HANOI UNIVERSITY

FACULTY OF MANAGEMENT AND TOURISM

----------oOo----------FINANCIAL STATEMENT ANALYSIS FINANCIAL STATEMENT ANALYSIS

-GROUP ASSIGNMENT -

Tutorial: 2ACCT-08
Tutor: Mr. Huy Anh
Group members namesStudent numbersPercentage of contributionSignatures:
1.

Th Lc

0804010043 16.5%

2.

Nguyn Th Hng 0804010028 16.5%

3.

Nguyn Th Hng 0704010030 16.5%

4.

Nguyn Th Thu 0804010085 16.5%

5.

Hong Vn Chi 0804010009 16.5%

6.

L Th Thanh Thy 0804010092 16.5%

HANOI 06 2011

TABLE OF CONTENTS
Table of contents ..................................................................................................... ii
1. Introduction ........................................................................................................ 1
2. Company background ....................................................................................... 1
3.Industry analysis using Economic Attributes Framework........

4. Company strategy analysis ................................................................................

5. Accounting analysis ............................................................................................

6. Financial analysis ...............................................................................................

6.1. Liquidity analysis ................................................................................

6.2. Solvency analysis .................................................................................

6.3. Profitability analysis ...........................................................................

6.4. Cash flow analysis .............................................................................

7. Valuation .............................................................................................................

15

7.1. Forecasting ...........................................................................................

15

7.1.1. Income statement .....................................................................

15

7.1.2. Balance sheet ............................................................................

16

7.1.3. Statement of cash flows ...........................................................

17

7.2. Valuation using free cash flow based approach ...............................

18

8. Conclusion and recommendation .....................................................................

21

References ...............................................................................................................

22

Appendix .................................................................................................................
Appendix A: Financial statements for Year 2007 to 2010 ................................... 2
Appendix B: Financial statements with common size and percentage change 17
Appendix C: Calculations of ratios ....................................................................... 28
Appendix D: Forecasted financial statements........... 37

2ii

1. Introduction
In todays world, the ultimate or long term goal of every firm is to maximize shareholders value
where we see the growth and sustainability of the market share prices of the owners common
stock increasing from one year to another. A financial statement provides a way for a company
to present its financial health to shareholders, creditors, and the general public and to potential
investors. This report refers to the analysis primarily based on An Giang Fisheries Import and
Export Joint Stock Company (AGF)s financial statement from 2006 to 2011, and it is concluded
by some recommendation regarding to determination of companys value. The role of financial
statement analysis in making investment decisions should not be overlooked, as it helps an
investor to establish the fiscal strengths and weaknesses of a company, also to measure how a
company's performance stacks up against industry standards.
2. Company background
An Giang Fisheries Import and Export Joint Stock Company (AGIFISH co.) is one of the leading
companies working in processing and exporting seafood products in Vietnam. Besides the staple
product which is aquatic frozen seafood, the company also manufactures related products such as
fish feedstuff, powdered bones, pure fish oil, and gelatin as well as merchandises equipment for
aquaculture activities such as refrigeration, ventilation, pumping and so on. Among of these, the
company gives priority to develop pangasius fish, value added products and aquatic veterinary
medicines.
AGIFISH is allowed to export aquatic products into the EU market with four codes DL07, DL08,
DL09, DL360 and into Catholic communities. The long-term strategy of AGF is investing in
technology infrastructure to produce on large scale and diversifying the business activities by
investing in other industries such as constructions, real estates and financial investments.
Regarding the consumption market, the company enhances the traditional markets such as
American, Europe and searching for new ones like Middle East, South American, and North
Africa.
3. Industry analysis using Economic Attribute Framework
3.1.

Demand

Customers are insensitive to price.

Demand is growing at relatively low in domestic but significant high rate in the world
especially Canada, Japan, American 40% and Germany 32.5%.
Demand does not move with the economic cycle.
Demand is not seasonal sensitive.
3.2.
Supply
A large number of suppliers offering similar products: Con Dao Fisheries Import and
Export Joint Stock Company (COIMEX), Cuu Long An Giang Import and Export Joint
Stock Company (CL-FISH), Da Nang Sea products Import-Export Corporation
(SEAPRODUCT DA NANG) and the like.
Domestic market shows quite low entrant barriers but sanitarianness requirements and
technology are high barriers for foreign markets.
Low barriers to exit.
3.3.
Manufacturing
The companys production, packaging and distribution are base on high technology
system so the company is capital intensive, not labor intensive.
The manufacturing process is not compiled with acceptable-quality products.
3.4.
Marketing
Fisheries products are promoted to customers by advertising (TV, newspapers, radio),
location (supermarkets such as Co-op Mart, Vinatex, local agents) and many special
promotion programs in distributing supermarkets)
Products are high-class so the company has to continually push the demand through
different distribution channels.
3.5.
Investing and financing
Companys operation of producing, packaging and reserving entails long-term
investment.
There are high risks due to short product cycle.
The industry is growing rapidly and in need of external financing.

4. Company strategy analysis

4.1.

Nature of products

AGF is focusing on its infrastructure development to spread the manufacturing size, emphasizing
on the products quality and diversification. To create competitive advantage on products quality,
firm is applying various quality control systems in all of its manufacturing processes: HACCP,
ISO 9001 :2000, Safe Quality Food 1000 (SQF 1000); Safe Quality Food 2000 (SQF 2000),
Global Standard For Food Safety (BRC), ISO 17025: 2005, ISO 14001:2004. With the
diversification, AGF is extending to Pangasius products like dishes and aquatic veterinary

medicines. This strategy is believed to bring AGF survival and further development in this
competitive market.
4.2.

Degree of integration within value chain

AGF has consistently expanded to variety of business activities, its primary product lists include:
- Producing Pangasius foods, frozen sea foods
- Farming Pangasius: Harvesting and selling fish
- Providing fresh fish to processing firms
- Providing processed Pangasius to export activities
- Distributing fish and related products to customers
Besides those businesses, this company also has other activities to support primary ones such as
-Producing, processing, buying and selling Biodiesel oil extracted from fish fat
-Manufacturing, buying and selling veterinary and aqua cultural medications
-Producing, trading feeds for domestic animals, poultry, and aqua cultural products, etc.
Moreover, AGF is trying to grow to other beneficial non-related business sectors like buying and
selling beverage of all kinds, Land leveling, Industrial constructions and so on.
4.3.

Degree of geographical diversification

In the domestic market, AGF confirmed its 1st position as distributing variety of Pangasius
products and related products in more than 50 provinces and cities through the country. The
quantity and turnover of value-added domestic products in 2008 were 2,789 tons up to 140% and
86.106 billion VND up to 166%, respectively.
Year 2010 gave AGF a strong development in the international market with the incredible
achievement to the 4th position (from 10th in 2009) at 46,468 tons and 89,864,592 USD. Its
obvious that export activity is key strategy for AGF long term development of the firm when it is
trying to expand more and more new global markets like Cuba, Philippines, beside the existing
foreign countries. According to the firms report, the shared pie among markets did not change a
lot in 2010 in comparison with 2009

Other
15%

Western Europe
27%

Australia
13%
South America
4%
Asia
19%

Middle East
4%
US
8%
Eastern Europe
and Russia
10%

Figure 1: AGF international market for export activity in 2010

AS we can see from the pie chart, Western Europe occupied the largest proportion with 27% and
this will be still the target market in the firms future growth.
5. Accounting analysis
Like many other companies, the fiscal year of AGF starts at 01 January and ends at 31 December
annually. The currency used to prepare financial statements is Vietnam Dong, currencies are
exchanged to Vietnam Dong based on the current exchange rate issued by the State Bank of
Vietnam. AGF applies the VAS issued by Vietnamese Ministry of Finance 15/QKT on March
20, 2006.
5.1. Companys accounting policies
All consolidated financial statements of AGF are prepared by the use of the computerized
accounting system and based on the historical cost principle.

Cash and cash equivalents: cash on hand, cash in bank, and cash in transit, short-term
investments with less than three-month maturity and easy convertibility into cash.

Foreign currency transaction: foreign currencies are converted into Vietnam Dong by
applying the current exchange rate as the time of the transactions. The differences from
currency revaluation are recorded as revenue or expense during the period.

Inventory: follows the historical costs for the recording of purchases, processing expense
and other directly related costs to bring inventories to the current positions and
conditions. Accounting method for inventory is to apply the weighted average and
perpetual method.

Trade receivable and other receivables: are recorded based on the values on supporting
documents and invoices.

Fixed assets: are determined based the subtraction of accumulated depreciation from the
historical costs. The historical costs of fixed assets equal purchase price minus
commercial discount, tax amount and any direct cost related to the acquisition.
Depreciable method for fixed assets is straight-line over their estimated useful lives.
Tangible fixed assets include buildings, land, equipment, machinery, and other fixed
assets, among which buildings and architectural items have longest useful life of 5-25
years.
Intangible fixed assets include land-use right for 48 years 05 months and computer
software for 5 years of useful life.

Prepaid expenses: are determined by the deduction between historical cost and
accumulated allocation. Expired expense is recorded based on the straight-line method
for the maximum period of 2 years.

Unemployment allowance fund: the extraction for resigned employees is recorded as an

expense on income statement.

Corporate income tax: AGF is exempted from the corporate income tax fully in the first
two profitable years, reduced to 50% within four years after and levied only 20% from
2006 to 2010. Corporate income tax includes two types: current income tax is computed
based on the current years income tax rate; deferred income tax is determined based on
the temporary differences between taxable income and financial income.

Revenue recognition: Exporting revenue is recognized based on bill of lading. Domestic

revenue is recognized when it satisfies all 5 conditions: a, transfer substantial risks and
benefits of goods to customers; b, not keep the management rights of goods (possession,
determination); c, be relatively certain about revenue; d, collect in advance; e, be able to
determine related expenses

5.2. Operating trends

Year 2007

Year 2008

Year 2009

Year 2010

Net sales

4.2%

59.5%

-32.3%

27.2%

Gross profit

3.6%

59.4%

-32.1%

27.4%

Net income

-18.4%

-55.5%

-14.6%

191.7%

As shown in the above figure, net sales of AGF increased rapidly in 2008, but then went down
below 1,500 billion VND. This can be explained by the financial crisis in 2009. However, the
revenue was more recovered in 2010 due to the better economic condition. The economy has
been brighter, which has encouraged the export of the aquatic industry in general and that of

AGF in particular. Also, it is obvious from the figure that gross profit moved the same direction
to net sales but less fluctuated than net sales.

Differently, net income of AGF had other tendency in 2008. AGF achieved an considerable
increase of revenue from about 1,233 billion VND to 1,966 billion VND whereas they had a loss
of more than a half due to a decline from approximately 38 billion VND in 2007 to 16 billion
VND in 2008. The reason for this came from financial expense and selling expense. Probably, in
an attempt to maximize the revenue for the company, they had to borrow a large amount of debt
to meet selling cost requirements. Due to a rise of five times financial expenses and three times
selling expense, the increased amount of cost significantly overweighted the change in net sales,
which caused a large loss of net profit for AGF.
5.3. Auditors opinion
From 2006-2009, AGF was audited by Auditing and Consulting Joint Stock Company (A&C).
The audit reports for all three years showed specific information of the auditors responsibility
and auditing scope. In the annually independent audit report, the auditors evaluated that AGF had
disclosed the financial information properly. According to their opinion, AGFs financial
statements were presented fairly and truly in accordance with Vietnamese Accounting Standards.
For 2010, the audit report of AGF was prepared by Ernst and Young. Again, the report showed

that AGFs financial statements truly and fairly reflected the companys financial position as
well as the compliance with Vietnamese Accounting Standards and other requirements.

6. Financial analysis
AGFS (An Giang Fisheries Import Export Joint Stock Company) operations will be expressed
obviously in some main financial ratios analyzed in comparison with its close competitorAquatex Ben Tre (ABT).

6.1.

Liquidity analysis
An Giang

Ben Tre

Ratio

Change

2007

2008

2009

2010

average

2007-2008

2008-2009

2009-2010

Over 4 year

Current ratio

1.625

1.133

1.155

1.048

1.304

-0.492

0.022

-0.107

2.949

Quick ratio

0.691

0.733

0.650

0.527

0.691

0.042

-0.083

-0.123

1.740

Account receivable turnover

9.052

7.457

3.597

5.210

6.702

-1.596

-3.860

1.613

5.906

Days receivables turnover

40.321

48.948

101.471

70.055

63.580

8.628

52.522

-31.416

62.377

Inventory turnover

7.849

9.453

5.801

4.893

7.701

1.603

-3.652

-0.908

7.341

Days inventory held

46.500

38.614

62.920

74.591

49.344

-7.886

24.306

11.671

58.940

Account payable turnover

6.006

4.541

2.282

4.676

4.276

-1.465

-2.260

2.395

29.774

Days payables outstanding

60.770

80.370

159.978

78.052

100.373

19.599

79.609

-81.926

15.412

Revenue to cash ratio

93.471

144.363

82.477

117.343

106.770

50.893

-61.886

34.866

23.935

Days revenues held in cash

3.905

2.528

4.425

3.111

3.620

-1.377

1.897

-1.315

27.502

CFO to current liability

(0.134)

(0.337)

(0.009)

-0.103

-0.160

(0.203)

0.328

(0.095)

0.631

6.1.1. Current ratio

In the period from 2007 to 2010, AGFs current ratio decreased gradually from 1.652 to 1.048.
All ratios were below 2.0 which revealed about the deficient coverage of current liabilities. It
means that the company did not have enough current assets to cover current liabilities next
period. Through 4 years, AGF faced a high short term liquidity risk.
6.1.2. Quick ratio
The same signal was showed in the quick ratio. Although this ratio increased a little up to 0.73 in
2008, it was still at a low level (below 1.0) that reflected the hard risk of liquidity. Quick ratios
discriminated from current ratios by the amount of inventories. The lost of Russian market in
2009 of AGF turned him to the very high figures of inventories stored.
6.1.3. Account receivable turnover
The financial crisis also explained for the sharp decline of the account receivable turnover from
9.052 to 3.597 following the time 2007 to 2009. The shortage of money in the market made
AGFs sales revenue to go down. Nevertheless, customers preference at the moment was
keeping cash and paying for credit that showed difficulties in collecting receivables of the
company, the result was days receivable outstanding doubled in 2009. After the crisis, the ratio
recovered but only small rise occurred. Up to the current time, AGF is still in trouble of liquidity
capacity.
6.1.4. Inventory turnover
Because of the significant increase of inventories stored after the case of Russia refused to
import the fishery product from Vietnam, the inventory turnover declined almost as well as the
days inventories kept in stock become longer. As a result, the firm must get into complexity of
high cost related for storing goods that put AGF into more liquidity difficulties. However, the
conditions were the same for most of companies, not only AGF but also ABT faced.
6.1.5. Account payable turnover

10

The account payable turnover from 2007 to 2009 decreased considerably by nearly 2.0 for each
year and rose back in 2010. The reason may be come from the decision to invest more capital in
improving the facilities in 2008 that raised the amount of account payable. This change led the
days account payable outstanding is longer and made the firm safer in the period. In this aspect,
AGF was considered less riskily than ABT.
6.1.6. Revenue to cash ratio
The revenue to cash ratio went up in the period of 4 years. It was not a good signal in the terms
of short term liquidity but a recovery of profitability. In comparison with ABT which had a very
much lower figure, AGF needed to improve the ability to collect cash.
6.1.7. Operating cash flow to current liability ratio
The negative indicators of operating cash flow to current liability ratio suggested that the
company did not generate enough cash to cover current liabilities. Although the operating cash
flow increased each year, the continuing of using debts to fund costs caused the higher risk of
liquidity for the firm.
AGF has been fighting with the short term liquidity risk. The conditions seem to grow better
after the financial crisis but it was not strong to take the company out of this risk.
6.2.

Solvency analysis

6.2.1. Debt ratios

From 2007 to 2010, AGF might run into trouble of long term solvency risk. The debt ratio was
only 26% in capital structure in 2007, that over doubled significantly in 3 years following. The
main reason could be the business expansion at the end of 2007 with the development of
exporting sea foods, especially Pugnacious Fish, thus the company invested more in equipment
upgrade and production improvement. More current liabilities were funded that increased debt
ratios and reduced long-term liabilities. In contrast, An Giang had faced up with financial risk
rather than Ben Tre Company.

11

6.2.2. Interest coverage ratio

Interest coverage ratios kept in opposite sign in accordance with the debt ratios. This decreased
considerable in the time. Its interest coverage ratio turned from very healthy level (5.57) down to
a very worrisome level of below 2.0 in 2 years later. The change would be the result of the limit
in profitability and the raise in debts. This seemed as a risk situation for AGF.
6.2.3. Operating cash flow to total liabilities ratio
Although the operating cash flow to total liabilities ratio fluctuated over time, it was obvious that
all ratios were negative. It should be the effect of lower profitability in operation or the company
did not generate adequate cash to service debts. It reflected the real difficulties of the company in
solving long- term solvency risk.
As sum up, in the term of solvency analysis, AGF had not a good signal. All related ratios
figured out that the risk was quite high in comparison with its competitor.
6.3.

Profitability analysis

From the table, it is obvious that the average ROA of AGF was less than ABT, 5.5% compared
to 18.4% because of lower profit margin for ROA.
Details, ROA of AGF reduced gradually in 3 years from 6.94% in 2007 to 3.86% in 2009 and
regained in one year later. This ratio revealed the power of using assets to create profits
independent of the financing. This outcome primarily was from the decrease in profit margin for
ROA in 2008 and a decline in asset turnover in 2009. The change in profit margin resulted from
putting up COGS in common size and general and administrative expenses to sales percentage.
For the cost of goods sold to sale percentage, both cost of good sold and sales decreased in 2009
but the level reduced in cost of good sold was less than the decrease in sales, that made the rate
(COGS/Sales) increased. The general and administrative expense to sales percentage rose nearly
double from 2008 to 2009, which reflected the ineffectiveness in administration of the company.
The rate of fixed assets turnover decreased continuously from 4.9 in 2007 to 2.23 in 2009. The
reasons were an increase in inventory turnover rate in 2008 due to the profitable use of the

12

investment in inventory, as well as the reduction of account receivable turnover. This effect
indicated an expansion of firm preparing for future growth.
About the rate of return on common shareholders equity, ROCE of AGF was much lower than
that of ABT, 5.5% and 23.9% on average, as an evidence of ineffective using of equity of AGF.
This decline was caused by diminishing in the asset turnover and profit margin for ROCE. A
declining in the profit margin for ROCE is the result of decrease in the net income due to
increasing in the COGS and the selling and administrative expenses.
In conclusion, the profitability of AGF found out in some figures was not as strong as ABT.
2010 was the year for recovering initially after financial crisis in the positive signal. It is hoped
that the company can improve their profitability in the near future.
6.4.

Cash flow analysis

6.4.1. Cash flow from operating activities

In general, from 2007 to 2010, the cash flows from operating activities were always negative. It
means that AGF did not generate enough cash to cover its expenses. Although the operating cash
flow recovered in 2009, it diminished again in 2010. This might be an evidence to reveal the
weaknesses of AGFs operation.
Particularly, in 2008, the financial crisis occurred, many customers preferred to pay on credit
than pay on cash. This led the account receivable to increase sharply in comparison with the
increase in 2007. As a result, the operating cash flow cut off a big amount. The large amount of
account receivable created the short term liquidity risk for the company. Moreover, in 2007, the
company had demand to invest more on equipment and production chain. This fact figured great
amount of invest expense, contributed to the decrease in cash flow. 2008 was the year of lowest
amount of cash in the 4 years.
In 2009, cash flow from operation was still negative but gain over 97% compared with it in
2008. The main reason for this change was a decrease in the account receivable, so the amount of
cash collection increased. In spite of good change in 2009, 2010 cash flow went down to lower
level. It might be by the increase in inventories created the decrease in sales and increase in

13

costs. In addition, an increase in the gain from investing activities was also one of the reasons for
the negative cash flow in 2009 and 2010.
6.4.2. Cash flow from investing activities
Cutting down costs and productions were the common problems of most of firms in 2008 and
2009. Therefore, the investments of AGF in acquiring fixed assets as well as disposals had been
decreased significantly. AGF reduced considerably its expenditures on fixed assets in light of the
decline in the rate of sales growth and the weak operating results. Meanwhile, some investments
in other entities began to bring back higher return and cause the net cash flow from investment to
increase much in the last 4 years.
However, in this period, AGF experienced a negative cash flow from operations so the company
did not have sufficient cash to finance its capital expenditures. The firm had to engage in short
term borrowing to cover the shortage. It would be a possible signal of its continued operating
problems and concerns about its financial health.
6.4.3. Cash flow from financing activities
From 2007 to 2009, the net cash flows from financing of AGF were positive and decreased in the
period. There is no capital contribution or issue of shares in both 2008 and 2009. However,
instead of issuing new shares, AGF increased a great amount of short term debt to meet the
working capital demand. From 2008, despite effects of financial crisis and the reduction of net
income, AGF still paid quite stable dividends for the investors. This could be considered to be
quite risky for AGF because they used debt to pay dividends. However, the high risk was the
result of high return in the later year. The year of 2010 signaled the development not only in
financing activities but also in the whole of company. The company issued more stocks, paid
more dividends and cash flows from financing recovered so much compared to the end of 2009.

14

Table a: Solvency Analysis

An Giang

Ben Tre

Ratios

Ratios

Liabilities to Assets Ratio

Change

2007

2008

2009

2010

Average

2007-

2008-

2009-

2008

2009

2010

43.78%

20.27%

1.56%

5.79%

30.75%

11.15%

17.98%

26.19%

22%

117.23%

83.45%

52.01%

5.19%

24.25%

45.76%

12.62%

22.31%

35.48%

29%

1.30%

1.69%

0.80%

0.00%

1.18%

0.39%

0.02%

0.01%

0.00%

0.00%

0%

1.32%

1.72%

0.82%

0.00%

1.20%

0.40%

0.02%

0.01%

0.00%

0.00%

0%

2007

2008

2009

2010

26.35%

46.62%

48.18%

53.97%

35.78%

87.80%

92.98%

0.11%

0.12%

0.11%

0.12%

average

Liabilities to Shareholders'
Equity Ratio
Long-Term Debt to Long-Term
Capital Ratio
Long-Term Debt to
Shareholders' Equity Ratio

Interest Coverage Ratio

5.57

1.48

OCF to Total Liabilities Ratio

-15.00%

-47.77%

1.46
-0.89%

2.05
-11.32%

2.64
-18.75%

(4.09)
-32.77%

(0.02)
46.88%

0.59
-10.43%

12.60
-55.61%

6.21
17.95%

54.67
-29.94%

66.14
93.24%

34.90
6%

AN GIANG

Ratios
ITEMS

Change

2007

2008

2009

2010

ROA

6.94%

4.73%

3.86%

6.32%

Profit margin for ROA

3.69%

2.41%

3.43%

4.77%

1.880

1.958

1.124

1.325

ROCE

8.25%

2.72%

2.31%

8.58%

Profit margin for ROCE

3.08%

0.86%

1.08%

3.16%

1.423

1.616

1.902

2.051

86.82%

84.89%

92.06%

7.91%

12.10%

1.01%

Asset turnover

Capital Structure Leverage

COGS/Sales
Selling expenses/Sales

BEN TRE

Ratios

2007-

2008-

2009-

2008

2009

2010

5.46%

-2.22%

-0.87%

2.46%

3.58%

-1.28%

1.02%

0.078

5.47%
2.05%

Average

2007

2008

2009

2010

18.42%

16.56%

5.47%

20.01%

31.63%

1.34%

11.66%

10.26%

5.50%

16.98%

13.89%

-0.834

0.201

151.58%

1.614

0.994

1.179

-5.53%

-0.41%

6.27%

23.89%

22.59%

7.26%

23.46%

42.26%

-2.22%

0.22%

2.07%

11.07%

9.09%

4.77%

16.71%

13.70%

1.75

0.1921

0.2862

0.1492

140.45%

1.540

1.532

1.191

72.28%

84.01%

-1.93%

7.17%

-19.78%

80.28%

83.58%

74.01%

81.35%

82.18%

10.20%

10.83%

10.26%

4.18%

-1.90%

0.63%

6.71%

7.74%

7.96%

5.64%

5.52%

2.66%

0.80%

1.572

Average

2.277

1.355

General & administration

expenses/Sales

1.51%

1.49%

-0.50%

1.66%

-1.87%

1.11%

0.75%

0.97%

1.23%

1.48%

7. Valuation
7.1.

Forecasting

Pro forma financial statements, which are presented in the appendix E of this report are the
analytical tool used to summarize projections from 2011 to 2015 after taking the operations of
AGF for the last 4 years between 2007 and 2010 into consideration. Additionally, some
significant trends locally or internationally such as the situation between Vietnam and China
whether affect AGF exporting in specific and the seafood exporting in general or not should also
be taken into consideration.

7.1.1. Income statement

7.1.1.1.

Sales

AGF sales experienced a 59.5% increase in 2008, a 32.3% decrease in 2009 due to financial
crisis and problems met in exports to East of Europe, and then followed by a 27.2% rise in 2010
which is higher than the industry average-16.3% (vneconomy.vn). According to the ministry of
agriculture and rural development, the fish processing industry sales are expected to increase in
general basing on the increasing demand of fish food in the world, combined with the decreasing
supplies in some other countries. Additionally, being one of the priority exporting products of
Vietnam in 2011, combined with the innovation in equipments and producing organization and
the testing system of food quality and safety, the inspiration to develop the popularity as well as
sales of AGF products (thuysanvietnam.com.vn). Hence, since 2011 AGF is expected to continue
increasing.
Vietnam Association of Seafood Exporters and Producers VASEP currently raises the
exporting price of pangasius and basa fish from $3.8/kg to $4/kg on average. AGF is planning to
expand its market into China, Korea, Germany, Canada and etc. besides other three major
markets: EU, USA and Japan. Along with this trend, Vietnam seafood export is scheduled to
increase by 10-15% in 2011 in comparison with 2010 (www.sggp.org.vn). AGF will continue to
grow by finding new export markets in over the world as well as developing the domestic
market, but it will also have to face with the higher competition from other companies like ABT,
HVG, MPC, etc and the restricted growth rate due to stability of this industry in the long-run.

15

Thus, it is assumed that sales growth rates will be 30.00% in 2011 and reduce gradually to
29.7%, 29.6%, 29.5% and 29.4% between 2012 and 2015.

7.1.1.2.

Deductions

The sales deductions are quite stable, 1% of sales on average in 4 years with the decreasing trend
in parallel with the more efficient testing system. In particular, basing on the good information
that since December 16th, 2010 pangasius fish of Vietnam will not be listed as one species of the
Red list (vneconomy.vn), this percentage is assumed to steadily decline from 2011 to 2015
with 0.75% of sales each year.

7.1.1.3.

Costs of goods sold

The more active input materials are expected to help the firm achieve the lower percentage of
costs of goods sold over sales via its strategy to invest capital in the input resources. The costs of
goods sold to sales had an average of 85.07% in the past 4 years.

The fact is that the raw fish materials price increases to 27.000 - 28.000 VND/kg on average in
the market in early 2011, combined with the increase in the bank interest rates and utility
(www.thanhtravietnam.vn) but the AGF is still positive to maintain the production scale thanks
to its advantage in the input materials. The percentage of costs of goods sold is supposed to be
79.9% this year.

Moreover, AGF offers some solutions such as investing in the growing area to have the 30%
active materials; enhancing the managerial and testing system to make the full use of raw
materials from the receiving to processing phases (agifish.com.vn). Hence, the costs of goods
sold are assumed to account for 78.4% through out the period from 2012 to 2015.

The consideration whether the sea restrictions from the Chinese government have a strong
influence on the raw materials price of seafood in Vietnam has been clarified by the vice
minister, Vu Vam Tam in his speech recently. He presents that it will not affect the exploiting

16

activities of the firm because Vietnamese fishermen have been familiar with this case up to now
(http://www.khuyennongtphcm.com).

7.1.1.4.

Financial income

AGFs financial income is unrelated to the sales and comes from activities such as interest
on deferred payments from customers and advance payments for sellers, dividends and profits
receive as stated in the notes 6.3 of the companies over 4 years. The domestic economy as well
as the world one is assumed to recover and expected to be stable in the long-run. Assume that
financial income will be 31% of average short-term and average long-term investments
between year 2011 and year 2015 as the average of 4 previous years.

7.1.1.5.

Financial expenses

As can be seen in the note 6.4, financial expenses are mostly resulted from loan interest
expenses. AGF engages in a lot of short-term borrowings to finance working capitals and longterm borrowing to invest in fixed assets. The average interest rate on all interest-bearing debt
was approximately 9%. Assume a 9% interest rate remained for all outstanding borrowings
(average amount of short-term and long-term loans) for AGF for years 2011 to 2015.

7.1.1.6.

Selling, general and administration expenses

The 4-year average of selling, general and administration expenses is accounted for nearly 1.48%
of sales and it is assumed to be stable at this rate in next 5 years. The expense was reduced much
in 2009 due to the takeover of Hung Vuong Seafood Joint Stock Company (HVG), with a
big change in AGFs board of management which will be hoped to manage the company
better. Therefore, assume that the proportion of general and administration expenses to sales
will stable with 1.00% in the next 5 years.

7.1.1.7.

Other income and expenses

Many transactions like disposal of fixed assets and receiving goods from promotion purposes
are classified as other income and expenses, accounting for about 0.36%, 0.39% of sales

17

revenues respectively during the last 4 years. Assume that this historical pattern for other
income and expenses will continue in the next period.

7.1.1.8.

Corporate income tax

The corporate income tax rate applied for AGF in 2007 and 2008 is 20%. Along with reductions
and using different methods between company and tax authorities, the effective rate of AGF was
only 19.8% in 2009 and expected to decrease in 2010 to 18.5%. Assume an effective income tax
rate of 18.5% of income before taxes will remain and company will hold no deferred corporate
income tax.

7.1.2. Balance sheet

7.1.2.1.

Cash and cash equivalents

AGF held a small increasing amount of cash, approximately 1.5% of sales on average from 2007
to 2010, but the tendency is to increase and at 2.78% in 2010. Assume AGF will hold the amount
of cash and cash equivalents stably at roughly 2.80% from 2011 to 2015.

7.1.2.2.

Short-term financial investments

It can be seen from the footnotes that AGFs financial investments are mainly investing
activities in short-term securities for members of the Agifish Pure Pangasius Union
(APPU). From AGFs scenario, these investments will be raised to initiative input resources for
the production. Hence, it is reasonable to assume that the short-term financial investments will
grow in parallel with the sales growth rate.

On the other hand, provisions for devaluation of short-term investments are supposed to
remain at 10% of the investments as the average of the last 4 years.

7.1.2.3.

Short-term receivables

AGF operations are significantly based on export activities and its sales revenues are mostly on
account. The company had an fluctuating receivable turnover rate and particularly obtained a
huge amount of account receivable in 2010, which makes the prediction by using turnover rate

18

seem to be inappropriate. Therefore, assume that trade account receivable will increase at the
growth rate in sales.

In 2007 and 2008, AGF had no provisions for doubtful debts, but it was about 2.86% trade
account receivable in 2009 due to the world economies crisis when foreign customers would be
unable to pay the debts, and then it returns to 0 in 2010. Subsequently, the provisions are still
necessary for conservatism, assume that they will substitute 2% of trade receivables in the next 5
years.

Advances to suppliers were about 2% of purchases in the last 4 years, so the historical pattern to
advances to suppliers is assumed to repeat in the future.

Other receivables of AGF namely the social and health insurances, interest receivable and
money lend for companys departments, employees and so on are assumed to make up 0.1% of
total assets for year 2011 through 2015.

7.1.2.4.

Inventories

The same case as trade account receivables, AGFs inventory turnover rate will make misleading
predictions. Hence, suppose that AGF will hold 20.05 percent points of cost of goods sold as
inventories, which is the same as average amount in the last 4 years.

Assume that the provisions for the devaluation of inventories which are essential with the
increasing frequency of power cut, fire, natural disasters and so on will continue to be
1.2% of inventories as previous period in next 5 years.
.
7.1.2.5.

Other current assets

A number of items from AGF transactions are included in the balance sheet as other current
assets are short-term prepaid expenses, VAT to be deducted, taxes and other receivables from
the State, other current assets. Assume that short-term prepaid expenses and other current
assets will remain at average rate of the last 4 years, 0.2% and 0.5% respectively.

19

VAT to be deducted is mostly applied for on input material purchases so it is scheduled to have a
positive relationship with purchases. In addition, tax-related accounts tend to have the same rate
as past years. Thus, assume that VAT to be deducted will be 0.19% of purchases and taxes and
other receivables from the government will be 0.001% of total assets.

7.1.2.6.

Fixed assets

In the case of AGF, fixed assets compose of tangible fixed assets, intangible fixed assets and
construction in progress.
Basing on the amount of total assets leads AGF to the reasonable level of investments in its
growing stage. Assume that fixed assets will account for 28.76% and 3.92% of total assets
respectively for tangible and intangible ones. The change in accumulated depreciation and
amortization has averaged approximately 5.8% and 0.1% of the ending of year balance in fixed
assets- at historical costs. During years 201 and 2015, it is assumed accumulated depreciation
and accumulated amortization will increase each year by an amount equal to 5.8% and 0.1% of
the ending balance in tangible and intangible fixed assets-at cost.

Construction in progress is also assumed to level at 0.5% of total assets in next 5 years as the
average level of last 4 years.

7.1.2.7.

Long-term receivables and long-term financial investments

AGF has had no long-term receivable and the long-term financial investments in subsidiaries,
associates, joint-ventures, stocks of other companies as well as provisions for devaluation
of these investments up to 2010. Hence, it is expected that there will be no change in longterm receivables and long-term financial investments in next 5 years.

7.1.2.8.

Other non-current assets

AGFs non-current assets include long-term prepaid expenses, deferred income tax assets,
other long-term assets namely long-term deposits and mortgages at Sao Mai Joint- Stock
Company. Assume that nothing changes in comparison to the past years where there will be no

20

deferred income tax assets; the same amount for other long-term assets and long-term prepaid
expenses will remain at 0.7% of total assets.

7.1.2.9.

Current liabilities

AFGs engagement in short-term loans from banks to invest in working capital accounts
for an average of 34.57% of total assets during the last 4 years, which is predicted to level up to
2015.

In the same case as account receivables and inventories, account payable turnover rate is
inaccurate for forecasting the future figures, so assume an average of 6.14 percent of the
purchases in previous years as the threshold.

Advances from customers are planned to be 2% of sales on average in next 5 years. Taxes and
amount payable related to State Budget, payables to employees and accrued expenses are
for sales and ongoing activities, so they are expected to develop with sales.

The company had no Payables linking to construction contracts under percentage of

completion method and Provisions for short-term trade accounts payable. Assume that this
situation will still occur in next 5 years.

Companys current payables compose of social, health and unemployment insurances,

personal income tax payables, Trade Union expenditure and so on. Assume they will take
0.54% of total assets since they have a fairly stable proportion to total assets.

7.1.2.10.

Long-term liabilities

It is noticeable that AGF only held a much smaller amount of long-term liabilities than current
liabilities with no long-term trade payables, no other long-term payables, no deferred tax
liabilities and no provisions for long-term debt payables between 2007 and 2010. This tendency
is forecasted to remain in the future.

21

Through out the period over 2007 and 2010, only in the year of 2009 the company did have
medium and long-term loans to finance for investing activities may be due to the substantial
reduction in sales, which made up about 0.6% of total assets. Assume that AGF will continue to
borrow at level of 0.6% of total assets as the average of the previous years. AGF also had a
constant rate of provisions for unemployment allowances to total assets at 0.1%.

7.1.2.11.

Owners equity

The plan to issue new shares at the ratio of 2:1 was approved in annual shareholders meeting in
2010. The procedure was taken at the end of 2010 in form of cash issue to the current
shareholders at the price of VND 29,000 while the current market price is approximately VND
35,000. Assume that legal capital and share premium will not change in the years following
2010.

It should also be assumed that the company will have no other sources of

capital, no

treasury stock, no assets revaluation difference, no foreign exchange difference, no other

owners funds for year 2011 to 2015. Then, the firm experienced slight rises in investment and
development funds, so assume that they will be 6% of total assets in next years due to
plans to expansion of the company.

Furthermore, financial reserve funds were firm at 0.7% of total assets from 2007 to 2010 and
they are planned to continue in the future. It is a little bit similar for construction investment
funds with the same amount from 2007 to 2010 and assumed to remain in the next period of
time.

Retained earnings part is the last concerned component of owners equity at AGF. It is normally
regarded as flexible financial account used as a plug-in amount necessary to balance total assets
with total liabilities and stockholders equity.

7.1.2.12.

22

Other resources and other funds

Other resources and other funds, including the bonus and welfare funds extracted from the
net income after tax or owners equity, were account for 0.3% of total assets in 2008 and 2009
and had a zero balance in 2010. Its average rate is 0.2% of total assets, forecasted to be resumed
from 2011 to 2015.

7.1.3. Statement of cash flows

Projected statement of cash flows is prepared directly from projected income statement and
balance sheet. All the changes in the projected balance sheets each year are captured and
expressed in terms of their implied effects on cash. The projected statement of cash flows for
AGF for years 2011 through 2015 are exhibited in appendix E9 with a number of assumptions as
follows.
7.1.3.1.

Cash flows from operating activities

The corporate income tax payment is assumed to be made at the beginning of the next
fiscal year, normally within first quarter of next year.

With the zero balance in 2010, no unrealized foreign exchange differences and no gain or
loss from investing activities are assumed in 5 forecasted years.

Changes in other current assets, advances to suppliers, other receivables, long-term

deferred taxes and other long-term liabilities on the balance sheet are operating activities.

7.1.3.2.

Cash flow from investing activities

No cash outflow for lending, buying debt instruments of other companies as well as no
cash recovered from lending, buying debt instruments of other companies.

The changes of investments from other entities, including investments and cash
recovered from these will be classified as the changes in short-term and long-term
financial investments and other long-term assets that are the long-term deposits and mortgages
in Sao Mai Joint Stock Company.

23

The change in construction in progress will be included in other investing

activities and assume that interest income, dividends and profit paid will be used as plug
numbers to make them equal due to the lack of detailed internal information, forecasted
cash flows will be slightly different from the projected changes in cash.

7.1.3.3.

Cash flows from financing activities

Assume that the dividend of one year will be paid in the next year because the
annual shareholders meetings are held after the financial year ended. Assume that the
dividend rate of payment will remain stable in the next 5 years.
All the changes in owners equity other than legal capital and share premiums are
financing activities.
There will be no effect from the changes in the foreign exchange rates for years
2011 through 2015.

7.2.

Valuation using free cash flow based approach

7.2.1. Required rate of return on equity capital

Through out the past period, common stock of AGF had an average market beta of roughly
1.00 (http://finance.vietstock.vn). Deutsche Bank in a recent research on the cost of equity
for Asian countries has stated that Vietnams risk-free rate is expected to be 10.4%; this
rate is based on Vietnams average sovereign credit rating from S&P and Moodys as well as
estimated long- term average yield of Vietnamese government bond. It is assumed to apply
the risk-free rate of 10.4% and the equity risk premium of 6.5% for the valuation.

CAPM indicates that AGF has a required rate of return on common equity capital of 16.77%
[16.77 = 10.4 + (0.98 x 6.5)].

7.2.2. Free Cash Flows for Common Equity Shareholders

Annual FCFs for Common Equity Shareholders of AGF are the amount of cash flows that are
free to be distributed to the residual claimants of the firm only. In other words, cash flows are

24

free for common shareholders after satisfying debt and preferred claims. To measure free cash
flows for common equity shareholders, the calculations can begin with cash flows from
operations from the projected statement of cash flows. Subsequently, the amounts are adjusted to
exclude the projected cash required for liquidity purposes each period. We projected that AGF
would maintain the ending cash balances that develop with the sales growth. Therefore, we add
and subtract any change in the cash balance that AGF requires for operating liquidity because
this amount is not available to be distributed equity shareholders and is therefore not part of the
free cash flows.
In details, cash flows from operations come from the projected statement of cash flows after
adjusting all projection in annually pro forma Income statements and Balance sheets. For cash,
we projected that AGF would require 50% of net change in cash for servicing the companys
production and other operating activities. Therefore, a half of net change in cash presented in
projected statements of cash flows is adjusted annually to compute FCF from operations for
common equity shareholders.
The changes in short-term and long-term borrowings, which encompass proceeds from loans and
payments of mature debts, were included to calculate free cash flows for common equity
shareholders. It may be assumed that AGF would not purchase or sell any financial assets, and
would not use preferred stock financing, so no adjustment is needed to be made to these items.

Next, adjustments from investing are made for this projection. Net cash flows from investing
activities includes projected acquisition and disposal of fixed assets and other long-term assets,
projected cash inflows or outflows of lending or buying debt instruments of other company as
well as projected investments in other entities (mainly in Agifish Pure Pangasius Union APPU).
Also, we value FCF for the residual claims by adjusting net changes in cash from short-term and
long-term borrowings including proceeds and repayments. Noticeably, we expected that AGF
would not issue any more stock for 2012-2015. Also, no changes in treasury stock and preferred
stock as well as dividend for preferred shareholders are made for adjustments.

25

After the forecast horizon, we projected AGFs continuing value of FCF for common equity
shareholders in year 2015 and beyond. For long-term growth rate, Vietnamese economy was
expected to grow at 5.4% in long run (Economic Intelligence Unit, 2006, p.10). However, due to
the higher competition in the domestic and global aquatic market, we decided to project AGFs
FCF to the residual claimants to increase at 4.0% annually after year 2015. Therefore, the
continuing value of FCF for common equity shareholders was computed by dividing by the
difference between required rate of return on equity (Re =16.77%) and growth rate (g =4.0%).
Finally, we discounted all annually free cash flows for five years (2011-2015) and the continuing
value back to the present time. The discounted rate being applied was just Re that was computed
based on risk-free, market risk premium and systematic risk beta (10.4% + 6.5%*0.98 =
16.77%). Besides, we adjusted for mid-year present value by using the compounding factor of
1.08385 (1+0.1677/2). All calculations are shown specifically in the table below.

26

Valuation of An Giang Fisheries Import Export Joint Stock Company using Free Cash Flows to Common Equity Shareholders
through Year 2010 and beyond
Continuing
1

value

Free Cash Flows for common equity Shareholders

Year 2010

Year 2011

Year 2012

Year 2013

Year 2014

Year 2015

Net Cash Flow from Operations

22,624,569,125

119,018,881,108

87,502,188,380

79,237,291,006

97,737,991,074

103,015,842,592

Cash Required for Operations

(14,394,976,211)

(7,366,091,786)

(9,257,703,817)

(11,966,813,427)

(15,456,594,965)

(16,291,251,093)

Net Cash Flow from Investing

(49,843,275,692)

(21,677,708,287)

(180,074,078,198)

(227,504,078,440)

(290,918,125,084)

(306,627,703,839)

Net Cash Flows from Debt Financing

101,576,916,883

(79,690,646,122)

128,896,011,998

173,587,120,120

222,937,370,788

234,975,988,810

Net Cash Flows into Financial Assets

Net Cash Flows_Preferred Stock

59,963,234,106

10,284,434,914

27,066,418,363

13,353,519,259

14,300,641,813

15,072,876,471

0.8564

0.7334

0.6281

0.5379

0.4606

51,351,574,981

7,542,544,370

16,999,531,390

7,182,417,005

6,587,173,887

Free Cash Flows for common equity Shareholders

Present value factors (Re = 16.9%)

Present Value of Free Cash Flows

Sum of Present Value of Free Cash Flows for Common
Equity Shareholders year 2010 through year 2014

89,663,241,632

Present Value of Continuing Value in Year 2015 and

beyond

256,248,684,006

Total

345,911,925,638

Midyear Adjustment Factor

Total Present Value of Common Equity
Number of Shares outstanding

1.08385
374,916,640,603
12,859,288

Value per share of Common Equity

29,155

Current share price

35,200

Percentage difference

-17%

Overpricing

8. Conclusion and recommendations

From AGFs financial analysis for the period of 5 years, the short-term liquidity and
long-term solvency risk appeared to be moderate, especially worsen in 2009 due to the
effect of the financial crisis in the previous year. In 2010, the trend looks a little bit better,
however, it seems that AGF still met many difficulties in generating cash to satisfy the
working capital, plant capacity as well as some debt requirements.

The forecasting of AGFs financial statements indicates that the common share price of
the firm has value of VND 29,155 for 2011, while the market price of VND 35,200 that
means AGFs shares are overpriced about 17 percent. In recent years, many foreign
countries have reduced the trade barriers for Vietnams fisheries exporters, for example,
Japan, United States and Russia, that makes our countrys fisheries industry have
potential development in the future. Taking use of the advantages, AGF issues the new
stock in 2011; it shows that buying AGF shares would be a smart investing decision in
spite of its being overpriced.

27

REFERENCES

1. An Giang Fisheries Import and Export Joint Stock Companys website

[Online] Available at URL:
http://www.agifish.com.vn/home/modules/news/
(Accessed 2 June, 2011)

2. AGF An Giang Fisheries Import and Export Joint Stock Company

[Online]available at URL:
http://www.cophieu68.com/snapshot.php?id=agf&x=0&y=0
(Accessed June, 2011)

3. AGF t tin vt ch tiu li nhun

[Online] Available at URL:
http://www.agifish.com.vn/home/modules/news/article.php?storyid=902
(Accessed 13 June 2011)

4. Aquatex Ben Tres website

[Online] Available at URL: http://www.aquatexbentre.com/en/About-Us/
(Accessed 16 June, 2011)

5. Deutsche Bank, 2009, Cost of equity in Asia January 2009.

6. Economic Intelligence Unit, 2006, Foresight 2020 Economic, industry and

corporate Trends, p.10.

7. Le, N.D.K, 2007, Description of the Pangasius value chain in Vietnam

Economic Intelligence Unit, 2006,

28

[Online] Available at URL: http://www.eiu.com/public/

8. WWF s a c tra Vit Nam ra khi danh sch
[Online] Available at URL:
http://vneconomy.vn/20101215011339204P0C10/wwf-se-dua-ca-tra-viet-nam-ra-khoi-danh-sachdo.htm (Accessed 18 June 2011)

9. Xut khu thy sn: t mc tiu 8 t USD

[Online] Available at URL:
http://www.khuyennongtphcm.com/?mnu=4&s=600021&id=3413
(Accessed 10 June 2011)

10. Xut khu thy sn thng mt t 320 triu USD

[Online] Available at URL:
http://www.thuysanvietnam.com.vn/index.php/news/details/index/551
(Accessed 2 June 2011)

11. Xut khu thy sn v bi ton nghch l

[Online] Available at URL:
http://www.thanhtravietnam.vn/vi-VN/News/thongtintonghop/kinhte/2011/04/11600.aspx
(Accessed

29

June

2011)

APPENDIXES

An Giang Fisheries Import Export Joint Stock Company - BALANCE SHEET

For the fiscal year ended 31 December
Unit: VND
ASSETS

Codes Notes

A. CURRENT ASSETS

5.1

Year 2007

Year 2008

Year 2009

Year 2010

360,336,588,804

614,015,506,183

663,860,980,247

765,944,077,467

13,706,072,850

13,832,260,757

18,811,729,995

47,609,256,275

I. Cash and cash equivalents

110

1. Cash

111

13,706,072,850

3,832,260,757

18,811,729,995

10,379,176,275

2. Cash equivalents

112

10,000,000,000

37,230,080,000

II. Short-term financial investments

120

22,829,594,030

22,473,311,418

32,902,165,085

1. Short-term investments

121

24,216,089,030

26,901,282,288

35,784,728,555

investments

129

(1,386,495,000)

(4,427,970,870)

(2,882,563,470)

III. Short-term receivables

130

5.2

2. Provision for diminution in value of short-term

5.3

139,534,016,739

393,603,123,019

354,883,381,741

332,062,964,602

1. Trade accounts receivable

131

112,782,219,097

348,806,443,073

348,676,532,576

302,551,362,652

2. Advances to suppliers

132

26,525,258,176

43,372,591,156

13,202,417,237

18,598,542,911

3. Other receivables

135

226,539,466

1,424,088,790

2,988,162,487

11,020,269,098

4. Provisions for doubful debts

139

(9,983,730,559)

(107,210,059)

IV. Inventories

140

176,313,202,085

176,872,489,929

246,601,378,300

368,791,375,766

1. Inventories

141

176,313,202,085

176,872,489,929 249,603,536,956

371,793,534,422

2. Provisions for devaluation in inventories

149

V. Other current assets

150

1. Short-term prepayments

2. VAT to be deducted

5.4

5.5

0 (3,002,158,656)

(3,002,158,656)

7,953,703,100

7,234,321,060

10,662,325,126

17,480,480,824

151

2,889,026,062

2,827,923,659

2,411,070,600

1,822,346,363

152

920,295,180

3,519,630,024

2,478,701,960

12,715,773,631

3. Taxes and other accounts receivable from the State

154

554,800,856

362,244,404

10,318,441

1,266,686,956

4. Other short-term assets

158

3,589,581,002

524,522,973

5,762,234,125

1,675,673,874

B. NON-CURRENT ASSETS

200

483,870,075,113

550,244,937,967

546,082,578,339

588,713,054,297

I. Long-term receivables

210

II. Fixed assets

220

321,083,714,288

406,844,412,144

399,048,880,244

491,450,470,323

1. Tangible fixed assets

221

194,666,323,113

367,112,568,145

360,476,285,186

414,826,537,724

475,015,194,308

496,614,081,890

589,039,493,310

5.6

Historical costs

222

274,097,808,270

Accumulated depreciation

223

(79,431,485,157) (107,902,626,163) (136,137,796,704) (174,212,955,586)

2. Intangible fixed assets

Initial costs

227

228

5.7

35,183,560,652

35,228,679,840

37,277,944,061

73,125,259,271

35,529,204,147

35,626,984,847

37,734,400,824

73,607,400,824

Accumulated amortizaion

229

(345,643,495)

(398,305,007)

(456,456,763)

(482,141,553)

3. Construction in progress

230

5.8

91,233,830,523

4,503,164,159

1,294,650,997

3,498,673,328

III. Long-term financial investments

250

5.9

150,575,000,000

130,539,800,000

137,678,000,000

87,590,000,000

1. Investment in subsidiaries

251

20,400,000,000

20,400,000,000

2. Investment in joint-ventures, corporations

252

20,400,000,000

3. Other long-term financial investments

258

130,175,000,000

130,075,000,000

118,017,750,000

100,000,000,000

investments

259

(19,935,200,000)

(739,750,000)

(12,410,000,000)

IV. Other non-current assets

260

12,211,360,825

12,860,725,823

9,355,698,095

9,672,583,974

1. Long-term prepayments

261

7,936,360,825

12,335,725,823

8,830,698,095

7,653,559,831

2. Deferred tax assets

262

1,519,024,143

3. Other non-current assets

268

4. Provisions for diminution in value of long-term security

5.10

5.11

TOTAL ASSETS

270
RESOURCES

Codes Notes

4,275,000,000

525,000,000

844,206,663,917

1,164,260,444,150 1,209,943,558,586 1,354,657,131,764

Year 2007

Year 2008

525,000,000

500,000,000

Year 2009

A. LIABILITIES

300

222,465,665,696

542,756,306,604

582,971,570,602

731,092,369,638

I. CURRENT LIABILITIES

310

221,752,155,601

542,026,418,034

574,738,425,990

720,371,083,663

1. Short-term loans

311

5.12

162,997,338,220

433,730,423,943

471,059,418,545

579,431,160,131

2. Trade accounts payable

312

5.13

43,700,134,388

73,630,297,439

77,954,049,569

89,549,997,087

3. Advances from customers

313

5.13

2,952,485,494

1,915,661,863

1,900,261,683

3,364,694,662

4. Taxes and amount payable to the State Bubget

314

5.14

372,029,805

2,111,013,436

6,086,052,102

13,287,297,121

5. Payable to employess

315

5.15

4,750,829,739

8,721,216,148

6,651,569,387

22,510,672,387

6. Accrued expenses

316

5.16

3,140,653,945

13,043,981,047

3,483,310,211

7,935,559,079

7. Payables relating to construction contracts under

percentage of completion method

318

8. Other current payables

319

3,838,684,010

8,873,824,158

7,603,764,493

4,291,703,196

9. Provisions for short-term trade accounts payable

320

II. LONG-TERM LIABILITIES

330

713,510,095

729,888,570

8,233,144,612

10,721,285,975

1. Long-term trade payables

331

2. Other long-term payables

333

3. Long-term loans

334

7,435,824,703

641,000,000

4. Deferred tax liabilities

335

5. Provisions for unemployment allowances

336

713,510,095

729,888,570

797,319,909

10,080,285,975

6. Provisions for long-term trade payables

337

B. RESOURCES

400

5.17

5.18

621,504,137,546

626,971,987,984

623,534,762,126

620,611,674,951

618,205,902,515

623,520,199,817

623,643,597,031

I. Owner's equity

410

1. Legal capital

411

128,592,880,000

128,592,880,000

128,592,880,000

128,592,880,000

2. Share premiums

412

385,506,013,400

385,506,013,400

385,506,013,400

385,506,013,400

3. Other sources of capital

413

4. Treasury stock

414

(1,990,214,484)

5. Assets revaluation difference

415

6. Foreign exchange difference

416

5,635,539,542

7. Investment and development funds

417

76,753,168,709

77,750,320,553

79,182,945,087

79,182,945,087

8. Financial reserve funds

418

6,114,226,737

8,008,547,528

8,849,248,265

9,557,045,048

9. Other owner's funds

419

5.19

621,740,998,221

10. Retained earnings (Accumulated losses)

420

22,136,658,554

16,839,413,483

14,244,845,972

21,286,200,429

11. Construction investment fund

421

1,508,727,551

1,508,727,551

1,508,727,551

1,508,727,551

II. Other sources and other funds

430

1,129,323,270

3,298,235,031

3,451,788,167

(108,834,905)

1. Bonus and welfare funds

431

1,038,197,470

3,287,235,031

3,440,788,167

(108,834,905)

2. Funds

432

91,125,800

11,000,000

11,000,000

440

844,206,663,917

1,164,260,444,150 1,209,943,558,586 1,354,627,131,764

TOTAL RESOURCES

5.20

An Giang Fisheries Import Export Joint Stock Comapany - INCOME STATEMENT

For the fiscal year ended 31 December

Unit: VND

ITEMS

Cod

Not

es

es

1. Gross sales

01

2. Less: Deductions

02

3. Net sales

4. Cost of goods sold

5. Gross profit

10

11

6.1

6.1

6.2

20

Year 2007

Year 2008

Year 2009

Year 2010

1,246,311,221,

1,987,763,283,8

1,346,189,685,1

1,712,676,918,8

084

24

01

69

12,577,255,009

21,314,383,873

11,891,961,809

13,265,043,695

1,233,733,966,

1,966,448,899,9

1,334,297,723,2

1,699,411,875,1

075

51

92

74

1,071,109,628,

1,669,253,119,7

1,228,296,146,3

1,505,667,822,7

902

19

20

25

162,624,337,17

297,195,780,23

106,001,576,97

193,744,052,44

105,383,771,57
6. Financial income

21

6.3

9,016,782,446

41,966,362,479

75,548,369,146

7. Financial expenses

22

6.4

13,706,879,219

63,730,424,168

19,276,912,190

63,073,199,852

Including: Interest expenses

10

23

9,423,852,016

38,178,534,382

39,152,469,220

48,579,061,952

237,916,165,99

136,065,027,57

144,493,389,41

8. Selling expenses

24

6.5

97,642,524,375

9. General and administration expenses

25

6.6

18,647,180,017

19,798,656,766

35,525,998,486

13,541,569,426

10. Operating profit/ (loss)

30

41,644,536,008

17,716,895,783

20,517,410,298

48,184,262,901

11. Other income

31

6.7

8,677,936,149

5,841,124,360

3,516,682,598

5,625,346,032

12. Other expenses

32

6.8

7,278,054,838

5,277,548,271

6,018,903,630

2,384,876,270

13. Profit/ (loss) from other activities

40

1,399,881,311

563,576,089

(2,502,221,032)

3,240,469,762

14. Net profit/ (loss) before tax

50

43,044,417,319

18,280,471,872

18,015,189,266

51,424,732,663

15. Current coporate income tax

51

5,024,267,643

1,367,040,341

3,570,653,566

8,760,496,347

16. Deferred coporate income tax

52

533,204,279

17. Net profit/ (loss) after taxes

60

38,020,149,676

16,913,431,531

14,444,535,700

42,131,032,037

18. Earnings per share

70

11

6.9

3,787

1,315

1,123

3,281

An Giang Fisheries Import Export Joint Stock Comapany - CASH FLOW STATEMENT
(Indirect method)
For the fiscal year ended 31 December
Unit: VND
Cod
ITEMS

es

Year 2007

Year 2008

Year 2009

Year 2010

01

43,044,417,319

18,280,471,872

18,015,189,266

51,424,732,663

02

25,034,965,373

35,011,507,671

41,814,074,702

39,658,206,921

22,976,675,870

(8,554,968,185)

1,581,537,900

341,392,527

(3,390,201,828)

I. Cash flow from operating activities

1. Profit before tax

2. Adjustments for:
* Fixed asset depreciation

(4,690,037,157
* Provisions

03

(17,451,011,30
* Unrealized foreign exchange differences

04

* Gain/ (loss) from investing activities

05

12

2)

(924,734,457)

* Interest expenses

06

9,423,852,016

(17,280,986,93

(20,038,735,70

(13,943,112,17

9)

7)

4)

38,178,534,382

39,152,469,220

48,579,061,952

3. Operating income before movements in working

capital

123,910,225,43
08

* (Increase)/ Decrease in accounts receivable

09

71,888,463,094

79,715,191,554

(4,691,074,884

(270,851,735,4

09)

(73,813,637,52

70,729,421,823

(52,793,155,86
19,027,447,756

5)

(72,731,047,02

(120,532,744,0

* (Increase)/ Decrease in inventories

10

5)

(559,287,844)

7)

68)

* Increase/ (Decrease) in accounts payable

11

7,237,328,942

49,510,404,302

14,656,250,807

33,603,739,630

(4,338,262,595)

4,086,351,849

1,795,862,501

(9,014,146,979

(38,364,074,79

(39,376,633,84

(47,175,851,74

(7,844,505,780
* (Increase)/ Decrease in prepaid expenses

12

* Interests paid

13

1)

8)

8)

* Coporate income tax paid

14

(6,919,185,819

(1,252,044,004)

(13,181,592,46

13

* Other cash inflows

15

5)

5,485,654,885

1,082,989,611

(2,118,388,223)

(2,488,623,145)

(11,000,000)

(29,764,773,76

(182,772,542,1

8)

25)

(5,013,842,174)

1)

(168,442,349,4

(104,670,410,9

(24,328,104,03

(17,625,012,91

21

64)

23)

4)

6)

22

3,790,594,654

526,542,684

661,318,176

742,727,273

23

(46,570,000)

24

100,000,000

(464,178,936,6

(217,344,338,8

(121,328,528,5

76)

25)

50)

(6,608,014,817
* Other cash outflows

Net cash flow from (used in) operating activities

16

20

(74,384,516,58

II. Cash flow from investing activities

1. Acquisition of fixed assets and other long-term assets

2. Proceeds from fixed assets and other long-term assets
disposal
3. Cash outflow for lending, buying debt instruments of
other companies
4. Cash recovered from lending, buying debt instruments
of other companies

5. Investment in other entities

25

6. Cash recovered from investment in other entities

26

14

7. Interest income, dividends and profit paid

Net cash flow from (used in) investing activities

27

30

320,566,949,15

214,659,145,56

126,017,049,81

31,303,964,000

17,884,146,122

20,619,589,305

13,311,057,450

(308,263,742,3

(88,844,915,37

36)

5)

1,594,754,712

27,732,735,807

III. Cash flow from financing activities

1. Proceeds from issuing stock, receiving capital from

294,737,060,00

owners

31

2. Capital withdrawal, buying back issued stocks

32

(1,990,214,484)

847,739,290,44

2,423,391,517,8

2,238,569,463,4

2,147,312,922,0

00

80

91

(798,979,363,7

(2,152,460,575,

(2,217,638,682,

(2,044,162,398,

95)

131)

777)

412)

(4,723,798,800

(15,431,145,60

(12,859,288,00

(25,718,576,00

0)

0)

0)

3. Proceeds from borrowings

4. Repayments of borrowings

5. Dividends paid
Net cash flow from (used in) financing activities

15

33

34

36
40

338,773,187,84

255,499,797,06

8,071,492,703

75,441,733,195

(16,117,660,43
Net increase/ (decrease) in cash and cash equivalents

50

744,671,741

1)

4,652,405,241

28,789,952,421

Cash and cash equivalents at beginning of year

60

12,961,401,109

13,706,072,850

13,832,260,757

18,811,729,995

Effect from changing foreign exchange rates

61

16,243,848,338

327,063,997

7,573,859

Cash and cash equivalents at end of year

70

13,706,072,850

13,832,260,757

18,811,729,995

47,609,256,275

16

An Giang Fisheries Import Export Joint Stock Comapany - BALANCE SHEET

For the fiscal year ended 31 December

Unit: VND
Cod

No

es

tes

ASSETS

Year 2007

360,336,588,804

A. CURRENT ASSETS

Year 2008

614,015,506,183

Common size

Year 2009

663,860,980,247

Year 2010

765,944,077,467

Percentage change

Year

Year

Year

Year

Year

Year

Year

Year

2007

2008

2009

2010

2007

2008

2009

2010

42.7

52.7

54.9%

56.5%

31.1%

70.4%

8.1%

15.4%
153.1

I. Cash and cash

13,706,072,850

13,832,260,757

18,811,729,995

47,609,256,275

1.6%

1.2%

1.6%

3.5%

5.7%

0.9%

36.0%

111

13,706,072,850

3,832,260,757

18,811,729,995

10,379,176,275

1.6%

0.3%

1.6%

0.8%

5.7%

-72.0%

390.9%

-44.8%

112

10,000,000,000

37,230,080,000

0.0%

0.9%

0.0%

2.7%

equivalents

110

1. Cash

2. Cash equivalents

5.1

-100.0%
100.0

II. Short-term financial

investments

120

5.2

22,829,594,030

22,473,311,418

32,902,165,085

2.7%

1.9%

2.7%

0.0%

-6.9%

-1.6%

46.4%

%
100.0

1. Short-term investments

121

24,216,089,030

26,901,282,288

35,784,728,555

2.9%

2.3%

3.0%

0.0%

-1.2%

11.1%

33.0%

2. Provision for diminution

%
-

in value of short-term

investments

129

III. Short-term receivables

130

1. Trade accounts receivable

131

17

5.3

(1,386,495,000)

(4,427,970,870)

(2,882,563,470)

139,534,016,739

393,603,123,019

354,883,381,741

332,062,964,602

100.0

0.2%

-0.4%

-0.2%

0.0%

16.5

33.8

%
13.4

219.4%

-34.9%

29.3%

24.5%

2.7%

182.1%

-9.8%

-6.4%

30.0

28.8%

22.3%

12.0%

209.3%

0.0%

-13.2%

2. Advances to suppliers

132

112,782,219,097

348,806,443,073

348,676,532,576

302,551,362,652

26,525,258,176

43,372,591,156

13,202,417,237

18,598,542,911

3.1%

3.7%

1.1%

1.4%

-22.6%

63.5%

-69.6%

40.9%
268.8

3. Other receivables

135

226,539,466

1,424,088,790

2,988,162,487

11,020,269,098

0.0%

0.1%

0.2%

0.8%

-78.3%

528.6%

109.8%

debts

139

(9,983,730,559)

(107,210,059)

0.0%

0.0%

-0.8%

0.0%

-100.0%

20.9

15.2

IV. Inventories

140

176,313,202,085

176,872,489,929

246,601,378,300

368,791,375,766

20.4%

27.2%

82.5%

0.3%

39.4%

49.5%

0.3%

41.1%

49.0%

4. Provisions for doubful

1. Inventories

5.4

141

176,313,202,085

in inventories

149

V. Other current assets

150

1. Short-term prepayments

151

176,872,489,929

20.9

15.2

20.6%

27.4%

72.0%

249,603,536,956

371,793,534,422

(3,002,158,656)

(3,002,158,656)

0.0%

0.0%

-0.2%

-0.2%

-100.0%

-98.9%

2. Provisions for devaluation

5.5

0.0%

7,953,703,100

7,234,321,060

10,662,325,126

17,480,480,824

0.9%

0.6%

0.9%

1.3%

59.8%

-9.0%

47.4%

63.9%

2,889,026,062

2,827,923,659

2,411,070,600

1,822,346,363

0.3%

0.2%

0.2%

0.1%

171.1%

-2.1%

-14.7%

-24.4%
413.0

2. VAT to be deducted

152

920,295,180

3,519,630,024

2,478,701,960

12,715,773,631

0.1%

0.3%

0.2%

0.9%

-59.9%

282.4%

-29.6%

3. Taxes and other accounts

%
12176.

receivable from the State

154

554,800,856

362,244,404

10,318,441

1,266,686,956

0.1%

0.0%

0.0%

0.1%

1052.8%

-34.7%

-97.2%

0%

4. Other short-term assets

158

3,589,581,002

524,522,973

5,762,234,125

1,675,673,874

0.4%

0.0%

0.5%

0.1%

128.5%

-85.4%

998.6%

-70.9%

57.3

47.3

45.1%

43.5%

150.2%

13.7%

-0.8%

7.8%

0.0%

0.0%

0.0%

0.0%

38.0

34.9

33.0%

36.3%

71.6%

26.7%

-1.9%

23.2%

23.1

31.5

29.8%

30.6%

122.0%

88.6%

-1.8%

15.1%

0.0%
B. NON-CURRENT
ASSETS

200

483,870,075,113

550,244,937,967

546,082,578,339

588,713,054,297

I. Long-term receivables

210

II. Fixed assets

220

321,083,714,288

406,844,412,144

399,048,880,244

491,450,470,323

1. Tangible fixed assets

221

18

5.6

Historical costs

222

194,666,323,113

367,112,568,145

360,476,285,186

414,826,537,724

274,097,808,270

475,015,194,308

496,614,081,890

589,039,493,310

Accumulated

32.5

40.8

depreciation

223

2. Intangible fixed assets

227

Initial costs

41.0%

43.5%

81.0%

73.3%

4.5%

18.6%

(79,431,485,157)

(107,902,626,163)

(136,137,796,704)

(174,212,955,586)

9.4%

-9.3%

11.3%

12.9%

24.7%

35.8%

26.2%

28.0%

35,183,560,652

35,228,679,840

37,277,944,061

73,125,259,271

4.2%

3.0%

3.1%

5.4%

1158.6%

0.1%

5.8%

96.2%

228

35,529,204,147

35,626,984,847

37,734,400,824

73,607,400,824

4.2%

3.1%

3.1%

5.4%

1044.1%

0.3%

5.9%

95.1%

229

(345,643,495)

(398,305,007)

(456,456,763)

(482,141,553)

0.0%

0.0%

0.0%

0.0%

11.5%

15.2%

14.6%

5.7

Accumulated
amortizaion

10.8
3. Construction in progress

230

5.8

91,233,830,523

4,503,164,159

1,294,650,997

3,498,673,328

III. Long-term financial

investments

250

1. Investment in subsidiaries

5.9

5.6%
170.2

0.4%

17.8

11.2

0.1%

0.3%

11.4%

6.5%

-5.6%

-95.1%

-71.3%

-13.3%

5.5%

-36.4%

0.0%

-100.0%

-0.1%

-9.3%

150475.

150,575,000,000

130,539,800,000

137,678,000,000

87,590,000,000

251

20,400,000,000

20,400,000,000

2.4%

1.8%

0.0%

0.0%

252

20,400,000,000

0.0%

0.0%

1.7%

0.0%

15.4

11.2

0%

2. Investment in jointventures, corporations

3. Other long-term financial
investments

130075.

258

130,175,000,000

130,075,000,000

118,017,750,000

100,000,000,000

9.8%

7.4%

0%

259

(19,935,200,000)

(739,750,000)

(12,410,000,000)

0.0%

-1.7%

-0.1%

-0.9%

assets

260

12,211,360,825

12,860,725,823

9,355,698,095

9,672,583,974

1.4%

1.1%

0.8%

0.7%

97.3%

1. Long-term prepayments

261

7,936,360,825

12,335,725,823

8,830,698,095

7,653,559,831

0.9%

1.1%

0.7%

0.6%

2. Deferred tax assets

262

1,519,024,143

0.0%

0.0%

0.0%

0.1%

4,275,000,000

525,000,000

525,000,000

500,000,000

0.5%

0.0%

0.0%

0.0%

-15.3%

4. Provisions for diminution

in value of long-term
security investments

1577.6
-96.3%

5.3%

-27.3%

3.4%

314.3%

55.4%

-28.4%

-13.3%

0.0%

-87.7%

0.0%

-4.8%

IV. Other non-current

5.1
0

5.1
3. Other non-current assets

268

19

1,354,657,131,76
TOTAL ASSETS

844,206,663,917

270

1,164,260,444,150

1,209,943,558,586

100.

100.0

100.0

100.0

0%

80.3%

37.9%

3.9%

12.0%

26.4

46.6
48.2%

54.0%

32.5%

144.0%

7.4%

25.4%

47.5%

53.2%

33.2%

144.4%

6.0%

25.3%

RESOURCES

A. LIABILITIES

222,465,665,696

300

542,756,306,604

582,971,570,602

731,092,369,638

I. CURRENT
LIABILITIES

221,752,155,601

310

542,026,418,034

574,738,425,990

720,371,083,663

5.1
1. Short-term loans

311

2. Trade accounts payable

312

26.3

46.6

19.3

37.3

38.9%

42.8%

43.9%

166.1%

8.6%

23.0%

162,997,338,220

433,730,423,943

471,059,418,545

579,431,160,131

43,700,134,388

73,630,297,439

77,954,049,569

89,549,997,087

5.2%

6.3%

6.4%

6.6%

73.0%

68.5%

5.9%

14.9%

2,952,485,494

1,915,661,863

1,900,261,683

3,364,694,662

0.3%

0.2%

0.2%

0.2%

2750.8%

-35.1%

-0.8%

77.1%

372,029,805

2,111,013,436

6,086,052,102

13,287,297,121

0.0%

0.2%

0.5%

1.0%

-86.3%

467.4%

188.3%

4,750,829,739

8,721,216,148

6,651,569,387

22,510,672,387

0.6%

0.7%

0.5%

1.7%

-73.4%

83.6%

-23.7%

5.1
3
5.1
3. Advances from customers

313

4. Taxes and amount

3
5.1

payable to the State Bubget

314

5. Payable to employess

315

118.3

5.1
5

238.4

5.1
6. Accrued expenses

316

%
127.8

3,140,653,945

13,043,981,047

3,483,310,211

7,935,559,079

0.4%

1.1%

0.3%

0.6%

0.0%

0.0%

0.0%

0.0%

3,838,684,010

8,873,824,158

7,603,764,493

4,291,703,196

0.5%

0.8%

0.6%

0.3%

0.0%

0.0%

0.0%

0.0%

713,510,095

729,888,570

8,233,144,612

10,721,285,975

0.1%

0.1%

0.7%

0.8%

-40.3%

315.3%

-73.3%

86.5%

131.2%

-14.3%

-43.6%

-49.6%

2.3%

1028.0%

30.2%

7. Payables relating to
construction contracts under
percentage of completion
method

318

8. Other current payables

319

5.1
7

9. Provisions for short-term

trade accounts payable

320

II. LONG-TERM
LIABILITIES

5.1
330

20

1. Long-term trade payables

331

0.0%

0.0%

0.0%

0.0%

2. Other long-term payables

333

0.0%

0.0%

0.0%

0.0%

3. Long-term loans

334

7,435,824,703

641,000,000

0.0%

0.0%

0.6%

0.0%

4. Deferred tax liabilities

335

0.0%

0.0%

0.0%

0.0%

336

713,510,095

729,888,570

797,319,909

10,080,285,975

0.1%

0.1%

0.1%

0.7%

337

0.0%

0.0%

0.0%

0.0%

73.6

53.4

51.8%

73.5

53.1

-100.0%

-91.4%

5. Provisions for
unemployment allowances

1164.3
68.7%

2.3%

9.2%

46.0%

107.0%

0.0%

0.9%

-0.5%

51.5%

46.0%

107.6%

-0.4%

0.9%

0.0%

10.6%

9.5%

63.0%

0.0%

0.0%

0.0%

209.1%

0.0%

0.0%

0.0%

6. Provisions for long-term

trade payables

B. RESOURCES

400

I. Owner's equity

410

621,740,998,221

621,504,137,546

626,971,987,984

623,534,762,126

620,611,674,951

618,205,902,515

623,520,199,817

623,643,597,031

5.1

1. Legal capital

411

128,592,880,000

128,592,880,000

128,592,880,000

128,592,880,000

15.2

11.0

45.7

33.1

31.9%

28.5%

2. Share premiums

412

385,506,013,400

385,506,013,400

385,506,013,400

385,506,013,400

3. Other sources of capital

413

0.0%

0.0%

0.0%

0.0%

4. Treasury stock

414

(1,990,214,484)

0.0%

0.0%

0.0%

-0.1%

415

0.0%

0.0%

0.0%

0.0%

416

5,635,539,542

0.0%

0.0%

0.5%

0.0%

development funds

417

76,753,168,709

77,750,320,553

79,182,945,087

79,182,945,087

9.1%

6.7%

6.5%

5.8%

43.5%

1.3%

1.8%

0.0%

8. Financial reserve funds

418

6,114,226,737

8,008,547,528

8,849,248,265

9,557,045,048

0.7%

0.7%

0.7%

0.7%

60.8%

31.0%

10.5%

8.0%

5. Assets revaluation
difference
6. Foreign exchange
difference
7. Investment and

21

9. Other owner's funds

419

0.0%

0.0%

0.0%

0.0%

420

22,136,658,554

16,839,413,483

14,244,845,972

21,286,200,429

2.6%

1.4%

1.2%

1.6%

-39.5%

-23.9%

-15.4%

49.4%

421

1,508,727,551

1,508,727,551

1,508,727,551

1,508,727,551

0.2%

0.1%

0.1%

0.1%

0.0%

0.0%

0.0%

0.0%

10. Retained earnings

(Accumulated losses)
11. Construction investment
fund

103.2

II. Other sources and

other funds

430

1,129,323,270

3,298,235,031

3,451,788,167

(108,834,905)

0.1%

0.3%

0.3%

0.0%

-16.7%

192.1%

4.7%

%
-

5.2
1. Bonus and welfare funds

431

103.2
1,038,197,470

3,287,235,031

3,440,788,167

(108,834,905)

0.1%

0.3%

0.3%

0.0%

-16.6%

216.6%

4.7%

%
100.0

2. Funds

432

91,125,800

11,000,000

11,000,000

1,354,627,131,76
TOTAL RESOURCES

844,206,663,917

440

1,164,260,444,150

1,209,943,558,586

0.0%

0.0%

0.0%

0.0%

100.

100.0

100.0

100.0

0%

-17.9%

-87.9%

0.0%

80.3%

37.9%

3.9%

12.0%

An Giang Fisheries Import Export Joint Stock Comapany - INCOME STATEMENT

For the fiscal year ended 31 December

Unit: VND
Cod

No

es

tes

01

6.1

ITEMS

Year 2007

Year 2008

Year 2009

1,246,311,221,08
1. Gross sales

22

Common size

Year 2010

1,712,676,918,86
1,987,763,283,824

1,346,189,685,101

Percentage change

Year

Year

Year

Year

Year

Year

Year

Year

2007

2008

2009

2010

2007

2008

2009

2010

100.

100.0

100.0

0%

59.5%

-32.3%

27.2%

4.2%

2. Less: Deductions

02

12,577,255,009

21,314,383,873

11,891,961,809

3. Net sales

10

6.1

4. Cost of goods sold

11

6.2

5. Gross profit

20

6. Financial income

21

7. Financial expenses

22

1.0%

1.1%

1,966,448,899,951

1,334,297,723,292

99.0

98.9

1,669,253,119,719

1,228,296,146,320

85.9

84.0

162,624,337,173

297,195,780,232

106,001,576,972

193,744,052,449

13.0

15.0

6.3

9,016,782,446

41,966,362,479

105,383,771,575

75,548,369,146

6.4

13,706,879,219

63,730,424,168

19,276,912,190

9,423,852,016

38,178,534,382

39,152,469,220

1,233,733,966,07
5

13,265,043,695

0.9%

126.3%

69.5%

-44.2%

11.5%

99.1%

3.6%

59.4%

-32.1%

27.4%

91.2%

2.3%

55.8%

-26.4%

22.6%

7.9%

13.1%

82.7%

-64.3%

82.8%

0.7%

2.1%

7.8%

65.4%

365.4%

151.1%

-28.3%

63,073,199,852

1.1%

3.2%

1.4%

98.6%

365.0%

-69.8%

48,579,061,952

0.8%

1.9%

2.9%

38.0%

305.1%

2.6%

24.1%

1,699,411,875,17

1,071,109,628,90

1,505,667,822,72

227.2

Including: Interest
expenses

23

12.0
8. Selling expenses

24

6.5

97,642,524,375

237,916,165,994

136,065,027,573

144,493,389,416

7.8%

10.1%

29.3%

143.7%

-42.8%

6.2%

administration expenses

25

6.6

18,647,180,017

19,798,656,766

35,525,998,486

13,541,569,426

1.5%

1.0%

2.6%

17.4%

6.2%

79.4%

-61.9%

10. Operating profit/ (loss)

30

41,644,536,008

17,716,895,783

20,517,410,298

48,184,262,901

3.3%

0.9%

1.5%

-18.2%

-57.5%

15.8%

11. Other income

31

6.7

8,677,936,149

5,841,124,360

3,516,682,598

5,625,346,032

0.7%

0.3%

0.3%

343.3%

-32.7%

-39.8%

60.0%

12. Other expenses

32

6.8

7,278,054,838

5,277,548,271

6,018,903,630

2,384,876,270

0.6%

0.3%

0.4%

234.0%

-27.5%

14.0%

-60.4%

9. General and

134.8

13. Profit/ (loss) from other

229.5

activities

40

1,399,881,311

563,576,089

(2,502,221,032)

3,240,469,762

0.1%

0.0%

-0.2%

-732.0%

-59.7%

-544.0%

14. Net profit/ (loss) before

%
185.5

tax

50

15. Current coporate income

51

23

43,044,417,319
6.9

18,280,471,872

18,015,189,266

51,424,732,663

3.5%

0.9%

1.3%

-15.0%

-57.5%

-1.5%

0.4%

0.1%

0.3%

23.9%

-72.8%

161.2%

145.3

tax

5,024,267,643

1,367,040,341

3,570,653,566

8,760,496,347

533,204,279

16. Deferred coporate

income tax

52

0.0%

0.0%

0.0%

17. Net profit/ (loss) after

191.7

taxes

60

38,020,149,676

16,913,431,531

14,444,535,700

42,131,032,037

18. Earnings per share

70

3,787

1,315

1,123

3,281

3.1%

0.9%

1.1%

-18.4%

-55.5%

-14.6%

An Giang Fisheries Import Export Joint Stock Comapany - CASH FLOW STATEMENT
(Indirect method)

For the fiscal year ended 31 December

Unit: VND

Percentage change

Cod
ITEMS

es

Year 2007

Year 2008

Year 2009

Year 2010

Year

Year

Year

Year

2007

2008

2009

2010

I. Cash flow from

operating activities
185.5
1. Profit before tax

01

43,044,417,319

18,280,471,872

18,015,189,266

51,424,732,663

-15.0%

-57.5%

-1.5%

02

25,034,965,373

35,011,507,671

41,814,074,702

39,658,206,921

89.6%

39.9%

19.4%

-5.2%

2. Adjustments for:

* Fixed asset depreciation

118.5
* Provisions

03

(4,690,037,157)

22,976,675,870

(8,554,968,185)

1,581,537,900

04

(17,451,011,302)

341,392,527

(3,390,201,828)

-506.6%

-589.9%

-137.2%

-102.0%

1093.1

* Unrealized foreign

exchange differences

24

%
* Gain/ (loss) from investing

1768.8

activities

05

(924,734,457)

(17,280,986,939)

(20,038,735,707)

(13,943,112,174)

* Interest expenses

06

9,423,852,016

38,178,534,382

39,152,469,220

08

71,888,463,094

79,715,191,554

70,729,421,823

-214.0%

16.0%

30.4%

48,579,061,952

38.0%

305.1%

2.6%

24.1%

123,910,225,434

-1.1%

10.9%

-11.3%

75.2%

3. Operating income before

movements in working
capital

* (Increase)/ Decrease in

5673.8

accounts receivable

377.5

09

(4,691,074,884)

(270,851,735,409)

19,027,447,756

(52,793,155,865)

-90.2%

-107.0%

10

(73,813,637,525)

(559,287,844)

(72,731,047,027)

(120,532,744,068)

71.0%

-99.2%

12904.2%

65.7%

11

7,237,328,942

49,510,404,302

14,656,250,807

33,603,739,630

-174.7%

584.1%

-70.4%

prepaid expenses

12

(7,844,505,780)

(4,338,262,595)

4,086,351,849

1,795,862,501

698.1%

-44.7%

-194.2%

56.1%

* Interests paid

13

(9,014,146,979)

(38,364,074,791)

(39,376,633,848)

(47,175,851,748)

32.0%

325.6%

2.6%

19.8%

* Coporate income tax paid

14

(6,919,185,819)

(1,252,044,004)

(13,181,592,465)

38.7%

-81.9%

-100.0%

* (Increase)/ Decrease in
inventories
* Increase/ (Decrease) in

129.3

accounts payable
* (Increase)/ Decrease in

100.0
* Other cash inflows

15

5,485,654,885

1,082,989,611

-100.0%

-80.3%

* Other cash outflows

16

(6,608,014,817)

(2,118,388,223)

(2,488,623,145)

(11,000,000)

161.0%

-67.9%

17.5%

99.6%

20

(29,764,773,768)

(182,772,542,125)

(5,013,842,174)

(74,384,516,581)

-31.8%

514.1%

-97.3%

21

(168,442,349,464

(104,670,410,923)

(24,328,104,034)

(17,625,012,916)

58.3%

-37.9%

-76.8%

27.6%

Net cash flow from (used

1383.6

in) operating activities

II. Cash flow from
investing activities
1. Acquisition of fixed

assets and other long-term

25

assets

2. Proceeds from fixed

assets and other long-term
assets disposal

22

3,790,594,654

526,542,684

661,318,176

742,727,273

337.8%

-86.1%

25.6%

3. Cash outflow for lending,

12.3%
-

buying debt instruments of

100.0

other companies

23

(46,570,000)

24

100,000,000

4. Cash recovered from

lending, buying debt
instruments of other
companies

-100.0%
-

5. Investment in other

(464,178,936,676

entities

25

100.0
(217,344,338,825)

(121,328,528,550)

269.5%

-53.2%

-44.2%

6. Cash recovered from

%
-

investment in other entities

26

320,566,949,150

214,659,145,567

126,017,049,815

31,303,964,000

27

17,884,146,122

20,619,589,305

13,311,057,450

207.6%

-33.0%

-41.3%

75.2%

15.3%

35.4%

7. Interest income, dividends

and profit paid

Net cash flow from (used

(308,263,742,336

in) investing activities

1639.0

30

(88,844,915,375)

1,594,754,712

27,732,735,807

31

294,737,060,000

32

(1,990,214,484)

33

847,739,290,440

2,423,391,517,800

2,238,569,463,480

142.8%

-71.2%

84.3%

-100.0%

49.5%

185.9%

-101.8%

-7.6%

-4.1%

III. Cash flow from

financing activities
1. Proceeds from issuing
stock, receiving capital from
owners
2. Capital withdrawal,
buying back issued stocks

3. Proceeds from

2,147,312,922,09

borrowings

26

4. Repayments of

(798,979,363,795

(2,044,162,398,41

borrowings

34

(2,152,460,575,131)

(2,217,638,682,777)

2)

48.4%

169.4%

3.0%

5. Dividends paid

36

(4,723,798,800)

(15,431,145,600)

(12,859,288,000)

(25,718,576,000)

-30.8%

226.7%

-16.7%

40

338,773,187,845

255,499,797,069

8,071,492,703

75,441,733,195

86.3%

-24.6%

-96.8%

-7.8%
100.0

Net cash flow from (used

%
834.7

in) financing activities

Net increase/ (decrease) in

2264.4

cash and cash equivalents

518.8

50

744,671,741

(16,117,660,431)

4,652,405,241

28,789,952,421

-93.3%

-128.9%

60

12,961,401,109

13,706,072,850

13,832,260,757

18,811,729,995

624.4%

5.7%

0.9%

36.0%

61

16,243,848,338

327,063,997

7,573,859

-98.0%

97.7%

70

13,706,072,850

13,832,260,757

18,811,729,995

47,609,256,275

Cash and cash equivalents

at beginning of year
Effect from changing

foreign exchange rates

Cash and cash equivalents
at end of year

27

153.1
5.7%

0.9%

36.0%

AN GIANG

BEN TRE

Ratios

Change

20
06

Current assets :

Current liability

Current ratio

averag
2009

2010

360,336,58

614,015,506,

663,860,98

765,944,07

5.461

253,678,9

49,845,47

8,804

183

0,247

7,467

E+11

17,379

4,064

221,752,15

542,026,418,

574,738,42

731,092,36

4.462

320,274,2

32,712,00

5,601

034

5,990

9,638

E+11

62,433

7,956

1.133

1.155

1.048

2007-2008

average over 3

2008

1.625

2008-

2007

1.304

-0.492

2009

2009-2010

0.022

Average

years period

2010

239,151,000,00
102,083,097,220

417,091,71
0,751

89114305456

2.83636
E+11

157,647,09
156,353,943,648

4 years

9,559

1.06248
E+11

2.6457303

2.94912
833

-0.107

3.050

17

Cash

614615

13,706,072

3,832,260,75

18,811,729

47,609,256

1.212

9,873,812,

14,979,46

,850

,995

,275

E+10

093

9,238

28,797,526,280

37832207899

1.3235E+11

74804

104,195,000,00

2000000000

831462

50000

1.29921E+1

993159

57374

Marketable
securities

Receivables

Current liabilities

139,534,01

393,603,123,

354,883,38

332,062,96

2.96E

254,069,1

38,719,74

6,739

019

1,741

4,602

+11

06,280

1,278

221,752,15

542,026,418,

574,738,42

720,371,08

4.462

320,274,2

32,712,00

5,601

034

5,990

3,663

E+11

62,433

7,956

-22,820,417,139

145,632,657,673

89114305456

1.73997
Quick ratio

0.691

0.733

0.650

0.527

0.691

0.042

Net sales on

1,246,311,

1,987,763,28

1,346,189,

1,712,676,

1.527

741,452,0

221,084

3,824

685,101

918,869

E+12

62,740

641,573,5

credit

28

-0.083

-0.123

1.647

2.02

5.32955

482,209,000,00
366,487,233,768

8514

685,192,28

E+11

7,063

98,723

Average account
receivable

1.37677E+

2.66569E+1

3.74243E+

3.28717E+

2.595

128,891,3

107,674,6

11

11

11

E+11

62,939

82,501

116,120,41
-45,525,880,184

83554276717

9.052

7.457

3.597

5.210

6.702

-1.596

-3.860

1.613

5.90629

86

1492

61.857017

62.3773

62.551

64

1926

384,548,000,00

5.63065E+1

4.29177

E+11

5.908

Days receivables
outstanding

40.321

48.948

101.471

70.055

63.580

8.628

52.522

-31.416

11227

5.9007047

Receivables
turnover

4,758

916958

Cost of goods
sold
Average
inventories

1,071,109,

1,669,253,11

1,228,296,

1,505,667,

1.323

598,143,4

440,956,9

628,902

9,719

146,320

822,725

E+12

90,817

73,399

1.36456E+

1.76593E+1

2.11737E+

3.07696E+

1.749

40,136,83

35,144,08

11

11

11

E+11

8,589

8,108

277,371,676,405

723370
95,959,442,919

57742623024

1.1612E+11

70957
7.34128

Inventory
turnover

4.84897355

5478

75.2736628

58.9404

0466

408,363,000,00

5.85889E+1

4.52744

E+11
367127

7.849

9.453

5.801

4.893

7.701

1.603

-3.652

-0.908

8.172

46.500

38.614

62.920

74.591

49.344

-7.886

24.306

11.671

53.496

Days inventory
held

Purchases
Average account
payable

A/P turnover

1,071,109,

1,669,253,11

1,228,296,

1,505,667,

1.323

598,143,4

440,956,9

628,902

9,719

146,320

822,725

E+12

90,817

73,399

1.78334E+

3.67555E+1

5.38359E+

3.21974E+

3.614

189,221,8

170,803,2

1468508729

11

11

11

E+11

09,223

13,981

216,385,183,603

1823

39.8968536

29.7742

1341

9.14859109

15.4121

17.500

4777

482,209,000,00

6.85575E+1

5.33051

E+11

6.006

4.541

2.282

4.676

Days A/P

4.276

-1.465

-2.260

277,371,676,405

2.395

26.400

100.37

outstanding

Revenues

29

60.770

80.370

159.978

78.052

19.599

79.609

1,246,311,

1,987,763,28

1,346,189,

1,712,676,

1.527

741,452,0

221,084

3,824

685,101

918,869

E+12

62,740

641,573,5

-81.926

366,487,233,768

98,723
Average cash

133337369

1376916680

163219953

145954531

1.447

435,429,8

2,552,828

80

76

35

E+10

24

,573

-1,726,542,241

23603302022

93.471

144.363

82.477

117.343

50.893

-61.886

34.866

29.861

balance
Revenues to cash

106.77

ratio

Days revenues
held in cash

3.905

Operating cash

(29,764,74

flow

3,768)

Current liability

2.528

4.425

3.111

3.620

-1.377

182,772,542,

5,013,842,

74,384,516

7.25E

153,007,7

1.897

16.910

177,758,6

125

174

,581

+10

98,357

99,951

221,752,15

542,026,418,

574,738,42

720,371,08

4.462

320,274,2

32,712,00

5,601

034

5,990

3,663

E+11

62,433

7,956

CFO to current

-1.315

-69,370,674,407

145,632,657,673

89114305456

(0.160

liability

(0.134)

30

(0.337)

(0.009)

(0.103)

(0.203)

0.328

(0.095)

0.530

1.11341E+1

455376

17262

6.15745996

23.9348

7344

59.2776895

27.5018

2024

1.22127E+1

305318

66957

1.30981E+1

995809

42427

0.93240702

0.63060

1756

Bn Tre
2006

Liabilities

2007

2008

2009

222,466

542,756

582,972

2010

731,092

Average

519,822

2006

2007

2008

2009

127,806

45,229

96,549

415,613

407,320

537,004

2010

Aver
age

1,143,26
Assets

844,207

Liabilities to Assets Ratio

Owner's equity

1,164,260

26%

620,612

1,209,944

47%

618,206

1,354,657

48%

623,520

54%

623,644

7
44%

621,495

31%

279,286

11%

358,457

18%

26%

22%

35%

29%

432,689

Liabilities to Shareholders'
Equity Ratio

36%

88%

93%

117%

83%

46%

13%

22%

Long-Term Capital Ratio

621,325

618,936

631,753

634,365

626,595

279,336

358,504

432,689

Long-term liabilities

714

730

8,233

10,721

5,100

50

47

3247
%

Long-Term Debt to Long-Term

Capital Ratio

0.11%

0.12%

1.30%

1.69%

0.80%

0.02%

0.01%

0%

0%

0%

0.11%

0.12%

1.32%

1.72%

0.82%

0.02%

0%

0%

0%

0%

Long-Term Debt to
Shareholders' Equity Ratio

Net Income (after tax)

31

38,020

16,913

14,445

42,131

27,877

40,901

22,586

90,934

Interest expenses

9,424

38,179

39,152

48,579

33,834

3,915

4,635

1,905

Current coporate income tax

5,024

1,367

3,571

8,760

4,681

4,503

1,546

11,312
3490

Interest Coverage Ratio

5.57

1.48

1.46

2.64

2.05

12.60

Net cash flow from operating

6.21

54.67

(48,214

activities

(29,765)

(182,773)

(5,014)

(74,385)

(72,984)

66.14

(21,226

15,531

127,806

45,229

96,549

86,700

86,518

89,862

45,59
Liabilities

167,955

Average total liabilities

OCF to Total Liabilities Ratio

222,466

542,756

582,972

731,092

519,822

195,210

382,611

562,864

657,032

449,429

-15%

-48%

-0.89%

-11.32%

-19%

-56%

An Giang
ITEMS

2006

2007

18%

-30%

93%

6%

Ben Tre
2008

2009

2010

2006

2007

2008

2009

2010

Net profit after

38,020,1

16,913,4

14,444,5

42,131,0

39,218, 22,585,76

90,934,

93,876,

taxes

49,676

31,531

35,700

32,037

365,542 8,533

284,435

961,843

Interest expenses

32

6,751,3

Sales

9,423,85

38,178,5

39,152,4

48,579,0

72,144 4,634,818, 1,905,1

2,016

34,382

69,220

61,952

1,233,73

1,966,44

1,334,29

1,699,41

431,521

3,966,07

8,899,95

7,723,29

1,875,17

,358,79

959

473,427,6
96,297

1,640,0

65,741

68,432

544,094

685,192

,049,87

,287,06

16.98%

13.89%

544,094

685,192

Profit margin for

ROA

3.69%

Sales

Asset turnover
ROA

3.43%

4.77%

10.26%

5.50%

1,233,73

1,966,44

1,334,29

1,699,41

431,521

3,966,07

8,899,95

7,723,29

1,875,17

,358,79

473,427,6

,049,87

,287,06

96,297

1,164,26

1,209,94

1,354,65

119,224

415,613

386,163

601,925

,294,46

,338,84

,919,13

,220,58

1.179

2.277

20.01%

31.63%

90,934,

93,876,

468,269

Total assets

2.41%

,225,41

844,206,

0,444,15

3,558,58

7,131,76

663,917

1.880

1.958

1.124

1.325

6.94%

4.73%

3.86%

6.32%

1.614
16.56%

537,004,0
57,773

0.994
5.47%

Net profit after

taxes

38,020,1

33

16,913,4

14,444,5

42,131,0

39,218,

22,585,76

Sales

49,676

31,531

35,700

32,037

365,542

1,233,73

1,966,44

1,334,29

1,334,29

431,521

3,966,07

8,899,95

7,723,29

7,723,29

,358,79

8,533

473,427,6
96,297

284,435

961,843

544,094

685,192

,049,87

,287,06

16.71%

13.70%

1.179

2.277

386,163

601,925

Profit margin for

ROCE

3.08%

Asset turnover

1.880

468,269

Total assets

0.86%

1.08%

3.16%

9.09%

1.958

1.124

1.325

1.614

1,164,26

1,209,94

1,354,65

119,224

415,613

4.77%

0.994

,225,41

844,206,

0,444,15

3,558,58

7,131,76

,294,46

,338,84

537,004,0

,919,13

,220,58

663,917

57,773

432,689

444,278

,450,65

,121,02

1.191

1.355

23.46%

42.26%

300,314

279,286

Total shareholders'

,519,04

621,740,

621,504,

626,971,

623,534,

67,953,

,591,06

equity

998,221

137,546

987,984

762,126

421,785

1.423

1.616

1.902

2.051

342,492,9
58,990

Capital Structure
Leverage
ROCE

8.25%

Cost of goods sold

34

2.72%

2.31%

8.58%

1.540
22.59%
360,658

1.532
7.26%

Sales

1,071,10

1,669,25

1,228,29

1,228,29

9,628,90

3,119,71

6,146,32

6,146,32

1,233,73

1,966,44

1,334,29

1,699,41

431,521

3,966,07

8,899,95

7,723,29

1,875,17

,358,79

COGS/Sales

Selling expenses

Sales

86.82%

84.89%

92.06%

72.28%

,042,04 350,384,4

442,601

563,064

,440,34

,819,77

544,094

685,192

473,427,6

,049,87

,287,06

96,297

81.35%

82.18%

4 20,210

83.58%

74.01%

97,642,5

237,916,

136,065,

144,493,

33,403, 37,676,39

30,665,

37,804,

24,375

165,994

027,573

389,416

095,955 0,162

905,887

826,785

1,233,73

1,966,44

1,334,29

1,334,29

431,521

544,094

685,192

3,966,07

8,899,95

7,723,29

7,723,29

,358,79

473,427,6

,049,87

,287,06

96,297

Selling
expenses/Sales

7.91%

12.10%

10.20%

10.83%

7.74%

7.96%

5.64%

5.52%

General &
administration

18,647,1

19,798,6

35,525,9

13,541,5

3,247,3 4,595,633, 6,686,0

10,109,

expenses

80,017

56,766

98,486

69,426

74,670 213

933,376

Sales

35

06,303

1,233,73

1,966,44

1,334,29

1,699,41

431,521

473,427,6

544,094

685,192

3,966,07

8,899,95

7,723,29

1,875,17

,358,79

96,297

,049,87

,287,06

General &
administration
expenses/Sales

36

1.51%

1.01%

2.66%

0.80%

0.75%

0.97%

1.23%

1.48%

An Giang Fisheries Import Export Joint Stock Comapany - INCOME STATEMENT

For the fiscal year ended 31 December

Actuals

ITEMS

Forecasts

Co

No

Year

Year

Year

Year

Year

de

tes

2004

2005

2006

2007

Year 2008

2009

891,534,4

830,979,0

2,671,90

1,246,311

1,987,763,

1,346,189

99,683

06,414

,221,084

283,824

,685,101

Year 2010

Year

Year

Year

Year

Year 2011

2012

2013

2014

2015

2,226,479,9

2,887,744

3,742,516

4,846,559

4,846,559,

,552,905

,940,565

,438,032

438,032

1,196,46

1. Sales

01

6.1

Common size

100.0%

100.0%

100.00%

100.00%

100.00%

100.00%

1,712,676,918,869

94,530

100.00%

30.00%

29.7%

29.6%

29.5%

29.5%

16,698,599,

21,658,08

28,068,87

36,349,19

36,349,19

959

4,147

7,054

5,785

5,785

Sales
Percentage change

2. Less: Deductions

-6.8%

02

6.1

Common size

44.0%

4.2%

59.5%

-32.3%

8,133,745,

44,797,12

5,556,90

12,577,25

21,314,383

11,891,96

356

1,394

1,664

5,009

,873

1,809

0.9%

27.2%

13,265,043,695

5.4%

0.46%

1.01%

1.07%

0.88%

0.77%

450.8%

-87.6%

126.3%

69.5%

-44.2%

11.5%

growth rate

0.75%

0.75%

0.75%

0.75%

2,209,781,3

2,866,086

3,714,448

4,810,210

4,810,210,

94,571

,468,758

,063,511

,242,246

242,246

As % of
Percentage change

sales

1,190,90

3. Net sales

10

6.1

Common size

883,400,7

786,181,8

5,770,23

1,233,733

1,966,448,

1,334,297

54,327

85,020

,966,075

899,951

,723,292

99.1%

Percentage change

1,699,411,875,174

94.6%

99.54%

98.99%

98.93%

99.12%

99.23%

99.25%

99.25%

99.25%

99.25%

-11.0%

51.5%

3.6%

59.4%

-32.1%

27.4%

30.03%

29.7%

29.6%

29.5%

1,778,957,5

2,263,991

2,934,133

3,799,702

3,799,702,

15,629

,729,478

,281,403

,599,417

599,417

1,047,14

4. Cost of goods sold

11

37

6.2

794,109,4

680,791,0

5,310,35

1,071,109

1,669,253,

1,228,296

44,158

75,107

,628,902

119,719

,146,320

1,505,667,822,725

Common size

89.1%

81.9%

87.52%

85.94%

83.98%

91.24%

87.91%

-14.3%

53.8%

2.3%

55.8%

-26.4%

22.6%

79.90%

78.400%

78.400%

78.400%

78.400%

430,823,878

602,094,7

780,314,7

1,010,507

1,010,507,

,941

39,281

82,108

,642,830

642,830

As % of
Percentage change

5. Gross profit

20

89,291,31

105,390,8

143,760,

162,624,3

297,195,78

106,001,5

0,169

09,913

459,885

37,173

0,232

76,972

Common size

10.0%

Percentage change

6. Financial income

21

6.3

Common size

12.7%

12.02%

13.05%

14.95%

7.87%

11.3%

19.35%

20.9%

20.9%

20.9%

18.0%

36.4%

13.1%

82.7%

-64.3%

82.8%

122.37%

39.8%

29.6%

29.5%

27,152,900,

27,152,90

27,152,90

27,152,90

27,152,90

000

0,000

0,000

0,000

0,000

3,414,020,

2,905,582,

5,453,13

9,016,782

41,966,362

105,383,7

211

263

8,339

,446

,479

71,575

0.4%

193,744,052,449

sales

0.3%

0.46%

0.72%

2.11%

7.83%

75,548,369,146
4.41%

31.00%

31.00%

31.00%

31.00%

31.00%

As % of average short-term and

average long-term financial
Percentage change

7. Financial expenses

-14.9%

22

6.4

Common size

87.7%

65.4%

365.4%

151.1%

11,946,31

7,424,830,

6,900,71

13,706,87

63,730,424

19,276,91

6,179

600

7,168

9,219

,168

2,190

1.3%

0.9%

0.58%

1.10%

3.21%

1.43%

-28.3%

63,073,199,852

investments

63,484,901,

69,556,56

88,918,79

113,992,1

113,992,1

626

2,178

2,134

28,122

28,122

3.68%

9.00%

9.0%

9.0%

9.0%

48,620,415,

50,834,65

64,446,39

82,289,99

82,289,99

336

6,801

7,746

9,837

9,837

As % of
average
total
Percentage change

-37.8%

Including: Interest
expenses

23
Common size

-7.1%

98.6%

365.0%

-69.8%

11,603,81

6,992,046,

6,828,71

9,423,852

38,178,534

39,152,46

5,287

862

7,168

,016

,382

9,220

1.3%

0.8%

0.57%

0.76%

1.92%

2.91%

227.2%

48,579,061,952
2.84%

liabilities

9.00%

9.0%

9.0%

9.0%

As % of average short-term loans and

Percentage change

8. Selling expenses

-39.7%

24

38

6.5

49,553,30

55,889,46

-2.3%

75,534,2

38.0%

305.1%

2.6%

97,642,52

237,916,16

136,065,0

24.1%

144,493,389,416

average long-term loans

222,647,999

288,774,4

374,251,6

484,655,9

484,655,9

9,257
Common size

5,621

5.6%

6.7%

61,912
6.31%

4,375

5,994

7.83%

27,573

11.97%

10.11%

,453
8.44%

55,291
10.00%

94,056

43,803

43,803

10.0%

10.0%

10.0%

22,264,799,

28,877,44

37,425,16

48,465,59

48,465,59

945

5,529

9,406

4,380

4,380

As % of
Percentage change

12.8%

35.1%

29.3%

143.7%

-42.8%

6.2%

sales

9. General and
administration
expenses

25

6.6

11,568,17

19,017,79

15,886,8

18,647,18

19,798,656

35,525,99

5,463

3,908

36,961

0,017

,766

8,486

Common size

1.3%

2.3%

1.33%

1.50%

1.00%

2.64%

13,541,569,426
0.79%

1.00%

1.00%

1.00%

1.00%

1.00%

149,579,077

242,039,1

306,872,0

390,546,8

390,546,8

,917

76,283

26,512

76,524

76,524

As % of
Percentage change

64.4%

10. Operating profit/

(loss)

30

79.4%

50,891,7

41,644,53

17,716,895

20,517,41

9,481

2,047

82,183

6,008

,783

0,298

Percentage change

6.7

6.2%

25,964,30

2.2%

31

17.4%

19,637,52

Common size

11. Other income

-16.5%

48,184,262,901

sales

3.1%

4.25%

3.34%

0.89%

1.52%

2.8%

6.72%

8.4%

8.2%

8.1%

32.2%

96.0%

-18.2%

-57.5%

15.8%

134.8%

210.43%

61.8%

26.8%

27.3%

8,683,271,9

11,262,20

14,595,81

18,901,58

18,901,58

79

3,756

6,068

1,808

1,808

1,310,000,

1,878,804,

1,957,62

8,677,936

5,841,124,

3,516,682

909

151

1,173

,149

360

,598

Common size

-61.9%

0.1%

0.2%

0.16%

0.70%

0.29%

0.26%

5,625,346,032
0.33%

0.39%

0.39%

0.39%

0.39%

0.39%

8,015,327,9

10,395,88

13,473,06

17,447,61

17,447,61

80

0,390

0,986

3,977

3,977

average of
previous
Percentage change

12. Other expenses

43.4%

32

6.8

4.2%

343.3%

-32.7%

-39.8%

265,640,3

2,294,160,

2,179,12

7,278,054

5,277,548,

6,018,903

72

828

6,188

,838

271

,630

Common size

0.0%

0.3%

0.18%

0.58%

0.27%

0.45%

60.0%

2,384,876,270

years

0.14%

0.36%

0.36%

0.36%

0.36%

0.36%

866,323,3

1,122,755

1,453,967

1,453,967,

66

,082

,831

831

As % of
Percentage change

763.6%

13. Profit/ (loss) from

other activities

40

39

-5.0%

234.0%

-27.5%

14.0%

1,044,360,

(415,356,

(221,505,

1,399,881

563,576,08

(2,502,22

537

677)

015)

,311

1,032)

-60.4%

2,384,876,270

sales

667,943,998

Common size

0.1%

Percentage change

14. Net profit/ (loss)

before tax

50

0.0%

-0.02%

0.11%

0.03%

-0.19%

0.14%

0.03%

0.03%

0.03%

0.03%

-139.8%

-46.7%

-732.0%

-59.7%

-544.0%

-195.3%

-71.99%

29.7%

29.6%

29.5%

150,247,021

242,905,4

307,994,7

392,000,8

392,000,8

,915

99,649

81,594

44,355

44,355

20,681,89

25,548,94

50,670,2

43,044,41

18,280,471

18,015,18

0,018

5,370

77,168

7,319

,872

9,266

Common size

2.3%

Percentage change

15. Current coporate

income tax

51

6.9

3.1%

4.24%

3.45%

0.92%

1.34%

2.95%

6.75%

8.4%

8.2%

8.1%

23.5%

98.3%

-15.0%

-57.5%

-1.5%

180.7%

197.11%

61.7%

26.8%

27.3%

27,795,699,

44,937,51

56,979,03

72,520,15

72,520,15

054

7,435

4,595

6,206

6,206

2,584,348,

3,193,618,

4,055,36

5,024,267

1,367,040,

3,570,653

752

170

7,624

,643

341

,566

Common size

0.3%

50,569,139,171

0.4%

0.34%

0.40%

0.07%

8,760,496,347

0.27%

0.51%

18.50%

18.5%

18.5%

18.5%

18.50%

Effective
income tax
Percentage change

23.6%

27.0%

23.9%

-72.8%

161.2%

145.3%

rate

16. Deferred coporate

income tax

52

Common size

0.0%

Percentage change

17. Net profit/ (loss)

after taxes

60

Common size

18. Earnings per share

70

40

0.00%

0.00%

0.00%

533,204,279
0.00%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

18,097,54

22,355,32

46,614,9

38,020,14

16,913,431

14,444,53

1,266

7,200

09,544

9,676

,531

5,700

2.0%

Percentage change

0.0%

0.03%

0.00%

0.0%

0.0%

0.0%

122,451,322

197,967,9

251,015,7

319,480,6

319,480,6

,861

82,214

46,999

88,149

88,149

#DIV/0!

42,131,032,037

2.7%

3.90%

3.05%

0.85%

1.07%

2.5%

5.50%

6.9%

6.7%

6.6%

23.5%

108.5%

-18.4%

-55.5%

-14.6%

191.7%

190.64%

61.7%

26.8%

27.3%

5,349

8,233

3,787

1,315

1,123

3,281

An Giang Fisheries Import Export Joint Stock Comapany - BALANCE SHEET

For the fiscal year ended 31 December

Unit:
VND
Actuals

Forecasts

Co

No

Year

Year

Year

Year

de

tes

2004

2005

2006

2007

Year 2008

2009

A. CURRENT

237,924,5

150,771,4

274,879,

360,336,5

614,015,50

663,860,9

ASSETS

32,706

52,849

281,482

88,804

6,183

80,247

ASSETS

Common size

73.2%

Percentage change

I. Cash and cash

11

equivalents

5.1

Year

Year

Year

Year

2012

2013

2014

2015

765,944,077,467

852,632,937

1,094,958

1,421,304

1,840,429

1,840,429,

,341

,905,874

,665,963

,458,583

458,583

59.9%

58.7%

42.7%

52.7%

54.9%

56.6%

59.93%

61.2%

62.3%

63.1%

-36.6%

82.3%

31.1%

70.4%

8.1%

15.4%

11.32%

28.4%

29.8%

29.5%

62,341,439,

80,856,84

104,790,4

135,703,6

135,703,6

847

7,481

74,336

64,265

64,265

919,043,8

1,789,379,

12,961,4

13,706,07

13,832,260

18,811,72

06

719

01,109

2,850

,757

9,995

Common size

Year
Year 2011

Year 2010

0.3%

0.7%

2.8%

1.6%

1.2%

47,609,256,275

1.6%

3.5%

2.80%

2.80%

2.80%

2.80%

2.80%

Hold % of proceeds
from share issue in
Percentage change

1. Cash

94.7%

624.4%

5.7%

0.9%

36.0%

cash

Growth as % of sales

11

919,043,8

1,789,379,

12,961,4

13,706,07

3,832,260,

18,811,72

06

719

01,109

2,850

757

9,995

10,379,176,275

11
2. Cash equivalents

II. Short-term

12

financial investments

41

10,000,000

5.2

,000

37,230,080,000

3,096,300,

24,521,7

22,829,59

22,473,311

32,902,16

600
Common size

0.0%

27,700
1.2%

Percentage change

#DIV/0!

1. Short-term

12

investments

Common size

4,030

,418

5,085

5.2%

2.7%

1.9%

2.7%

0.0%

692.0%

-6.9%

-1.6%

46.4%

-100.0%

3,096,300,

24,521,7

24,216,08

26,901,282

35,784,72

600

27,700

9,030

,288

8,555

0.0%

1.2%

5.2%

2.9%

2.3%

3.0%

0.00%

0.0%

#DIV/0!

0.0%

#DIV/0!

0.0%
#DIV/0!

30.00%

0.0%

29.7%

#DIV/0!

29.6%

29.5%

Growth as
sales growth
Percentage change

#DIV/0!

692.0%

-1.2%

11.1%

33.0%

(1,386,49

(4,427,970,

(2,882,56

5,000)

870)

3,470)

-100.0%

rate

2. Provisions for
devaluation of short-

12

term investments

Common size

0.0%

0.0%

0.0%

-0.2%

-0.4%

-0.2%

0.0%

10.00%

10.0%

10.0%

10.0%

424,568,325

548,592,1

713,450,4

924,036,2

924,036,2

,931

31,313

07,749

51,251

51,251

As % of short-term
Percentage change

III. Short-term

13

receivables

5.3

#DIV/0!

#DIV/0!

#DIV/0!

141,502,7

88,062,83

135,820,

67,574

4,577

397,142

Common size

43.5%

Percentage change

219.4%

-34.9%

139,534,0

393,603,12

354,883,3

16,739

3,019

81,741

332,062,964,602

investments

35.0%

29.0%

16.5%

33.8%

29.3%

24.54%

29.84%

30.66%

31.25%

31.68%

-37.8%

54.2%

2.7%

182.1%

-9.8%

-6.4%

27.86%

29.2%

30.1%

29.5%

393,316,771

510,131,8

661,130,8

856,164,4

856,164,4

,448

52,568

80,928

90,801

90,801

1. Trade accounts

13

137,734,2

85,364,46

100,696,

112,782,2

348,806,44

348,676,5

receivable

87,669

1,910

885,363

19,097

3,073

32,576

Common size

-100.0%

42.3%

33.9%

21.5%

13.4%

30.0%

28.8%

302,551,362,652
22.4%

30.00%

29.7%

29.6%

29.5%

37,695,138,

46,873,67

63,259,33

82,078,35

82,078,35

949

0,627

3,391

4,170

4,170

Growth as
sales growth
Percentage change

-38.0%

18.0%

12.0%

209.3%

0.0%

2. Advances to

13

847,198,4

2,451,727,

34,255,6

26,525,25

43,372,591

13,202,41

suppliers

58

723

19,391

8,176

,156

7,237

42

-13.2%

18,598,542,911

rate

Common size

0.3%

1.0%

7.3%

3.1%

3.7%

1.1%

1.4%

189.4%

1297.2%

-22.6%

63.5%

-69.6%

40.9%

2.00%

2.0%

2.0%

2.0%

1,422,750,9

1,789,245

2,282,811

2,916,696

2,916,696,

64

,169

,050

,096

096

As % of
Percentage change

3. Other receivables

13

2,921,281,

371,354,4

1,043,67

226,539,4

1,424,088,

2,988,162

447

10

2,737

66

790

,487

Common size

0.9%

0.1%

0.2%

0.0%

0.1%

11,020,269,098
0.2%

purchases

0.8%

0.10%

0.1%

0.1%

0.1%

(7,866,335,4

(10,202,6

(13,222,6

(17,123,2

(17,123,2

29)

37,051)

17,619)

89,816)

89,816)

As % of
Percentage change

-87.3%

4. Provisions for

13

doubful debts

Common size

0.0%

181.0%

(124,709,

(175,780,

466)

349)
0.0%

-78.3%

528.6%

109.8%

268.8%

(9,983,73
-

0,559)

0.0%

0.0%

0.0%

-0.8%

41.0%

-100.0%

#DIV/0!

#DIV/0!

(107,210,059)

total assets

0.0%

2.00%

2.0%

2.0%

2.0%

As % of trade accounts
Percentage change

#DIV/0!

14
IV. Inventories

5.4

66,629,68

54,364,26

96,598,8

176,313,2

176,872,48

246,601,3

6,609

1,467

12,752

02,085

9,929

78,300

Common size

20.5%

Percentage change

1. Inventories

352,400,810

448,483,1

581,234,1

752,698,2

752,698,2

,101

77,659

98,246

86,729

86,729

20.6%

20.9%

15.2%

20.4%

27.3%

24.77%

25.1%

25.5%

25.8%

-18.4%

77.7%

82.5%

0.3%

39.4%

49.5%

-4.44%

27.3%

29.6%

29.5%

176,872,48

249,603,5

356,680,981

453,930,3

588,293,7

761,840,3

761,840,3

,884

41,760

22,921

71,183

71,183

66,629,68

59,339,55

102,499,

176,313,2

6,609

2,001

564,560

02,085

20.5%

368,791,375,766

receivable

21.6%

14

Common size

-98.9%

23.6%

21.9%

9,929

20.9%

15.2%

36,956
20.6%

371,793,534,422
27.5%

20.05%

20.05%

20.05%

20.05%

20.05%

(4,280,171,7

(5,447,16

(7,059,52

(9,142,08

(9,142,08

83)

4,101)

4,675)

4,454)

4,454)

As % of
cost of
Percentage change

-10.9%

72.7%

72.0%

0.3%

41.1%

49.0%

goods sold

2. Provisions for
devaluation of

14

inventories

Common size

0.0%

43

(4,975,29

(5,900,75

0,534)

1,808)

-2.0%

-1.3%

(3,002,15
-

0.0%

8,656)
0.0%

-0.2%

(3,002,158,656)
-0.2%

1.20%

1.2%

1.2%

1.2%

As % of
Percentage change

#DIV/0!

V. Other current

15

assets

5.5

18.6%

-100.0%

#DIV/0!

#DIV/0!

28,873,03

3,458,676,

4,976,94

7,953,703

7,234,321,

10,662,32

4,717

486

2,779

,100

060

5,126

Common size

8.9%

Percentage change

17,480,480,824

inventories

13,322,361,

17,026,74

21,829,58

27,991,25

27,991,25

462

9,420

5,631

6,339

6,339

1.4%

1.1%

0.9%

0.6%

0.9%

1.3%

0.94%

1.0%

1.0%

1.0%

-88.0%

43.9%

59.8%

-9.0%

47.4%

63.9%

-23.79%

27.8%

28.2%

28.2%

2,845,501,9

3,578,490

4,565,622

5,833,392

5,833,392,

28

,338

,099

,192

192

1. Short-term prepaid

15

3,473,135,

544,567,8

1,065,50

2,889,026

2,827,923,

2,411,070

expenses

363

51

1,377

,062

659

,600

Common size

0.0%

1.1%

0.2%

0.2%

0.3%

0.2%

1,822,346,363
0.2%

0.1%

0.20%

0.2%

0.2%

0.2%

3,348,877,2

4,484,140

5,827,080

7,545,216

7,545,216,

05

,784

,174

,707

707

As % of
Percentage change

-84.3%

15
2. VAT to be deducted

Common size

95.7%

171.1%

-2.1%

-14.7%

1,544,374,

2,292,53

920,295,1

3,519,630,

2,478,701

154

9,263

80

024

,960

0.0%

0.6%

-24.4%

12,715,773,631

0.5%

0.1%

0.3%

0.2%

0.9%

48.4%

-59.9%

282.4%

-29.6%

413.0%

total assets

0.19%

0.19%

0.19%

0.19%

17,892,45

22,828,11

29,166,96

29,166,96

As % of
Percentage change

#DIV/0!

purchases

3. Taxes and other

accounts receivable

15

24,181,07

72,925,13

48,128,1

554,800,8

362,244,40

10,318,44

from the State

6,405

08

56

Common size

7.4%

0.029%

0.010%

0.066%

0.031%

1,266,686,956
0.001%

14,227,510

0.094%

0.001%

0.001%

0.001%

0.001%

7,113,754,8

8,946,225

11,414,05

14,583,48

14,583,48

20

,846

5,248

0,479

0,479

As % of
Percentage change

4. Other current assets

-99.7%

-34.0%

1052.8%

-34.7%

-97.2%

15

1,218,822,

1,296,809,

1,570,77

3,589,581

524,522,97

5,762,234

949

349

4,031

,002

,125

Common size

0.4%

0.5%

0.3%

0.4%

0.0%

12176.0%

1,675,673,874
0.5%

0.1%

total assets

0.50%
As % of

Percentage change

6.4%

44

21.1%

128.5%

-85.4%

998.6%

-70.9%

total assets

0.5%

0.5%

0.5%

B. NON-CURRENT

20

87,308,67

100,861,7

193,389,

483,870,0

550,244,93

546,082,5

ASSETS

8,405

97,272

943,928

75,113

7,967

78,339

Common size

26.8%

Percentage change

I. Long-term

21

3,750,000,

receivables

000

Common size
Percentage change

II. Fixed assets

1. Tangible fixed assets

40.07%

38.8%

37.7%

36.9%

15.5%

91.7%

150.2%

13.7%

-0.8%

7.8%

-3.16%

21.8%

24.1%

24.9%

0.0%

0.0%

0.0%

0.0%

-100.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

399,048,8

8,405

7,792

564,198

14,288

2,144

80,244

5.6

0.0%

472,068,769

593,671,5

757,436,7

967,759,7

967,759,7

,827

47,140

06,241

64,607

64,607

No change

#DIV/0!

491,450,470,323

38.0%

40.0%

38.0%

34.9%

33.0%

36.3%

33.18%

33.2%

33.2%

33.2%

14.5%

95.8%

71.6%

26.7%

-1.9%

23.2%

-3.94%

25.8%

27.6%

27.8%

409,183,177

514,586,9

656,536,4

838,841,7

838,841,7

,222

10,661

57,851

97,170

97,170

80,167,84

85,987,80

87,696,9

194,666,3

367,112,56

360,476,2

5,998

5,937

65,313

23,113

8,145

85,186

24.6%

0.0%

406,844,41

637,278

43.5%

321,083,7

Common size

1,076,266,

,637,278

45.1%

187,099,

22

1,076,266

83,588

47.3%

95,558,43

25.7%

861,506,3

63,324

57.3%

83,458,67

Common size

694,286,2

,575

41.3%

22

Percentage change

570,118,026

40.1%

1.2%

588,713,054,297

414,826,537,724

34.2%

18.7%

23.1%

31.5%

29.8%

30.7%

7.3%

2.0%

122.0%

88.6%

-1.8%

15.1%

28.76%

28.76%

28.76%

28.76%

28.76%

619,316,489

769,342,0

967,400,8

1,220,494

1,220,494,

,181

62,229

59,255

,902,945

902,945

As % of
Percentage change

Historical costs

22

123,875,8

137,502,5

151,401,

274,097,8

475,015,19

496,614,0

21,491

05,953

510,072

08,270

4,308

81,890

Common size

38.1%

Percentage change

Accumulated
depreciation

54.6%

32.3%

32.5%

40.8%

41.0%

43.5%

43.53%

43.0%

42.4%

41.8%

11.0%

10.1%

81.0%

73.3%

4.5%

18.6%

5.14%

24.2%

25.7%

26.2%

(210,133,31

(254,755,

(310,864,

(381,653,

(381,653,

1,958)

151,568)

401,405)

105,775)

105,775)

22

(43,707,9

(51,514,7

(63,704,5

(79,431,4

(107,902,6

(136,137,

75,493)

00,016)

44,759)

85,157)

26,163)

796,704)

45

589,039,493,310

total assets

(174,212,955,586)

Common size

-13.4%

-20.5%

-13.6%

-9.4%

-9.3%

-11.3%

-12.9%

17.9%

23.7%

24.7%

35.8%

26.2%

28.0%

5.80%

5.8%

5.8%

5.8%

Growth as % of historical
Percentage change

2. Intangible fixed

22

assets

5.7

2,519,600,

2,827,314,

2,795,51

35,183,56

35,228,679

37,277,94

788

133

0,468

0,652

,840

4,061

Common size

0.8%

1.1%

0.6%

4.2%

3.0%

73,125,259,271

3.1%

costs (ending balance)

55,771,837,

70,138,41

89,486,19

114,334,4

114,334,4

785

0,633

3,142

86,958

86,958

5.4%

3.92%

3.92%

3.92%

3.92%

3.92%

56,310,289,

70,747,61

90,185,57

115,149,0

115,149,0

628

0,085

8,173

21,010

21,010

As % of
Percentage change

Initial costs

12.2%

0.1%

5.8%

2,768,169,

3,105,495,

3,105,49

35,529,20

35,626,984

37,734,40

091

251

5,251

4,147

,847

0,824

0.9%

Percentage change

Accumulated

1158.6%

22

Common size

amortizaion

-1.1%

0.7%

4.2%

3.1%

3.1%

5.4%

3.96%

4.0%

4.0%

3.9%

12.2%

0.0%

1044.1%

0.3%

5.9%

95.1%

-23.50%

25.6%

27.5%

27.7%

(538,451,84

(609,199,

(699,385,

(814,534,

(814,534,

3)

453)

031)

052)

052)

(248,568,

(278,181,

(309,984,

(345,643,

(398,305,0

(456,456,

303)

118)

783)

495)

07)

763)

-0.1%

73,607,400,824

total assets

1.2%

22

Common size

96.2%

(482,141,553)

-0.1%

-0.1%

0.0%

0.0%

0.0%

0.0%

11.9%

11.4%

11.5%

15.2%

14.6%

5.6%

0.10%

0.1%

0.1%

0.1%

Growth as % of initial
Percentage change

3. Construction in

23

progress

5.8

771,231,6

6,743,317,

96,607,0

91,233,83

4,503,164,

1,294,650

19

722

88,417

0,523

159

,997

Common size

0.2%

2.7%

20.6%

10.8%

0.4%

3,498,673,328
0.1%

costs (ending balance)

7,113,754,8

8,946,225

11,414,05

14,583,48

14,583,48

20

,846

5,248

0,479

0,479

0.3%

0.50%

0.50%

0.50%

0.50%

0.50%

87,590,000,

87,590,00

87,590,00

87,590,00

87,590,00

000

0,000

0,000

0,000

0,000

As % of
Percentage change

774.4%

III. Long-term

25

financial investments

Common size

5.9

46

-5.6%

-95.1%

-71.3%

100,000,0

100,000,0

100,000,

150,575,0

130,539,80

137,678,0

00

00

000

00,000

0,000

00,000

0.0%

Percentage change

1332.6%

170.2%

87,590,000,000

total assets

0.0%

0.0%

17.8%

11.2%

11.4%

6.5%

6.16%

4.9%

3.8%

3.0%

0.0%

0.0%

150475.0

-13.3%

5.5%

-36.4%

0.00%

0.0%

0.0%

0.0%

1. Investment in

25

subsidiaries

Common size

0.0%

0.0%

Percentage change

#DIV/0!

20,400,00

20,400,000

0,000

,000

0.0%
#DIV/0!

2.4%
#DIV/0!

1.8%

0.0%

0.0%

-100.0%

0.0%

No change

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

2. Investment in
associates, joint-

25

ventures

20,400,00
-

Common size

0.0%

0.0%

Percentage change

0.0%

0,000

0.0%

0.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

25

100,000,0

100,000,0

100,000,

130,175,0

130,075,00

118,017,7

investments

00

00

000

00,000

0,000

50,000

0.0%

0.0%

0.0%

15.4%

1.7%

3. Other long-term

Common size

0.0%

No change

-100.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

100,000,000

100,000,0

100,000,0

100,000,0

100,000,0

,000

00,000

00,000

00,000

00,000

(12,410,000,

(12,410,0

(12,410,0

(12,410,0

(12,410,0

000)

00,000)

00,000)

00,000)

00,000)

10,459,256,

13,024,71

16,479,67

20,916,87

20,916,87

747

6,184

7,347

2,671

2,671

100,000,000,000

11.2%

9.8%

7.4%

-0.1%

-9.3%

-15.3%

(19,935,20

(739,750,

0,000)

000)

No change

130075.0
Percentage change

0.0%

0.0%

4. Provisions for
devaluation of long-

25

term investments

Common size

0.0%

Percentage change

IV. Other non-current

26

assets

Common size

0.0%

26

expenses

47

-1.7%

-0.1%

-0.9%

-96.3%

1577.6%

#DIV/0!

#DIV/0!

#DIV/0!

5,203,359,

6,190,37

12,211,36

12,860,725

9,355,698

480

9,730

0,825

,823

,095

2.1%
#DIV/0!

1. Long-term prepaid

0.0%

#DIV/0!

0.0%

Percentage change

0.0%

(12,410,000,000)

9,672,583,974

No change

1.3%

1.4%

1.1%

0.8%

0.7%

0.74%

0.7%

0.7%

0.7%

19.0%

97.3%

5.3%

-27.3%

3.4%

8.13%

24.5%

26.5%

26.9%

9,959,256,7

12,524,71

15,979,67

20,416,87

20,416,87

47

6,184

7,347

2,671

2,671

1,453,359,

1,915,37

7,936,360

12,335,725

8,830,698

480

9,730

,825

,823

,095

7,653,559,831

Common size

0.0%

0.6%

0.4%

0.9%

1.1%

0.7%

0.6%

31.8%

314.3%

55.4%

-28.4%

-13.3%

0.70%

0.7%

0.7%

0.7%

As % of
Percentage change

#DIV/0!

2. Deferred income tax

26

assets

Common size

Percentage change

3. Other long-term

26

assets

8
Common size

0.0%

Percentage change

TOTAL ASSETS

0.0%

0.0%

0.0%

0.0%

1,519,024,143

0.0%

0.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

3,750,000,

4,275,00

4,275,000

525,000,00

525,000,0

000

0,000

,000

00

1.5%
#DIV/0!

0.0%

0.0%

0.0%

14.0%

0.0%

-87.7%

0.0%

-4.8%

251,633,2

468,269,

844,206,6

1,164,260,

1,209,943

11,111

50,121

225,410

63,917

444,150

,558,586

844,206,6

1,164,260,

1,209,943

63,917

444,150

,558,586

Check between 2
formulas
100.0%

Percentage change

500,000,0

500,000,0

500,000,0

500,000,0

00

00

00

00

1,422,750,9

1,789,245

2,282,811

2,916,696

2,916,696,

63,916

,169,198

,049,550

,095,861

095,861

1,422,750,9

1,789,245

2,282,811

2,916,696

2,916,696,

63,916

,169,198

,049,550

,095,861

095,861

500,000,000

0.5%

325,233,2

No change

#DIV/0!

0.9%

Common size

0.1%

500,000,000

27

total assets

1,353,138,107,621

1,354,657,131,764

No change

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.00%

100.0%

100.0%

100.0%

-22.6%

86.1%

80.3%

37.9%

3.9%

11.8%

5.14%

25.8%

27.6%

27.8%

679,683,222

866,018,1

1,109,954

1,423,203

1,423,203,

,057

59,670

,998,855

,403,865

403,865

RESOURCES

A. LIABILITIES

30

237,199,9

149,864,9

167,954,

222,465,6

542,756,30

582,971,5

83,805

04,946

706,370

65,696

6,604

70,602

Common size

72.9%

Percentage change
I. CURRENT

31

48

731,092,369,638

59.6%

35.9%

26.4%

46.6%

48.2%

54.0%

47.77%

48.4%

48.6%

48.8%

-36.8%

12.1%

32.5%

144.0%

7.4%

25.4%

-7.03%

27.4%

28.2%

28.2%

48.8%

LIABILITIES

217,684,7

138,664,8

166,538,

221,752,1

542,026,41

574,738,4

73,934

90,462

430,306

55,601

8,034

25,990

Common size

66.9%

Percentage change

1. Short-term loans

31

5.1

669,723,965

853,493,4

1,093,975

1,402,786

1,402,786,

,309

43,486

,321,508

,531,194

531,194

55.1%

35.6%

26.3%

46.6%

47.5%

53.2%

47.07%

47.7%

47.9%

48.1%

-36.3%

20.1%

33.2%

144.4%

6.0%

25.3%

-7.03%

27.4%

28.2%

28.2%

491,845,008

618,542,0

789,167,7

1,008,301

1,008,301,

,226

54,992

79,830

,840,339

840,339

141,435,7

74,594,69

113,244,

162,997,3

433,730,42

471,059,4

26,129

4,675

136,411

38,220

3,943

18,545

Common size

720,371,083,663

43.5%

29.6%

24.2%

19.3%

37.3%

38.9%

579,431,160,131
42.8%

34.57%

48.1%

34.57%

34.57%

34.57%

34.57%

108,221,610

144,908,5

188,306,6

243,829,6

243,829,6

,728

49,558

96,142

34,637

34,637

As % of
Percentage change

2. Trade accounts
payable

-47.3%

31
2

5.1
3

34,864,13
3,972

Common size

37,068,58
4,500

10.7%

51.8%

25,266,7
96,292

43.9%

166.1%

8.6%

43,700,13

73,630,297

77,954,04

4,388

,439

9,569

23.0%

89,549,997,087

14.7%

5.4%

5.2%

6.3%

6.4%

6.6%

6.3%

-31.8%

73.0%

68.5%

5.9%

14.9%

total assets

6.14%

6.14%

6.14%

6.14%

6.14%

5,120,903,9

6,641,812

8,607,788

11,147,08

11,147,08

87

,472

,963

6,707

6,707

As % of
Percentage change

3. Advances from

31

5.1

customers

833,839,1

8,184,363,

103,566,

2,952,485

1,915,661,

1,900,261

90

497

863

,494

863

,683

Common size

0.3%

3.3%

0.0%

0.3%

0.2%

3,364,694,662
0.2%

purchases

0.2%

0.23%

0.23%

0.23%

0.23%

0.23%

17,273,486,

22,403,71

29,035,21

37,600,59

37,600,59

257

1,676

0,332

7,380

7,380

As % of
Percentage change

881.5%

-98.7%

2750.8%

-35.1%

-0.8%

77.1%

sales

4. Taxes and amount

payable to the State

31

5.1

Bubget

24,925,75

3,327,260,

2,709,52

372,029,8

2,111,013,

6,086,052

0,256

172

4,317

05

436

,102

Common size

7.7%

1.3%

0.6%

0.0%

0.2%

13,287,297,121
0.5%

1.0%

30.00%

29.7%

29.6%

29.5%

29,263,874,

37,955,24

49,189,99

63,701,04

63,701,04

103

4,712

7,146

6,305

6,305

As % of
Percentage change

5. Payable to employess

-86.7%

31

5.1

49

-18.6%

-86.3%

467.4%

188.3%

2,310,523,

7,517,615,

17,893,6

4,750,829

8,721,216,

6,651,569

910

641

21,004

,739

148

,387

118.3%

22,510,672,387

sales

Common size

0.7%

3.0%

3.8%

0.6%

0.7%

0.5%

1.7%

30.00%

29.7%

29.6%

29.5%

10,316,226,

13,380,14

17,340,66

22,456,16

22,456,16

803

6,163

9,427

6,908

6,908

Growth as
sales growth
Percentage change

6. Accrued expenses

225.4%

31

5.1

138.0%

-73.4%

83.6%

-23.7%

3,810,558,

4,639,919,

5,262,24

3,140,653

13,043,981

3,483,310

067

770

6,280

,945

,047

,211

Common size

1.2%

1.8%

1.1%

0.4%

1.1%

238.4%

7,935,559,079
0.3%

rate

0.6%

30.00%

29.7%

29.6%

29.5%

Growth as
sales growth
Percentage change

21.8%

13.4%

-40.3%

315.3%

-73.3%

127.8%

rate

7. Payables relating to
construction contracts
under percentage of

31

completion method

Common size

0.0%

0.0%

Percentage change

8. Other current
payables

31
9

5.1
7

9,504,242,
410

Common size

0.0%

0.0%

0.0%

0.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

3,332,452,

2,058,53

3,838,684

8,873,824,

7,603,764

207
2.9%

9,139

,010

158

0.0%

0.00%

0.0%

0.0%

0.0%

7,682,855,2

9,661,923

12,327,17

15,750,15

15,750,15

05

,914

9,668

8,918

8,918

#DIV/0!

4,291,703,196

,493

1.3%

0.4%

0.5%

0.8%

0.6%

0.3%

-64.9%

-38.2%

86.5%

131.2%

-14.3%

-43.6%

0.54%

0.54%

0.54%

0.54%

0.54%

As % of
Percentage change

total assets

9. Provisions for shortterm trade accounts

32

payable

Common size

0.0%

Percentage change

II. LONG-TERM

33

5.1

LIABILITIES

50

0.0%

0.0%

0.0%

0.0%

0.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

19,515,20

11,200,01

1,416,27

713,510,0

729,888,57

8,233,144

9,871

4,484

6,064

95

,612

0.0%

0.00%

0.0%

0.0%

0.0%

9,959,256,7

12,524,71

15,979,67

20,416,87

20,416,87

47

6,184

7,347

2,671

2,671

#DIV/0!

10,721,285,975

Common size

6.0%

Percentage change
1. Long-term trade

33

payables

Common size

0.3%

0.1%

0.1%

0.7%

0.8%

0.70%

0.7%

0.7%

0.7%

-42.6%

-87.4%

-49.6%

2.3%

1028.0%

30.2%

-7.11%

25.8%

27.6%

27.8%

0.0%

#DIV/0!

2. Other long-term

33

payables

Common size

0.0%

Percentage change

0.0%

#DIV/0!

19,515,20

10,936,11

993,275,

9,871

6,043

164

4.3%

0.0%

0.0%

0.0%

#DIV/0!

0.0%

#DIV/0!

0.2%

0.0%

641,000,000

,703
0.0%

0.0%

0.0%

0.0%

0.00%

0.0%

0.0%

0.0%

8,536,505,7

10,735,47

13,696,86

17,500,17

17,500,17

83

1,015

6,297

6,575

6,575

#DIV/0!

7,435,824
-

0.00%

0.0%

#DIV/0!

#DIV/0!

0.0%

#DIV/0!

0.0%

#DIV/0!

0.0%

#DIV/0!

6.0%

0.0%
#DIV/0!

33

Common size

0.0%
#DIV/0!

0.0%

Percentage change

3. Long-term loans

4.5%

0.6%

0.0%

0.60%

0.6%

0.6%

0.6%

As % of
Percentage change

-44.0%

4. Deferred tax

33

liabilities

Common size

-90.9%

0.0%

0.0%

Percentage change

-100.0%

0.0%

#DIV/0!

0.0%

#DIV/0!

-91.4%

0.0%

0.0%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

263,898,4

423,000,

713,510,0

729,888,57

797,319,9

41

900

95

09

total assets

0.0%

0.00%

0.0%

0.0%

0.0%

1,422,750,9

1,789,245

2,282,811

2,916,696

2,916,696,

64

,169

,050

,096

096

#DIV/0!

5. Provisions for
unemployment

33

allowances

Common size

0.0%

0.1%

0.1%

0.1%

0.1%

10,080,285,975
0.1%

0.7%

0.10%

0.1%

0.1%

0.1%

As % of
Percentage change

#DIV/0!

6. Provisions for long-

33

term trade payables

Common size

0.0%

Percentage change

0.0%
#DIV/0!

51

60.3%

68.7%

0.0%

#DIV/0!

2.3%

0.0%

#DIV/0!

9.2%

0.0%
#DIV/0!

1164.3%

0.0%
#DIV/0!

total assets

0.0%
#DIV/0!

0.00%

0.0%

0.0%

0.0%

B. OWNER'S

40

87,997,22

101,768,3

300,314,

621,740,9

621,504,13

626,971,9

EQUITY

7,306

45,175

519,040

98,221

7,546

87,984

Common size

27.1%

Percentage change

I. Owner's equity

41

5.1

64.1%

73.6%

53.4%

51.8%

15.6%

195.1%

107.0%

0.0%

0.9%

86,548,63

100,249,1

298,958,

620,611,6

618,205,90

623,520,1

9,642

69,990

663,149

74,951

2,515

99,817

Common size

26.6%

Percentage change

1. Legal capital

40.4%

1,172,856

1,493,492

1,493,492,

,859

09,528

,050,695

,691,996

691,996

46.0%

52.23%

(0)

19.17%

623,643,597,031

51.6%

51.4%

51.2%

740,222,239

919,648,5

1,168,290

1,487,659

1,487,659,

,931

19,190

,428,596

,299,804

299,804

63.8%

73.5%

53.1%

51.5%

46.0%

52.03%

51.4%

51.2%

15.8%

198.2%

107.6%

-0.4%

0.9%

0.0%

18.69%

24.2%

27.0%

128,592,880

128,592,8

128,592,8

128,592,8

128,592,8

,000

80,000

80,000

80,000

80,000

No

No

No

change

change

change

385,506,013

385,506,0

385,506,0

385,506,0

385,506,0

,400

13,400

13,400

13,400

13,400

55,584,05

41,791,30

78,875,7

128,592,8

128,592,88

128,592,8

2,951

0,000

80,000

80,000

0,000

80,000

17.1%

923,227,0

39.8%

41

Common size

623,534,762,126

743,067,741

128,592,880,000

16.6%

16.8%

15.2%

11.0%

10.6%

9.5%

-24.8%

88.7%

63.0%

0.0%

0.0%

0.0%

No change

51.0%

Issue new
Percentage change

41
2. Share premiums

1,876,196,

124,711,

385,506,0

385,506,01

385,506,0

700

953,400

13,400

3,400

13,400

385,506,013,400

shares (2:1)

Issue at
VND29,000
Common size

0.0%

0.7%

Percentage change

#DIV/0!

3. Other sources of

41

capital

3
Common size

0.0%

Percentage change
4. Treasury stock

52

45.7%

33.1%

31.9%

28.5%

6547.1%

209.1%

0.0%

0.0%

0.0%

0.0%
#DIV/0!

41

26.6%

0.0%

#DIV/0!

0.0%

#DIV/0!

0.0%
#DIV/0!

0.0%
#DIV/0!

/share

0.0%
#DIV/0!

0.00%

0.0%

0.0%

0.0%

1,876,196,

(1,990,214,484)

700
Common size

0.6%

Percentage change
5. Assets revaluation

41

difference

Common size

0.0%

0.0%

-100.0%

#DIV/0!

0.0%

0.0%

Percentage change

#DIV/0!

6. Foreign exchange

41

difference

0.0%
#DIV/0!

0.0%

#DIV/0!

0.0%
#DIV/0!

0.0%

#DIV/0!

0.0%

0.0%

#DIV/0!

0.00%

0.0%

0.0%

0.0%

#DIV/0!

0.0%

#DIV/0!

-0.1%

0.0%

#DIV/0!

0.00%

0.0%

0.0%

0.0%

#DIV/0!

5,635,539
-

,542

No foreign exchange
Common size

0.0%

0.0%

Percentage change

0.0%

0.0%

0.0%

0.5%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

7. Investment and

41

12,637,20

37,779,24

53,477,3

76,753,16

77,750,320

79,182,94

development funds

1,555

0,358

82,321

8,709

,553

5,087

Common size

3.9%

15.0%

11.4%

9.1%

6.7%

0.0%

difference

-100.0%

79,182,945,087

6.5%

85,365,057,

107,354,7

136,968,6

175,001,7

175,001,7

835

10,152

62,973

65,752

65,752

5.8%

6.00%

6.0%

6.0%

6.0%

9,959,256,7

12,524,71

15,979,67

20,416,87

20,416,87

47

6,184

7,347

2,671

2,671

As % of
Percentage change

8. Financial reserve
funds

199.0%

41
8

2,082,761,
075

Common size

2,852,981,
835

0.6%

41.6%

3,801,74
2,374

43.5%

6,114,226
,737

1.3%

8,008,547,
528

1.8%

0.0%

8,849,248
9,557,045,048

,265

1.1%

0.8%

0.7%

0.7%

0.7%

0.7%

37.0%

33.3%

60.8%

31.0%

10.5%

8.0%

total assets

0.70%

0.7%

0.7%

0.7%

As % of
Percentage change

total assets

41
9. Other owner's funds

Common size

0.0%

Percentage change

0.0%
#DIV/0!

53

0.0%

#DIV/0!

0.0%

#DIV/0!

0.0%
#DIV/0!

0.0%
#DIV/0!

0.0%
#DIV/0!

0.00%

0.0%

0.0%

0.0%

10. Retained earnings

(Accumulated losses)

42
0

14,368,42
7,361

15,705,60
1,097

36,583,0
77,503

22,136,65
8,554

16,839,413
,483

14,244,84
5,972

21,286,200,429

129,290,304

284,161,4

499,734,4

776,633,0

776,633,0

,398

71,902

67,325

40,431

40,431

1,508,727,5

1,508,727

1,508,727

1,508,727

1,508,727,

51

,551

,551

,551

551

2,845,501,9

3,578,490

4,565,622

5,833,392

5,833,392,

28

,338

,099

,192

192

Plug in
Common size

4.4%

Percentage change

11. Construction

42

investment fund

Common size

7.8%

2.6%

1.4%

1.2%

1.6%

9.3%

132.9%

-39.5%

-23.9%

-15.4%

49.4%

243,850,0

1,508,72

1,508,727

1,508,727,

1,508,727

00

7,551

,551

551

,551

0.0%

Percentage change

6.2%

0.1%
#DIV/0!

1,508,727,551

0.3%

0.2%

0.1%

0.1%

0.1%

518.7%

0.0%

0.0%

0.0%

0.0%

II. Other sources and

43

1,448,587,

1,519,175,

1,355,85

1,129,323

3,298,235,

3,451,788

other funds

664

185

5,891

,270

031

,167

Common size

0.4%

0.6%

0.3%

0.1%

0.3%

(108,834,905)
0.3%

numbers

No change

0.0%

0.20%

0.2%

0.2%

0.2%

1,422,750,9

1,789,245

2,282,811

2,916,696

2,916,696,

63,916

,169,198

,049,550

,095,861

095,861

As % of
Percentage change

TOTAL RESOURCES

4.9%

-10.8%

-16.7%

192.1%

4.7%

44

325,197,2

251,633,2

468,269,

844,206,6

1,164,260,

1,209,943

11,111

50,121

225,410

63,917

444,150

,558,586

Common size

100.0%

Percentage change

-103.2%

1,354,627,131,764

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.00%

100.0%

100.0%

100.0%

-22.6%

86.1%

80.3%

37.9%

3.9%

12.0%

5.03%

25.8%

27.6%

27.8%

(1,489,024,143)

54

total assets

An Giang Fisheries Import Export Joint Stock Comapany - CASH FLOW STATEMENT
(Indirect method)

For the fiscal year ended 31 December

Unit:
VND
Actuals

ITEMS

Forecasts

Co

Year

Year

Year

Year

des

2004

2005

2006

2007

Year 2008

Year
2009

20,681,89

25,548,94

50,670,2

43,044,41

18,280,471

18,015,18

0,018

5,370

77,168

7,319

,872

9,266

9,621,636,

12,025,46

13,202,1

25,034,96

35,011,507

41,814,07

755

7,393

79,074

5,373

,671

4,702

5,100,000,

1,153,61

(4,690,03

22,976,675

(8,554,96

000

0,005

7,157)

,870

8,185)

(17,451,01

341,392,5

Year

Year

Year

Year

Year 2011

2012

2013

2014

2015

150,247,021

242,905,4

307,994,7

392,000,8

392,000,8

,915

99,649

81,594

44,355

44,355

44,692,58

56,199,43

70,903,85

70,903,85

7,219

5,415

3,392

3,392

3,869,788

5,125,907

6,617,117

6,617,117,

Year 2010

I. Cash flow from

operating activities

01

1. Profit before tax

2. Adjustments for:

02

* Fixed asset
depreciation

* Provisions

03

04

* Unrealized foreign
exchange differences

50,569,139,171

(2,451,99
05

* Gain/ (loss) from

investing activities

06

* Interest expenses

08

3. Operating income

09

55

4,889)

1,302)

27

(658,908,

1,723,169,

811,426,

(924,734,

(17,280,98

(20,038,7

564)

411

080

457)

6,939)

35,707)

11,603,81

6,992,046,

6,828,73

9,423,852

38,178,534

39,152,46

5,287

862

9,190

,016

,382

9,220

35,976,666,
38,100,843,672

662

(593,554,434)

379,603,485

,146

,021

,023

023

50,834,65

64,446,39

82,289,99

82,289,99

6,801

7,746

9,837

9,837

48,620,415,
48,579,061,952

336
235,223,707

before movements in

38,796,43

51,389,62

72,666,2

71,888,46

79,715,191

70,729,42

working capital

8,607

9,036

31,517

3,094

,554

1,823

(69,752,0

75,804,45

(47,985,7

(4,691,07

(270,851,7

19,027,44

53,057)

4,250

11,296)

4,884)

35,409)

7,756

(8,491,37

7,290,134,

(43,160,0

(73,813,6

(559,287,8

(72,731,0

3,090)

608

12,559)

37,525)

44)

47,027)

(1,386,39

1,475,208,

(982,953,

(7,844,50

(4,338,262,

4,086,351

7,642)

032

776)

5,780)

595)

,849

41,924,96

(11,682,9

(9,683,20

7,237,328

49,510,404

14,656,25

0,578

62,496)

2,319)

,942

,302

0,807

* (Increase)/ Decrease
in accounts receivable

10

* (Increase)/ Decrease
in inventories

11

* (Increase)/ Decrease
in prepaid expenses

13

* Increase/ (Decrease)
in accounts payable

12

136,655,490,361

46,125,169,924

(122,189,997,466)

15

* Other cash inflows

* Other cash outflows

16

20

Changes of other cash

inflows/ (outflows)

56

551,811,8

551,811,8

21,777

14,607

14,607

(90,765,408,

(116,815,

(150,999,

(195,033,

(195,033,

796)

081,120)

028,360)

609,874)

609,874)

15,112,552,

(97,249,3

(134,363,

(173,546,

(173,546,

59,877)

381,161)

648,262)

648,262)

(3,298,44

(4,442,09

(5,704,96

(5,704,96

7,848)

2,923)

5,417)

5,417)

36,686,93

43,398,14

55,522,93

55,522,93

8,830

6,584

8,495

8,495

20,385,49

26,458,00

34,154,21

34,154,21

2,580

6,600

0,681

0,681

(50,834,6

(64,446,3

(82,289,9

(82,289,9

56,801)

97,746)

99,837)

99,837)

(27,795,6

(44,937,5

(56,979,0

(56,979,0

99,054)

17,435)

34,595)

34,595)

538

81)

18,671,613,
11,595,947,518

25,664,968,569

(11,603,8

(6,992,04

(6,828,73

(9,014,14

(38,364,07

(39,376,6

15,287)

6,862)

9,190)

6,979)

4,791)

33,848)

(3,425,60

(4,990,04

(6,919,18

(1,252,044,

9,251)

7,860)

5,819)

004)

8,179,423,

195,410,0

(156,455,

5,485,654,

1,082,989

090

00

216)

885

,611

(9,394,06

(1,618,42

(2,531,65

(6,608,01

(2,118,388,

(2,488,62

0,489)

5,768)

5,008)

4,817)

223)

3,145)

(1,214,63

(1,423,01

(2,688,11

(6,608,01

3,367,266,

(1,405,63

7,399)

5,768)

0,224)

4,817)

662

3,534)

* Coporate income tax

paid

433,766,5

31,816

641

18,267,419,

current liabilities

14

342,302,5

(3,328,852,4
1,765,862,501

* Increase/ (Decrease) in other

* Interests paid

,399

911

(48,620,415,
(48,579,061,952)

336)

(8,760,496,3
(3,570,653,566)

47)

(16,781,239,
(24,843,156,764)

421)

(15,879,5

(25,196,9

(30,196,7

(30,196,7

30,147)

66,330)

14,725)

14,725)

Net cash flow from

(used in) operating
activities

(11,726,8

112,435,7

(43,652,5

(29,764,7

(182,772,5

(5,013,84

77,290)

91,549

45,707)

73,768)

42,125)

2,174)

(40,347,1

(26,561,3

(106,420,

(168,442,

(104,670,4

(24,328,1

70,641)

25,086)

615,376)

349,464)

10,923)

04,034)

234,723,3

676,928,8

865,883,

3,790,594

526,542,68

661,318,1

85

95

816

,654

76

(40,112,4

(25,884,3

(105,554,

(164,651,

(104,143,8

(23,666,7

47,256)

96,191)

731,560)

754,810)

68,239)

85,858)

119,018,881
22,624,569,125

,108

87,502,18

79,237,29

97,737,99

97,737,99

8,380

1,006

1,074

1,074

II. Cash flow from

investing activities

21

1. Acquisition of fixed
assets and other longterm assets

22

2. Proceeds from fixed

assets and other longterm assets disposal

23

Changes of fixed assets

(1+2)

(12,979,884,

(164,462,

(217,496,

(278,057,

(278,057,

675)

893,506)

765,114)

486,526)

486,526)

(128,298,411,420)

3. Cash outflow for

lending, buying debt
instruments of other
companies

1,065,000,

(46,570,0

24

000

25

(3,096,30

(125,634,

26

0,600)

650,400)

27

00)

(464,178,

(217,344,3

(121,328,

936,676)

38,825)

528,550)

104,209,

320,566,9

214,659,14

126,017,0

223,300

49,150

5,567

49,815

(3,096,30

(21,425,4

(143,611,

(2,685,193,

4,688,521

0,600)

27,100)

987,526)

258)

,265

4. Cash recovered from

lending, buying debt
instruments of other
companies

100,000,00

5. Investment in other
entities

6. Cash recovered from

investment in other
entities

Changes of investments
in other entities(5+6)
7. Interest income,

30

57

82,965,165,085

(5,082,742,1

dividends and profit

619,696,0

paid

94

17,884,146

20,619,58

,122

9,305

(2,306,007,026)

8. Other investing

20)

(13,778,7

(7,539,48

(9,691,21

(9,691,21

13,666)

3,924)

3,326)

3,326)

(1,832,47

(2,467,82

(3,169,42

(3,169,42

1,026)

9,402)

5,232)

5,232)

(21,677,708,

(180,074,

(227,504,

(290,918,

(290,918,

287)

078,198)

078,440)

125,084)

125,084)

(3,615,081,4

activities

(2,204,022,331)

92)

Net cash flow from

(used in) investing
activities

(38,427,7

(28,980,6

(126,980,

(308,263,

(88,844,91

1,594,754

51,162)

96,791)

158,660)

742,336)

5,375)

,712

(49,843,275,692)

III. Cash flow from

financing activities

31

1. Proceeds from issuing

stock, receiving capital
from owners

159,920,

294,737,0

32

1,876,196,
700

236,700

60,000

33

(1,990,214,484)

749,870,4

453,097,2

567,239,

847,739,2

2,423,391,

2,238,569

19,196

89,596

242,380

90,440

517,800

,463,480

(693,736,

(528,517,

(538,532,

(798,979,

(2,152,460,

8,682,777

(2,044,162,398,412

066,368)

414,878)

641,523)

363,795)

575,131)

56,134,35

(75,420,1

28,706,6

48,759,92

270,930,94

20,930,78

2,828

25,282)

00,857

6,645

2,669

0,703

(8,605,45

(7,164,63

(6,822,11

(4,723,79

(15,431,14

(12,859,2

6,400)

3,563)

1,800)

8,800)

5,600)

88,000)

2. Capital withdrawal,
buying back issued
stocks

1,990,214,4

3. Proceeds from
borrowings

34

84

2,147,312,922,091

(2,217,63
4. Repayments of
borrowings

36

Changes in borrowings
(3+4)

5. Dividends paid

40

(79,690,646,
101,576,916,883

122)

(25,718,576,
(25,718,576,000)

6. Other financing

000)

20,810,018,

activities

(17,859,467,411)

58

388

128,896,0

173,587,1

222,937,3

222,937,3

11,998

20,120

70,788

70,788

(25,718,5

(25,718,5

(25,718,5

(25,718,5

76,000)

76,000)

76,000)

76,000)

7,909,861

24,331,87

26,874,52

26,874,52

,455

0,168

9,151

9,151

Net cash flow from

(used in) financing
activities

50

49,405,09

(82,584,7

181,804,

338,773,1

255,499,79

8,071,492

3,128

58,845)

725,757

87,845

7,069

,703

(749,535,

870,335,9

11,172,0

744,671,7

(16,117,66

4,652,405

324)

13

21,390

41

0,431)

,241

(82,608,989,
56,008,658,988

250)

111,087,2

172,200,4

224,093,3

224,093,3

97,452

14,288

23,939

23,939

18,515,40

23,933,62

30,913,18

30,913,18

7,635

6,854

9,929

9,929

18,515,40

23,933,62

30,913,18

30,913,18

7,635

6,854

9,929

9,929

62,341,43

80,856,84

104,790,4

104,790,4

9,847

7,481

74,336

74,336

80,856,84

104,790,4

135,703,6

135,703,6

7,481

74,336

64,265

64,265

Net increase/
(decrease) in cash and
cash equivalents

60

14,732,183,
28,789,952,421

572

Checking the changes of

14,732,183,

cash

28,789,952,421

572

Cash and cash

equivalents at
beginning of year

61

Effect from changing

foreign exchange rates

1,505,320,

919,043,8

1,789,37

12,961,40

13,706,072

13,832,26

034

06

9,719

1,109

,850

0,757

16,243,848

327,063,9

163,259,0
96

,338

97

equivalents at end of

919,043,8

1,789,379,

12,961,4

13,706,07

13,832,260

18,811,72

year

06

719

01,109

2,850

,757

9,995

70

47,609,256,
18,811,729,995

7,573,859

275

Cash and cash

59

62,341,439,
47,609,256,275

847