HPG - Hoa Phat Group Joint Stock Company (HOSE| Basic Materials | Steel )

Balance sheet
2017
CURRENT ASSETS 33,068.06
Cash and cash equivalents 4,264.64
Net Short-term investment 9,936.71
Accounts Receivables 6,555.42
Net Inventories 11,748.87
Other current assets 562.42
NON-CURRENT ASSETS 19,954.12
Long-term receivables 21.81
Fixed assets 13,197.80
Investment in properties 191.19
Long-term investment 16.95
Goodwill -
Other non-current assets 1,057.62
TOTAL ASSETS 53,022.18
LIABILITIES 20,624.60
Current liabilities 18,519.72
Long-term liabilities 2,104.88
OWNER'S EQUITY 32,397.58
Capital and Reserves 32,397.58
Other Reserves -
Undistributed earnings 13,397.03
Budget sources and other funds -
MINORITY INTERESTS -
TOTAL OWNER'S EQUITY AND LIABILITIES 53,022.18
Income statement
2017
Net Sales 46,161.69
Cost of Sales -35,536.12
Gross Profit 10,625.57
Financial Income 186.22
Financial Expenses -555.76
Of which: Interest Expenses -479.71
Selling Expenses -594.71
General & Admin Expenses -409.04
Operating Profit/Loss 9,252.12
Net income from associated companies -
Other Income/Expenses 36.25
Net Profit/Loss before tax 9,288.37
Current Income Tax -1,317.63
Deferred Income Tax 44.02
Profit/Loss after tax 8,014.76
Minority Interests 8.08
Profit to parent company 8,006.67
Cash Flow
2017
Net Profit/Loss before tax 9,288.37
Depreciation & Amortization 2,004.66
Provisions -10.87
Unrealized foreign exchange gain/loss -4.72
Profit/Loss from disposal of fixed assets -
Profit/Loss from investing activities -100.14
Interest Expense 479.71
Interest income and dividends -
Operating Profit/Loss before changes in WC 11,657.00
Increase/Decrease in receivables -462.71
Increase/Decrease in inventories -2,201.68
Increase/Decrease in payables -427.14
Increase/Decrease in prepaid expenses -57.14
Interest paid -476.52
Business Income Tax paid -1,723.78
Other receipts from operating activities -
Other payments on operating activities -249.71
Net cash inflows/outflows from operating activities 6,058.32
Purchase of fixed assets and other long-term assets -8,875.04
Proceeds from disposal of fixed assets 6.99
Loans granted, purchases of debt instruments -13,644.06
Collection of loans, proceeds from sales of debts instruments 4,461.99
Investment in other entities -40.83
Proceeds from divestment in other entities 0.65
Dividends and interest received 164.53
Net cash inflows/outflows from investing activities -17,925.77
Proceeds from shares issue 5,057.29
Payments for share repurchases -
Proceeds from borrowings 37,194.70
Repayment of borrowings -30,674.53
Finance lease principal payments -
Dividends paid -3.75
Dividends received -
Net cash inflows/outflows from financing activities 11,573.69
Net increase/decrease in cash and cash equivalents -293.75
Cash and cash equivalents at the beginning of period 4,558.66
Foreign exchange differences Adjustment -0.27
Cash and Cash Equivalents at the end of period 4,264.64
Steel )

2018 2019 2020

25,308.73 30,436.94 56,800.33
2,515.62 4,544.90 13,001.00
3,724.56 1,374.34 8,822.09
3,210.28 3,561.40 6,124.79
14,115.14 19,411.92 26,286.82
1,743.13 1,544.38 2,565.62
52,914.28 71,339.09 74,711.11
22.3 27.72 305.17
12,782.56 31,249.49 65,561.66
179.74 576.62 564.3
66.58 45.79 171.09
- - -
1,755.77 2,004.15 1,861.69
78,223.01 101,776.03 131,511.44
37,600.06 53,989.39 72,291.65
22,636.15 26,984.20 51,975.22
14,963.91 27,005.20 20,316.43
40,622.95 47,786.64 59,219.79
40,622.95 47,786.64 59,219.79
- - -
15,126.44 15,876.91 21,783.39
- - -
- - -
78,223.01 101,776.03 131,511.44

2018 2019 2020

55,836.46 63,658.19 90,118.54
-44,165.63 -52,472.82 -71,213.68
11,670.83 11,185.37 18,904.86
 294.41 471.05 991.06
-772.32 -1,181.68 -2,823.68
-539.86 -936.71 -2,207.30
-676.81 -873.33 -1,094.37
-444.02 -569.01 -690.41 -1003.75
10,072.09 9,030.98 15,289.43
- - -
-1.02 65.68 65.51
10,071.07 9,096.66 15,354.93
-1,506.32 -1,603.31 -1,782.53
35.8 84.89 -66.23
8,600.55 7,578.25 13,506.17
27.54 50.81 67.49
8,573.01 7,527.44 13,438.68

2018 2019 2020

10,071.07 9,096.66 15,354.93
2,259.59 2,593.23 4,798.66
-72.99 -5.77 28.31
29.91 24.18 52.87
- - -
-112.99 -286.19 -527.61
539.86 936.71 2,207.30
- - -
12,740.51 12,358.83 21,914.47
-1,423.16 -288.52 -3,498.17
-2,301.59 -5,132.24 -7,061.02
1,459.71 3,557.80 1,737.15
-500.92 -8.48 -15.25
-611.77 -867.28 -2,030.97
-1,416.44 -1,552.89 -1,714.08
- - -
-304 -352.06 -328.36
7,642.34 7,715.17 9,003.77
-27,594.12 -20,825.37 -9,370.23
64.82 26.94 35.82
-11,295.50 -4,467.55 -12,648.96
17,443.01 6,832.22 4,986.12
-115.95 - -
17.6 - -
947 369.55 392.5
-20,533.13 -18,064.22 -16,604.75
11.42 0.09 2.7
- - -
53,472.01 69,584.17 81,625.37
-42,335.01 -57,193.67 -64,157.59
- - -
-5.92 -12.65 -1,419.47
- - -
11,142.51 12,377.94 16,051.00
-1,748.28 2,028.89 8,450.03
4,264.64 2,515.62 4,544.90
-0.75 0.39 6.07
2,515.62 4,544.90 13,001.00
-1120.83 -1442.34 -1784.78
Balance sheet
2017 2018
CURRENT ASSETS 62.37% 32.35%
Cash and cash equivalents 8.04% 3.22%
Net Short-term investment 18.74% 4.76%
Accounts Receivables 12.36% 4.10%
Net Inventories 22.16% 18.04%
Other current assets 1.06% 2.23%
NON-CURRENT ASSETS 37.63% 67.65%
Long-term receivables 0.04% 0.03%
Fixed assets 24.89% 16.34%
Investment in properties 0.36% 0.23%
Long-term investment 0.03% 0.09%
Goodwill #VALUE! #VALUE!
Other non-current assets 1.99% 2.24%
TOTAL ASSETS 100.00% 100.00%

LIABILITIES 38.90% 48.07%

Current liabilities 34.93% 28.94%
Long-term liabilities 3.97% 19.13%
OWNER'S EQUITY 61.10% 51.93%
Capital and Reserves 61.10% 51.93%
Other Reserves #VALUE! #VALUE!
Undistributed earnings 25.27% 19.34%
Budget sources and other funds #VALUE! #VALUE!
MINORITY
TOTAL OWNER'S INTERESTS
EQUITY AND #VALUE! #VALUE!
LIABILITIES 100.00% 100.00%

Income statement
Net Sales 100.00% 100.00%
Cost of Sales 76.98% 79.10%
Gross Profit 23.02% 20.90%
Financial Income -0.40% 0.53%
Financial Expenses 1.20% 1.38%
Of which: Interest Expenses 1.04% 0.97%
Selling Expenses 1.29% 1.21%
General & Admin Expenses 0.89% 0.80%
Operating Profit/Loss 20.04% 18.04%
Net income from associated companies #VALUE! #VALUE!
Other Income/Expenses -0.08% 0.00%
Net Profit/Loss before tax 20.12% 18.04%
Current Income Tax 2.85% -2.70%
Deferred Income Tax -0.10% 0.06%
Profit/Loss after tax 17.36% 15.40%
Minority Interests -0.02% 0.05%
Profit to parent company 17.34% 15.35%
 2019 2020 Chart Title
29.91% 43.19%
4.47% 9.89%
1.35% 6.71%
3.50% 4.66%
19.07% 19.99%
1.52% 1.95%
70.09% 56.81%
Cash and cash equivalents Net Short-term investment Accounts Rece
0.03% 0.23% Net Inventories Other current assets Long-term rec
30.70% 49.85% Fixed assets Investment in properties Long-term inve
Goodwill Other non-current assets
0.57% 0.43%
0.04% 0.13%
#VALUE! #VALUE!
1.97% 1.42%
100.00% 100.00%

53.05% 54.97%
26.51% 39.52%
26.53% 15.45%
46.95% 45.03%
46.95% 45.03%
#VALUE! #VALUE!
15.60% 16.56%
#VALUE! #VALUE!
#VALUE! #VALUE!
100.00% 100.00%

100.00% 100.00%
82.43% 79.02%
17.57% 20.98%
0.74% 1.10%
 1.86% 3.13%
1.47% 2.45%
1.37% 1.21%
0.89% 0.77%
14.19% 16.97%
#VALUE! #VALUE!
0.10% 0.07%
14.29% 17.04%
-2.52% -1.98%
0.13% -0.07%
11.90% 14.99%
0.08% 0.07%
11.82% 14.91%
Chart Title

t Short-term investment Accounts Receivables

her current assets Long-term receivables
estment in properties Long-term investment
her non-current assets
Financial Ratios
Liquidity
Current ratio
Quick ratio (Acid ratio)
Cash ratio
Efficiency
Inventory turnover
Receivables turnover
Days' sales in inventory
Days' sales outstanding
Total asset turnover
Fixed asset turnover
Leverage
Total debt ratio
debt-to-equity ratio
Equity multiplier
times interest earned
Cash coverage ratio
Short term reatio
Long term ratio
Profitability
gross profit margin
operating profit margin
net profit margin
EROA
Return on assets (ROA)
Return on equity (ROE)
Market
EPS
P/E
MB
Dupont analysis
Year
2017
2018
2019
2020
Formula 2017

current assets/current liablities 1.79

(current assets-inventory)/current liabilities 1.15
Cash and cash equivelents/current liabilities 0.23

COGS/inventory 3.02
Net sales/account receivables 7.04
365/inventory turnover 120.68
365/receivables turnover 51.83
net sales/total assets 0.87
net sales/fixed assets 3.50

total debts/total assets 0.39

total debts/total equity 0.64
total assets/total equity 1.64
EBIT/Interest expenses 20.36
EBITDA/Interest expenses 24.54
ST debt/ total asset 0.35
LT debt/ total asset 0.04

(Net sales-COGS)/Net sales 1.77

EBIT/Net sales 0.21
Net income/net sales 0.17
EBIT/total assets 0.18
net income/total assets 0.15
net income/total equity 0.25

Net income/shares outstanding 5.9

Price per share/EPS 7.94
Market value of equity per share/Book value of equity per share 2.19
 ROE ROA
0.25 0.15
0.21 0.11
0.16 0.07
0.23 0.10

Analysis of statement of cash flows

Year 2017
Net cash inflows/outflows from operating activities 6,058.32
Net cash inflows/outflows from investing activities -17925.77
Net cash inflows/outflows from financing activities 11,573.69
Net increase/decrease in cash and cash equivalents -293.75
Cash and Cash Equivalents at the end of period 4,264.64

Chart Title
20,000.00

15,000.00

10,000.00

5,000.00

0.00
2017 2018 2019 2020

-5,000.00

-10,000.00

-15,000.00

-20,000.00

-25,000.00

Net cash inflows/outflows from operating activities Net cash inflows/outflows from investing activiti
-15,000.00

-20,000.00

-25,000.00

Net cash inflows/outflows from operating activities Net cash inflows/outflows from investing activiti
Net cash inflows/outflows from financing activities Net increase/decrease in cash and cash equivale
Cash and Cash Equivalents at the end of period
 2018 2019 2020

1.12 1.13 1.09

0.49 0.41 0.59
0.11 0.17 0.25

3.13 2.70 2.71

17.39 17.87 14.71
116.65 135.03 134.73
20.99 20.42 24.81
0.71 0.63 0.69
4.37 2.04 1.37

0.48 0.53 0.55

0.93 1.13 1.22
1.93 2.13 2.22
19.65 10.71 7.96
23.84 13.48 10.13
0.29 0.27 0.40
0.19 0.27 0.15

1.79 1.82 1.79

0.19 0.16 0.19
0.15 0.12 0.15
0.14 0.10 0.13
0.11 0.07 0.10
0.21 0.16 0.23

4.04 2.73 3.8

7.66 8.61 6.99
1.62 1.36 1.60
 Equity multiplier Net profit margin Total asset turnover
1.64 0.17 0.87
1.93 0.15 0.71
2.13 0.12 0.63
2.22 0.15 0.69

2018 2019 2020

7,642.34 7,715.17 9,003.77
-20,533.13 -18,064.22 -16,604.75
11,142.51 12,377.94 16,051.00
-1748.28 2028.89 8450.03
2,515.62 4,544.90 13,001.00

019 2020

s/outflows from investing activities

s/outflows from investing activities
crease in cash and cash equivalents