Group Assignment
VINGROUP FINANCIAL STATEMENT ANALYSIS
Course: Business Finance (FIN300)
Class: International Business High quality 59A
Group Members:
Bùi Huyền Anh
Hà Thị Minh Anh
Phạm Thị Quỳnh Anh
Lê Quỳnh Hương
Vũ Bích Ngọc
1
Table of Contents
A. INTRODUCTION: OVERVIEW OF VINGROUP:........................................................ 3
I. Company profile: ................................................................................................................. 3
II. Products: ............................................................................................................................ 3
III. Highlight data: .................................................................................................................. 4
IV. Chief competitors: ............................................................................................................ 4
B. ANALYSIS OF VINGROUP’S FINANCIAL STATEMENT: ....................................... 5
I. Income statement, Balance sheets, Cash flow statement, Common-size statements,
Percentage change statement: (Unit: Million VND Dong) ..................................................... 5
II. Financial Ratios (Using Horizontal Analysis Methods): ................................................... 8
III. Financial ratios (using Vertical Analysis Methods): ........................................................ 9
IV. Financial Ratios Analysis: ............................................................................................. 11
V. Trend Analysis: ................................................................................................................ 14
C. REFERENCES: ................................................................................................................ 15
2
A. INTRODUCTION: OVERVIEW OF VINGROUP:
I. Company profile:
Vingroup, formerly known as Technocom Corporation, was founded in 1993 in Ukraine.
In the early 2000s, Vingroup started in Vietnam with two key brands: Vincom and
Vinpearl. In January 2012, Vinpearl JSC merged with Vincom JSC to form Vingroup
Joint Stock Company.
It develops and constructs real estate properties, including commercial, office and
residential buildings, for lease and for sale. The Company also provides healthcare
services via the operation of Vinmec general hospital, as well as educational services
through the management of Vinschool and VinAcademy institutions. Other undertakings
include hotel, restaurant and recreational park operations; groceries retail; organic
vegetable, fruit and flower farming, together with real estate brokerage, valuation,
advertising and management services.
Vingroup is one of the biggest private conglomerate in Asia with a market capitalization
value of around US $16 billion.
II. Products:
As a multi-sector corporation, Vingroup focuses on three main areas:
- Technology:


VinPro: electronic technology center
Vinfast:: automobile, cars and motorbike manufacturing
- Industrials:

VinCity: middle-income targeted residential real estate development
- Property- Services:








Vinhomes: residential real estate development
VinCommerce: convenience stores
Vincom: shopping malls
Vincom Office: office real estate
Vinpearl Land: Amusement parks and attractions such as an ice skating rink
and a water park and Vinpearl Safari Phu Quoc.
Vinpearl: Vinpearl owns major resorts in Vietnam such as Vinpearl Nha
Trang, Vinpearl Da Nang and other projects such as Vinpearl Village, Vinpearl
Hai Giang
Vinmec: Healthcare including Vinmec International Hospital, Times City
Hanoi, Vinmec Royal International
Vinschool: education from kindergarten, elementary school, middle school to
high school, with a total of 13,000 students enrolled.
3



Vinuni
VinDS: Fashion- Sport- Shoes- Beauty and Index Living Mall
VinEco: agricultural production
Vingroup continues to pioneer and lead consumer trends in each of its businesses
introducing Vietnamese consumers to a brand new, modern lifestyle with internationalstandard products and services. Vingroup has created a respected, well-recognized
Vietnamese brand and is proud to be one of the nation’s leading private enterprises.
III. Highlight data:
One of the few entirely non-state concerns in Vietnam, Vingroup is about 30% owned by
its largest shareholder and founder Pham Nhat Vuong. Foreign investors have a combined
interest of about 15%. Market capitalization, at approximately $3 billion, is the largest
among non-state-run companies and ranks among Vietnam's top five concerns when
including state-owned entities.
In 2013, Vingroup raised some $200 million from U.S. investment fund Warburg Pincus
to invest in four areas -- commercial facilities, tourism, hospitals and schools.
IV. Chief competitors:
- The competitors Vingroup include companies developing real estate in the country as
Bitexco Group, JSC Hoang Anh Gia Lai, JSC investment and development of urban and
industrial areas of Song Da, Corporation Import Export and Construction of Vietnam,
and a number of foreign investors such as corporations Ciputra, jobs at Phu My Hung
joint venture, Capital Land, Keppel Land …
- Convenience store chains Vinmart and Vinmart + are organized in a different way from
other retailers, so there is no direct competition system. A comparative study in the retail
industry of consumer products often used by households today in Vietnam shows that the
distribution model through the supermarket system is essential, such as: Big C, Co.op
Mart,...
4
B. ANALYSIS OF VINGROUP’S FINANCIAL STATEMENT:
I. Income statement, Balance sheets, Cash flow statement, Common-size statements,
Percentage change statement: (Unit: Million VND Dong)
Percentage
change
2018
2017
2016
2018
2017
2016
2018/2017
122575290 90354575 58541533 100% 100% 100% 35,66%
92971051 62796327 40184633 75.80% 69.50% 68.60% 48,05%
4783219 3863601 3292952 3.90% 4.30% 5.60% 23,80%
INCOME STATEMENT
COMMON-SIZE
Sales
Cost of goods sold
Depreciation
Earnings before interest and
taxes (EBIT)
11 564 274 11 519 552 5 422 499 9.40%
Interest paid
-3740381 -3062710 -3736501 -3.10%
Pre-tax Profit
13814017 8915205 6134826 11.30%
Taxes
10468003 4667916 4581266 8.50%
Net income
3 346 014 4 247 289 1 553 560 2.70%
Dividends
3383102,08 551626,96 1237327,93 2.80%
Addition
to
retained
earnings
-37088,08 3695662,04 316232,07 -0.03%
5
12.70%
-3.40%
9.90%
5.20%
4.70%
0.60%
9.30%
-6.40%
10.50%
7.80%
2.70%
2.10%
4.09%
0.54%
0,38%
22,12%
54,94%
124,25%
-21,22%
513,29%
-101%
CASH FLOW
Net Income/Starting Line
Cash From Operating Activities
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
Cash Receipts
Cash Payments
Cash Taxes Paid
Cash Interest Paid
Changes in Working Capital
Cash From Investing Activities
Capital Expenditures
Other Investing Cash Flow Items,
Total
Cash From Financing Activities
Financing Cash Flow Items
Total Cash Dividends Paid
Issuance (Retirement) of Stock, Net
Issuance (Retirement) of Debt, Net
Foreign Exchange Effects
Net Change in Cash
2018
13853637.7
-9983730.2
5155271.35
-1966336.8
5760402.08
3740380.5
-27026302
-62313622
-44772133
2017
9114281.48
16785848.7
3084370.56
901062.71
3126166.55
3890618.18
3062709.96
559967.4
-26516465
-19278495
2016
6737836.23
4498546.64
3311557.84
-1582070.6
2294234.12
3736500.95
-3968776.8
-830527.87
-14301529
-17541490
77719838
-1222822.2
24903260.1
54039400.2
-7180.46
5415305
-7237970.4
8040447.11
-1604550.2
-17000
9661997.32
-1413.03
-1691582.2
13471001.5
-778067.73
-1339903.9
1310346.39
-748510.17
4916.07
2894867.11
6
BALANCE SHEETS
2018
Total Current Assets
Cash and Short Term Investments
Cash
Cash & Equivalents
Short Term Investments
Total Receivables, Net
Accounts Receivables - Trade, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Assets
Property/Plant/Equipment, Total - Net
Property/Plant/Equipment, Total Gross
Accumulated Depreciation, Total
Goodwill, Net
Intangibles, Net
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total
Other Assets, Total
Total Current Liabilities
Accounts Payable
Payable/Accrued
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current liabilities, Total
Total Liabilities
Total Long Term Debt
Long Term Debt
Capital Lease Obligations
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Equity
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable,
Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
Treasury Stock - Common
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total
Total Liabilities & Shareholders'
Equity
Total Common Shares Outstanding
Total Preferred Shares Outstanding
2017
COMMON-SIZE
2016
2018
2017
2016
135279026 100246615.6
15508653
8814319.8
8566276.1
6182781.19
4990779.2
1958968.84
1951597.9
672569.77
36113875 19972571.43
7326573.2
5226405.61
55105514 56058815.19
19161737 13434310.95
9389248.3
1966598.27
287974177 213792056.98
107078446 72465671.62
92976241.7
10327489.1
6243230.62
3590101.6
494156.9
14109650.5
2991241.09
55175220.4
8352210.88
5011670.89
183475626
60296249.5
100%
11.46%
6.33%
3.69%
1.44%
26.70%
5.42%
40.73%
14.16%
6.94%
100%
37.18%
100%
8.79%
6.17%
1.95%
0.67%
19.92%
5.21%
55.92%
13.40%
1.96%
100%
33.90%
100%
11.11%
6.71%
3.86%
0.53%
15.18%
3.22%
59.34%
8.98%
5.39%
100%
32.86%
116166914
-9088467.8
4208459.2
819872.59
32811824
360541.09
7416007.5
109245614
14773384
17031687
9299560
78337720.96
-5872049.33
4640531.02
676410.66
24684206.82
563644.45
10514976.77
123624630.8
8245460.36
11090906.46
7474649.53
64394669.8
-4098420.31
5619762.8
814089.66
20722459.2
465506.62
2581316.53
97627931.1
6458154.24
8872845.58
-
40.34%
-8.49%
1.46%
0.28%
11.39%
0.13%
2.58%
36.64%
-2.75%
2.17%
0.32%
11.55%
0.26%
4.92%
35.10%
-2.23%
3.06%
0.44%
11.29%
0.25%
1.41%
100% 100%
13.52% 6.67%
100%
6.62%
15.59% 8.97%
8.51% 6.05%
9.09%
9816403.2
58324580
234375940
61770712
61770712
80886676
824659.71
45415478
17119476
53598237
-
10666318.52
86147295.94
182117806.7
31219525.9
31219525.9
49360493.95
142779.88
20882759.87
6248110.21
31674250.31
-
5590652.16
76706279.1
155648243
34168826.6
34168826.6
39759478.8
357813.47
20463788.3
3029883.63
27827382.8
-
8.99%
53.39%
100%
26.36%
26.36%
8.63%
69.68%
100%
17.14%
17.14%
5.73%
78.57%
100%
21.95%
21.95%
34.51%
0.35%
19.38%
7.30%
100%
27.10%
0.08%
11.47%
3.43%
100%
25.54%
0.23%
13.15%
1.95%
100%
32756212
11442901
26377079.54
2651165.17
26377079.5
2504959.74
5095996.5
-2974924.1
7278051.1
5583084.56
-2974924.07
37845.11
1887422.52
-2974924.07
32845.11
287974177
3056.75
-
213792057
2972.74
-
183475626
2972.73
-
7
Percentage
change
2018/2017
34,94%
75,94%
38,55%
154,76%
190,17%
80,81%
40,18%
-1,70%
42,63%
377,43%
34,69%
47,76%
48,28%
54,77%
-9,31%
21,20%
32,92%
-36,03%
-29,47%
-11,63%
79,16%
53,56%
24,41%
-7,96%
-32,29%
28,69%
97,85%
97,85%
63,86%
477,57%
117,47%
173,99%
69,21%
-
61.11% 83.28% 94.79%
21.35% 8.37% 9.00%
9.51% 17.63% 6.78%
-5.55% -9.39% -10.69%
13.58% 0.12%
0.12%
24,18%
331,61%
-8,72%
0
19,13%
34,69%
28,26%
-
 From the balance sheet, Cash as a percentage of total assets decreased substantially from
6.71% in 2016 to 6.17% in 2017, and the number is 6.33% in 2018.
Within 3 years, other current assets percentage plummeted from 5.39% in 2016 to 1.96%
in 2017 and increased to 6.94% in 2018. Vingroup’s accounts payable increased slightly
from 2016 to 2017 (6,62% to 6,67%). Other current liabilities decreased significantly from
78.57% in 2016 to 69.68% in 2017, continuously decreased to 53.59% in 2018.
By looking at the income statement, we can see that the cost of goods sold increased
steadily over the years, from 68.6% to 69.5% (2016-2017) and reached 75.8% in 2018.
The company also pays interest paid, which is -3.1% of the total revenue for the year
2018. The net income represent 4.7% in 2017 of the total revenues, and it shows the health
of the business’s core operating areas, while it is the while in 2016 and 2018 the
percentage was equal 2.7%.The net income can be compared to the previous year’s net
income to see how the company’s performance year-on-year.
II. Financial Ratios (Using Horizontal Analysis Methods):
HORIZONTAL
ANALYSIS
Total Revenue (VND)
Changes
in
Revenue
(VND)
Changes
in
Revenue
(VND) (%)
Total Expense
Changes in Expense (VND)
Changes in Expense (%)
Earning after tax
Changes in EAT (VND)
Changes in EAT (%)
2015
34047966.31
31299067.99
3253462
-
2016
57614343.67
2017
89350048.6
2018
121894400.4
23566377.36
31735704.93
32544351.82
69.22%
55.08%
36.42%
51114773.86
19815705.87
63.30%
3553560
300098
9.20%
79904861.9
28790088.04
56.30%
4247289
693729
19.50%
108306497.2
28401635.25
35.50%
3346014
-901275
-21.20%
 Total Revenue of VinGroup in 2018 significantly increased compared to the year 2017
with an increase of 32544351.82 million VND equivalent to a 36.4% increase in speed.
The year 2017 increased 31735704.93 million VND compared to the year 2016, with an
increase rate of 55.1% and in 2016 compared to 2015 being 23566377.36 million VND
(69.2%). It is possible to see revenues still increase over the years but the increase
percentage is no longer high. This is also reasonable, as the recent years VinGroup
invested in more and more business fields such as: Vinfast, Vin University, VinTech,
VinPearl Air... which need to fill capital but still have not collect profit yet. In recent
years, VinGroup’s revenues still come mainly from the field of real estate and retail
services.
8
Vin Group's total expense of 2018 increased 28401635.25 million VND compared to the
year 2017 equivalent to 35.5%, in 2017 increased 28790088.04 million VND versus 2016
equivalent to 56.3%, in 2016 increased 19815705.87 million VND compared with 2015
equivalent to 63.3%. It can be seen that 2016, 2017 is 2 years VinGroup promotes
investment in all sectors so the rising of expense is understandable. Collectively, the total
cost decreases over the years and retains less than the total revenue.
Earning after tax in year 2018 fell -901275 million VND versus year 2017 equivalent to 21.2%. While the earning after tax of 2017 increased 693729 million in VND compared
with 2016 equivalent to 19.5%, in 2016 versus 2015 increased 300098 million VND
compared with the year 2015 equivalent to 9.2%. From the above figures, it is possible to
see the after-tax earning of VinGroup being reduced -901275 million VND due to
unrecovered investments in 2016 and 2017. In recent years, there have also appearances of
many real estate companies such as Bitexco, Hoang Anh Gia Lai, Novaland, FLC group or
foreign corporations like Gamuda Land, Keppel Land, ect. competing with VinGroup.
Which partly makes a decline in earning of VinGroup. However, the 2018 is the buffer
step for VinGroup to develop other services and businesses that can be exclusive in
Vietnam.
III. Financial ratios (using Vertical Analysis Methods):
2018
VERTICAL ANALYSIS
Total Revenue (VND)
121894400
Operating income/ Total Revenue (%)
11.15%
Financial income/ Total Revenue (%)
6.13%
Other income/ Total Revenue (%)
1.19%
COGS/ Net Revenue (%)
76.27%
Total Expense (VND)
108306497
COGS/ Total Expense (%)
85.84%
Selling, administrative & general expense/ Total
expense (%)
14.13%
Financial expenses/ Total expense (%)
4.53%
Earning after taxes (VND)
3346014
EAT/TR (%)
2.74%
Total Assets (VND)
287974177
Fixed Assets (VND)
116166914
FA/TA (%)
40.34%
Liabilities (VND)
234375940
Liabilities/TA
81.39%
Long-term liabilities (VND)
61770712
Equity (VND)
53598237
Long-term liabilities/Equity (%)
115.20%
9
2017
89350048.6
10.57%
1.83%
0.49%
70.28%
79904861.9
78.59%
2016
57614344
11.28%
10.16%
0.62%
69.75%
51114774
78.62%
16.48%
4.74%
4247289
4.75%
213792057
78337721
36.64%
182117807
85.18%
31219525.9
31674250.3
98.60%
20.24%
10.54%
3553560
6.16%
183475626
64394670
35.10%
155648243
84.83%
34168827
27827383
122.80%
 As can easily be seen, Vingroup has a significant rise in total revenue by more than 64
thousand million VND from 2016 to 2018.
Operating income of Vingroup is excellent. More particularly, in 2018 operating income
of Vingroup is almost 13.6 thousand million VND which was uplifted by 52.2% than that
number in 2016. During last three years, the percentage of operating income divided by
total revenue fluctuated around the number of 11%. Meanwhile, the percentage of
financial income divided by total revenue in 2016 decreased dramatically from 10.16% to
1.83% in 2017 then began to rise and reached 6.1% in 2018. The same movement
happened to other income but more slightly, the percentage raised by 0.57% from 2016 to
2018. These numbers might indicate that Vingroup’s revenue still mostly came from
transferring of real estate. The table data also gives information on the percentage of
COGS divided by net revenue from 2016 to 2018. This percentage increased slightly by
6.52% over the last three years. Vingroup has invested its money more in technology
(Vinsmart) and transportation (Vinfast). Total expenses of Vingroup increased gradually
through three years and reached 108306497.2 million VND in 2018. The percentage of
COGS divided by total expense became higher and higher, particularly raised by 7.2% and
stopped at 85.84% in 2018. These figures showed that COGS is mainly on Vingroup’s
total expenses. On the other hand, the percentage of selling and administrative expense
divided by total expense had a considerable decline from 20.24% in 2016 to 14.13% in
2018. Financial expense is the lowest of all and like selling and administrative expense, its
percentage divided by total expense also fell by 6.01% and remained 4.53% in 2018.
Structure of assets:
According to the data table, total asset of Vingroup had a significant increase
approximately by 100 thousand million VND through the last three years. More
particularly, its fixed assets rose gradually and peaked 116166913.5 million VND in 2018,
equivalent to 40.34% when divided by total assets. It seemed that Vingroup concentrated
more and more on fixed asset. Similar to asset, liabilities also had a considerable grow of
approximately 80 thousand million VND through three years. However, the percentage of
liabilities divided by total asset made a small rise of about 0.3% from 2016 to 2017 and
then approximately fell by 4% in 2018. Long-term liabilities declined slightly in 2017 but
then grew sharply and reached 61770712.36 million VND in 2018. In addition, during
three years, Vingroup’s equity rocketed about 26 thousand million VND, peaked at
53598236.62, nearly as twice as the number recorded in 2016. Accordingly, the
percentage of long-term liabilities divided by equity was high and fluctuated around 100%
through three recent years.
10
IV. Financial Ratios Analysis:
FINANCIAL RATIOS
2018
2017
2016
Current ratio
1,24
0,81
0,95
Quick Ratio
0,73
0,36
0,39
Cash Ratio
0,08
0,05
0,06
NWC to total assets
0,9
-0,11
-0,25
Total debt ratio
0.28
0.23
0.22
Debt-equity ratio
1.51
1.56
1.43
Equity multiplier
5.37
6.75
6.59
Long-term debt ratio
0.22
0.15
0.19
Invertory Turnover
1,69
1,12
0,73
Day's sale in inventory
216
326
501
Receivables turnover
16,73
17,29
19,57
Days' sales in receivables
22
21
18
NWC turnover
4,71
-3,86
-12,59
Profit Margin
0.03
0.05
0.03
ROA
1.2%
2.0%
0.8%
ROE
6.2%
13.4%
5.6%
Short-term solvency
Long-term solvency
Asset Management
Profitability ratio
11
1. Short-term solvency ratios as a group are intended provide information about a
firm’s liquidity. These ratios focus on current assets and current liabilities. For
obvious reasons, liquidity ratios are particularly interesting to short-term creditors.
The current ratio is a measure short-term liquidity. For every 1 million dong in current
liabilities, Vingroup cover 0,952 times in current assets in 2016. Vingroup data in 2017 and
2018 are 0,811 times and 1,238 times respectively. In 2018, the current ratio has a increasing
trend.
The quick ratio decreased slightly in 2017 because of the fact that Vingroup rose in current
liabilities compared to current assets, and the business is able to pay current assets without
depending on inventory. Then, the quick ratio in 2018 is increased sharply to 0,734 times,
higher 0,377 times than that in 2017.
Net working capital is another measure of the company’s liquidity as well. If the current
assets exceed the current liabilities then the firm has a powerful liquidity situation stating that
it has the capacity to discharge current liabilities. It can be seen that the net working capital in
2018 is higher than that in 2016 and 2017. Both values in 2016 and 2017 are negative because
current assets is lower than current liabilities.
2. Long-term solvency ratios
Total debt ratio takes into account all debts off all maturities to all creditors. It measures the
extent of a company’s leverage. It can be interpreted as the proportion off a company’s assets
that are financed by debt. A ratio greater than 1 means that the company has more liabilities
than assets. Luckily, in this case, Vingroup’s total debt ratio of 0.22,0.23,0.28 respectively
(less than 1) in 2016,2017,2018 indicate that the enterprise does not deal with too much
economic risk.
The debt-equity ratio (DER) is an indicator reflecting the financial scale of the company
calculated by dividing the total debt for equity. It tells us about the ratio of debt and equity
that the company uses to pay for its operation. DER of Vingroup is from 1.43 times up to 1.51
times during the last three years. It illustrates that the company activities require more debt
than the year before. In fact, borrowing or issuing additional shares is a difficult problem for
businesses, and DER is the number that represents the financial efficiency of the company.
Another ratio which is a financial leverage ratio that measures the portion of company assets
that are financed by stockholders’ equity is equity multiplier. Investment in assets is key to
running a successful business. Company often finance these assets through the process of
issuing equity and debt. The equity multiplier reveals how much of the total assets of a
company are made up of debt and equity. The period from 2016 to 2017, the equity multiplier
rose a little bit from 6.59 to 6.75 but in 2018, the data dramatically decreased from 6.75 to
5.37.
The long-term debt ratio in 3 years are low. This means that this company has a strong
financial statement.
12
3. Asset Management sometimes called “utilization ratio”. The specific ratios can all be
interpreted as measures of turnover. Two important current assets are inventory and
receivables.
Inventory turnover is used to measure the number of times inventory is sold or used in a
time period such as a year. It is calculated to see if a business has an excessive inventory in
comparison to its sale. We can see that the inventory turnover of Vingroup rose gradually
from 0,728 in 2016 to 1,687 in 2018. We can infer that the higher this ratio is, the more
efficiently the enterprise is managing inventory.
Days’ sales in inventory figure out how long it took us to turn it over on average. Inventory
sits in 2016,2017,2018 is 501 days, 325 days and 216 days respectively. This figure assumed
we have used the most recent inventory and cost figures, it will take about 501, 325 and 216
days to work off out current inventory.
While inventory measures give some indication of how fast we can sell product, receivables
Turnover focuses on how fast we collect on these sales. As we can see, the data is fall (19,57
to 17,29 to 16,73) , the company speed of collecting on the sales is also decreasing
NWC turnover indicates a company’s effectiveness in using its working capital. Therefore, a
high value is preferred. A higher NWC turnover ratio reflects company generates a higher
dollar amount of sales for every dollar of the working capital used. This ratio gradually
improved through the years, from -12.59 to 4.71, it shows that the company’s operations run
more smoothly and limit the need for additional funding.
4. Profitability ratios
Wanting to know how efficiently Vingroup uses its assets and manages its operations, let’s
take a look at Profit margin. This represents how much percentage figures indicates how
many cents of profit the business has generated for each dollar for sale. In 2016, Vin
generates 0.03 dollar in revenue per sales revenue, and similar, 0.05 in 2017 and 0.03 in 2018.
The ROA of the company improved and stood at 2% during 2017 from 0.8% in 2016, but
decrease 0.8% from 2% to 1.2% in 2018. The ROA measures how efficiently the company
uses its assets to generate earnings, with this drop in ROA may the company invested more
than earned money.
ROE is the ratio that investors are very interested in because it shows the ability to generate
profit of 1 capital they spend to invest in the company. The ratios in 2017 and 2018 are
decreasing, showing that the net income of the company is reduced by the shareholders’
investment. In 2017 the business ratio increases to 13.4%, showing that the company’s net
income increased on the shareholders’ investment.
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V. Trend Analysis:
Base on Financial Analysis, we can perform it in Line Chart and see a trend analysis:
Overall, during the last 3 years, currrent revenue grew strongly and possibly reach over 13.4
billion VND with impressive improvement across all existing business and exciting
contribution form the new industrial segment. Total revenue reduced temporarily due mainly
to timing of resident properties handover. Despite lower revenue, EBITDA remains stable.
Basing on financial ratios, we can assume that the financial performance of Vingroup has
optimistic financial health helping various investors and stockholders take their investment
decisions. Besides, the long term debt ratio among 3 years decreased gradually so in the
future, Vinngroup will have a good health financial and develop as their mission.
Conclusion
The financial analysis of VinGroup in the 2016-2018 period showed that VinGroup is in such
a good financial health. Their financial ratios are also very excellent: they have high liquidity
and ability to develop in the future. The increase in revenues and profits of the company has
meet the need of investors.
It can be said that Vingroup has gradually affirmed its position in the economy of Vietnam,
which is a rapidly growing group in the past years. All of VinGroup's services are expected to
bring prosperity to the home country, bringing Vietnam's economy to compare with the
powers economics in the world.
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C. REFERENCES:
https://www.investing.com/equities/vingroup-jsc-income-statement
https://www.investing.com/equities/vingroup-jsc-balance-sheet
https://www.marketscreener.com/VINGROUP-JSC-6603353/financials/133
https://finance.vietstock.vn/VIC/financials.htm?tab=KQKD&languageid=2
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