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Group Assignment

Members of group:
1. Vũ Nhật Minh
2. Quản Tiến Dân
3. Lê Duy Thanh
4. Nguyễn Minh Đức
5. Nguyễn Vũ Hoàn Quốc
PetroVietNam General Distribution
Services JSC
Table of Contents
I. Overview About Company ..........................................................................................................................3
MILESTONES................................................................................................................................................3
II. Financial statement .....................................................................................................................................5
A. Consolidated balance sheet at the end of 2011 ....................................................................................5
B. Consolidated balance sheet at the end of 2012 ....................................................................................8
C. Consolidated balance sheet at the end of 2013 ................................................................................. 11
III. Financial Statement Analysis ............................................................................................................... 14
Financial Expenditure Analysis: 2011-2013 ............................................................................................. 14
1. Liquidity Ratio ...................................................................................................................................... 14
1.1 Current Ratio .................................................................................................................................. 14
1.2 Quick Ratio ..................................................................................................................................... 15
1.3 Accounts Receivable Turn Over.................................................................................................... 16
1.4 Inventory Turnover Ratio ............................................................................................................. 17
1.5 Days’ sales uncollected .................................................................................................................. 18
1.6 Days’ sales in inventory ................................................................................................................. 19
2. Solvency ................................................................................................................................................ 20
2.1 Debt Ratio ....................................................................................................................................... 20
2.2 Equity ratio..................................................................................................................................... 21
2.3 Debt-to-equity ................................................................................................................................ 22
2.4 Times interest earned ................................................................................................................... 23
3. Profitability........................................................................................................................................... 24
3.1 Profit Margin Ratio ........................................................................................................................ 24
3.2 Gross Margin Ratio ........................................................................................................................ 25
3.3 Return On Assets............................................................................................................................ 26
IV. Comparing business activities between PetroVietNam Distribution Services JSC (PSD) and its
competitors ....................................................................................................................................................... 27
I. Overview About Company

Name of Company: PetroVietNam Distribution Services JSC


HNX: PSD
Major: Trade (Wholesale and Retail)

Petrosetco Distribution Joint Stock Company (PSD) belongs to Petrosetco, a member


company of Petrovietnam. Established in 2007 as an official distributor for Nokia cell
phone in Vietnam, PSD has grown to become the official distributor for many well-
known tech-brands, and our list of distributed products has grown as well. Due to its
commitment to a professional working spirit, and dedication to good service, PSD’s
customer base has increased from 288 retailers in 2007 to 1600 in 2012. The customers
are serviced by 11 affiliates throughout the country. Over the years the company’s
revenue and profits have grown, and PSD is currently 75th amongst the 500 biggest
businesses in Viet Nam (VNR 500).

PSD's global partnerships include: Samsung (cell-phones); HP, Dell, Acer, eMachines,
Fujitsu, and Lenovo (computers); Kingston, AMD, Asus, Huawei, Sandisk, Elixir,
Adata, Genius, Samsung, 3M and ZyXEL (accessories).

PSD's aim is to become Viet Nam's premier distributor of quality products. In pursuit
of that goal, PSD invests in professional workers, improved facilities, and solid
transportation networks, in order to gurarantee the best service for our customers. As
a result, PSD has become the bridge bringing the world's best products to the consumers
of Viet Nam.

MILESTONES
April 1, 2007 Members of the Petrosetco - Nokia Project enthusiastically
created a business plan for convincing Nokia Corporation to
choose Petrosetco as official distributor for Nokia cell phone
in Vietnam.

April 20, 2007 Petrosetco established Branch of PV Telecom (PVT) to


distribute Nokia cell phone in Vietnam.

June 2007 Petrosetco signed Memorandum with Nokia Corporation. PV


Telecom officially became the Distributor for Nokia products
in Vietnam.

April 2008 Branch of PV Telecom became Petrosetco Distribution


Limited Company (PSD). The change shapes PSD’s vision to
be specialized in distribution service with various and wide-
range products.

July 2008 PSD officially became the distributor for Acer laptop in
Vietnam. Within 6 months later, PSD has been the distributor
for many other famous IT products such as Dell, Hp, Lenovo,
eMachines and Gateway.

February 2010 PSD became the distributor of some famous brands of


accessories such as HDD of Adata, Kingston, Kingmax;
Genius mouse, ram of Elixir and Kingston; Samsung printer;
Chip AMD, 3M Filter Screen, Asus mainboard, and Huawei
USB 3G…

June 2011 PSD became the authorized and unique distributor for Fujitsu
products in Vietnam.

July 2011 January 7, 2011, Petrosetco Co., Ltd officially had his
business type changed to joint stock company with its official
name as Petrosetco Distribution Joint Stock Company.

April 2012 PSD became the authorized distributor for ZyXEL products in
Vietnam.

June 2012 PSD became the authorized distributor for Samsung mobiles
in Vietnam.

June 2012 PSD became the authorized distributor for Lenovo products in
Vietnam.

November 2012 PSD has officially expanded its distributed products to


include smart toys for kids, and follows that is the grand
opening of the Smarttoys brand.

April 2013 PSD became the exclusive distributor of Otterbox - the #1


selling case for smartphones worldwide.

September 2013 PSD became the authorized distributor for Microsoft


Softwares in Vietnam & Lao.

January 2014 PSD became the authorized distributor for Cyber Power
products in Vietnam
II. Financial statement

A. Consolidated balance sheet at the end of 2011


B. Consolidated balance sheet at the end of 2012
C. Consolidated balance sheet at the end of 2013
III. Financial Statement Analysis
Financial Expenditure Analysis: 2011-2013
1. Liquidity Ratio
1.1 Current Ratio

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

2011

1,937,650,039,626
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜2011 = = 1.077
1,799,416,356,951

2012

1,820,915,755,034
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜2012 = = 1.084
1,679,695,721,487

2013

3,348,657,739,709
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜2013 = = 1.059
3,160,119,301,441

At the end of 2013, the current ratio decreased 1.8% compares to 2011 and decreased 2.5%
compares to 2012. Because the current ratio of 2013 is very close to 1 so the company may have
problems meeting its short-term obligations. And the industry current ratio is 1.86 according to
http://s.cafef.vn/. In conclusion, we can claim that the company is not very good in its business but they
still can control their operation because the current liability of the year 2013 is approximately 2 times
higher than current liability of the year 2011 and 2012.
1.2 Quick Ratio

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 − 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠


𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

2011

1,893,003,025,451 − 1,082,930,688,366
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜2011 = = 0.456
1,774,836,252,203

2011

1,820,915,755,034 − 617,382,056,146
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜2012 = = 0.716
1,679,695,721,487

2013

3,348,657,739,709 − 1,424,191,056,983
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜2013 = = 0.609
3,160,119,301,441

In 2013, the quick ratio of the company has reduced 10,7% from 71,6% to 60,9% compare to
the quick ratio of 2012 but it has increased 15,3% from 45,6% to 60,9% compare to 2011. According to
http://s.cafef.vn/ the industry quick ratio of 2013 is 72% so the company has a relatively lower
liquidity position than its competitors. The company maybe is over-leveraged, struggling to maintain or
grow sales, paying bills too quickly or collecting receivables too slowly.
1.3 Accounts Receivable Turn Over

𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠
𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒, 𝑛𝑒𝑡

2011

Avg Accounts Receivables = 487,937,764,570

6,458,902,925,971
𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑇𝑢𝑟𝑛𝑂𝑣𝑒𝑟2011 = = 13.237
487,937,764,570

2012

Avg Accounts Receivables = 507,210,482,917

5,263,033,406,905
𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑇𝑢𝑟𝑛𝑂𝑣𝑒𝑟2012 = = 10.376
507,210,482,917

2013

Avg Accounts Receivables = 553,487,436,526

6,125,642,691,511
𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑇𝑢𝑟𝑛𝑂𝑣𝑒𝑟2013 = = 11.067
553,487,436,526

The account receivable turnover of the company in 2013 increased a little bit compares to 2012
from 10.376 to 11.067, its mean they decreased 2.2 day to take back money from their customer. It
shows that company operates on a cash basis or that its extension of credit and collection of accounts
receivable is quite efficient (average 33 days to collect account receivable) but not as good as before -
2011(average 27.6 days to collect account receivable).
1.4 Inventory Turnover Ratio

Cost of Good Sold


Inventory Turnover Ratio =
Average Inventory

2011

1,086,465,225,530 + 1,371,874,492,789
Average Inventory = = 1,229,169,859,160
2

5,908,789,981,166
Inventory Turnover Ratio2011 = = 4.81
1,229,169,859,160

2012

617,382,056,146 + 1,086,465,225,530
Average Inventory = = 851,923,640,838
2
4,887,284,237,045
Inventory Turnover Ratio2012 = = 5.74
851,923,640,838

2013

617,382,056,146 + 1,424,191,056,983
Average Inventory = = 1,020,786,556,565
2
5,808,605,503,463
Inventory Turnover Ratio2013 = = 5.69
1,020,786,556,565

This ratio shows us how quick the company can sell or retail their goods. As we can see in 2011,
inventory turnover ratio is 4.81 and in 2012 it increased 0.93 to 5.74. And in 2013 it had a small
changed- reduced 0.05 (0.87%) from 5.75 to 5.69. Overall, the company has improved their inventories
management and kept it at a good ratio. High inventory turnover ratio mean they are quick in selling or
retailing product. So they can generate more profit, reduce storage cost.
1.5 Days’ sales uncollected

Accounts Receivable Net


Day ′ s sales uncollected = ∗ 365
Net Sales

2011

546,488,535,678
Day ′ s sales uncollected2011 = ∗ 365 = 31
6,458,902,925,971

2012

545,755,919,612
Day ′ s sales uncollected2012 = ∗ 365 = 38
5,263,033,406,905

2013

692,318,297,353
Day ′ s sales uncollected2013 = ∗ 365 = 41
6,125,642,691,511

Day’s sales uncollected of the company has increased over time. From 2011 to 2012 it increased 7 days,
from 2012 to 2013 it increased 3 days. It shows that the company likely sell on credit, if they keep this
ratio grows up, it will be hard for the company to invest, earn revenue.
1.6 Days’ sales in inventory

Ending Inventory
Day ′ s sales in inventory = ∗ 365
Cost of goods sold

2011

1,086,465,225,530
Day ′ s sales in inventory2011 = ∗ 365 = 68
5,840,921,804,577

2012

617,382,056,146
Day ′ s sales in inventory2012 = ∗ 365 = 46
4,887,284,237,045

2013

1,424,191,056,983
Day ′ s sales in inventory2013 = ∗ 365 = 90
5,808,605,503,463
In 2011, day’s sale in inventory was 68 days. In 2012 it reduced 22 days to 46 days, but in
2013 it was almost 2 times higher than 2012. It shows us that the company may have
invested too much in inventory.
2. Solvency

2.1 Debt Ratio

Total Liabilities
Debt Ratio =
Total Assets

2011

1,802,689,164,947
Debt Ratio2011 = = 0.923
1,942,952,598,054

2012

1,681,597,739,756
Debt Ratio2012 = = 0.919
1,828,683,409,544

2013

3,160,551,319,710
Debt Ratio2013 = = 0.942
3,356,306,683,879

From 2011-2013 Debt Ratio is high. There is the risk that a company might not
be able to meet such required payments.
2.2 Equity ratio
𝑇𝑜𝑡𝑎𝑙 𝑒𝑞𝑢𝑖𝑡𝑦
𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

2011

140,263,433,107
𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜2011 = = 0.0721
1,942,952,598,054

2012

147,085,669,788
𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜2012 = = 0.080
1,828,683,409,544

2013
195,755,364,169
𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜2013 = = 0.058
3,356,306,683,879

Equity to total assets decreased from 0.7 to 0.5, which means that the total assets increasing
from earnings (sales and other income) is increased. The company is active and stable development
trend.
2.3 Debt-to-equity
𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐷𝑒𝑏𝑡 − 𝑡𝑜 − 𝑒𝑞𝑢𝑖𝑡𝑦 =
𝑇𝑜𝑡𝑎𝑙 𝑒𝑞𝑢𝑖𝑡𝑦

2011

1,802,689,164,947
𝐷𝑒𝑏𝑡 − 𝑡𝑜 − 𝑒𝑞𝑢𝑖𝑡𝑦2011 = = 12.852
140,263,433,107

2012
1,681,597,739,756
𝐷𝑒𝑏𝑡 − 𝑡𝑜 − 𝑒𝑞𝑢𝑖𝑡𝑦2012 = = 11.433
147,085,669,788

2013
3,160,551,319,710
𝐷𝑒𝑏𝑡 − 𝑡𝑜 − 𝑒𝑞𝑢𝑖𝑡𝑦2013 = = 16.145
195,755,364,169

Debt to equity increases, from 12 to 16 times. This represents the company's total debt has increased
compared to total equity. This means the company is performing well, revenue stability and high
prestige, that reason why they can have more dept.
2.4 Times interest earned

𝐼𝑛𝑐𝑜𝑚𝑒 𝑏𝑒𝑓𝑜𝑟𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 𝑎𝑛𝑑 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥𝑒𝑠


𝑇𝑖𝑚𝑒𝑠 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑎𝑟𝑛𝑒𝑑 =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒

2011

290,897,141,178
𝑇𝑖𝑚𝑒𝑠 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑎𝑟𝑛𝑒𝑑2011 = = 2.152
135,126,443,916

2012

237,194,321,101
𝑇𝑖𝑚𝑒𝑠 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑎𝑟𝑛𝑒𝑑2012 = = 2.758
85,990,373,892

2013
201,916,324,761
𝑇𝑖𝑚𝑒𝑠 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑎𝑟𝑛𝑒𝑑2013 = = 2.364
85,416,241,572

Since 2011 - 2012, the Times interest earned of the company increases, this represents the
company can afford to pay interest expense from 2.1 times to 2.7 times.

Since 2012-2013, the Times interest earned of the company is 2.3 times. The company is still
able to pay interest expense.
3. Profitability

3.1 Profit Margin Ratio

Net Income
Profit Margin Ratio =
Net Sales

2011

103,838,515,173
Profit Margin Ratio2011 = = 0,016
6,458,902,925,971

The company earns 16 in net income for every 1000 of net sales earned

2012

101,084,014,288
Profit Margin Ratio2011 = = 0,019
5,263,033,406,905

The company earns 19 in net income for every 1000 of net sales earned

2013

80,794,416,164
Profit Margin Ratio2013 = = 0,013
6,125,642,691,511

The company earns 13 in net income for every 1000 of net sales earned.

The profit margin ratio of 2013 decreased compare with both 2 years
2011(decreased 0.003) and 2012(decreased 0.006). It shows that the company business is not
efficiency. With 1000 of net sales earned, they only earn 13 from it.
3.2 Gross Margin Ratio
Net Sales − Cost Of Goods Sold
Gross Margin Ratio =
Net Sales

2011
617,981,121,394
Gross Margin Ratio2011 = = 0,096
6,458,902,925,971

2012

375,749,169,560
Gross Margin Ratio2012 = = 0,071
5,263,033,406,905

2013

317,037,188,048
Gross Margin Ratio2013 = = 0,052
6,125,642,691,511

The gross margin ratio of 2013 decreased continually from 0.096 to 0.071 to 0.052. It
show us the company operation is not good.
3.3 Return On Assets

Net Income
Return On Assets =
Average Total Assets

2011
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 2,040,688,361,754

103,838,515,173
Return On Assets2011 = = 5,08%
2,040,688,361,754

100 of total asset generated 5,08 net income.

2012
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 1,885,818,003,799

101,084,014,288
Return On Assets2012 = = 5,36%
1,885,818,003,799

100 of total asset generated 5,36 net income.

2013
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 2,592,495,046,712

80,794,416,164
Return On Assets2013 = = 3,12%
2,592,495,046,712

100 of total asset generated 3,12 net income.

The proportion of assets involved in the production large and high efficiency for
so that many net income were creating.
IV. Comparing business activities between PetroVietNam Distribution Services JSC (PSD)
and its competitors

A. Liquidity and Efficiency


1. Current ratio
3
PSD FDC PET

2.5

1.5

0.5

0
2011 2012

2. Quick Ratio

4
PSD FDC PET

3.5

2.5

1.5

0.5

0
2011 2012 2013
3. Account Receivable Turnover Ratio

25
PSD FDC PET

20

15

10

0
2011 2012 2013

4. Inventory Turnover Ratio

9.000
PSD FDC PET
8.000

7.000

6.000

5.000

4.000

3.000

2.000

1.000

-
2011 2012 2013
5. Day’s sales uncollected
250
PSD FDC PET

200

150

100

50

0
2011 2012 2013

B. Solvency
1. Debt Ratio
1 PSD FDC PET

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2011 2012 2013
C. Profitability
1. Profit Margin Ratio

PSD FDC PET

0.979
0.417

0.192
0.028

0.021
0.019

0.017
0.016

0.013
2011 2012 2013

2. Gross Margin Ratio


0.700

PSD FDC PET


0.600

0.500

0.400

0.300

0.200

0.100

0.000
2011 2012 2013
3. Return on Total Assets
0.3500 PSD FDC PET

0.3000

0.2500

0.2000

0.1500

0.1000

0.0500

0.0000
2011 2012 2013

D. Other
1. Total Equity

Total Equity
1,400,000,000,000

1,200,000,000,000

1,000,000,000,000

800,000,000,000

600,000,000,000

400,000,000,000

200,000,000,000

0
2011 2012 2013

PSD FDC PET


a. Equity Ratio

Equity Ratio
0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
2011 2012 2013

PSD FDC PET

2. Debt to Equity

Debt to Equity
18

16

14

12

10

0
2011 2012 2013

PSD FDC PET


3. Interest Expense

Interest Expense
180,000,000,000

160,000,000,000

140,000,000,000

120,000,000,000

100,000,000,000

80,000,000,000

60,000,000,000

40,000,000,000

20,000,000,000

0
2011 2012 2013

PSD FDC PET

4. Income before Tax

Income before Taxs


450,000,000,000

400,000,000,000

350,000,000,000

300,000,000,000

250,000,000,000

200,000,000,000

150,000,000,000

100,000,000,000

50,000,000,000

0
2011 2012 2013

PSD FDC PET


5. Income before Interest Expense and Tax

Income before Interest Expense and Income Taxes


600,000,000,000

500,000,000,000

400,000,000,000

300,000,000,000

200,000,000,000

100,000,000,000

0
2011 2012 2013

PSD FDC PET

6. Times Interest Earned

Times Interest Earned


70

60

50

40

30

20

10

0
2011 2012 2013

PSD FDC PET


Conclusion
According to current ratio and quick ratio, we can see that PetroVietNam
Distribution Services JSC (PSD) has some problems with their ability to pay
their short-term obligations. The current ratio is more than 2 times higher
than the quick ratio shows us that PSD has too much goods in their inventory
(plus their goods is not good at liquidity). When their competitors are really
good on debt payment: in 2012, FDC’s current ratio was 2.6, quick ratio was
1.4 and PET’s current ratio was 1.26, quick ratio was 0.91.
Let’s look at their accounts receivable turnover (ART), PSD was the best
of 3 here, with the ratio was 9.9 when FDC’s ART was 2.7 and PET’s ART was
8.9. Its mean that PSD was very good in management, they collected accounts
receivable in average 37 days.
PSD’s inventory turnover (IT) seem quite good with the ratio 5.69 (mean
that their inventory refresh every 2 month) while FDC’ IT was 1.29.
But the profit margin ratio shows us that PSD is really bad in their
business, with $1 of net sales earn, they only get $0.013 of net income. When
its competitors is better. For example PET get $0.017 net income on $1 net
sales and FDC get $0.979 net income on $1 net sales (an impressive number)
according to data in 2013.
Same with the return on total assets ratio (ROA), in 2013, PSD’s ratio was
0.031 with total assets is 3,356,306 billion dongs. FDC’ ROA was 0.284 with
total assets is 1,039,316 billion dongs. PET’ ROA was 0.037 with total assets
is 4,869,966 billion dongs. It shows us that the company is not doing well in
their business.