Capital efficiency at An Giang Import Export Company Angimex - 9

MS

2004

2005

2006

A.TSLD & DTNH

100

171,636,601,891

124,467,102,410

100,627,411,880

I. Cash and cash equivalents

110

3,098,467,958

4,110,524,455

4,074,577,826

1. Money

11

3,098,467,958

4,110,524,455

4,074,577,826

2. Cash equivalents

112

-

-

-

II. Short-term financial investments

120

-

-

-

III.Receivables

130

81,507,000,600

64,336,422,194

26,242,798,939

1.Receivables from customers

131

62,457,684,177

44,628,553,703

20,252,409,985

2.Pay in advance to the seller

132

583,254,204

3,869,137,770

2,461,902,622

3. Internal receivables

133

197,604,455

767,224,042

767,224,042

4.Receivable according to construction contract progress

134

-

-

-

5. Other receivables

138

18,268,457,764

15,071,506,679

2,761,262,290

6. Provision for doubtful debts

139

-

-

-

IV.Inventory

140

84,370,959,932

54,105,850,917

69,755,277,456

1.Inventory

141

84,370,959,932

54,105,850,917

69,755,277,456

2. Provision for inventory price reduction

149

-

-

-

V. Other short-term assets

150

2,660,173,401

1,914,304,844

554,757,659

1. Short-term prepaid expenses

151

341,736,300

-

-

2.Taxes receivable

152

2,318,437,101

1,914,304,844

-

3. Other short-term assets

158

-

-

554,757,659

B. Fixed assets & fixed assets

200

42,574,204,792

57,644,429,040

78,346,438,176

I. Long-term receivables

210

-

-

-

II.Fixed assets

220

36,133,409,096

48,033,990,019

50,645,154,284

1.Tangible fixed assets

221

35,844,530,761

38,289,748,274

35,728,817,110

*Original price

222

64,227,794,405

67,825,641,164

68,257,530,753

*Accumulated depreciation

223

(28,383,263,644)

(29,535,829,890)

(32,528,713,643)

2.Financial leased assets

224

-

-

-

3. Intangible fixed assets

227

288,878,335

9,611,027,162

14,458,702,265

*Original price

228

315,140,000

9,708,585,607

14,729,122,666

*Accumulated depreciation

229

(26,261,665)

(97,558,445)

(270,420,401)

4. Construction in progress costs

230

-

133,214,583

457,634,909

III. Investment real estate

240

-

-

-

IV. Long-term financial investments

250

4,353,098,000

6,967,014,000

24,951,898,000

1.Investment in subsidiaries

251

-

-

.-

2. Investment in associates and joint ventures

252

3,326,148,000

5,621,264,000

18,250,750,000

3. Other long-term investments

258

1,026,950,000

1,345,750,000

6,701,148,000

4. Provision for depreciation of long-term investment securities

259

-

-

-

V. Other long-term assets

260

2,087,697,696

2,643,425,021

2,749,385,892

1. Long-term prepaid expenses

261

2,087,697,696

2,643,425,021

2,749,385,892

2. Deferred income tax assets

262

-

-

-

3. Other long-term assets

268

-

-

-

Total assets

270

214,210,806,683

182,111,531,450

178,973,850,056

MS

2004

2005

2006

A. Liabilities

300

158,639,048,695

97,425,614,471

93,636,349,989

I. Short-term debt

310

155,231,869,845

97,425,614,471

93,636,349,989

1. Short-term loans and debts

311

116,642,694,780

42,720,413,492

48,706,825,556

2.Payable to seller

312

11,950,597,905

26,552,672,396

13,490,376,696

3. Buyer pays in advance

313

7,190,129,307

1,753,258,032

1,784,361,450

4. Taxes and other payments to the State

314

2,189,324,124

3,377,693,879

1,147,015,825

5. Must pay employees

315

17,597,177,772

18,258,006,762

25,609,587,198

6. Costs payable

316

-

805,587,277

-

7. Internal payables

317

(843,944,997)

-

-

8. Must be paid according to construction progress plan

318

-

-

-

9. Other payables

319

505,890,954

3,957,982,633

2,898,183,264

II. Long-term debt

320

3,407,178,850

-

-

1. Long-term payable to seller

321

-

-

-

2. Internal long-term payables

322

-

-

-

3.Other long-term payables

323

-

-

-

4. Other long-term loans and liabilities

324

3,407,178,850

-

-

5. Tax and deferred income payable

325

-

-

-

B.Equity

400

55,571,757,988

84,685,916,979

85,337,500,067

I. Owner's equity

410

51,930,933,321

70,581,268,317

77,658,253,319

1.Equity investment capital

411

43,199,023,447

49,702,702,790

58,290,870,317

2. Share capital surplus

412

-

-

-

3. Other owners' capital

-

-

-

4. Treasury CP

413

-

-

-

5. Asset revaluation difference

414

-

9,515,083,463

9,515,083,463

6. Exchange rate difference

415

-

1,071,525,728

-

7. Development investment fund

416

4,279,725,622

5,464,573,063

3,422,883,664

8. Financial reserve fund

417

4,452,184,252

4,828,013,273

6,429,415,875

9. Other funds belonging to equity

418

-

-

-

10. Undistributed profits

419

-

-

-

11. Capital sources for construction investment

-

-

-

II. Other funding sources and funds

420

3,640,824,667

14,104,648,662

7,679,246,748

1. Bonus and welfare fund

421

3,640,824,667

14,104,648,662

7,679,246,748

2. Funding sources

422

-

-

-

3. Source of funds for forming fixed assets

423

-

-

-

Total capital

430

214,210,806,683

182,111,531,450

178,973,850,056

Code

2004

2005

2006

Sales and service revenue

1

1,135,044,343,080

1,459,241,530,555

1,303,478,698,021

Deductions

3

348,119,700

17,073,720

74,403,113

1.Net revenue (10=1-3)

10

1,134,696,223,380

1,459,224,456,835

1,303,404,294,908

2. Cost of goods sold

11

1,045,582,758,969

1,329,934,779,603

1,179,629,209,087

3.Gross profit (20=10-11)

20

89,113,464,411

129,289,677,232

123,775,085,821

4. Financial operating revenue

21

8,280,493,271

4,449,469,377

4,726,044,488

5. Financial costs

22

14,426,414,543

16,466,937,298

20,426,777,084

In which: interest payable

23

11,763,124,400

12,058,142,271

17,804,802,907

6. Selling costs

24

60,252,508,590

85,236,615,120

69,553,659,853

7. Business management costs

25

7,695,309,004

15,566,520,566

20,739,906,793

8. Net profit from business activities

30

15,019,725,545

16,469,073,625

17,780,786,579

9. Other income

31

1,588,531,390

10,380,823,983

6,556,061,428

10. Other costs

32

169,753,084

1,058,523,630

1,343,798,118

11. Other profits (31-32)

40

1,418,778,306

9,322,300,353

5,212,263,310

12.Total accounting profit before tax

50

16,438,503,851

25,791,373,978

22,993,049,889

13. Taxes payable

51

4,785,068,326

7,221,584,714

6,979,023,871

Corporate income tax payable

4,785,068,326

7,221,584,714

6,438,053,969

Progressive land use transfer tax

-

-

469,510,408

Additional tax payable in 2004

-

-

71,459,494

14. Profit after tax (60=50-51)

60

11,653,435,525

18,569,789,264

16,014,026,018

Calculation formula

2004

2005

2006

I. Payment capacity indicators

II. Indicators showing operational efficiency

1.Receivables turnover

Sales on credit/KPT

13.92

22.68

49.67

Average collection period

360 days/KPT rotations

25.86

15.87

7.25

2. Inventory turnover

DTT/HTK

13.45

26.97

18.69

3. Total asset utilization efficiency

Revenue/Total assets

5,297

8,013

7,283

4.Fixed Asset Utilization Efficiency

DTT/Original price of fixed assets

17.58

18.82

15.71

5. Efficiency of using working capital

DTT/TSLD

6.61

11.72

12.95

III. Financial leverage ratio

1. Debt to total assets ratio

Total Debt/Total Assets

74.17%

56.51%

57.01%

2. Debt to equity ratio

Total Debt/Equity

285.47%

115.04%

109.72%

3. Long-term debt to equity ratio

Long-term debt/Equity

6.13%

-

-

IV.Rate of return

1. Return on Equity (ROE)

Net profit/Equity

0.2097

0.2193

0.1887

2. Return on total assets (ROA)

Net profit/Total assets

0.0544

0.1020

0.0900

(Net profit + Interest) / Total assets

0.1093

0.1682

0.1895

3. Efficiency of working capital use

Long-term capital - Fixed assets

16,404,732,046

27,041,487,939

6,991,061,891

(Working capital)

Current assets - Short term debt

16,404,732,046

27,041,487,939

6,991,061,891

Long-term capital

Equity + Long-term debt

58,978,936,838

84,685,916,979

85,337,500,067

4. Working capital needs

(HTK+KPT)-Short-term debt

10,646,090,687

21,016,658,640

2,361,726,406

5.Cash capital

Working Capital-Requirements

VLL

5,758,641,359

6,024,829,299

4,629,335,485

V. Dupont analysis method

1.ROA=Net profit ratio*Total asset turnover

5.44%

10.20%

9.00%

2.ROE=Net profit margin*Number of total assets turnover*Return on equity

20.97%

21.93%

18.87%

3. Net profit margin

Net profit/Revenue

1.03%

1.27%

1.24%

4. Total asset turnover

Revenue/Total Assets

5,297

8,013

7,283

5. Financial leverage

Total assets/Equity

385.47%

215.04%

209.72%

6. Equity ratio to total assets

Equity/Total Assets

25.94%

46.50%

47.68%

7.Gross profit margin

Gross profit/Revenue

7.85%

8.86%

9.50%