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REPORT
MEKONG FISH Joint Stock Company
(AAM)
Lecturer:
Class:
Financial Analysis
INTRODUCTION
BASIC INFORMATION
Abbrevition AAM
Email 1.mkf@hcm.vnn.vn
2.salemekongfish@vnn.vn
3.mkfmekonscomvn@hcm.vnn.vn
Website www.mekongfish.vn
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Financial Analysis
HISTORY
ACHIEVEMENT:
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Financial Analysis
LIST OF TABLES
LIST OF FIGURES
LIST OF CHARTS
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Financial Analysis
CONTENT
INTRODUCTION .............................................................................................................. 1
LIST OF TABLES .............................................................................................................. 3
LIST OF FIGURES ............................................................................................................ 3
LIST OF CHARTS ............................................................................................................. 3
CONTENT .......................................................................................................................... 4
1. INDUSTRY ANALYSIS ............................................................................................ 6
1.1 Strategy Analysis ...................................................................................................... 6
1.1.1 Politics .............................................................................................................. 6
1.1.2 Economics ........................................................................................................ 7
1.1.3 Social ................................................................................................................ 8
1.1.4 Technology ....................................................................................................... 8
1.1.5 Legal factors ..................................................................................................... 8
1.1.6 Environmental factors ...................................................................................... 8
1.2 Industry Structure and Profitability Analysis ........................................................... 8
1.2.1 Competitive Force 1: Rivalry Among Existing Firms ........................................ 9
a. Higher degrees of competition among firms .................................................... 9
b. Determinants of the intensity of competition among firms .............................. 9
1.2.2 Competitive Force 2: Threat of New Entrants .................................................. 11
1.2.3 Competitive Force 3: Threat of Substitute Products ......................................... 13
1.2.4 Competitive Force 4: Bargaining power of buyers ........................................... 13
1.2.5 Competitive Force 5: Bargaining power of suppliers ....................................... 13
2. FINANCIAL STRUCTURE ANALYSIS .............................................................. 14
2.1 Asset structure analysis .......................................................................................... 14
2.2 Source of fund analysis .......................................................................................... 15
2.3 Long-term financial balance ................................................................................... 16
2.4 Short-term financial balance................................................................................... 17
3. OPERATIONAL EFFICIENCY ANALYSIS ....................................................... 17
3.1 Assets use efficiency .............................................................................................. 17
3.2 Fixed assets turnover .............................................................................................. 18
3.3 Current assets turnover ........................................................................................... 18
3.4 Return on sales (ROS) ............................................................................................ 19
3.5 Return on assets (ROA) .......................................................................................... 20
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Financial Analysis
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Financial Analysis
1. INDUSTRY ANALYSIS
1.1.1 Politics
The Government enforces many supporting policies and solutions which facilitating
export activities in seafood industry such as the program developing aquaculture in the
period of 2000-2010 including profit tax incentives of 15% during the firm’s lifetime,
salary incentive policy in the labor law, tax rate 0% for seafood items in tariffs and so on.
Therefore, it creates favourable conditions and encourages many investors to enter into
the seafood industry.
Environmental laws: There has been many enounced laws, however, the
implement is still weak, leading to many unfortunate cases such as the Formosa scandal.
This incident has led to water pollution, which has caused adverse impacts on businesses
and households in aquaculture industry.
Furthermore, Vietnam has a high corruption levels and compared to the other Asian
countries, Vietnam fell behind regarding control of corruption.
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Financial Analysis
1.1.2 Economics
In recent years, aquaculture industry has had significant development with the
highest growth rate. Vietnam is also one of the ten largest seafood exporters in the world.
Economic growth: In 2018, GDP grew by 7.08 percent - the highest in the past 11
years and agro-aqua-forestry sector has achieved the highest growth rate in the last 7
years, which means that the restructuring of the industry has been effective. In addition, it
means that the standard of living and demands in food have changed, particularly
products are benificial for the health.
Output market: the aquacultural exporters in Vietnam are likely to face many
barriers about technique and quality of productions. Following Food and Agriculture
Organization of the United Nations - FAO, aquaculture is currently the most consumed
food item and this is a great potential market.
Besides, the inflation rate tends to increase, people has a tendency to save rather
than consume. So, it can lead to a decrease in the profit of enterprises.
Exchange rate: in Vietnam, it operates floating according to the state-controlled
market mechanism, thus greatly influenced by foreign currency supply and demand
relations in the domestic. This mechanism is more and more flexible, creating conditions
for enterprises to prevent risks of exchange rate fluctuations as well as to ensure
production and business efficiencies.
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Financial Analysis
1.1.3 Social
The cultural aspects and health consciousness: In general, the demand for
seafood products is increasing. And the trend and taste of consumers for its have a
constant change. For instance, instead of buying the fresh fish at market, consumers tent
to buy seafood products, that ensures the quality and food Hygiene and Safety, the
obvious origin, can be preserved for a long time. Moreover, they are also interested in the
composition and nutrition of products.
1.1.4 Technology
There is a wide range of new technologies that can be applied to fisheries industry.
However, these applications are not easy because the costs are quite high. Therefore, it is
not a favorable condition for the firm.
In Vietnam, there are applied consumer laws, labor laws, etc but the implement is
quite weak, especially safety standards. Therefore, the current firms might underestimate
the importance of safety to the labour force and business processes, which can cause
damages to both people and business operation.
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Financial Analysis
In reality, it is likely to face the higher degrees of competition among firms such as
pushing prices towards the marginal cost of production, making non-price dimensions of
products or services more important. However, Mekong Fish Co. is regarded as a
significant position in a few segments regardless of the development of the powerful
company in the aquaculture industry (BENTRE aquatic product import and export joint
stock company, Minh Phu Seafood Corporation and so on). This is because the quality in
the production of Mekong Fish Co. creates the definitely belief of consumers.
Our country with a dense network of rivers and seas has developed favorable long
fishing activities and aquaculture. Our aquatic production has maintained continuous
growth in 22 years with an average increase of 9,07%. With the policy of promoting the
development of the activities of aquaculture, the development of production has been
continued increasing in recent years, which is averaged about 12,77%.
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Financial Analysis
Figure 1 The rate of exploitation of aquaculture and marine products of Vietnam from
1995 to 2017
Combining chart on the report of the General Fisheries shows the 2017 total
output of aquatic products reached more than 7,28 million tones up 5,6% compared to
2016 include aquaculture production mining was nearly 3,42 million ton increase 57% of
aquaculture production of 3,86 million tons on increased 5,5% farming area 1,1million
hectares. Proportion of aquaculture production accounted for 53,0% of total output (2016
is 54,2 %).
Besides these advantages to develop the fisheries sector, it also has a lot of
difficulties such as competitions and economic barriers. Agricultural products with
seafood items with each other stiff competition in the market to take advantage.
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Financial Analysis
It can be said that the pressure from the side of new entrants is quite low.
Although this industry is able to have a few competitors, Mekong Fish Co. still have
to judge sensitively many firms that have ability to take part in this industry and create
more new competitions, new challenges. Threat of new entrants depends on the current
entry barriers. The barriers have become more and more prevalent and the factors
affecting the barriers to entry are as follows:
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Financial Analysis
Economies of scale: refer to reducing cost per unit that arise from the increase in
total output of one product. It significantly affects the advantages of the current firms
compared to the new companies. In the production and distribution, the new competitors
have trouble in profitability due to the difference between the selling prices and expenses.
This is because they lack of experience, which may lead to the ineffective cost
management.
Entering in the distribution system: The success of this industry requires a strong
distribution channels, which new enterprises have difficulty in building due to the
exclusive distribution contract. It is quite hard to have a distributed position in restaurant
or a in counter in supermarkets because there are many powerful businesses want those
positions.
The first mover advantage: is the advantage gained by the initial significant
occupant of a market segment. New firms enter to this industry when it’s already had
many other companies. Therefore, there is no the first mover advantage.
Relationships with suppliers and customers: It is obvious that the new entrants
will not have the customers’ trust. Due to the food section, it seems probable that the
customers tend to adhere certainly with prestigious firms (have a certificate of food safety
conditions). Reaching a special position in customers’ trust is considered to be a big
challenge for new entrants.
Legal barriers: At recent years, the government has enacted many laws and
regulations in industry such as Code of Conduct for Responsible Fisheries (CCRF), Code
of Practice for Fish and Fishery Products, Certificate of Food Safety conditions and so on.
Therefore, businesses have to tighten the business process to minimize the ability to break
the rules, which may lead to some difficulties in operating the business.
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Financial Analysis
In addition, it remains the other factors affecting the barriers such as the limit from
the investment distribution, the new product development, cost in the product
convention, effect on the anti-dumping cases and so on.
Substitute products are those products that can meet the same needs compared to the
current product, giving consumers the same features and benefits as the products of the
business. Substitute products will be prioritized for meat such as pork, chicken, beef, etc
will be most interested by customers when there are water pollution. For products with
high prices, customers will choose products with more affordable prices and equivalent
nutrition value. In addition, export of white leg shrimp, tiger shrimp, tra fish, tuna, other
fish, bivalve mollusks, squid, octopus should meet many substitutes: fish and lobster in
Canada; American catfish, tilapia; Marble, red tilapia, Taiwan, etc.
Buyers are one of the most direct factors affecting businesses and they directly
affect the revenue of one business. The changing economic environment and the increase
of available aquatic products have led to a higher bargaining power among buyers.
Everyone is looking for the most affordable price of available aquatic products. Basically,
customers do not require special customizations so they are more likely to switch to
another product with low switching cost. This is because there are many similar and
available products in supermarkets. This also lead to the high price sensitivity of
customers. If price increases, customers are more likely to consume other brands or
substitute products. As a result, it put more pressure on the company to reduce the price.
MeKong Fish Co.’s main activities are aquaculture and exporting their own
products. They mainly have suppliers of their chemicals and special machines for
processing aquatic products. Therefore, suppliers of this company have bargaining power
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Financial Analysis
because: First, there are no substitutes for chemicals and machines and few suppliers
relative to the number of customers demanding those products, which means high
concentration of suppliers. In addition, actually, those suppliers have Differentiation of
their products and do not rely on high volumes so they cannot be threatened by the
decrease in volumes if MeKong Fish Co. stop consuming their products.
Overall, it is clearly seen that total assets tended to increase from 2014 to 2015, but
between 2015 and 2018, there was a downward trend in assets of company; and the
majority of assets were the current assets. In comparison to long-term assets, the short-
term assets was always nearly 4 times.
From the Chart 1.2, the percentage of the current assets to total assets had a
fluctuation over the years, with the highest being 84,03% in 2015, and the lowest being
78,03% in 2017. In addition, there was also oscillations in almost the items of the short-
term assets.
As can be seen from Table 1, in thee first years, inventories had a great proportion of
current assets (made up roughly a half). Interestingly, short-term financial investments
replaced this position in both 2017 and 2018, which indicates that the firm may give less
concentration on manufacturing activities and expand short-term finance. However, it
could lead to the terrible risk in fund collections. Besides, cash and cash equivalents
almost had a decrease trend from nearly 19% in 2014 to just under 5% in 2018, whereas
other current assets fluctuated slightly over the period, approximately 5% and 2%,
respectively. Therefore, the liquidity of the company was not high and the asset
management was not that effective. A positive point is that the amount of money in short-
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Financial Analysis
term accounts receivable showed a downward trend, from 26% to 13% in three last years,
which means the firm has effective debt management or may tighten credit terms.
Next came long-term assets of MEKONGFISH CO., fixed assets is a crucial part
with the highest rating (more than 60% of long-term assets). However, compared to total
assets, fixed assets only constituted a modest proportion. It means that the manufacturing
capability of AAM is likely to be still low. Regarding long-term financial investments, the
figure witnessed an substantial upturn from 3,6% to 8,22% between 2014 and 2017,
whereas in 2018, this amount dropped by a half (4,65%). Additionally, long-term work in
process accounted for a tiny percentage of the total, just under 1%, which shows that the
company may achieve efficiency in manufacturing.
300,000,000,000
250,000,000,000
200,000,000,000
150,000,000,000
100,000,000,000
50,000,000,000
0
2014 2015 2016 2017 2018
The table 2 shows that the value of both liabilities and owner’s equity sharply
fluctuated over the period. Between 2014 and 2017, there were a growth trend to 22,45%
in proportion of debt ratio, then the percentage fall significantly to just over 4%, and rose
moderately to nearly 8% in the last year. In contrast to debt ratio, self-fund ratio began
over 86% in 2014 and went up 92% in 2018. In simpler terms, $100 of assets is
segregated into $8 from debt and $92 from owner’s equity. It is clear that financial
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Financial Analysis
autonomy of AAM was extremely good, which created a belief for investors and
creditors. However, beacause the debt ratio was too low, the company was not able to get
benefit from financial leverage.
There was a remarkable fluctuation in both long-term and temporary resources.
Temporary resource ratio made up a minor percentage in total. The highest proportion of
short-term resource ratio was in two first years and in three last years, there was a slump,
with the lowest proportion being 3% in 2017. In stark contrast, the majority of resources
was long-term resource ratio. It indicates that the level of self-governing in finance was
high and sustainable.
250,000,000,000
200,000,000,000
150,000,000,000
100,000,000,000
50,000,000,000
0
2014 2015 2016 2017 2018
As seen from Table 3, in the last three years, net working capital has positive value
and rate of Long-term resources/ Long-term assets > 1, which indicates that long-term
capital can finance for long-term assets and even finance for a part of short-term assets. It
also shows that the company has high financial stability and financial autonomy (this is
because the rate of owner’s equity/ long-term assets > 1). However, there has been a
slight decrease in net working capital over the past three year, which means the firm are
slowing down a little.
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Financial Analysis
As seen from Table 4, the positive value of net fund in the five-year period shows
that the remaining net working capital is able to finance for the net working capital
requirement in the short term. The excess can be used to reinvest in order to increase the
efficiency of employed capital. However, there had been a slump (from over 102 billion
VND to nearly 43 billion VND) in 2016 and a rapid growth of net fund in 2017 (roughly
2 times), which indicates the instability of the firm’s activities.
4.50 4.12
4.00
3.00
2.56
2.50
2.07
1.88 1.96 Current assets
2.00
turnover
1.39
1.50 1.14 1.14
1.10
1.49
1.00
1.15 Fixed assets use
0.96 0.90 0.94
0.50 efficiency
0.00
2014 2015 2016 2017 2018
As can be seen from the chart, assets turnover fluctuated slightly over the 5-year
period. It decreased from 1,49 times in 2014 to 0,90 times in 2018. This is mainly because
there is a significant decrease in net sales and revenues while average total assets
fluctuates slightly. However, this situation was improved in 2018. Asset use efficiency
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Financial Analysis
increased by 0,04 times compared to 2017, meaning that the company generated a higher
amount of net sales and revenues when using dong of invested assets.
1.60 1.49
1.40
1.15
1.20 1.09
0.96
1.00 0.90
1.04
0.80 0.95 0.91 0.94 AAM
0.89
Industry average
0.60
0.40
0.20
0.00
2014 2015 2016 2017 2018
Compared to the data of industry average, from 2014 to 2016, although there is a
decline in assets turnover of AAM, it is higher than industry average index. In 2017,
assets turnover of AAM is approximately equal to industry average, namely 0,9 times. By
2018, it reached 0,94 times which is lower than industry average. This proves that the
capacity of assets management is regarded as low-grade level and deficiency in this
period.
Regarding fixed assets use efficiency, it has a considerable decrease in the period of
5 years, reached at 1,96 times in 2018. While one dong historical cost of fixed assets
rotate 2,07 times in total sales in 2017, this figure in 2018 is just 1,96 times. This lower
index indicates that fixed assets use of company to generate sales is not efficient.
Besides, current assets turnover had a similar trend with assets turnover. Also it
declined by 0,78 times between 2014 and 2017, then increased to 1,14 times in 2018. It
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Financial Analysis
means that in 2018, 1,14 Dong of net sales can be generated using one dong of invested
current assets. The company is likely to have policies to promote and increase efficiency
of inventory or accounts receivables. This is because inventory turnover increased
dramatically from 0,90 to 0,97 in the year of 2017 and 2018. The company might have a
proper choice in current assets investment.
14.00% 12.60%
12.00%
10.00%
8.00%
5.89% AAM
6.00% 5.25%
4.51% Industry average
3.62% 3.63%
4.00% 2.62%
From the chart, we can see that there was a significant drop in the period 2014-2017
from 2,62% to 0,51%. However, the figure witnessed an exponential growth in 2018 at
5,25%. This figure indicates 5,25 dong of profit before tax in 100 dong of sales and
revenue. It means that in 2018, the company controlled and managed expense better than
2017. It is also related to the revenue-expense management, the pricing policy and the
accounting policy.
Compared to the data of industry average, this ratio is much lower than competitors
in the market. In details, it just reached at 5,25% in 2018, while industry average index is
12,6%.
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Financial Analysis
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Financial Analysis
16.00%
13.70%
14.00%
12.00%
10.00%
8.00% AAM
6.00% 4.76% 4.95% Industry average
3.81%
4.00% 2.66% 2.96%
3.91%
2.00% 1.00% 0.66% 0.46%
0.00%
2014 2015 2016 2017 2018
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Financial Analysis
30.00% 26.71%
25.00%
20.00%
15.00% AAM
Industry average
10.00% 7.75% 6.93%
5.07% 5.86%
3.44% 4.24%
5.00%
1.01% 0.63% 0.47%
0.00%
2014 2015 2016 2017 2018
According to the chart, although it increased from 3,44% in 2014 to 4,24% in 2018,
It is still much lower than the industry average
From the table 3.2, ICR also dropped over 5 years. In 2017 and 2018, the company
did not have ICR index because it did not have interest expense. Besides, return on capital
employed increased from 4,62% in 2014 to 5,19% in 2018, which shows that the
profitability of capital employed became higher
As can be seen from the table, the CF margin ratio is an important measure of how
efficient a company converts its sales to cash. CF margin is negative in 2015 and 2016 but
increased notably in 2017 (25%) and then in 2018, it decreased to 8%, which indicates
that its free cash flows could create long-term value for shareholders but it is not stable.
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Financial Analysis
The CF from operation to net income fluctuated as the same trend as CF margin does, the
most notably thing is this indicator decreased dramatically in 2018 (from 50,5 to 1,75).
Last indicator, net income to cash operated by operating income fluctuates remarkably in
five year. From 2016 to 2018, it increased dramatically , reaching at 0,57 in 2018. This
figure shows that 100 VND cash provided by operating activities generates over 57 VND
of income.
Risk of raw materials: Raw materials source of the company comes from the sea;
therefore, it can be adversely affected by water pollution. If there were water pollution,
customers would stop consume agricultural products. It is a risk that the company should
care about.
Risks from Inventory: The expansion of the company has led to a significant
increase in inventories. This is a considerable problem because most of AAM’s inventory
is raw seafood and they are easily rotten, which requires AAM to preserve them well.
4.1.2 Quantitative
As can be seen from Table 12, DOL increased over the year in 2014-2017 period but
rapidly decreased to 8,25 in 2018. However, this index was at high level, showing that
most of the firm’s cost structure was fixed cost and its profits could be increased
significantly when sales increased.
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Financial Analysis
In 2017 and 2018, the firm had no interest expenses but DOL was very high in 2017.
This is because there were a decrease in CM and profit before tax, showing that the
company did not operate effectively this year. In 2018, this indicator was quite low,
showing that the risk decreased this year but it also means that profits can not be
increased when sales increased as much as it used to be.
4.2 Financial risk analysis
DFL in 2016
Cuu Long An Giang Fish Joint Stock Company 2,4
Ben Tre Fish Joint Stock Company 1,28
Nam Viet Joint Stock Company 1,85
Go Đang Joint Stock Company 2,61
AAM 1,4
Average of Industry 1,908
As can be seen from Table 13, DFL in 2014-2016 period was greater than 1 and
increased over the years, which showed that the company continued borrowing money to
serve their operational purpose and it was able to take advantage of financial leverage.
The firm did not use debt financing in 2017 and 2018; therefore, the degree of
Financial leverage (DFL) equal 1, which means EBIT equal EBT. However, back to
2016, this indicator was 1,4, which shows that if EBT changed 1%, ROE would change
1,4%. Compared to the average index of the industry, AAM financial risk is assessed as
moderate.
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Financial Analysis
the same pattern of current ratio, which shows that the risk of bankruptcy of AAM is low
and their financial situation is assessed as positive.
However, cash ratios in the five-year period decreased over 2 times and they were
not stable, showing that the firm might decide to use money to expand their scale instead
of holding much cash. Besides, cash flow ratio increased sharply in 2014-2017 period
(over 15 times), indicating that in 2017, the firm’s curent liabilities could be well covered
by the cash flows generated from its operations. In 2018, this index dropped remarkably
(nearly 7 times) to 1,1, showing that the cash flows generated from its operations still can
finance to curent liabilities but it is not stable.
4.3.2 Current assets turnover
Inventory turnover
2014 2015 2016 2017 2018
Industry 3,75 3,18 3,44 3,15 3,37
AAM 4,11 3,19 2,56 2,86 3,47
Inventory turnover decreased in the 2014-2016 period but this indicator was still
high compared to the industry index in 2014 and 2015. However, in 2016, it was 1,3 times
less than the industry index, showing that the speed of selling products was not positive
this year. In 2016-2018 period, it increased over the years and reached the peak of 3,47 in
2018, higher than the industry index, indicating that the speed of selling their products has
improved, which is a positive sign to the company.
Account receivable turnover decreased over the time and increased by 5,6 in 2018,
which indicates that debt retirement ability of AAM used to be good in 2014-2015 (about
2 times higher than the industry index) and it has been improved in 2018. However,
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Financial Analysis
compared to the industry index, AAM’s account receivable turnover was always higher,
showing that debt management of AAM is assessed as efficient.
4.3.3 Interest coverage ratio
As can be seen from Table 12, ICR of 2014-2016 period was far away from 1, which
witnessed that the firm was able to cover all their debt and AAM decided not to use debt
financing in 2017 and 2018. However, this index dropped sharply after 2014 (nearly 10
times) resulting from the dramatic decrease in profit before tax and the increase in interest
expenses, which proved that AAM borrowed more money but they did not operate
effectively in 2015 and 2016.
5. SOLUTION
𝑇𝑜𝑡𝑎𝑙 𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑎𝑠𝑠𝑒𝑡𝑠
ROE =ROS × Assets turnover × × (1-T)
𝑇𝑜𝑡𝑎𝑙 𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑒𝑞𝑢𝑖𝑡𝑦
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Financial Analysis
assets by cutting off trading securities. In another words, the firm should focus on their
main business field rather than outside investment.
In addition, ROE can be enhanced by reducing expenses or increasing sales. It
means that the firm should reduce selling expenses. It is possible because selling expenses
of the firm decreased over the years. In order to increase sales, AAM should loosen credit
policies by increasing the amount of account receivables or credit period.
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Corporate Finance
APPENDICES
Table 1 ASSET STRUCTURE ANALYSIS
2014 2015 2016 2017 2018
INDEX
Value % Value % Value % Value % Value %
Current
234.003.666.882 78,74% 270.531.281.331 84,03% 211.692.755.720 82,08% 196.300.575.712 78,03% 185.331.960.146 80,59%
assets
Cash & Cash
55.865.516.720 18,80% 27.955.052.472 8,68% 13.386.493.510 5,19% 13.656.304.758 5,43% 11.098.787.731 4,83%
equivalents
Short-term
financial 20.577.821.062 6,92% 74.711.410.174 23,21% 30.207.633.393 11,71% 76.447.726.000 30,39% 72.259.517.920 31,42%
investments
Short-term
53.712.660.151 18,07% 62.901.421.341 19,54% 68.008.187.406 26,37% 54.680.963.617 21,74% 31.109.921.341 13,53%
receivables
Inventories 99.315.976.914 33,42% 101.526.511.578 31,54% 96.580.328.481 37,45% 47.300.323.400 18,80% 65.189.400.109 28,35%
Other
current 4.531.692.035 1,52% 3.436.885.766 1,07% 3.510.112.930 1,36% 4.215.257.937 1,68% 5.674.333.045 2,47%
assets
Non-current
63.187.350.765 21,26% 51.402.484.926 15,97% 46.211.012.714 17,92% 55.260.017.809 21,97% 44.627.076.641 19,41%
assets
Long-term
5.800.000.000 1,95% 0 0,00% 0 0,00% 0 0,00% 0 0,00%
receivables
Fixed assets 44.935.304.822 15,12% 39.354.098.426 12,22% 34.402.626.214 13,34% 33.563.529.601 13,34% 33.002.665.287 14,35%
Long-term
assets 28.949.203 0,01% 0 0,00% 0 0,00% 128.101.708 0,05% 98.007.312 0,04%
progresses
Long-term
financial 10.688.386.500 3,60% 10.688.386.500 3,32% 10.688.386.500 4,14% 20.688.386.500 8,22% 10.688.386.500 4,65%
investments
Other long-
1.734.710.240 0,58% 1.360.000.000 0,42% 1.120.000.000 0,43% 880.000.000 0,35% 838.017.542 0,36%
term assets
TOTAL
297.191.017.647 100,00% 321.933.766.257 100,00% 257.903.768.434 100,00% 251.560.593.521 100,00% 229.959.036.787 100,00%
ASSETS
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