Fsa Assignment_agf_tut2ac_loc, Huong, Huong, Chi, Thu, Thuy._.

7/31/2019 Fsa Assignment_agf_tut2ac_loc, Huong, Huong, Chi, Thu, Thuy._.

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HANOI UNIVERSITY

FACULTY OF MANAGEMENT AND TOURISM

----------oOo-----------

FINANCIAL STATEMENT ANALYSIS FINANCIAL STATEMENT ANALYSIS

-GROUP ASSIGNMENT -

Tutorial: 2ACCT-08

Tutor: Mr. Huy Anh

Group members namesStudent numbersPercentage of contributionSignatures:

1. Th Lc 0804010043 16.5%

2. Nguy n Th H ng 0804010028 16.5%

3. Nguy n Th H ng 0704010030 16.5%

4. Nguy n Th Thu 0804010085 16.5%


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TABLE OF CONTENTS

Table of contents ..................................................................................................... ii

1. Introduction ........................................................................................................ 1

2. Company background ....................................................................................... 1

3.Industry analysis using Economic Attributes Framework........ 1

4. Company strategy analysis ................................................................................ 2

5. Accounting analysis ............................................................................................ 4

6. Financial analysis ............................................................................................... 5

6.1. Liquidity analysis ................................................................................ 5

6.2. Solvency analysis ................................................................................. 7

6.3. Profitability analysis ........................................................................... 8

6.4. Cash flow analysis ............................................................................. 9

7. Valuation ............................................................................................................. 15

7.1. Forecasting ........................................................................................... 15

7.1.1. Income statement ..................................................................... 15

7.1.2. Balance sheet ............................................................................ 16

7.1.3. Statement of cash flows ........................................................... 17

7.2. Valuation using free cash flow based approach ............................... 18

8. Conclusion and recommendation ..................................................................... 21

References ............................................................................................................... 22

Appendix .................................................................................................................

A di A Fi i l t t t f Y 2007 t 2010 2


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1. Introduction

In todays world, the ultimate or long term goal of every firm is to maximize shareholders value

where we see the growth and sustainability of the market share prices of the owners common

stock increasing from one year to another. A financial statement provides a way for a company

to present its financial health to shareholders, creditors, and the general public and to potential

investors. This report refers to the analysis primarily based on An Giang Fisheries Import andExport Joint Stock Company (AGF)s financial statement from 2006 to 2011, and it is concluded

by some recommendation regarding to determination of companys value. The role of financial

statement analysis in making investment decisions should not be overlooked, as it helps an

investor to establish the fiscal strengths and weaknesses of a company, also to measure how a

company's performance stacks up against industry standards.

2. Company background

An Giang Fisheries Import and Export Joint Stock Company (AGIFISH co.) is one of the leading

companies working in processing and exporting seafood products in Vietnam. Besides the staple

product which is aquatic frozen seafood, the company also manufactures related products such as

fish feedstuff, powdered bones, pure fish oil, and gelatin as well as merchandises equipment for

aquaculture activities such as refrigeration, ventilation, pumping and so on. Among of these, the

company gives priority to develop pangasius fish, value added products and aquatic veterinary

medicines.

AGIFISH is allowed to export aquatic products into the EU market with four codes DL07, DL08,DL09, DL360 and into Catholic communities. The long-term strategy of AGF is investing in

technology infrastructure to produce on large scale and diversifying the business activities by

investing in other industries such as constructions, real estates and financial investments.


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- Customers are insensitive to price.- Demand is growing at relatively low in domestic but significant high rate in the world

especially Canada, Japan, American 40% and Germany 32.5%. - Demand does not move with the economic cycle. - Demand is not seasonal sensitive.

3.2. Supply- A large number of suppliers offering similar products: Con Dao Fisheries Import and

Export Joint Stock Company (COIMEX), Cuu Long An Giang Import and Export JointStock Company (CL-FISH) , Da Nang Sea products Import-Export Corporation(SEAPRODUCT DA NANG) and the like.

- Domestic market shows quite low entrant barriers but sanitarianness requirements andtechnology are high barriers for foreign markets.

- Low barriers to exit. 3.3. Manufacturing

- The companys production, packaging and distribution are base on high technology

system so the company is capital intensive, not labor intensive. - The manufacturing process is not compiled with acceptable-quality products.3.4. Marketing

- Fisheries products are promoted to customers by advertising (TV, newspapers, radio),location (supermarkets such as Co-op Mart, Vinatex, local agents) and many specialpromotion programs in distributing supermarkets)

- Products are high-class so the company has to continually push the demand through

different distribution channels. 3.5. Investing and financing

- Companys operation of producing, packaging and reserving entails long-terminvestment.

- There are high risks due to short product cycle. - The industry is growing rapidly and in need of external financing.

4. Company strategy analysis

4.1. Nature of products

AGF is focusing on its infrastructure development to spread the manufacturing size, emphasizing

on the products quality and diversification. To create competitive advantage on products quality,


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medicines. This strategy is believed to bring AGF survival and further development in this

competitive market.

4.2. Degree of integration within value chain

AGF has consistently expanded to variety of business activities, its primary product lists include:- Producing Pangasius foods, frozen sea foods

- Farming Pangasius: Harvesting and selling fish

- Providing fresh fish to processing firms

- Providing processed Pangasius to export activities

- Distributing fish and related products to customers

Besides those businesses, this company also has other activities to support primary ones such as

-Producing, processing, buying and selling Biodiesel oil extracted from fish fat-Manufacturing, buying and selling veterinary and aqua cultural medications

-Producing, trading feeds for domestic animals, poultry, and aqua cultural products, etc.

Moreover, AGF is trying to grow to other beneficial non-related business sectors like buying andselling beverage of all kinds, Land leveling, Industrial constructions and so on.

4.3. Degree of geographical diversification

In the domestic market, AGF confirmed its 1 st position as distributing variety of Pangasius

products and related products in more than 50 provinces and cities through the country. The

quantity and turnover of value-added domestic products in 2008 were 2,789 tons up to 140% and

86.106 billion VND up to 166%, respectively.

Year 2010 gave AGF a strong development in the international market with the incredible

achievement to the 4 th position (from 10 th in 2009) at 46,468 tons and 89,864,592 USD. Its

obvious that export activity is key strategy for AGF long term development of the firm when it is


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Western Europe27%

Middle East4%

US8%

Eastern Europeand Russia

10%

Asia19%

South America4%

Australia13%

Other15%

Figure 1: AGF international market for export activity in 2010

AS we can see from the pie chart, Western Europe occupied the largest proportion with 27% and

this will be still the target market in the firms future growth.

5. Accounting analysis

Like many other companies, the fiscal year of AGF starts at 01 January and ends at 31 December

annually. The currency used to prepare financial statements is Vietnam Dong, currencies are

exchanged to Vietnam Dong based on the current exchange rate issued by the State Bank of

Vietnam. AGF applies the VAS issued by Vietnamese Ministry of Finance 15/QKT on March

20, 2006.

5.1. Companys accounting policies

All consolidated financial statements of AGF are prepared by the use of the computerized


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Foreign currency transaction: foreign currencies are converted into Vietnam Dong by

applying the current exchange rate as the time of the transactions. The differences from

currency revaluation are recorded as revenue or expense during the period.

Inventory: follows the historical costs for the recording of purchases, processing expense

and other directly related costs to bring inventories to the current positions and

conditions. Accounting method for inventory is to apply the weighted average and

perpetual method.

Trade receivable and other receivables: are recorded based on the values on supporting

documents and invoices.

Fixed assets: are determined based the subtraction of accumulated depreciation from the

historical costs. The historical costs of fixed assets equal purchase price minus

commercial discount, tax amount and any direct cost related to the acquisition.

Depreciable method for fixed assets is straight-line over their estimated useful lives.

Tangible fixed assets include buildings, land, equipment, machinery, and other fixed

assets, among which buildings and architectural items have longest useful life of 5-25

years.

Intangible fixed assets include land-use right for 48 years 05 months and computer

software for 5 years of useful life.

Prepaid expenses: are determined by the deduction between historical cost and

accumulated allocation. Expired expense is recorded based on the straight-line methodfor the maximum period of 2 years.

Unemployment allowance fund: the extraction for resigned employees is recorded as an

expense on income statement.


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Revenue recognition: Exporting revenue is recognized based on bill of lading. Domestic

revenue is recognized when it satisfies all 5 conditions: a, transfer substantial risks and

benefits of goods to customers; b, not keep the management rights of goods (possession,

determination); c, be relatively certain about revenue; d, collect in advance; e, be able to

determine related expenses

5.2. Operating trends

Year 2007 Year 2008 Year 2009 Year 2010

Net sales 4.2% 59.5% -32.3% 27.2%

Gross profit 3.6% 59.4% -32.1% 27.4%

Net income -18.4% -55.5% -14.6% 191.7%


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AGF in particular. Also, it is obvious from the figure that gross profit moved the same direction

to net sales but less fluctuated than net sales.

Differently, net income of AGF had other tendency in 2008. AGF achieved an considerable

increase of revenue from about 1,233 billion VND to 1,966 billion VND whereas they had a loss

of more than a half due to a decline from approximately 38 billion VND in 2007 to 16 billion

VND in 2008. The reason for this came from financial expense and selling expense. Probably, in

an attempt to maximize the revenue for the company, they had to borrow a large amount of debt

to meet selling cost requirements. Due to a rise of five times financial expenses and three times

selling expense, the increased amount of cost significantly overweighted the change in net sales,

which caused a large loss of net profit for AGF.

5.3. Auditors opinion

From 2006-2009, AGF was audited by Auditing and Consulting Joint Stock Company (A&C).

The audit reports for all three years showed specific information of the auditors responsibility


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that AGFs financial statements truly and fairly reflected the companys financial position as

well as the compliance with Vietnamese Accounting Standards and other requirements.

6. Financial analysis

AGFS (An Giang Fisheries Import Export Joint Stock Company) operations will be expressed

obviously in some main financial ratios analyzed in comparison with its close competitor-

Aquatex Ben Tre (ABT).


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1

6.1. Liquidity analysis

An Giang Ben Tre

Ratio Change

2007 2008 2009 2010 average 2007-2008 2008-2009 2009-2010 Over 4 year

Current ratio 1.625 1.133 1.155 1.048 1.304 -0.492 0.022 -0.107 2.949

Quick ratio 0.691 0.733 0.650 0.527 0.691 0.042 -0.083 -0.123 1.740

Account receivable turnover 9.052 7.457 3.597 5.210 6.702 -1.596 -3.860 1.613 5.906

Days receivables turnover 40.321 48.948 101.471 70.055 63.580 8.628 52.522 -31.416 62.377

Inventory turnover 7.849 9.453 5.801 4.893 7.701 1.603 -3.652 -0.908 7.341

Days inventory held 46.500 38.614 62.920 74.591 49.344 -7.886 24.306 11.671 58.940

Account payable turnover 6.006 4.541 2.282 4.676 4.276 -1.465 -2.260 2.395 29.774

Days payables outstanding 60.770 80.370 159.978 78.052 100.373 19.599 79.609 -81.926 15.412

Revenue to cash ratio 93.471 144.363 82.477 117.343 106.770 50.893 -61.886 34.866 23.935

Days revenues held in cash 3.905 2.528 4.425 3.111 3.620 -1.377 1.897 -1.315 27.502

CFO to current liability (0.134) (0.337) (0.009) -0.103 -0.160 (0.203) 0.328 (0.095) 0.631


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6.1.1. Current ratio

In the period from 2007 to 2010, AGFs current ratio decreased gradually from 1.652 to 1.048.

All ratios were below 2.0 which revealed about the deficient coverage of current liabilities. It

means that the company did not have enough current assets to cover current liabilities next

period. Through 4 years, AGF faced a high short term liquidity risk.

6.1.2. Quick ratio

The same signal was showed in the quick ratio. Although this ratio increased a little up to 0.73 in

2008, it was still at a low level (below 1.0) that reflected the hard risk of liquidity. Quick ratios

discriminated from current ratios by the amount of inventories. The lost of Russian market in

2009 of AGF turned him to the very high figures of inventories stored.

6.1.3. Account receivable turnover

The financial crisis also explained for the sharp decline of the account receivable turnover from

9.052 to 3.597 following the time 2007 to 2009. The shortage of money in the market made

AGFs sales revenue to go down. Nevertheless, customers preference at the moment was

keeping cash and paying for credit that showed difficulties in collecting receivables of the

company, the result was days receivable outstanding doubled in 2009. After the crisis, the ratio

recovered but only small rise occurred. Up to the current time, AGF is still in trouble of liquidity

capacity.

6.1.4. Inventory turnover

Because of the significant increase of inventories stored after the case of Russia refused to

import the fishery product from Vietnam, the inventory turnover declined almost as well as the


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The account payable turnover from 2007 to 2009 decreased considerably by nearly 2.0 for each

year and rose back in 2010. The reason may be come from the decision to invest more capital in

improving the facilities in 2008 that raised the amount of account payable. This change led the

days account payable outstanding is longer and made the firm safer in the period. In this aspect,

AGF was considered less riskily than ABT.

6.1.6. Revenue to cash ratio

The revenue to cash ratio went up in the period of 4 years. It was not a good signal in the terms

of short term liquidity but a recovery of profitability. In comparison with ABT which had a very

much lower figure, AGF needed to improve the ability to collect cash.

6.1.7. Operating cash flow to current liability ratio

The negative indicators of operating cash flow to current liability ratio suggested that the

company did not generate enough cash to cover current liabilities. Although the operating cash

flow increased each year, the continuing of using debts to fund costs caused the higher risk of

liquidity for the firm.

AGF has been fighting with the short term liquidity risk. The conditions seem to grow better

after the financial crisis but it was not strong to take the company out of this risk.

6.2. Solvency analysis

6.2.1. Debt ratios

From 2007 to 2010, AGF might run into trouble of long term solvency risk. The debt ratio was

only 26% in capital structure in 2007, that over doubled significantly in 3 years following. The

main reason could be the business expansion at the end of 2007 with the development of


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6.2.2. Interest coverage ratio

Interest coverage ratios kept in opposite sign in accordance with the debt ratios. This decreased

considerable in the time. Its interest coverage ratio turned from very healthy level (5.57) down to

a very worrisome level of below 2.0 in 2 years later. The change would be the result of the limit

in profitability and the raise in debts. This seemed as a risk situation for AGF.

6.2.3. Operating cash flow to total liabilities ratio

Although the operating cash flow to total liabilities ratio fluctuated over time, it was obvious that

all ratios were negative. It should be the effect of lower profitability in operation or the company

did not generate adequate cash to service debts. It reflected the real difficulties of the company in

solving long- term solvency risk.

As sum up, in the term of solvency analysis, AGF had not a good signal. All related ratios

figured out that the risk was quite high in comparison with its competitor.

6.3. Profitability analysis

From the table, it is obvious that the average ROA of AGF was less than ABT, 5.5% compared

to 18.4% because of lower profit margin for ROA.

Details, ROA of AGF reduced gradually in 3 years from 6.94% in 2007 to 3.86% in 2009 and

regained in one year later. This ratio revealed the power of using assets to create profits

independent of the financing. This outcome primarily was from the decrease in profit margin forROA in 2008 and a decline in asset turnover in 2009. The change in profit margin resulted from

putting up COGS in common size and general and administrative expenses to sales percentage.

For the cost of goods sold to sale percentage, both cost of good sold and sales decreased in 2009


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investment in inventory, as well as the reduction of account receivable turnover. This effect

indicated an expansion of firm preparing for future growth.

About the rate of return on common shareholders equity, ROCE of AGF was much lower than

that of ABT, 5.5% and 23.9% on average, as an evidence of ineffective using of equity of AGF.

This decline was caused by diminishing in the asset turnover and profit margin for ROCE. A

declining in the profit margin for ROCE is the result of decrease in the net income due to

increasing in the COGS and the selling and administrative expenses.

In conclusion, the profitability of AGF found out in some figures was not as strong as ABT.

2010 was the year for recovering initially after financial crisis in the positive signal. It is hoped

that the company can improve their profitability in the near future.

6.4. Cash flow analysis

6.4.1. Cash flow from operating activities

In general, from 2007 to 2010, the cash flows from operating activities were always negative. It

means that AGF did not generate enough cash to cover its expenses. Although the operating cashflow recovered in 2009, it diminished again in 2010. This might be an evidence to reveal the

weaknesses of AGFs operation.

Particularly, in 2008, the financial crisis occurred, many customers preferred to pay on credit

than pay on cash. This led the account receivable to increase sharply in comparison with the

increase in 2007. As a result, the operating cash flow cut off a big amount. The large amount of

account receivable created the short term liquidity risk for the company. Moreover, in 2007, the

company had demand to invest more on equipment and production chain. This fact figured great

amount of invest expense contributed to the decrease in cash flow 2008 was the year of lowest


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costs. In addition, an increase in the gain from investing activities was also one of the reasons for

the negative cash flow in 2009 and 2010.

6.4.2. Cash flow from investing activities

Cutting down costs and productions were the common problems of most of firms in 2008 and

2009. Therefore, the investments of AGF in acquiring fixed assets as well as disposals had beendecreased significantly. AGF reduced considerably its expenditures on fixed assets in light of the

decline in the rate of sales growth and the weak operating results. Meanwhile, some investments

in other entities began to bring back higher return and cause the net cash flow from investment to

increase much in the last 4 years.

However, in this period, AGF experienced a negative cash flow from operations so the company

did not have sufficient cash to finance its capital expenditures. The firm had to engage in short

term borrowing to cover the shortage. It would be a possible signal of its continued operating

problems and concerns about its financial health.

6.4.3. Cash flow from financing activities

From 2007 to 2009, the net cash flows from financing of AGF were positive and decreased in the

period. There is no capital contribution or issue of shares in both 2008 and 2009. However,

instead of issuing new shares, AGF increased a great amount of short term debt to meet the

working capital demand. From 2008, despite effects of financial crisis and the reduction of net

income, AGF still paid quite stable dividends for the investors. This could be considered to bequite risky for AGF because they used debt to pay dividends. However, the high risk was the

result of high return in the later year. The year of 2010 signaled the development not only in

financing activities but also in the whole of company. The company issued more stocks, paid


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1

Table a: Solvency Analysis

Ratios

An Giang Ben Tre

Ratios Change 2007 2008 2009 2010 Average

2007 2008 2009 2010 average2007-

2008

2008-

2009

2009-

2010

Liabilities to Assets Ratio 26.35% 46.62% 48.18% 53.97% 43.78% 20.27% 1.56% 5.79% 30.75% 11.15% 17.98% 26.19% 22%

Liabilities to Shareholders'

Equity Ratio 35.78% 87.80% 92.98% 117.23% 83.45% 52.01% 5.19% 24.25% 45.76% 12.62% 22.31% 35.48% 29%

Long-Term Debt to Long-Term

Capital Ratio 0.11% 0.12% 1.30% 1.69% 0.80% 0.00% 1.18% 0.39% 0.02% 0.01% 0.00% 0.00% 0%

Long-Term Debt to

Shareholders' Equity Ratio 0.11% 0.12% 1.32% 1.72% 0.82% 0.00% 1.20% 0.40% 0.02% 0.01% 0.00% 0.00% 0%

Interest Coverage Ratio 5.57 1.48 1.46 2.05 2.64 (4.09) (0.02) 0.59 12.60 6.21 54.67 66.14 34.90

OCF to Total Liabilities Ratio -15.00% -47.77% -0.89% -11.32% -18.75% -32.77% 46.88% -10.43% -55.61% 17.95% -29.94% 93.24% 6%


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7.

Valuation

7.1. Forecasting

Pro forma financial statements, which are presented in the appendix E of this report are the

analytical tool used to summarize projections from 2011 to 2015 after taking the operations of

AGF for the last 4 years between 2007 and 2010 into consideration. Additionally, some

significant trends locally or internationally such as the situation between Vietnam and Chinawhether affect AGF exporting in specific and the seafood exporting in general or not should also

be taken into consideration.

7.1.1. Income statement

7.1.1.1. SalesAGF sales experienced a 59.5% increase in 2008, a 32.3% decrease in 2009 due to financial

crisis and problems met in exports to East of Europe, and then followed by a 27.2% rise in 2010

which is higher than the industry average-16.3% (vneconomy.vn). According to the ministry of

agriculture and rural development, the fish processing industry sales are expected to increase in

general basing on the increasing demand of fish food in the world, combined with the decreasing

supplies in some other countries. Additionally, being one of the priority exporting products of

Vietnam in 2011, combined with the innovation in equipments and producing organization and

the testing system of food quality and safety, the inspiration to develop the popularity as well as

sales of AGF products (thuysanvietnam.com.vn ). Hence, since 2011 AGF is expected to continue

increasing.

Vietnam Association of Seafood Exporters and Producers VASEP currently raises the

exporting price of pangasius and basa fish from $3.8/kg to $4/kg on average. AGF is planning to

expand its market into China, Korea, Germany, Canada and etc. besides other three major

k EU USA d J Al i h hi d Vi f d i h d l d


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Thus, it is assumed that sales growth rates will be 30.00% in 2011 and reduce gradually to29.7%, 29.6%, 29.5% and 29.4% between 2012 and 2015.

7.1.1.2. Deductions

The sales deductions are quite stable, 1% of sales on average in 4 years with the decreasing trend

in parallel with the more efficient testing system. In particular, basing on the good information

that since December 16 th, 2010 pangasius fish of Vietnam will not be listed as one species of the

Red list (vneconomy.vn ), this percentage is assumed to steadily decline from 2011 to 2015

with 0.75% of sales each year.

7.1.1.3. Costs of goods sold

The more active input materials are expected to help the firm achieve the lower percentage of

costs of goods sold over sales via its strategy to invest capital in the input resources. The costs of

goods sold to sales had an average of 85.07% in the past 4 years.

The fact is that the raw fish materials price increases to 27.000 - 28.000 VND/kg on average in

the market in early 2011, combined with the increase in the bank interest rates and utility

(www.thanhtravietnam.vn ) but the AGF is still positive to maintain the production scale thanks

to its advantage in the input materials. The percentage of costs of goods sold is supposed to be

79.9% this year.

Moreover, AGF offers some solutions such as investing in the growing area to have the 30%active materials; enhancing the managerial and testing system to make the full use of raw

materials from the receiving to processing phases (agifish.com.vn). Hence, the costs of goods

sold are assumed to account for 78.4% through out the period from 2012 to 2015.


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activities of the firm because Vietnamese fishermen have been familiar with this case up to now(http://www.khuyennongtphcm.com ).

7.1.1.4. Financial income

AGFs financial income is unrelated to the sales and comes from activities such as interest

on deferred payments from customers and advance payments for sellers, dividends and profits

receive as stated in the notes 6.3 of the companies over 4 years. The domestic economy as well

as the world one is assumed to recover and expected to be stable in the long-run. Assume that

financial income will be 31% of average short-term and average long-term investments

between year 2011 and year 2015 as the average of 4 previous years.

7.1.1.5. Financial expenses

As can be seen in the note 6.4, financial expenses are mostly resulted from loan interest

expenses. AGF engages in a lot of short-term borrowings to finance working capitals and long-

term borrowing to invest in fixed assets. The average interest rate on all interest-bearing debt

was approximately 9%. Assume a 9% interest rate remained for all outstanding borrowings

(average amount of short-term and long-term loans) for AGF for years 2011 to 2015.

7.1.1.6. Selling, general and administration expenses

The 4-year average of selling, general and administration expenses is accounted for nearly 1.48%

of sales and it is assumed to be stable at this rate in next 5 years. The expense was reduced much

in 2009 due to the takeover of Hung Vuong Seafood Joint Stock Company (HVG), with abig change in AGFs board of management which will be hoped to manage the company

better. Therefore, assume that the proportion of general and administration expenses to sales

will stable with 1.00% in the next 5 years.


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revenues respectively during the last 4 years. Assume that this historical pattern for otherincome and expenses will continue in the next period.

7.1.1.8. Corporate income tax

The corporate income tax rate applied for AGF in 2007 and 2008 is 20%. Along with reductions

and using different methods between company and tax authorities, the effective rate of AGF was

only 19.8% in 2009 and expected to decrease in 2010 to 18.5%. Assume an effective income tax

rate of 18.5% of income before taxes will remain and company will hold no deferred corporate

income tax.

7.1.2. Balance sheet

7.1.2.1. Cash and cash equivalents

AGF held a small increasing amount of cash, approximately 1.5% of sales on average from 2007

to 2010, but the tendency is to increase and at 2.78% in 2010. Assume AGF will hold the amount

of cash and cash equivalents stably at roughly 2.80% from 2011 to 2015.

7.1.2.2. Short-term financial investmentsIt can be seen from the footnotes that AGFs financial investments are mainly investing

activities in short-term securities for members of the Agifish Pure Pangasius Union

(APPU). From AGFs scenario, these investments will be raised to initiative input resources for

the production. Hence, it is reasonable to assume that the short-term financial investments will

grow in parallel with the sales growth rate.

On the other hand, provisions for devaluation of short-term investments are supposed to

remain at 10% of the investments as the average of the last 4 years.


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seem to be inappropriate. Therefore, assume that trade account receivable will increase at thegrowth rate in sales.

In 2007 and 2008, AGF had no provisions for doubtful debts, but it was about 2.86% trade

account receivable in 2009 due to the world economies crisis when foreign customers would be

unable to pay the debts, and then it returns to 0 in 2010. Subsequently, the provisions are still

necessary for conservatism, assume that they will substitute 2% of trade receivables in the next 5

years.

Advances to suppliers were about 2% of purchases in the last 4 years, so the historical pattern to

advances to suppliers is assumed to repeat in the future.

Other receivables of AGF namely the social and health insurances, interest receivable and

money lend for companys departments, employees and so on are assumed to make up 0.1% of

total assets for year 2011 through 2015.

7.1.2.4. InventoriesThe same case as trade account receivables, AGFs inventory turnover rate will make misleading

predictions. Hence, suppose that AGF will hold 20.05 percent points of cost of goods sold as

inventories, which is the same as average amount in the last 4 years.

Assume that the provisions for the devaluation of inventories which are essential with theincreasing frequency of power cut, fire, natural disasters and so on will continue to be

1.2% of inventories as previous period in next 5 years.

.


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VAT to be deducted is mostly applied for on input material purchases so it is scheduled to have a

positive relationship with purchases. In addition, tax-related accounts tend to have the same rate

as past years. Thus, assume that VAT to be deducted will be 0.19% of purchases and taxes and

other receivables from the government will be 0.001% of total assets.

7.1.2.6. Fixed assets

In the case of AGF, fixed assets compose of tangible fixed assets, intangible fixed assets and

construction in progress.

Basing on the amount of total assets leads AGF to the reasonable level of investments in its

growing stage. Assume that fixed assets will account for 28.76% and 3.92% of total assets

respectively for tangible and intangible ones. The change in accumulated depreciation and

amortization has averaged approximately 5.8% and 0.1% of the ending of year balance in fixed

assets- at historical costs. During years 201 and 2015, it is assumed accumulated depreciation

and accumulated amortization will increase each year by an amount equal to 5.8% and 0.1% of

the ending balance in tangible and intangible fixed assets-at cost.

Construction in progress is also assumed to level at 0.5% of total assets in next 5 years as the

average level of last 4 years.

7.1.2.7. Long-term receivables and long-term financial investments

AGF has had no long-term receivable and the long-term financial investments in subsidiaries,associates, joint-ventures, stocks of other companies as well as provisions for devaluation

of these investments up to 2010. Hence, it is expected that there will be no change in long-

term receivables and long-term financial investments in next 5 years.


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deferred income tax assets; the same amount for other long-term assets and long-term prepaid

expenses will remain at 0.7% of total assets.

7.1.2.9. Current liabilities

AFGs engagement in short-term loans from banks to invest in working capital accounts

for an average of 34.57% of total assets during the last 4 years, which is predicted to level up to

2015.

In the same case as account receivables and inventories, account payable turnover rate is

inaccurate for forecasting the future figures, so assume an average of 6.14 percent of the

purchases in previous years as the threshold.

Advances from customers are planned to be 2% of sales on average in next 5 years. Taxes and

amount payable related to State Budget, payables to employees and accrued expenses are

for sales and ongoing activities, so they are expected to develop with sales.

The company had no Payables linking to construction contracts under percentage of completion method and Provisions for short-term trade accounts payable. Assume that this

situation will still occur in next 5 years.

Companys current payables compose of social, health and unemployment insurances,

personal income tax payables, Trade Union expenditure and so on. Assume they will take0.54% of total assets since they have a fairly stable proportion to total assets.

7.1.2.10. Long-term liabilities


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Through out the period over 2007 and 2010, only in the year of 2009 the company did have

medium and long-term loans to finance for investing activities may be due to the substantial

reduction in sales, which made up about 0.6% of total assets. Assume that AGF will continue to

borrow at level of 0.6% of total assets as the average of the previous years. AGF also had a

constant rate of provisions for unemployment allowances to total assets at 0.1%.

7.1.2.11. Owners equity

The plan to issue new shares at the ratio of 2:1 was approved in annual shareholders meeting in

2010. The procedure was taken at the end of 2010 in form of cash issue to the current

shareholders at the price of VND 29,000 while the current market price is approximately VND

35,000. Assume that legal capital and share premium will not change in the years following

2010.

It should also be assumed that the company will have no other sources of capital, no

treasury stock, no assets revaluation difference, no foreign exchange difference, no other

owners funds for year 2011 to 2015. Then, the firm experienced slight rises in investment and

development funds, so assume that they will be 6% of total assets in next years due toplans to expansion of the company.

Furthermore, financial reserve funds were firm at 0.7% of total assets from 2007 to 2010 and

they are planned to continue in the future. It is a little bit similar for construction investment

funds with the same amount from 2007 to 2010 and assumed to remain in the next period of time.

Retained earnings part is the last concerned component of owners equity at AGF. It is normally


27/94

Other resources and other funds, including the bonus and welfare funds extracted from the

net income after tax or owners equity, were account for 0.3% of total assets in 2008 and 2009

and had a zero balance in 2010. Its average rate is 0.2% of total assets, forecasted to be resumed

from 2011 to 2015.

7.1.3. Statement of cash flows

Projected statement of cash flows is prepared directly from projected income statement and

balance sheet. All the changes in the projected balance sheets each year are captured and

expressed in terms of their implied effects on cash. The projected statement of cash flows for

AGF for years 2011 through 2015 are exhibited in appendix E9 with a number of assumptions as

follows.

7.1.3.1. Cash flows from operating activities

The corporate income tax payment is assumed to be made at the beginning of the next

fiscal year, normally within first quarter of next year.

With the zero balance in 2010, no unrealized foreign exchange differences and no gain or

loss from investing activities are assumed in 5 forecasted years.

Changes in other current assets, advances to suppliers, other receivables, long-term

deferred taxes and other long-term liabilities on the balance sheet are operating activities.

7.1.3.2. Cash flow from investing activities No cash outflow for lending, buying debt instruments of other companies as well as no

cash recovered from lending, buying debt instruments of other companies.


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The change in construction in progress will be included in other investing

activities and assume that interest income, dividends and profit paid will be used as plug

numbers to make them equal due to the lack of detailed internal information, forecasted

cash flows will be slightly different from the projected changes in cash.

7.1.3.3. Cash flows from financing activities

Assume that the dividend of one year will be paid in the next year because the

annual shareholders meetings are held after the financial year ended. Assume that the

dividend rate of payment will remain stable in the next 5 years.

All the changes in owners equity other than legal capital and share premiums are

financing activities.

There will be no effect from the changes in the foreign exchange rates for years

2011 through 2015.

7.2. Valuation using free cash flow based approach

7.2.1. Required rate of return on equity capital

Through out the past period, common stock of AGF had an average market beta of roughly1.00 (http://finance.vietstock.vn ). Deutsche Bank in a recent research on the cost of equity

for Asian countries has stated that Vietnams risk-free rate is expected to be 10.4%; this

rate is based on Vietnams average sovereign credit rating from S&P and Moodys as well as

estimated long- term average yield of Vietnamese government bond. It is assumed to apply

the risk-free rate of 10.4% and the equity risk premium of 6.5% for the valuation.

CAPM indicates that AGF has a required rate of return on common equity capital of 16.77%

[16.77 = 10.4 + (0.98 x 6.5)].


29/94

free for common shareholders after satisfying debt and preferred claims. To measure free cash

flows for common equity shareholders, the calculations can begin with cash flows from

operations from the projected statement of cash flows. Subsequently, the amounts are adjusted to

exclude the projected cash required for liquidity purposes each period. We projected that AGF

would maintain the ending cash balances that develop with the sales growth. Therefore, we add

and subtract any change in the cash balance that AGF requires for operating liquidity because

this amount is not available to be distributed equity shareholders and is therefore not part of the

free cash flows.

In details, cash flows from operations come from the projected statement of cash flows after

adjusting all projection in annually pro forma Income statements and Balance sheets. For cash,

we projected that AGF would require 50% of net change in cash for servicing the companysproduction and other operating activities. Therefore, a half of net change in cash presented in

projected statements of cash flows is adjusted annually to compute FCF from operations for

common equity shareholders.

The changes in short-term and long-term borrowings, which encompass proceeds from loans and

payments of mature debts, were included to calculate free cash flows for common equity

shareholders. It may be assumed that AGF would not purchase or sell any financial assets, and

would not use preferred stock financing, so no adjustment is needed to be made to these items.

Next, adjustments from investing are made for this projection. Net cash flows from investingactivities includes projected acquisition and disposal of fixed assets and other long-term assets,

projected cash inflows or outflows of lending or buying debt instruments of other company as

well as projected investments in other entities (mainly in Agifish Pure Pangasius Union APPU).


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After the forecast horizon, we projected AGFs continuing value of FCF for common equity

shareholders in year 2015 and beyond. For long-term growth rate, Vietnamese economy was

expected to grow at 5.4% in long run (Economic Intelligence Unit, 2006, p.10). However, due to

the higher competition in the domestic and global aquatic market, we decided to project AGFs

FCF to the residual claimants to increase at 4.0% annually after year 2015. Therefore, the

continuing value of FCF for common equity shareholders was computed by dividing by the

difference between required rate of return on equity (Re =16.77%) and growth rate (g =4.0%).

Finally, we discounted all annually free cash flows for five years (2011-2015) and the continuing

value back to the present time. The discounted rate being applied was just Re that was computed

based on risk-free, market risk premium and systematic risk beta (10.4% + 6.5%*0.98 =

16.77%). Besides, we adjusted for mid-year present value by using the compounding factor of 1.08385 (1+0.1677/2). All calculations are shown specifically in the table below.


31/94

1

Valuation of An Giang Fisheries Import Export Joint Stock Company using Free Cash Flows to Common Equity Shareholders

through Year 2010 and beyond

1 2 3 4 5Continuing

value

Free Cash Flows for common equity Shareholders Year 2010 Year 2011 Year 2012 Year 2013 Year 2014 Year 2015

Net Cash Flow from Operations 22,624,569,125 119,018,881,108 87,502,188,380 79,237,291,006 97,737,991,074 103,015,842,592

Cash Required for Operations (14,394,976,211) (7,366,091,786) (9,257,703,817) (11,966,813,427) (15,456,594,965) (16,291,251,093)

Net Cash Flow from Investing (49,843,275,692) (21,677,708,287) (180,074,078,198) (227,504,078,440) (290,918,125,084) (306,627,703,839)

Net Cash Flows from Debt Financing 101,576,916,883 (79,690,646,122) 128,896,011,998 173,587,120,120 222,937,370,788 234,975,988,810

Net Cash Flows into Financial Assets 0 0 0 0 0 0

Net Cash Flows_Preferred Stock 0 0 0 0 0 0

Free Cash Flows for common equity Shareholders 59,963,234,106 10,284,434,914 27,066,418,363 13,353,519,259 14,300,641,813 15,072,876,471

Present value factors (Re = 16.9%) 0.8564 0.7334 0.6281 0.5379 0.4606

Present Value of Free Cash Flows 51,351,574,981 7,542,544,370 16,999,531,390 7,182,417,005 6,587,173,887

Sum of Present Value of Free Cash Flows for Common

Equity Shareholders year 2010 through year 2014 89,663,241,632

Present Value of Continuing Value in Year 2015 and

beyond 256,248,684,006

Total 345,911,925,638


32/94

2

Midyear Adjustment Factor 1.08385

Total Present Value of Common Equity 374,916,640,603

Number of Shares outstanding 12,859,288Value per share of Common Equity 29,155

Current share price 35,200

Percentage difference -17% Overpricing


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8. Conclusion and recommendations

From AGFs financial analysis for the period of 5 years, the short-term liquidity and

long-term solvency risk appeared to be moderate, especially worsen in 2009 due to the

effect of the financial crisis in the previous year. In 2010, the trend looks a little bit better,however, it seems that AGF still met many difficulties in generating cash to satisfy the

working capital, plant capacity as well as some debt requirements.

The forecasting of AGFs financial statements indicates that the common share price of

the firm has value of VND 29,155 for 2011, while the market price of VND 35,200 that

means AGFs shares are overpriced about 17 percent. In recent years, many foreign

countries have reduced the trade barriers for Vietnams fisheries exporters, for example,

Japan, United States and Russia, that makes our countrys fisheries industry have

potential development in the future. Taking use of the advantages, AGF issues the new

stock in 2011; it shows that buying AGF shares would be a smart investing decision in

spite of its being overpriced.


34/94

REFERENCES

1. An Giang Fisheries Import and Export Joint Stock Companys website

[Online] Available at URL:

http://www.agifish.com.vn/home/modules/news/ (Accessed 2 June, 2011)

2. AGF An Giang Fisheries Import and Export Joint Stock Company

[Online]available at URL:

http://www.cophieu68.com/snapshot.php?id=agf&x=0&y=0

(Accessed June, 2011)

3. AGF t tin v t ch tiu l i nhu n[Online] Available at URL:

http://www.agifish.com.vn/home/modules/news/article.php?storyid=902

(Accessed 13 June 2011)

4. Aquatex Ben Tres website

[Online] Available at URL: http://www.aquatexbentre.com/en/About-Us/

(Accessed 16 June, 2011)

5. Deutsche Bank, 2009, Cost of equity in Asia January 2009.


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[Online] Available at URL: http://www.eiu.com/public/

8. WWF s a c tra Vi t Nam ra kh i danh sch [Online] Available at URL:

http://vneconomy.vn/20101215011339204P0C10/wwf-se-dua-ca-tra-viet-nam-ra-khoi-danh-sach-

do.htm (Accessed 18 June 2011)

9. Xu t kh u th y sn: t mc tiu 8 t USD[Online] Available at URL:

http://www.khuyennongtphcm.com/?mnu=4&s=600021&id=3413


10. Xu t kh u th y sn thng m t t 320 tri u USD[Online] Available at URL:

http://www.thuysanvietnam.com.vn/index.php/news/details/index/551


11. Xu t kh u th y sn v bi ton ngh ch l

[Online] Available at URL:

http://www.thanhtravietnam.vn/vi-VN/News/thongtintonghop/kinhte/2011/04/11600.aspx



36/94

An Giang Fisheries Import Export Joint Stock Company - BALANCE SHEETFor the fiscal year ended 31 December


37/94

2

Unit: VND

ASSETS Codes Notes Year 2007 Year 2008 Year 2009 Year 2010

A. CURRENT ASSETS 360,336,588,804 614,015,506,183 663,860,980,247 765,944,077,467

I. Cash and cash equivalents 110 5.1 13,706,072,850 13,832,260,757 18,811,729,995 47,609,256,275

1. Cash 111 13,706,072,850 3,832,260,757 18,811,729,995 10,379,176,275

2. Cash equivalents 112 - 10,000,000,000 - 37,230,080,000

II. Short-term financial investments 120 5.2 22,829,594,030 22,473,311,418 32,902,165,085 -

1. Short-term investments 121 24,216,089,030 26,901,282,288 35,784,728,555 -

2. Provision for diminution in value of short-term

investments 129 (1,386,495,000) (4,427,970,870) (2,882,563,470) -

III. Short-term receivables 130 5.3


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3

139,534,016,739 393,603,123,019 354,883,381,741 332,062,964,602

1. Trade accounts receivable 131 112,782,219,097 348,806,443,073 348,676,532,576 302,551,362,652

2. Advances to suppliers 132 26,525,258,176 43,372,591,156 13,202,417,237 18,598,542,911

3. Other receivables 135 226,539,466 1,424,088,790 2,988,162,487 11,020,269,098

4. Provisions for doubful debts 139 - - (9,983,730,559) (107,210,059)

IV. Inventories 140 5.4 176,313,202,085 176,872,489,929 246,601,378,300 368,791,375,766

1. Inventories 141 176,313,202,085 176,872,489,929 249,603,536,956 371,793,534,422

2. Provisions for devaluation in inventories 149 - 0 (3,002,158,656) (3,002,158,656)

V. Other current assets 150 5.5 7,953,703,100 7,234,321,060 10,662,325,126 17,480,480,824

1. Short-term prepayments 151 2,889,026,062 2,827,923,659 2,411,070,600 1,822,346,363

2. VAT to be deducted 152 920,295,180 3,519,630,024 2,478,701,960 12,715,773,631


39/94

4

3. Taxes and other accounts receivable from the State 154 554,800,856 362,244,404 10,318,441 1,266,686,956

4. Other short-term assets 158 3,589,581,002 524,522,973 5,762,234,125 1,675,673,874

B. NON-CURRENT ASSETS 200 483,870,075,113 550,244,937,967 546,082,578,339 588,713,054,297

I. Long-term receivables 210 - - - -

II. Fixed assets 220 321,083,714,288 406,844,412,144 399,048,880,244 491,450,470,323

1. Tangible fixed assets 221 5.6 194,666,323,113 367,112,568,145 360,476,285,186 414,826,537,724

Historical costs 222 274,097,808,270 475,015,194,308 496,614,081,890 589,039,493,310

Accumulated depreciation 223 (79,431,485,157) (107,902,626,163) (136,137,796,704) (174,212,955,586)

2. Intangible fixed assets 227 5.7 35,183,560,652 35,228,679,840 37,277,944,061 73,125,259,271

Initial costs 228 35,529,204,147 35,626,984,847 37,734,400,824 73,607,400,824


40/94

5

Accumulated amortizaion 229 (345,643,495) (398,305,007) (456,456,763) (482,141,553)

3. Construction in progress 230 5.8 91,233,830,523 4,503,164,159 1,294,650,997 3,498,673,328

III. Long-term financial investments 250 5.9 150,575,000,000 130,539,800,000 137,678,000,000 87,590,000,000

1. Investment in subsidiaries 251 20,400,000,000 20,400,000,000 - -

2. Investment in joint-ventures, corporations 252 - - 20,400,000,000 -

3. Other long-term financial investments 258 130,175,000,000 130,075,000,000 118,017,750,000 100,000,000,000

4. Provisions for diminution in value of long-term securityinvestments 259 - (19,935,200,000) (739,750,000) (12,410,000,000)

IV. Other non-current assets 260 12,211,360,825 12,860,725,823 9,355,698,095 9,672,583,974

1. Long-term prepayments 261 5.10 7,936,360,825 12,335,725,823 8,830,698,095 7,653,559,831

2. Deferred tax assets 262 - - - 1,519,024,143

3. Other non-current assets 268 5.11


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6

4,275,000,000 525,000,000 525,000,000 500,000,000

TOTAL ASSETS 270 844,206,663,917 1,164,260,444,150 1,209,943,558,586 1,354,657,131,764

RESOURCES Codes Notes Year 2007 Year 2008 Year 2009

A. LIABILITIES 300 222,465,665,696 542,756,306,604 582,971,570,602 731,092,369,638

I. CURRENT LIABILITIES 310 221,752,155,601 542,026,418,034 574,738,425,990 720,371,083,663

1. Short-term loans 311 5.12 162,997,338,220 433,730,423,943 471,059,418,545 579,431,160,131

2. Trade accounts payable 312 5.13 43,700,134,388 73,630,297,439 77,954,049,569 89,549,997,087

3. Advances from customers 313 5.13 2,952,485,494 1,915,661,863 1,900,261,683 3,364,694,662

4. Taxes and amount payable to the State Bubget 314 5.14 372,029,805 2,111,013,436 6,086,052,102 13,287,297,121

5. Payable to employess 315 5.15 4,750,829,739 8,721,216,148 6,651,569,387 22,510,672,387

6. Accrued expenses 316 5.16 3,140,653,945 13,043,981,047 3,483,310,211 7,935,559,079


42/94

7

7. Payables relating to construction contracts under

percentage of completion method 318 - - - -

8. Other current payables 319 5.17 3,838,684,010 8,873,824,158 7,603,764,493 4,291,703,196

9. Provisions for short-term trade accounts payable 320 - - - -

II. LONG-TERM LIABILITIES 330 5.18 713,510,095 729,888,570 8,233,144,612 10,721,285,975

1. Long-term trade payables 331 - - - -

2. Other long-term payables 333 - - - -

3. Long-term loans 334 - - 7,435,824,703 641,000,000

4. Deferred tax liabilities 335 - - - -

5. Provisions for unemployment allowances 336 713,510,095 729,888,570 797,319,909 10,080,285,975

6. Provisions for long-term trade payables 337 - - - -

B. RESOURCES 400


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8

621,740,998,221 621,504,137,546 626,971,987,984 623,534,762,126

I. Owner's equity 410 5.19 620,611,674,951 618,205,902,515 623,520,199,817 623,643,597,031

1. Legal capital 411 128,592,880,000 128,592,880,000 128,592,880,000 128,592,880,000

2. Share premiums 412 385,506,013,400 385,506,013,400 385,506,013,400 385,506,013,400

3. Other sources of capital 413 - - - -

4. Treasury stock 414 - - - (1,990,214,484)

5. Assets revaluation difference 415 - - - -

6. Foreign exchange difference 416 - - 5,635,539,542 -

7. Investment and development funds 417 76,753,168,709 77,750,320,553 79,182,945,087 79,182,945,087

8. Financial reserve funds 418 6,114,226,737 8,008,547,528 8,849,248,265 9,557,045,048

9. Other owner's funds 419 - - - -


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9

An Giang Fisheries Import Export Joint Stock Comapany - INCOME STATEMENT

For the fiscal year ended 31 December

10. Retained earnings (Accumulated losses) 420 22,136,658,554 16,839,413,483 14,244,845,972 21,286,200,429

11. Construction investment fund 421 1,508,727,551 1,508,727,551 1,508,727,551 1,508,727,551

II. Other sources and other funds 430 1,129,323,270 3,298,235,031 3,451,788,167 (108,834,905)

1. Bonus and welfare funds 431 5.20 1,038,197,470 3,287,235,031 3,440,788,167 (108,834,905)

2. Funds 432 91,125,800 11,000,000 11,000,000

TOTAL RESOURCES 440 844,206,663,917 1,164,260,444,150 1,209,943,558,586 1,354,627,131,764


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10

Unit: VND

ITEMS

Cod

es

Not

es Year 2007 Year 2008 Year 2009 Year 2010

1. Gross sales 01 6.1

1,246,311,221,

084

1,987,763,283,8

24

1,346,189,685,1

01

1,712,676,918,8

69

2. Less: Deductions 02 12,577,255,009 21,314,383,873 11,891,961,809 13,265,043,695

3. Net sales 10 6.1

1,233,733,966,

075

1,966,448,899,9

51

1,334,297,723,2

92

1,699,411,875,1

74

4. Cost of goods sold 11 6.2

1,071,109,628,

902

1,669,253,119,7

19

1,228,296,146,3

20

1,505,667,822,7

25

5. Gross profit 20

162,624,337,17

3

297,195,780,23

2

106,001,576,97

2

193,744,052,44

9

6. Financial income 21 6.3 9,016,782,446 41,966,362,479

105,383,771,57

5 75,548,369,146

7. Financial expenses 22 6.4 13,706,879,219 63,730,424,168 19,276,912,190 63,073,199,852

Including: Interest expenses 23


46/94

11

9,423,852,016 38,178,534,382 39,152,469,220 48,579,061,952

8. Selling expenses 24 6.5 97,642,524,375237,916,165,994

136,065,027,573

144,493,389,416

9. General and administration expenses 25 6.6 18,647,180,017 19,798,656,766 35,525,998,486 13,541,569,426

10. Operating profit/ (loss) 30 41,644,536,008 17,716,895,783 20,517,410,298 48,184,262,901

11. Other income 31 6.7 8,677,936,149 5,841,124,360 3,516,682,598 5,625,346,032

12. Other expenses 32 6.8 7,278,054,838 5,277,548,271 6,018,903,630 2,384,876,270

13. Profit/ (loss) from other activities 40 1,399,881,311 563,576,089 (2,502,221,032) 3,240,469,762

14. Net profit/ (loss) before tax 50 43,044,417,319 18,280,471,872 18,015,189,266 51,424,732,663

15. Current coporate income tax 51 6.9 5,024,267,643 1,367,040,341 3,570,653,566 8,760,496,347

16. Deferred coporate income tax 52 - - - 533,204,279

17. Net profit/ (loss) after taxes 60 38,020,149,676 16,913,431,531 14,444,535,700 42,131,032,037

18. Earnings per share 70


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12

3,787 1,315 1,123 3,281

An Giang Fisheries Import Export Joint Stock Comapany - CASH FLOW STATEMENT

(Indirect method)


Unit: VND

ITEMS

Cod


I. Cash flow from operating activities

1. Profit before tax 01 43,044,417,319 18,280,471,872 18,015,189,266 51,424,732,663

2. Adjustments for:

* Fixed asset depreciation 02 25,034,965,373 35,011,507,671 41,814,074,702 39,658,206,921

* Provisions 03

(4,690,037,157

) 22,976,675,870 (8,554,968,185) 1,581,537,900

* Unrealized foreign exchange differences 04 -

(17,451,011,30

2) 341,392,527 (3,390,201,828)

* Gain/ (loss) from investing activities 05


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13

(924,734,457) (17,280,986,93

9)

(20,038,735,70

7)

(13,943,112,17

4)

* Interest expenses 06 9,423,852,016 38,178,534,382 39,152,469,220 48,579,061,952

3. Operating income before movements in working

capital 08 71,888,463,094 79,715,191,554 70,729,421,823

123,910,225,43

4

* (Increase)/ Decrease in accounts receivable 09

(4,691,074,884

)

(270,851,735,4

09) 19,027,447,756

(52,793,155,86

5)

* (Increase)/ Decrease in inventories 10

(73,813,637,52

5) (559,287,844)

(72,731,047,02

7)

(120,532,744,0

68)

* Increase/ (Decrease) in accounts payable 11 7,237,328,942 49,510,404,302 14,656,250,807 33,603,739,630

* (Increase)/ Decrease in prepaid expenses 12

(7,844,505,780

) (4,338,262,595) 4,086,351,849 1,795,862,501

* Interests paid 13(9,014,146,979)

(38,364,074,791)

(39,376,633,848)

(47,175,851,748)

* Coporate income tax paid 14 (6,919,185,819

(1,252,044,004) - (13,181,592,46


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14

) 5)

* Other cash inflows 15 - 5,485,654,885 1,082,989,611 -

* Other cash outflows 16

(6,608,014,817

) (2,118,388,223) (2,488,623,145) (11,000,000)

Net cash flow from (used in) operating activities 20

(29,764,773,76

8)

(182,772,542,1

25) (5,013,842,174)

(74,384,516,58

1)

II. Cash flow from investing activities

1. Acquisition of fixed assets and other long-term assets 21

(168,442,349,4

64)

(104,670,410,9

23)

(24,328,104,03

4)

(17,625,012,91

6)

2. Proceeds from fixed assets and other long-term assets

disposal 22 3,790,594,654 526,542,684 661,318,176 742,727,273

3. Cash outflow for lending, buying debt instruments of

other companies 23 - - (46,570,000) -

4. Cash recovered from lending, buying debt instruments

of other companies 24 - 100,000,000 - -

5. Investment in other entities 25

(464,178,936,6

76)

(217,344,338,8

25)

(121,328,528,5

50) -

6. Cash recovered from investment in other entities 26


50/94

15

320,566,949,15

0

214,659,145,56

7

126,017,049,81

5

31,303,964,000

7. Interest income, dividends and profit paid 27 - 17,884,146,122 20,619,589,305 13,311,057,450

Net cash flow from (used in) investing activities 30

(308,263,742,3

36)

(88,844,915,37

5) 1,594,754,712 27,732,735,807

III. Cash flow from financing activities

1. Proceeds from issuing stock, receiving capital from

owners 31

294,737,060,00

0 - - -

2. Capital withdrawal, buying back issued stocks 32 - - - (1,990,214,484)

3. Proceeds from borrowings 33

847,739,290,44

0

2,423,391,517,8

00

2,238,569,463,4

80

2,147,312,922,0

91

4. Repayments of borrowings 34

(798,979,363,7

95)

(2,152,460,575,

131)

(2,217,638,682,

777)

(2,044,162,398,

412)

5. Dividends paid 36

(4,723,798,800

)

(15,431,145,60

0)

(12,859,288,00

0)

(25,718,576,00

0)

Net cash flow from (used in) financing activities 40


51/94

16

338,773,187,84

5

255,499,797,06

9

8,071,492,703 75,441,733,195

Net increase/ (decrease) in cash and cash equivalents 50 744,671,741

(16,117,660,43

1) 4,652,405,241 28,789,952,421

Cash and cash equivalents at beginning of year 60 12,961,401,109 13,706,072,850 13,832,260,757 18,811,729,995

Effect from changing foreign exchange rates 61 - 16,243,848,338 327,063,997 7,573,859

Cash and cash equivalents at end of year 70 13,706,072,850 13,832,260,757 18,811,729,995 47,609,256,275


52/94

17

An Giang Fisheries Import Export Joint Stock Comapany - BALANCE SHEET


Unit: VND Common size Percentage change

ASSETS

Cod

es

No

tes Year 2007 Year 2008 Year 2009 Year 2010

Year

2007

Year

2008

Year

2009

Year

2010

Year

2007

Year

2008

Year

2009

Year

2010

A. CURRENT ASSETS 360,336,588,804 614,015,506,183 663,860,980,247 765,944,077,467

42.7

%

52.7

% 54.9% 56.5% 31.1% 70.4% 8.1% 15.4%

I. Cash and cash

equivalents 110 5.1 13,706,072,850 13,832,260,757 18,811,729,995 47,609,256,275 1.6% 1.2% 1.6% 3.5% 5.7% 0.9% 36.0%

153.1

%

1. Cash 111 13,706,072,850 3,832,260,757 18,811,729,995 10,379,176,275 1.6% 0.3% 1.6% 0.8% 5.7% -72.0% 390.9% -44.8%

2. Cash equivalents 112 - 10,000,000,000 - 37,230,080,000 0.0% 0.9% 0.0% 2.7% - - -100.0%

II. Short-term financial

investments 120 5.2 22,829,594,030 22,473,311,418 32,902,165,085 - 2.7% 1.9% 2.7% 0.0% -6.9% -1.6% 46.4%

-

100.0

%

1. Short-term investments 121 24,216,089,030 26,901,282,288 35,784,728,555 - 2.9% 2.3% 3.0% 0.0% -1.2% 11.1% 33.0%

-

100.0

%

2. Provision for diminution

in value of short-term

investments 129 (1,386,495,000) (4,427,970,870) (2,882,563,470) -

-

0.2% -0.4% -0.2% 0.0% - 219.4% -34.9%

-

100.0

%

III. Short-term receivables 130 5.3 139,534,016,739 393,603,123,019 354,883,381,741 332,062,964,602

16.5

%

33.8

% 29.3% 24.5% 2.7% 182.1% -9.8% -6.4%

1. Trade accounts receivable 131 13.4 30.0 28.8% 22.3% 12.0% 209.3% 0.0% -13.2%


53/94


54/94


55/94


56/94


57/94

22

9. Other owner's funds 419 - - - - 0.0% 0.0% 0.0% 0.0%

10. Retained earnings

(Accumulated losses) 420 22,136,658,554 16,839,413,483 14,244,845,972 21,286,200,429 2.6% 1.4% 1.2% 1.6% -39.5% -23.9% -15.4% 49.4%

11. Construction investment

fund 421 1,508,727,551 1,508,727,551 1,508,727,551 1,508,727,551 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%

II. Other sources and

other funds 430 1,129,323,270 3,298,235,031 3,451,788,167 (108,834,905) 0.1% 0.3% 0.3% 0.0% -16.7% 192.1% 4.7%

-

103.2

%

1. Bonus and welfare funds 431

5.2

0 1,038,197,470 3,287,235,031 3,440,788,167 (108,834,905) 0.1% 0.3% 0.3% 0.0% -16.6% 216.6% 4.7%

-

103.2

%

2. Funds 432 91,125,800 11,000,000 11,000,000 0.0% 0.0% 0.0% 0.0% -17.9% -87.9% 0.0%

-

100.0

%

TOTAL RESOURCES 440 844,206,663,917 1,164,260,444,150 1,209,943,558,586

1,354,627,131,76

4

100.

0%

100.0

%

100.0

%

100.0

% 80.3% 37.9% 3.9% 12.0%

An Giang Fisheries Import Export Joint Stock Comapany - INCOME STATEMENT


Unit: VND Common size Percentage change

ITEMS

Cod

es

No

tes Year 2007 Year 2008 Year 2009 Year 2010

Year

2007

Year

2008

Year

2009

Year

2010

Year

2007

Year

2008

Year

2009

Year

2010

1. Gross sales 01 6.1

1,246,311,221,08

4 1,987,763,283,824 1,346,189,685,101

1,712,676,918,86

9

100.

0%

100.0

%

100.0

% 4.2% 59.5% -32.3% 27.2%


58/94

tax 5,024,267,643 1,367,040,341 3,570,653,566 8,760,496,347 %


59/94

24

16. Deferred coporate

income tax 52 - - - 533,204,279 0.0% 0.0% 0.0%

17. Net profit/ (loss) aftertaxes 60 38,020,149,676 16,913,431,531 14,444,535,700 42,131,032,037 3.1% 0.9% 1.1% -18.4% -55.5% -14.6%

191.7%

18. Earnings per share 70 3,787 1,315 1,123 3,281

An Giang Fisheries Import Export Joint Stock Comapany - CASH FLOW STATEMENT

(Indirect method)


Unit: VND Percentage change

ITEMS

Cod


Year

2007

Year

2008

Year

2009

Year

2010

I. Cash flow from

operating activities

1. Profit before tax 01 43,044,417,319 18,280,471,872 18,015,189,266 51,424,732,663 -15.0% -57.5% -1.5%

185.5

%

2. Adjustments for:

* Fixed asset depreciation 02 25,034,965,373 35,011,507,671 41,814,074,702 39,658,206,921 89.6% 39.9% 19.4% -5.2%

* Provisions 03 (4,690,037,157) 22,976,675,870 (8,554,968,185) 1,581,537,900 -506.6% -589.9% -137.2%

-118.5

%

* Unrealized foreign

exchange differences 04 - (17,451,011,302) 341,392,527 (3,390,201,828) -102.0%

-

1093.1


60/94

assets )

2 P d f fi d


61/94

26

2. Proceeds from fixed

assets and other long-term

assets disposal 22 3,790,594,654 526,542,684 661,318,176 742,727,273 337.8% -86.1% 25.6% 12.3%3. Cash outflow for lending,

buying debt instruments of

other companies 23 - - (46,570,000) -

-

100.0

%

4. Cash recovered from

lending, buying debt

instruments of other

companies 24 - 100,000,000 - - -100.0%

5. Investment in other

entities 25

(464,178,936,676

) (217,344,338,825) (121,328,528,550) - 269.5% -53.2% -44.2%

-100.0

%

6. Cash recovered from

investment in other entities 26 320,566,949,150 214,659,145,567 126,017,049,815 31,303,964,000 207.6% -33.0% -41.3%

-

75.2%

7. Interest income, dividends

and profit paid 27 - 17,884,146,122 20,619,589,305 13,311,057,450 15.3%

-

35.4%

Net cash flow from (used

in) investing activities 30

(308,263,742,336

) (88,844,915,375) 1,594,754,712 27,732,735,807 142.8% -71.2% -101.8%

1639.0

%

III. Cash flow from

financing activities

1. Proceeds from issuing

stock, receiving capital from

owners 31 294,737,060,000 - - - 84.3% -100.0%

2. Capital withdrawal,

buying back issued stocks 32 - - - (1,990,214,484)

3. Proceeds from

borrowings 33 847,739,290,440 2,423,391,517,800 2,238,569,463,480

2,147,312,922,09

1 49.5% 185.9% -7.6% -4.1%

4. Repayments of (798,979,363,795 (2,044,162,398,41


62/94

27

4. Repayments of

borrowings 34

(798,979,363,795

) (2,152,460,575,131) (2,217,638,682,777)

(2,044,162,398,41

2) 48.4% 169.4% 3.0% -7.8%

5. Dividends paid 36 (4,723,798,800) (15,431,145,600) (12,859,288,000) (25,718,576,000) -30.8% 226.7% -16.7%

100.0

%

Net cash flow from (used

in) financing activities 40 338,773,187,845 255,499,797,069 8,071,492,703 75,441,733,195 86.3% -24.6% -96.8%

834.7

%

Net increase/ (decrease) in

cash and cash equivalents 50 744,671,741 (16,117,660,431) 4,652,405,241 28,789,952,421 -93.3%

-

2264.4

% -128.9%

518.8

%

Cash and cash equivalents

at beginning of year 60 12,961,401,109 13,706,072,850 13,832,260,757 18,811,729,995 624.4% 5.7% 0.9% 36.0%Effect from changing

foreign exchange rates 61 - 16,243,848,338 327,063,997 7,573,859 -98.0%

-

97.7%

Cash and cash equivalents

at end of year 70 13,706,072,850 13,832,260,757 18,811,729,995 47,609,256,275 5.7% 0.9% 36.0%

153.1

%


63/94

28

AN GIANG BEN TRE

Ratios Change

average over 3

years period

20

06 2007 2008 2009 2010

averag

e 2007-2008

2008-

2009 2009-2010 2010

Average

4 years

Current assets :

360,336,58

8,804

614,015,506,

183

663,860,98

0,247

765,944,07

7,467

5.461

E+11

253,678,9

17,379

49,845,47

4,064 102,083,097,220

239,151,000,00

0

417,091,71

0,751

2.83636

E+11

Current liability

221,752,15

5,601

542,026,418,

034

574,738,42

5,990

731,092,36

9,638

4.462

E+11

320,274,2

62,433

32,712,00

7,956 156,353,943,648 89114305456

157,647,09

9,559

1.06248

E+11

Current ratio 1.625 1.133 1.155 1.048 1.304 -0.492 0.022 -0.107 3.050

2.6457303

17

2.94912

833

Cash

13,706,072

,850

3,832,260,75

7

18,811,729

,995

47,609,256

,275

1.212

E+10

-

9,873,812,

093

14,979,46

9,238 28,797,526,280 37832207899 1.3235E+11

614615

74804

Marketable

securities 0 0 0 0 0 0 0 0 0 0 0

Receivables

139,534,01

6,739

393,603,123,

019

354,883,38

1,741

332,062,96

4,602

2.96E

+11

254,069,1

06,280

-

38,719,74

1,278 -22,820,417,139

104,195,000,00

0

2000000000

0

831462

50000

Current l iabilities

221,752,15

5,601

542,026,418,

034

574,738,42

5,990

720,371,08

3,663

4.462

E+11

320,274,2

62,433

32,712,00

7,956 145,632,657,673 89114305456

1.29921E+1

1

993159

57374

Quick ratio 0.691 0.733 0.650 0.527 0.691 0.042 -0.083 -0.123 1.647 2.02

1.73997

8514

Net sales on

credit

1,246,311,

221,084

1,987,763,28

3,824

1,346,189,

685,101

1,712,676,

918,869

1.527

E+12

741,452,0

62,740

-

641,573,5 366,487,233,768

482,209,000,00

0 685,192,28

5.32955

E+11

98,723 7,063


64/94

29

Average account

receivable

1.37677E+

11

2.66569E+1

1

3.74243E+

11

3.28717E+

11

2.595

E+11

128,891,3

62,939

107,674,6

82,501 -45,525,880,184 83554276717

116,120,41

4,758

916958

11227

Receivables

turnover 9.052 7.457 3.597 5.210 6.702 -1.596 -3.860 1.613 5.908

5.9007047

86

5.90629

1492

Days receivables

outstanding 40.321 48.948 101.471 70.055 63.580 8.628 52.522 -31.416 62.551

61.857017

64

62.3773

1926

Cost of goods

sold

1,071,109,

628,902

1,669,253,11

9,719

1,228,296,

146,320

1,505,667,

822,725

1.323

E+12

598,143,4

90,817

-

440,956,9

73,399 277,371,676,405

384,548,000,00

0

5.63065E+1

1

4.29177

E+11

Average

inventories

1.36456E+

11

1.76593E+1

1

2.11737E+

11

3.07696E+

11

1.749

E+11

40,136,83

8,589

35,144,08

8,108 95,959,442,919 57742623024 1.1612E+11

723370

70957

Inventory

turnover 7.849 9.453 5.801 4.893 7.701 1.603 -3.652 -0.908 8.172 4.84897355

7.34128

5478

Days inventory

held 46.500 38.614 62.920 74.591 49.344 -7.886 24.306 11.671 53.496

75.2736628

1

58.9404

0466

Purchases

1,071,109,

628,902

1,669,253,11

9,719

1,228,296,

146,320

1,505,667,

822,725

1.323

E+12

598,143,4

90,817

-

440,956,9

73,399 277,371,676,405

408,363,000,00

0

5.85889E+1

1

4.52744

E+11

Average account

payable

1.78334E+

11

3.67555E+1

1

5.38359E+

11

3.21974E+

11

3.614

E+11

189,221,8

09,223

170,803,2

13,981

-

216,385,183,603

1468508729

2

367127

1823

A/P turnover 6.006 4.541 2.282 4.676 4.276 -1.465 -2.260 2.395 26.400

39.8968536

6

29.7742

1341

Days A/P

outstanding 60.770 80.370 159.978 78.052

100.37

3 19.599 79.609 -81.926 17.500

9.14859109

3

15.4121

4777

Revenues

1,246,311,

221,084

1,987,763,28

3,824

1,346,189,

685,101

1,712,676,

918,869

1.527

E+12

741,452,0

62,740

-

641,573,5 366,487,233,768

482,209,000,00

0

6.85575E+1

1

5.33051

E+11

98,723

Average cash 133337369 1376916680 163219953 145954531 1.447 435,429,8 2,552,828 1.11341E+1 455376


65/94

30

g

balance 80 4 76 35 E+10

, ,

24

, ,

,573 -1,726,542,241 23603302022 1 17262

Revenues to cashratio 93.471 144.363 82.477 117.343

106.770 50.893 -61.886 34.866 29.861

6.157459961

23.93487344

Days revenues

held in cash 3.905 2.528 4.425 3.111 3.620 -1.377 1.897 -1.315 16.910

59.2776895

6

27.5018

2024

Operating cash

flow

(29,764,74

3,768)

-

182,772,542,

125

-

5,013,842,

174

-

74,384,516

,581

-

7.25E

+10

-

153,007,7

98,357

177,758,6

99,951 -69,370,674,407

1.22127E+1

1

305318

66957

Current liability

221,752,15

5,601

542,026,418,

034

574,738,42

5,990

720,371,08

3,663

4.462

E+11

320,274,2

62,433

32,712,00

7,956 145,632,657,673 89114305456

1.30981E+1

1

995809

42427

CFO to current

liability (0.134) (0.337) (0.009) (0.103)

(0.160

) (0.203) 0.328 (0.095) 0.530

0.93240702

5

0.63060

1756

Bn Tre

Aver


66/94

31

2006 2007 2008 2009 2010 Average 2006 2007 2008 2009 2010age

Liabilities 222,466 542,756 582,972 731,092 519,822 127,806 45,229 96,549

Assets 844,207 1,164,260 1,209,944 1,354,657

1,143,26

7 415,613 407,320 537,004

Liabilities to Assets Ratio 26% 47% 48% 54% 44% 31% 11% 18% 26% 22%

Owner's equity 620,612 618,206 623,520 623,644 621,495 279,286 358,457 432,689

Liabilities to Shareholders'

Equity Ratio 36% 88% 93% 117% 83% 46% 13% 22% 35% 29%

Long-Term Capital Ratio 621,325 618,936 631,753 634,365 626,595 279,336 358,504 432,689

Long-term liabilities 714 730 8,233 10,721 5,100 50 47 -

3247

%

Long-Term Debt to Long-Term

Capital Ratio 0.11% 0.12% 1.30% 1.69% 0.80% 0.02% 0.01% 0% 0% 0%

Long-Term Debt toShareholders' Equity Ratio 0.11% 0.12% 1.32% 1.72% 0.82% 0.02% 0% 0% 0% 0%

Net Income (after tax)

38,020 16,913 14,445 42,131 27,877 40,901 22,586 90,934


67/94

32

Interest expenses 9,424 38,179 39,152 48,579 33,834 3,915 4,635 1,905

Current coporate income tax 5,024 1,367 3,571 8,760 4,681 4,503 1,546 11,312

Interest Coverage Ratio 5.57 1.48 1.46 2.05 2.64 12.60 6.21 54.67 66.14

3490

%

Net cash flow from operating

activities (29,765) (182,773) (5,014) (74,385) (72,984)

(48,214

) 15,531

(21,226

)

Liabilities 167,955 222,466 542,756 582,972 731,092 519,822

45,59

4 127,806 45,229 96,549

Average total liabilities 195,210 382,611 562,864 657,032 449,429 86,700 86,518 89,862

OCF to Total Liabilities Ratio -15% -48% -0.89% -11.32% -19% -56% 18% -30% 93% 6%

ITEMS

An Giang Ben Tre

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Net profit aftertaxes

38,020,149,676

16,913,431,531

14,444,535,700

42,131,032,037

39,218,365,542

22,585,768,533

90,934,284,435

93,876,961,843

Interest expenses 6,751,3

9,423,85

2 016

38,178,5

34 382

39,152,4

69 220

48,579,0

61 952

72,144 4,634,818,

959

1,905,1

65 741

1,640,0

68 432


68/94

33

2,016 34,382 69,220 61,952 959 65,741 68,432

Sales

1,233,73

3,966,07

5

1,966,44

8,899,95

1

1,334,29

7,723,29

2

1,699,41

1,875,17

4

431,521

,358,79

1

473,427,6

96,297

544,094

,049,87

0

685,192

,287,06

3

Profit margin for

ROA 3.69% 2.41% 3.43% 4.77% 10.26% 5.50% 16.98% 13.89%

Sales

1,233,73

3,966,07

5

1,966,44

8,899,95

1

1,334,29

7,723,29

2

1,699,41

1,875,17

4

431,521

,358,79

1

473,427,6

96,297

544,094

,049,87

0

685,192

,287,06

3

Total assets

468,269

,225,41

0

844,206,

663,917

1,164,26

0,444,15

0

1,209,94

3,558,58

6

1,354,65

7,131,76

4

119,224

,294,46

2

415,613

,338,84

6

537,004,0

57,773

386,163

,919,13

2

601,925

,220,58

7

Asset turnover 1.880 1.958 1.124 1.325 1.614 0.994 1.179 2.277

ROA 6.94% 4.73% 3.86% 6.32% 16.56% 5.47% 20.01% 31.63%

Net profit after

taxes 38,020,1

16,913,4

14,444,5

42,131,0 39,218,

22,585,76

90,934,

93,876,

49,676 31,531 35,700 32,037 365,542 8,533 284,435 961,843


69/94

34

Sales

1,233,733,966,07

5

1,966,448,899,95

1

1,334,297,723,29

2

1,334,297,723,29

3

431,521,358,79

1

473,427,6

96,297

544,094,049,87

0

685,192,287,06

3

Profit margin for

ROCE 3.08% 0.86% 1.08% 3.16% 9.09% 4.77% 16.71% 13.70%

Asset turnover 1.880 1.958 1.124 1.325 1.614 0.994 1.179 2.277

Total assets

468,269

,225,41

0

844,206,

663,917

1,164,26

0,444,15

0

1,209,94

3,558,58

6

1,354,65

7,131,76

4

119,224

,294,46

2

415,613

,338,84

6

537,004,0

57,773

386,163

,919,13

2

601,925

,220,58

7

Total shareholders'

equity

300,314

,519,04

0

621,740,

998,221

621,504,

137,546

626,971,

987,984

623,534,

762,126

67,953,

421,785

279,286

,591,06

4

342,492,9

58,990

432,689

,450,65

6

444,278

,121,02

8

Capital Structure

Leverage 1.423 1.616 1.902 2.051 1.540 1.532 1.191 1.355

ROCE 8.25% 2.72% 2.31% 8.58% 22.59% 7.26% 23.46% 42.26%

Cost of goods sold 360,658

1,071,10

9,628,90

1,669,25

3,119,71

1,228,29

6,146,32

1,228,29

6,146,32

,042,04

4

350,384,4

20,210

442,601

,440,34

563,064

,819,77


70/94

35

, ,

2

, ,

9

, ,

0

, ,

1

, , ,

1

, ,

7

Sales

1,233,73

3,966,07

5

1,966,44

8,899,95

1

1,334,29

7,723,29

2

1,699,41

1,875,17

4

431,521

,358,79

1

473,427,6

96,297

544,094

,049,87

0

685,192

,287,06

3

COGS/Sales 86.82% 84.89% 92.06% 72.28% 83.58% 74.01% 81.35% 82.18%

Selling expenses

97,642,5

24,375

237,916,

165,994

136,065,

027,573

144,493,

389,416

33,403,

095,955

37,676,39

0,162

30,665,

905,88

Fsa Assignment_agf_tut2ac_loc, Huong, Huong, Chi, Thu, Thuy._.

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Transcript of Fsa Assignment_agf_tut2ac_loc, Huong, Huong, Chi, Thu, Thuy._.