,926 1,983,699 1,907,123 Account receivable long-term 46 127 127 Fixed assets 1,759,710 1,488,117 1,299,731 Total assets Current Working capital Non-current assets GROUP - DA NANG RUBBER JOINT STOCK COMPANY Financial investement 4,620 Other Non current ssets 15,754 Total Noncurrent assets Net-working capital 1,839,352 426,574 4,334 4,103 59,255 49,886 1,568,156 1,703,780 415,543 203,343 ( NWC) Note:  Working capital = Curent assets  Net working capital = Long-term resouces – Non-current assets Comment: The table shows that working capital decreases over the years from 2015 to 2017, decreasing from 1,303,540 million to 1,083,495 million The main reason is that cash & equivalents plunge by 2017 about ¼ compare to 2015, about 67,220 million In other, inventory decrease slight from 784,836 millon in 2015 to 596,003 million in 2017 Thus, the company is tending to reduce production and business, reduce the amount of inventory, reduce production In terms of Net working capital: Net working capital = Long-term resouces – Non-current assets > For the three years from 2015 to 2017, the NWC is positive, so long-term resouces is not just enough to sponsor non-current assets, but also to sponsor current assets Financial balance in these years is good and safe Business situation is stable However, net working capital in 2015 will reach a high of 426,574 million but will slightly decrease in 2016 to 415,543 million by 2017, a sharp decrease of 203,343 million, down more than half of that in 2015 The main reason Long-term resouces decreased slightly from 2,265,926 million to 1,907,123 million As a result, the long-term payables decreased, the ability to pay debts of the company at a good level In other, fixed assets in 2017 also fell by two thirds GROUP - DA NANG RUBBER JOINT STOCK COMPANY from 2015, from 1,759,710 millon to 1,299,731 million Show that the company is less focused on the renewal of fixed assets, or the liquidation of fixed assets, which reduces the size of fixed assets IV Short- term financial balance Years 2017 2016 2015 Inventory 596,003 770.987 784,836 Acc receivable short-term 412,379 419,093 278,349 Other current assets 7,792 6,352 128 Short-term liabilities 880,152 841,723 876,966 Net working capital (NWC) 203,343 415,543 426,574 Net working capital requirement 136,022 354,709 186,347 Net fund 67.321 60,834 240,227 Iterm Note  Net w orking capital requirement = Inventories + short-term & oth er current assets – short-term liabilities ( excluding interest bearing liabities)  Net fund = net working capital – net working capital requirement GROUP - DA NANG RUBBER JOINT STOCK COMPANY Comment: First, the table shows that the value of Net Fund > over the years, net working capital meets the capital needs short term, company don’t have to borrow to offset the need for working capital The company has achieved the financial balance in the short term over the years However, it has fluctuations In 2015, the value of net fund is VND 240,227 million,dramatically drop to VND 60,834 million in 2016 and until 2017 despite a slight increase of VND VND 67,321 million In order to see more clearly the changes in the value of net fund , we consider each of the following factors: In 2016, net working capitial requirement shoot up from VND 186,347 million to VND 354,709 million This is due to a increase in both account receivable short term (50,56%) and other assets.In addition, net working capital slightly declined from VND 426,574 million to VND 415,543 million This led to a decline of the value of net fund In 2017, the value net fund go up by VND 6,487 million, although it has decrease both net working capitial and net working capitail reauirement In summary, analysis of shor-term financial balance shows that Da Nang Rubber Joint Stock Company has achieved the financial balance in the short-term No Full name Contributio n Trần Thị Phương (50%) Thảo Signature Notes Thảo +Asset analysis structure +Long-term analysis financial 10 GROUP - DA NANG RUBBER JOINT STOCK COMPANY Mai Khánh Trang (50%) Trang +Resource analysis structure + Short- term financial balance Total 100% Nhận xét: NGUYỄN THỊ THU TRANG Các bạn làm đầy đủ yêu cầu mà cô đề Tính tốn xác mục Gi tài khoản rõ ràng công thức cụ thể Phần phân tích cấu trúc tài sản nguồn vốn đưa so sánh số liệu qua năm cho thấy tình hình biến động tài sản nguồn vốn công ty Tuy nhiên, bạn nên lượng đặc biệt có biến động tăng mạnh hay giảm mạnh ảnh hưởng trực tiếp đến cấu trúc tài sảncủa cơng ty Phần phân tích cân tài dài hạn bạn nên đưa so sánh tài sản ngắn hạn, dài hạn so với tổng tài sản; qua so sánh số liệu cần có nhận xét cụ thể tình hình biến động công ty vốn lưu động hay vốn lưu động ròng thay đổi ĐẬU THỊ HẢI Ưu điểm: - Các bạn có phân cơng nhiệm vụ tốt - Trình bày rõ ràng đầy đủ u cầu đưa - Các cơng thức tính tốn số liệu xác, có thích cụ thể - Sau phân tích có nhận xét biến động tài sản nguồn vốn ngắn hạn dài han, có so sánh năm 11 ... .10 GROUP - DA NANG RUBBER JOINT STOCK COMPANY FINANCIAL STRUCTURE ANALYSIS OF DA NANG RUBBER JOINT STOCK COMPANY I Asset structure analysis: (unit: million VND) GROUP - DA NANG RUBBER JOINT STOCK. .. 43.806 46 .77 1 Debt ratio GROUP - DA NANG RUBBER JOINT STOCK COMPANY Self-fund ratio 53 .74 9 56.194 53.229 Debt/equity ratio 86.05 77 .955 87. 868 Short-term resources ratio 31. 578 29.8 97 27. 903 Long-term... 240,2 27 Current assets Account receivable short-term 278 ,349 Inventory 78 4,836 Other current assets 128 2016 20 17 50,834 67, 220 419,093 412, 479 77 0,9 87 596,003 6,352 7, 792 1,303,540 1,2 47, 2 67 1,083,495