HOANGyANHyGIAyLAIyJOINTySTOCKyCOMPANY

I. OVERVIEWyOFyHAG
 HoangyAnhyGiayLaiyJointyStockyCompany,ytogetherywithyitsysub
sidiaries,yengagesyinyagricultureybusinessyinyVietnam,yLaos,yandyi
nternationally.yTheycompanyyoperatesythroughysevenysegments:yR
ealyEstate,yProduction,yTradingyandyServices,yConstruction,yPower
,yMining,yandyAgriculture.yItyisyinvolvedyinybreedingyandytrading
ydairyycowsyandycowsyforymeat;...
 HeadquartersyNo.y15yTruongyChinh,yPhuyDongyWard,yPleikuyCit
y,yGiayLaiyProvince
II. HISTORY

y
Sincey1990,yhasybeenyworkingyasyaysmallyworkshopyspecializingyinyfur
nitureyforystudentsyinyChuhodrongyCommune,yPleikuyCity,yGiayLaiyProvince,
ysoyfar,yHoangyAnhyGiayLaiyhasymadeystrongyprogressyandybecomeyanyactiv
eyprivateycorporation.ydynamicyinymanyydifferentyareas.
y
Iny1993,yHoangyAnhyPrivateyEnterpriseywasyestablished.yInauguratingya
nyinterioryandyoutdoorywoodyprocessingyfactoryyinyGiayLai.

Iny2002,yinauguratedygraniteyprocessingyfactory.yExpandingyfurnitureypr
ocessingyfactoryyinyGiayLai.yAtytheysameytime,ytheyFootballyClubywasyfound
edybyyHoangyAnhyGiayLaiyafterytheyProvincialyPeople'syCommitteeyissuedya
ydecisionytoyofficiallyytransferytheyfootballyteamytoytheyenterprise.Withytheya
dvantagesyofycapital,yhumanyresources,yabundantyrawymaterialsyandystrongybr
and,yHoanhyAnhyGiayLaiyGroupyfocusesyonyexpandingyinvestmentyinyrealyest
ateybusinessysuchyasybuildingycommercialycentersyandyhigh-
classyapartments.y,yofficeyforyrentywithytheyestablishmentyofyay4-star,y5-
staryhotelyandyresortychainyinyHoyChiyMinhyCity,yDayLat,yDayNang,yNhayTr
ang,yQuyyNhony..y
y
Iny2006,yHoangyAnhyPrivateyEnterpriseytransformedyintoyayjointystocky
companyyandychangedyitsynameytoyHoangyAnhyGiayLaiyJointyStockyCompan
yywithyinitialycharterycapitalyofyVNDy296ybillion.ySinceytheyequitization,ythe
 ycompanyyhasyincreasedyitsycharterycapitaly6ytimes.yAccordingytoyBusinessyR
egistrationyCertificateyNo.y3903000083yissuedybyytheyDepartmentyofyPlanning
yandyInvestmentyofyGiayLaiyProvinceyforytheyfirstytimeyonyJuney1,y2006,ythe
y8thytimeywasychangedyonyAugusty29,y2008,ytheycompany'sycharterycapitalyis
y1,798.y.145,010,000ybillionyVND.

yOnyDecembery15,y2008,yHoyChiyMinhyCityyStockyExchangeydecidedy
toyapproveytheyregistrationyofylistingysharesyforyHoangyAnhyGiayLaiyJointySt
ockyCompanyywhichywasylistedyonyHoyChiyMinhyCityyStockyExchangeywith
yanyancientysalary.yListedysharesyofy179,814,501ysharesyequivalentytoy1,798,1
45,010,000yVNDyofycharterycapital.yTheynumberyofyemployeesyatytheybeginni
ngyofytheyfactoryywasymoreythany200,yandybyyDecembery31,y2007ytheytotaly
numberyofyemployeesyhadyincreasedytoyovery7,000.

2008:yMergedywithyHoangyAnhyQuyyNhon,yHoangyAnhySaiyGonyandyHoang
yAnhyRealyEstateyJSCyinytoyHoangyAnhyGiayLaiyJointyStockyCompanyyony
06/04yandylistedysharesyonyHOSE;
2009:yAftery6ytimesyofycapitalyraising,yHAG'sycharterycapitalywasyVND2,704
ybillion;
2012:yCharterycapitalywasyraisedyupytoyVND5,373ybillion;
2013:yCharterycapitalywasyraisedyupytoyVND7,181ybillion;
07/08/2017:yCharterycapitalywasyraisedyupytoyVND9,274,679,470,000;

Business

 Constructionyandysalesyofyluxuryyapartmentsyandyofficesyforyrent
 Productionyandydistributionyofywoodyandygranite
 Planting,yexploitingyandyprocessingyrubberyproducts
 Investment,yconstructionyandyexploitationyofyhydropower
 Miningyandyprocessingyminerals.
 Otherysupportyactivities.

III. VISSIONyANDyMISSION
 ToybecomeyayleadingyGroupyinyVietnamyandyinyagribusiness.
 Toymaintainytheyconstantycreativityyandystriveytoycontinueyproducingyhi
ghyqualityyproductsyandyservicesyatycompetitiveycosts.yToyprovideythey
employeesywithysatisfactoryybenefits,yinytermsyofybothymonetaryyremun
 erationyandyspiritualydevelopment,yinyorderytoyencourageythemytoycreate
ymoreyvaluesyforycustomers,yshareholdersyandysociety
IV. CHIEFyCOMPETITORS
1. BaoyThuyInvestmentyandyIndustrialyDevelopmentyJointyStockyCompany
 Investmentyinyindustrialypropertyydevelopmenty
Productionyandytradingyofyconstructionymaterialsyandyindustrialymaterial
sy
 Serviceyofyblocking,ytransportingygoodsy
Realyestateyinfrastructureyandyagriculturalyservices.
 BIDICOyisyaywell-
establishedycompanyyinyBinhyThuanyprovince,yamongytheytopyenterprise
syinytheyprovince.yTheycompanyyisysupportedybyylocalyauthoritiesyonyp
rojectyinvestmentyandydevelopmentyprocedures.y
 BIDICOyisyaypioneeryinytheyfieldyofyindustrialyrealyestateyandyconstruc
tionymaterialyproductionyinyBinhyThuanyprovince.y
Regardingyindustrialypropertyydevelopmentyinvestment,ytheycompanyyisy
developingyThangyHaiy1.2yindustrialyclusteryandyTanyBinhyindustrialycl
uster.yRegardingyportyandyfreightyservices,ytheycompanyyisyexploitingyL
agiyport.

2. SaoyMaiyGroupyJointyStockyCompany
 Constructionyofycivil,yindustrial,ytransportation,ywaterysupplyyand
ydrainageypipelines,yirrigationyworks,yunderwateryworks;ySurfacey
leveling;yElectricityyandywateryconstruction.y
 Producingyandytradingyconstructionymaterials,yexploitingysandyand
ygravel;yProducingymasticypowder;yProductionyandysaleyofyMelal
eucayforyconstruction.y
 Tradingyinyrealyestate,ynursingyhomes,yhotelyservices,yrestaurants,
ykaraokeyroomybusiness;yCatering,yrefreshments,ytravelyservices,y
massageyservices;yServiceyandyelectricityybusiness.y
 Installationyofyairyconditioningysystems,yrefrigeration,ycoldystorag
e,ycentralyairyconditioning;yInstallationyofyelevators,ystairs,yautom
aticyconveyor;yInstallingywaterypumpingyandyairyconditioningysyst
ems;yInstallationyofyrefrigerationyequipment,yrefrigerationyandycol
dystorageyofyseafoodyfactories;y
 Tradingyinyairyconditioningyequipment,ysanitaryyequipmenty(metal
yheaters,yheatingysystemsywithyhotywater,ycoldywater);yBuyingya
ndysellingyelectronic,ytelecommunicationsyandycontrolycomponents
;y
 Farmingyandyprocessingyaquaticyproducts;ybuyingyandysellingyfish
yandyseafood;y
 Vocationalytrainingyandysendingyworkersytoyworkyabroad;y
 Foreignyexchangeyagenty–y
 Theycompanyyownsyaylandyfundyofymoreythany200yhectares,yequ
ivalentytoy1,000ybillionyVND,yhasycompletedytheyproceduresytoyc
learyupycompensationyandymanyyotherylandyfundsyareyinytheypro
cessyofycompletingytheyuseyrights,yensuringybusinessyexploitation
yinywithinytheynexty5ytoy10yyears.y
 Theycompany'syseafoodyproductsyareyexportedytoymoreythany50yc
ustomersyworldwideyviayIDI.yIDI'syfactoryyisyequippedywithythey
mostyadvancedyequipmentyavailableytoday,ymostyofythemyarey100
%ynew,yimportedyfromyJapan,yEuropeyandytheyUSytoyensureyhig
hyqualityyproducts.y
*yAlthoughynewlyyestablished,yIDIybrandyhasyaffirmedyitsypositio
nyinytheymarket.yIDIyCompanyyisyrankedy9thyamongyVietnamese
yseafoodyexporters.yTheyfactoryyhasyayprocessingycapacityyofy60
0ytonsyofyrawymaterialsyperyday.
V. BALANCEySHEETyANDyCOMMONySIZEyBALANCEySHEET

 Asyofy2018ytheygroupy‘syTotalyAssetsystoodyaty48.111.441.616.000yvn
d,yaydropyofy4.950.686.040.000yvndyony2017.yDecidingytoywithdrawyfr
omymineralsyandyhydropower,yHAGLyrecordedyaylossyofy350ybillionyd
ong.yTheybusinessyofybeefycattleyisynotytheysameyasytheyoptimisticyass
essmentyofyDoanyNguyenyDucyonytheydayyofytheyannouncementyofyco
operationywithyVissanystoppedybecauseyitycouldynotyfindyaycommonyv
oice.yIny2019.yRevenueyfromybeefycattleyisystable.yDairyycowyprojects
yareyoftenylostyinytheyfirstyphaseyofyimplementationydueytoylargeycapit
alyinvestment,y"VPyBankySecuritiesyCompanyy(VPBS)yevaluatedy
 They2018yTotalyLiabilitiesystoodyaty31.300.554.930.000yvndyaydropyof
y3.973.600.048.000yyvnd
VI. INCOMEySTATEMENTyANDyCOMMONySIZEyINCOMEySTA
TEMENT
VII. CASHyFLOWySTATEMENTyANDyCOMMONySIZEyCASHyFL
OWySTATEyMENTy
VIII. HAGyFINANCIALyPERFORMANCEyANALYSISy
 FinancialqPerformanceqAnalysisqmeansqtheqprocessqofqreviewingq
andqevaluatingyraycompany'syfinancialystatementsysuchyasytheybal
anceysheetyoryprofityandylossystatement,ygainingyanyunderstanding
yofytheyfinancialyhealthyofytheycompanyy,yenablingymoreyeffectiv
eydecisionymaking.qqq
 InythisypartyweywillyevaluateytheyfinancialyperformanceyofyHAGy
byyHorizontalyAnalysisysuchyasytrendyanalysis.
 Underytrendyanalysis,Iyhaveycalculatedyshortytermysolvencyyratios,
assetymanagementyratios,longytermysolvencyyratiosyandyprofitablit
yyratios.
1) Liquidityyratio:
Liquidityyratiosyareytheyratiosythatymeasureytherabilityyofyaycomp
anyytoymeetyitsyshortytermydebtyobligations.yTheseyratiosymeasur
eytheyabilityyofraycompanyytoypayyoffyitsyshort-
termyliabilitiesywhenytheyyfallydue.Underyliquidityyratios,yIywillre
valuateytheyCurrentyRatio,QuickyRatio,CashyRatiorandyNetyWorki
ngytoyTotalyAssetyRatio.

1. Currentyratio:
 Aysuggestionyofyaybusiness’syabilityytoymeetyshort-
termydebtyobligations,ytheyhigherytheyratio,ytheymoreyliquid
ytheycompanyyis.yCurrentyratioyisydeterminedybyydividingyc
urrentyassetsybyycurrentyliabilities
 Fromy2016ytheycurrentyratioyofyhasydeterioratedyuntily2018
yandydeclinedyiny2017yatyaylowyrate.yyItysuggestsythatyiny
2016ytheystateyofytheycompanyywasyimprovedyinytheylastyt
hreeyyears.yAsytheycurrentyliabilitiesyofytheycompanyywasyi
nyanygrowingyrate,yHAGywasynotythatymuchyableyinypayin
gyitsyobligationsytheyspanyofythreeyyears.yIny2018yHAGyis
ydoingyworseyasyityhasyincreasedytheyamountyofytheycurren
tyliabilities.
2. Quickyratioy:
 Theyquickyratio(acid-
testyratio)ydeterminesyaycompanyycapabilityytoymeetytheirys
hort-
termydebtsywithytheirymostyliquidyassets.yQuickyratioyisyco
mputedybyydividingycurrentyyassetsyminusyinventoryybyycur
rentyliabilities.
 Iny2016ytheyquickyratioywasyhealthierythany2016yandy2017
ybutystartedytoyfall.yIny2017yitydropyatyaysubsantialyrateyof
y0.29ywhichyshowsythatytheyliquidityyofyHAGywasyunsatisf
actory.y2018yquickyratioylowerythany1yindicateythatyHAGyr
eliesytooymuchyonyinventoryyoryotheryassetsytoypayyitsysho
rt-termyliabilities.
2.1. Cashyratio:
 Theycashyratioyillustrateyhowywellyaycompanyycanypayyoffy
itsycurrentyliabilitiesywithyonlyycashyandycashyequivalents.y
Theycashyratioyisycalculatedydividingycashybyycurrentyliablit
ies.
 HAGyhasybeenykeepingyaystrongycashyratioyofy0.22ytoy0.2
4yinytheypasty3yyears.yWithythisyhigherycashyratio,ytheyco
mpanyyisyinyaybetterypositionytoypayoffyitsycurrentyliabilitie
s.
 Iny2016,yyHAGyCashyratioywasy0.021.yIny2018,yyHAGycas
hyratioywasy0.01.Ifyweyassesytheycashyratioyofytheytwoyyea
rs,yweywouldyseeythatyiny2016,ytheyratioyisysmallerycompar

edytoy2018.yTheycauseyisyrmayybetteryuseyofycashyinytheyg
enerationyofyprofits.
 Onytheyotheryhand,yweyseeythatyiny2018,yyHAGyhadymore
ycashytoypayyoffyshort-termydebtythanyityhadyiny2016.

2.2. Netyworkingycapitalytoytotalyassets:
 NetyWorkingyCapitalytoyTotalyAssetyratioyisyayliquidityyrati
oythatyexpressesytheytheyamountyofyshort-
termyliquidityyayfirmyhas.Theyrnetyworkingytoytotalyassetsyr
atioyisycalculatedybyydividingyrnetyworkingycapitalybyytotal
yassets.
 HAGyNWCytoytotalyassetsyratioydecreasedyfromy-
1.9yiny2016ytoy-
0.82yiny2018.yTheyworkingycapitalyoverytotalyassetsyratioyo
fyyHAGyiny2016yisyhigherythany2018,yindicatingytheyliquid
ityyandyfinancialystrengthytheycompanyyhasydecreasedythrou
ghoutythreeyyears.
 Aycontinuallyydecliningyworkingycapitalytoyassetsyratioyindi
catesythatytheycurrentyassetsyofyHAGyareydeclining,yaysigny
ofyaylossymakingybusinessyfacingyfinancialydifficulties.

2) Assetymanagementyoryturnoveryratios:
  Assetsyincludeypropertyyoryland,structure,equipments..,yallyof
ywhichyareynecessaryytoyrunyyourybusiness.yTheyassetyturn
overyratioyindicatesyhowyefficientlyytheseyassetsygenerateyre
venue.yUnderythis,yIywillyevaluateyinventoryyturnover,days’y
salesyinyinventory,receivablesyturnover,days’ysalesyinyreceiva
bles,NWCyturnover,fixedyassetyturnoveryandytotalyassetyturn
over.
2.1. Inventoryyturnoveryratio:
 Inventoryyturnoveryratioyassesesytheyefficiencyyofyaycompan
yyinventoryyadminstration.yInventoryyturnoveryratioyisycalcu
latedybyydividingycostyofygoodsysoldybyyinventory
 HAGyinventoryyturnoveryratioyisyunhealthyyinylastythreeyye
ars.Iny2017yandyyy2018yityhasyfallyofyasytheyCOGSyescalat
edyinythatyyear.y
2.2Days’ysalesyinyinventory:
 Theydaysysalesyinyinventoryymeasuresytheynumberyofydaysy
toyturnyaycompany’syinventoryyover.yTheydaysysalesyinvent
oryyisycalculatedybyydividingy365ydaysybyyinventory

3. Long-termysolvency,yoryfinancialyleverage,yratios:
Long-
termysolvencyyratiosyareyintendedytoyaddressytheyfirm’sylongytermyabili
tyytoyrmeetsyitsyobligations,oryitsyfinancialyleverage.Theseyareysometim
esycalledyfinancialyeverageyratiosyoryjustyleverageyratios.

3.1. Totalydebtyratio:

Theytotalydebtyratioyisyrayfinancialyratioythatydeterminesytheylevelyofyaybusin
essyleverage.yTheydebtyratioyisycalculatedybyytotalyassetsyminusytotalyrequityy
divideybyytotalyassets.
3.2Debt-equityyratio:
 Theydebt-
equityyratioyisyusedytoyassessesyaybusinessyfinancialypower.yThey
debt-
 equityyratioyisyanykeyymetricyusedyinycorporateyfinance.yItyisyaye
valuationyofytheyscaleytoywhichyaycompanyyisyfinancingyitsybusin
essesythroughydebtyvsyownedyfunds.
4. Profitablitiyyratio:
Profitabilityyratioymeasureyhowyefficientlyyayfirmyusesyityassetsyandymana
geyitsyoperation.
4.1Profitymargin:
 Profitymarginyisyoneyofytheyfrequentlyyusedyprofitabilityyratiosytoymeas

ureyprofitabilityyofyaybusinessyactivity.yItysignifiesyhowymuchypercentag
eyofysalesyhasyturnedyintoyprofits.y
 Profitymarginyisycalculatedybyydividingynetyincomeybyysales.
4.2Returnyonyequityy(ROE):
 Theyreturnyonyequityyratioyisyayprofitabilityyratioythatyevaluatesyt
heyabilityyofyayfirmytoymakeyprofitsyfromytheiryshareholdersyinve
stmentsyinytheyfirm.
 ROEyisycalculatedybyydividingynetyincomeybyytotalyrequity.
4.3.yReturnyonyassets(ROA):
Theyreturnyonyassetsyratioyisyayprofitabilityyratioythatyquantifiesytheynetyin
comeycreatedybyytotalyassetsyduringyayperiodybyycomparingynetyincomeyto
ytheyaverageytotalyassets.yROAyisycalculatedybyydividingynetyincomeybyyt
otalyassets.

IX. CONCLUSIONy
AfterystudyingytheylastythreeyyearsyfinancialydatayHAGyGroupyCorporat
ion,yIyconcludedythatyHAGyisyoneyofytheyprincipalyrealyestateycompanyyof
yVietnamywithyaylargeynumberyofyprojectywhichyhaveyayconstrutingysuperi
orityyandyityisyaycompanyywithyaysolidystanceyinytheysellingyarea.yNearlyy
allyofyHAG’syratioyshowythatytheyyareyformidableyandytheyyareyaygoodyo
rganization.yHoweveryHAGyliquidityyratioyandyturnoveryratiosyhasytoyimpr
ovedyasysoonyasypossibleysoythatytheirybusinessycanylessenytheyliabilities.y
HAGyfinancialymanagementysystemyhaveytoybeybetteryandyshouldytakeyso
meypotentysolutionysoythatyNovalandycanykeepytheirystatusyasyaybusinessy
symbolyinytheyrealyestateyindustry