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Vietjet Aviation Joint Stock Company: Financial Statement Analysis
Vietjet Aviation Joint Stock Company: Financial Statement Analysis
B. Non-Current Assets:
2017 2018 2019
1, Long-term receivables 7.152.674.330.646 10.577.336.637.830 14.964.049.145.778
Long-term trade receivables 701.500.000.000 701.500.000.000 701.500.000.000
Other long-term receivables 6.451.174.330.646 9.875.836.637.830 14.262.549.145.778
2, Fixed assets 1.528.720.840.609 1.646.373.479.969 1.303.160.396.122
Tangible fixed assets 1.523.538.521.104 1.643.191.617.368 1.301.038.091.839
Intangible assets 5.182.319.505 3.181.862.601 2.122.304.283
3, Long-term assets in progress 222.031.597.270 1.233.005.676.006 1.258.338.717.091
4, Long-term financial investments 68.424.629.818 68.424.629.818 224.973.206.218
Investments in associates 60.000.000.000 60.000.000.000 60.000.000.000
Equity investments in other entities 7.868.448.000 7.868.448.000 149.417.024.400
Held to maturity investments 556.181.8188 556.181.818 6.556.181.818
5, Other long-term assets 5.017.769.859.431 6.481.745.760.491 6.591.074.767.201
D. Equity
2017 2018 2019
1, Owners’s equity 10.594.134.518.111 14.038.503.236.582 6.479.547.353.367
Owners’s contributed capital 4.513.432.840.000 5.416.113.340.000
Share premium 245.949.492.805 245.949.492.805
Foreign exchange differences 23.916.098.372 119.103.575.688
Undistributed profit after tax 5.809.062.955.579 8.255.509.576.829
Non-controlling shareholder interests 1.773.131.355 1.827.251.260
E. Items:
2017 2018 2019
Gross Profit 6.549.396.795.917 7.491.819.452.641 4.561.833.639.783
Operating Income 5.298.447.656.806 5.808 899.148.021 3.576.541.078.442
EBIT 5.302.638.877.099 5.815.929.109.755 3.868.503.073.470
Net Income 5.073.651.413.698 5.335.090.477.155 3.108.642.894.811
III. Analysis of financial ratio
1. Leverage Ratios:
2017 2018 2019
Total liabilities 21.064.130.723.313 25.047.675.864.087 37.462.639.184.568
Total assets 31.658.265.241.424 39.086.179.100.669 43.942.186.537.935
DEBT RATIO = Total liabilities / 66.5% 64% 85%
Total assets
Owners’s equity 10.594.134.518.111 14.038.503.236.582 6.479.547.353.367
SELF-FUNDED RATIO = Owners’s 33.5% 36% 14,7%
equity / Total assets
The debt ratio reflects the level of debt use of VietJet Air. Thereby, the ratio shows the debt burden a
company is facing. In 2017, this ratio is. 66.5%, means 66.5% of the company’s asset value is financed
from debt.
2. Liquidity Ratios:
CURRENT RATIO = Current assets / 1,27 1,28 0.86
Current liabilities
QUICK RATIO = (Current assets - 1,25 1,245 0,83
Inventories) / Current liabilities
3. Profitability Ratios:
Sales (Total revenues) 42.302.758.277.80 53.577.241.462.140 41.252.356.172.059
6
GROSS MARGIN = Gross Profit / Sales 0.15 0.14 0.11
=> As we can easily see in the table, there is a decrease in the gross margin through 3 years, from 0.15
to 0.11. The most dramatic reduction happened from 2018 to 2019, the gross margin went down from
0.14 to 0.11. This means that Vietjet Air had strived to slash the cost labor down or find ways to cut
down the cost of production through these years.
The operating margin of the company had went down substantially through this period ( from 0.13
to 0.09 ). As a result, the company had an increase in revenue and operating expense through these
years.