FINANCIAL REPORT ANALYSIS: BECAMEX TRADE AND DEVELOPMENT JOIN STOCK COMPANY

2016
FINANCIAL
REPORT
ANALYSIS
BECAMEX TRADE AND
DEVELOPMENT JOIN
STOCK COMPANY

Table of Contents
I. Company overview ......................................................................................................................1
II. Financial Highlights ...................................................................................................................2
III. Trend Analysis ..........................................................................................................................3
IV. Capital Structure Ratio..............................................................................................................4
V. Liquidity ratio.............................................................................................................................7
A. Current ratio: ..........................................................................................................................7
B. Quick Asset ratio:...................................................................................................................8
VI. Market performance ratio..........................................................................................................8
A. CFPS.......................................................................................................................................8
B. EPS .........................................................................................................................................9
C. P/E ........................................................................................................................................10
VII. Profitability............................................................................................................................10
A. Return On Asset (ROA) .......................................................................................................10
B. Return On Equity (ROE) ......................................................................................................11
C. Gross Profit Margin..............................................................................................................12
D. Operating Profit Margin.......................................................................................................12
VIII. Efficiency Ratio....................................................................................................................14
IX. Recommendation ....................................................................................................................16
X. Reference..................................................................................................................................18
XI. Appendix.................................................................................................................................19
A. Financial Formula.................................................................................................................19
B Financials Report of TDC 2013-2015...................................................................................20
I. BALANCE SHEET ...........................................................................................................20
II. INCOME STATEMENT..................................................................................................22
III. CASH FLOW STATEMENT .........................................................................................23

Table of Figure
Figure 1 Trend of Cash, Inventories, Trade Receivable and Trade Payables ................................3
Figure 2 Trend in Net sales, COGS and Gross Profits....................................................................3
Figure 3 Trend in Net Profit............................................................................................................4
Figure 4 Debt Ratio.........................................................................................................................5
Figure 5 Interest Coverage Ratio ....................................................................................................6
Figure 6 Debt Coverage Ratio.........................................................................................................6
Figure 7 Trend in Current Assets, Current Liabilities and Inventories ...........................................7
Figure 8 Current Ratio.....................................................................................................................7
Figure 9 Quick Asset Ratio .............................................................................................................8
Figure 10 CFPS...............................................................................................................................8
Figure 11 EPS..................................................................................................................................9
Figure 12 PER ...............................................................................................................................10
Figure 13 ROA of TDC and HoaBinh ..........................................................................................11
Figure 14 ROE of TDC and HoaBinh...........................................................................................11
Figure 15 Gross Profit Margin of TDC and HoaBinh..................................................................12
Figure 16 Operating Profit Margin of TDC and HoaBinh ............................................................13
Figure 17 ROA and ROE of TDC .................................................................................................13
Figure 18 Operating Profit Margin and Gross Profit Margin of TDC ..........................................14
Figure 19 Day Inventories of TDC and HoaBinh .........................................................................15
Figure 20 Asset Turnover Ratio....................................................................................................15
Figure 21 Day debtors...................................................................................................................16

Binh Duong Trade and Development Joint Stock Company 1
I. Company overview
Binh Duong Trade and Development Joint Stock Company (TDC) is a Vietnam-based
company worked in the construction materials industry. TDC was establish on April 1, 2002,
equitized from commercial business division of the Investment and Industrial Development
Corporation (Becamex). TDC is growing steadily in the industry thanks to their experience along
with the ability to manage and talent business leaders which lead the company have strong
development in all the areas of their business.
TDC constantly developing other business areas such as production and trading of building
materials, trades cement, steel, iron, broken stones and water pipes. TDC manufactures and sales
concrete products and ready-mix concrete, metal frames and tiles.
The Company is also work in constructing residential building for lease and for sale. In
addition, TDC involve in providing real estate brokerage services.
May 04, 2010 is the first official trading date of Binh Duong Trade and Development Joint
Stock Company shares (stock code: TDC).
Business Line:
Products and services of the company are mainly construction materials and interior
decoration, construction and business infrastructure, residential and industrial areas. Business in
which building materials are the main activities of the company since its foundation. Field
construction and commercial real estate sector is strategic and is the foundation for the
development of the company in coming years. Revenue from this activity accounted for more than
50% of total net revenue of the entire company.
The company motto: "Always improve the quality of human resources, the quality of
products - services to satisfy the needs of customers in the best way"

II. Financial Highlights
(In Billions VND)
2013 2014 2015
Cash 44.75 25.39 18.07
Inventories 2609.57 4193.04 3699.64
Trade Receivables 897.69 637.69 1119.29
Trade Payable 1384.31 2640.24 1339.41
Net cash from operating activities 165.46 -563.74 -1108.36
Net cash used in investing activities -32.72 -71.62 12.06
Net cash from financing activities -125.93 615.99 1088.99
Net increase in cash during the year 6.82 -19.36 -7.32
Total Asset 4243.49 6090.04 7211.28
Current Asset 3587.74 5069.23 5142.71
Total Liabilities 3037.60 4920.88 6039.47
Current Liabilities 2972.68 4423.12 3554.10
Owners' Equity 1205.88 1169.16 1171.82

III. Trend Analysis
Figure 1 Trend of Cash, Inventories, Trade Receivable and Trade Payables
(In Billions VND)
According to TDC financial report, the inventories increased 41.77% and the trade
receivables was slightly increased about 24.69% compare with 2013. Trade payable also decreased
3.24% compare with 2013. The reason for this development is because of the recovery of the
restate market, the real estate market is becoming more and more positive for estate company after
a long time of frozen.
Figure 2 Trend in Net sales, COGS and Gross Profits
(In Billions VND)
The net sales of TDC is increased 8.8% from 2013 to 2014. However, from 2014 to 2015
the net sale decreased 16.8% compare with 2014 (9.45% compare with 2013). The cost of goods
44.75 25.39 18.07
2609.57
4193.04
3699.64
897.69
637.69
1119.29
1384.31
2640.24
1339.41
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
2013 2014 2015
Cash Inventories Trade Receivables Trade Payable
1498.54
1630.34
1357.00
1179.80
1329.02
979.60
318.74 301.31
377.41
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.00
1800.00
2013 2014 2015
Net Sales COGS Gross Profit

sold in 2015 decreased 16.97% compare with 2013. Because the decrease of cost of goods sold is
bigger than the decrease of net sales, the total gross profit of the company is increased
approximately 18.4% from 2013 to 2015.
Figure 3 Trend in Net Profit
(In Billions VND)
As show on the diagram, from 2013 to 2015, there was a decrease in total net profit of TDC
at approximately 21.3%. Even though there have been many positive changes in the real estate
market lately, the frozen state of the real estate industry in the past still effect greatly to the
company revenue. Moreover, Vietnam economic was facing difficulties such as the bank restricted
in loaning, high inflation and the stock market was decline in point; these reasons had caused
companies have a hard time for raising the capital. As the result, some investor became insolvency,
being forced to terminate the contract and returning the house to real estate company which
resulted in reduce revenues of the real estate company.
In addition, interest expense increased due to higher inventory levels, high amount of
liability (87.75% total Asset) and in order to solve inventory securities, companies strengthened
the sales workforce which made selling expenses increased over the recent year.
IV. Capital Structure Ratio
A. Becamex TDC Capital Structure Ratio
B. HoaBinh Capital Structure Ratio
139.73
112.16 109.94
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
2013 2014 2015
Capital Structure
Ratio Formular
2015 2014 2013
Debt ratio
Total debt/ Total
assets
0.838 0.808 0.716

Figure 4 Debt Ratio
For Becamex TDC, the debt ratio increased over the 3 year (2013-2015) from 0.716 to
0.838 which means that they borrowed more debt to finance its activities. The ratio of 0.838 is still
considered an acceptable ratio for real estate company. However, if they continue to increase the
ratio, the creditor will no longer loan them money. They will need another expensive way to
finance such as equity financing.
0.716
0.808
0.838
0.8
0.83
0.85
0.6
0.65
0.7
0.75
0.8
0.85
0.9
2013 2014 2015
Becamex TDC Hoa Binh
Interest coverage ratio EBIT/Interest expense 2.117 3.806 6.713
Debt coverage ratio
Non-current liablities/
Net cash flow from
operating activities
-2.242 -0.883 0.392
Capital Structure
Ratio
Formular 2015 2014 2013
Debt ratio
Total debt/
Total assets
0.850 0.830 0.800
Interest coverage ratio
EBIT/
Interest expense
1,90 1,87 1,37

Figure 5 Interest Coverage Ratio
For Becamex TDC, the interest coverage ratio decrease significantly from 6.7 to 2.1. Its
still a good ratio as they had no problem paying the interest for the loan. This ratio shows the level
of comfort of the group when meeting interest commitments from earning. It obviously exceeds 1
so long as the EBIT is much greater than net finance costs (interest expenses), which represents a
substantial safety margin for the group. In addition, they also keep going up thanks to both the
decrease of interest expense and the sustainable rise of EBIT
Figure 6 Debt Coverage Ratio
Debt coverage ratio shows cash generating capacity of Becamex to long-term debts and
their ability to survive in the long term and remain solvent. This ratio indicates how long it will
take to repay the existing long-term debt commitments at the current operating level. A negative
debt coverage ratio implies a net operating loss and an inability to service debt. Also known as the
debt service coverage ratio is a measure of how well a business or an income property can pay the
interest on its debt. Failing to meet interest payments can result in bankruptcy. For 2014 and 2015
Becamex TDC had negative ratio which means they could not afford to pay for its long term debt.
6.713
3.806
2.117
1.37
1.87 1.9
0
1
2
3
4
5
6
7
8
2013 2014 2015
-0.242
-0.883
-2.242
-2.5
-2
-1.5
-1
-0.5
0
2013 2014 2015
Debt Coverage Ratio

This is a critical problem for a company which cannot pay for its long-term debt and later on they
may go bankruptcy.
V. Liquidity ratio
Figure 7 Trend in Current Assets, Current Liabilities and Inventories
(In Billions VND)
A. Current ratio:
Figure 8 Current Ratio
Though from 2013 to 2014, there was a dramatically increases in short term assets, the
steady rise in current obligations still caused the company risky to be unable to pay the current
loan in one year. Simply, TDC had only 1,150 VND of current asset in 2014 for 1,000 dong of
current liabilities while in 2013, it had had up to 1,210 dong of such assets. This trend normally
made the suppliers and the banks become worried about financial situation of this company at that
moment. Fortunately, in 2015, due to the marginal drop of current liabilities from 4.42 trillion
dong to 3.55 trillion dong, at this moment, TDC absolutely proved a fact that the current loans
would be paid off to suppliers and the banks for it had 1,450 dong of short-term assets to clear
1,000 dong of current loans.
2013 2014 2015
Current Assets 3,587.74 5,069.23 5,142.71
Current Liabilities 2,972.68 4,423.12 3,554.10
Inventories 2,609.61 4,193.04 3,699.64
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
Current Assets Current Liabilities Inventories
1.21 1.15
1.45
0.00
0.50
1.00
1.50
2.00
2013 2014 2015
Current Ratio

B. Quick Asset ratio:
Figure 9 Quick Asset Ratio
This ratio is quite important for deducting the part of inventories out of current assets. Here,
the ratios fluctuated from 2013 to 2015. The reason of this fluctuation is because of larger amount
of stocks in warehouse in 2014 and lower amount in 2015. Clearly, TDC bought up to 4.42 trillion
dong in 2014 and these inventories in 2015 was left only approximately 3.70 trillion dong. This
improvement was the good news for TDC directors, investors and suppliers. As the main business
of the firm is construction (See IV. Inventories) and a fall in construction in progress from 2014
to 2015 indicated two things which are increase in sale predictively and operating profit
realistically.
VI. Market performance ratio
A. CFPS
Name Formula 2013 2014 2015 Unit
CFPS ( Operating Cash Flow – Preferred
Dividends) / Common Shares
Outstanding
1655 -5637 -11084 VND/share
Figure 10 CFPS
0.33
0.20
0.41
0.00
0.10
0.20
0.30
0.40
0.50
2013 2014 2015
Quick Asset Ratio
1655
-5637
-11084
-12000
-10000
-8000
-6000
-4000
-2000
0
2000
4000
2013 2014 2015
Becamex TDC

(VND/share)
Cash Flow Per Share of Becamex TDC decreased significantly in period 2013 to 2015.
Starting with 1,655 VND/share in 2013, CFPS went to negative because decreasing of Operating
Cash Flow. The Becamex TDC had no Preferred Dividends so the negative was not much serious
than if it had. However, the dropping down trend was critical with -5,637 VND/share in 2014 and
then dropped twice to -11,084 VND/share. The bad performance in Operating Cash Flow came
much from increasing of Inventories but decreasing of Sales and Receivables. In addition, this was
a huge loss in investment activities.
B. EPS
EPS (Becamex
TDC)
(Profit available to
shareholders) /
(Weighted number of
shares on issue)
1397 1122 1099 VND/share
EPS
(HoaBinh)
599 1345 1105 VND/share
Figure 11 EPS
(VND/share)
Earnings per share (EPS) ratio was decreased from 1,397 (VND/share) in 2013 to 1,122 in
2014. Then it dropped slightly to 1,099 VND/share in 2015. Compare with HoaBinh Group,
tendency of Becamex always went down but HoaBinh was fluctuated. HoaBinh’s tendency
recovered in period 2013-2014 (from 599 to 1,345 VND/share) and fell down quietly from 2014
to 2015 (1,345 to 1,105 VND/share). The changing in EPS of Becamex TDC caused by the trend
of its net profit. As mentioned before, sales of Becamex decreased from 2013 to 2015 that
explained why the EPS down.
1397
1122 1099
599
1345
1105
0
200
400
600
800
1000
1200
1400
1600
2013 2014 2015
Becamex TDC Hoa Binh Group

C. P/E
PER
(Becamex)
Current market price /
Earnings per share
5.22 8.56 6.37 (x) times
PER
(HoaBinh)
24.37 11 17.19 (x) times
Figure 12 PER
Beside EPS, PER is the second important ratio when reputing company share. Causing by
increasing share price and decreasing EPS from 2013 to 2014, PER rose form 5.22 in 2013 to 8.56
in 2014. Then Becamex’s stock price in 2015 went back to equal with year 2013. However, PER
in 2015 still was higher than in 2013 because of the EPS in 2015 lower 21.3% than 2013.
Comparing to HoaBinh, the PE changed quickly and always higher. It fell from 24.37 to 11 and
then grew back to 17.19. The reason is very clear because HoaBinh has not only the larger assests
but also high potential construction project in Ho Chi Minh City when Becamex just has projects
in other provinces and weaknesses in financial report.
VII. Profitability.
A. Return On Asset (ROA)
2013 2014 2015
Becamex TDC 3.8% 2.9% 3.8%
HoaBinh 2.46% 2.25% 2.51%
5.22
8.56
6.37
24.37
11
17.19
0.00
5.00
10.00
15.00
20.00
25.00
30.00
2013 2014 2015
Becamex TDC Hoa Binh Group

Figure 13 ROA of TDC and HoaBinh
According to Becamex TDC Income Statement, ERIT decreased slightly from 197.8
billion VND in 2013 to 192.4 billion VND in 2014. After that, ERIT went up significantly and
reach to 275.9 billion VND in 2015. However, average asset also rose very fast in that period.
Therefore, the ROA was not change from 2013 to 2015 and even decreased 0.9% from 2013 to
2014. This reflects that Becamex TDC are ineffective in generating profits from its assets.
Although, BRIT has increased strongly during this period. However, ROA of Becamex TDC still
higher than HoaBinh's ROA over that years.
B. Return On Equity (ROE)
2013 2014 2015
Becamex TDC 11.8% 9.5% 9.4%
HoaBinh 3.07% 7.29% 8.06%
Figure 14 ROE of TDC and HoaBinh
ROE decreased 2.4% from 2013 to 2015. This is not good, because ROE indicates the
profitability of owner's equity and also show the profit that shareholders could receive from their
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
2013 2014 2015
Becamex TDC
Hòa Bình Company
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2013 2014 2015
Becamex TDC
Hòa Bình Company

investment. The lower percentage of ROE show the inefficient management of company. The
reason is that year by year, the net profit reduced moderately. In addition, average equity also
declined slightly in that period.
In comparison, HoaBinh's ROE went up every year from 2013 to 2015. This means that
the profit earned for each investing dollar by owner in HoaBinh is greater. However, HoaBinh's
ROE is lower than TDC's ROE in that period.
C. Gross Profit Margin
2013 2014 2015
Becamex TDC 21.2% 18.4% 27.8%
HoaBinh 9.11% 11.66% 5.82%
Figure 15 Gross Profit Margin of TDC and HoaBinh
According to Becamex TDC Income Statement from 2013 to 2015, Gross Profit margin
decreased from 21.2% in 2013 to 18.4% in 2014. After that, it rocketed to 27.8% in 2015. The
reason is the sale of company (money in) went up and the cost of goods sold (money out) drop in
this period. This increase was good for company and also indicates that Becamex TDC in 2015
has more efficient in the manufacturing and distribution processes compare to 2 previous years.
In comparison, HoaBinh's Gross Profit Margin reached a peak at 11.66% in 2014. After
that, Gross Profit Margin reduced dramatically about 5.84% from 2014 to 2015. Therefore,
HoaBinh's Gross Profit Margin is very low compare to Becamex TDC's Gross Profit Margin.
D. Operating Profit Margin
2013 2014 2015
Becamex TDC 13.2% 11.8% 20.3%
HoaBinh 1.6% 2.5% 2.2%
21.20%
18.40%
27.80%
9.11%
11.66%
5.82%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2013 2014 2015
Becamex TDC
Hòa Bình Company

Figure 16 Operating Profit Margin of TDC and HoaBinh
Operating profit margin reduced about 1.4% from 2013 to 2012. However, it recovered
and reached the highest point with 20.3% in 2015. This percentage is extremely high compared to
HoaBinh's Operating Profit Margin over that period. The reason for the increase is that ERIT rose
significantly from 2014 to 2015 and Cost of Goods Sold also drop markedly in that time.
E. Conclusion About Profitability:
Figure 17 ROA and ROE of TDC
In this case, ROE always higher than ROA. Moreover, the percentage had no change of
ROA and decreased ROE from 2013 to 2015. This show that the company used its asset and
owner's investment ineffectively in this time. However, it still higher than ROE and ROA of
HoaBinh company.
13.20%
11.80%
20.30%
1.60% 2.50% 2.20%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2013 2014 2015
Becamex TDC
Hòa Bình Company
ROE
ROA
0.00%
5.00%
10.00%
15.00%
2013
2014
2015
ROE
ROA

Figure 18 Operating Profit Margin and Gross Profit Margin of TDC
In term of profit margin, Both Gross Profit margin and Operating profit margin of Becamex
TDC increased steadily from 2013 to 2015 and are much higher than HoaBinh Company. This is
good for Becamex TDC because the company year by year more efficient in the manufacturing
and distribution processes.
VIII. Efficiency Ratio
Table: Becamex TDC Efficiency ratio
Efficiency Ratio
Formula
Weighted Average
Method
2015 2014 2013
Asset turnover ratio
Sales Revenue/
Average Total Assets
0.21 0.36 0.49
Day inventories
Average Inventory/
Cost of sales
1,470.42 934.13 662.11
Day debtors
Average Trade
Debtor/
Sales Revenues
227.40 151.98 218.05
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2013
2014
2015
Gross Profit Margin
Operating Profit Margin

Figure 19 Day Inventories of TDC and HoaBinh
The days’ sales in inventory calculation, also called days’ inventory outstanding or simply
days in inventory, measures the number of days it will take a company to sell all of its inventory.
In other words, the days’ sales in inventory ratio shows how many days a company's current stock
of inventory will last. This is an important to creditors and investors for three main reasons. It
measures value, liquidity, and cash flows. For Becamex TDC, in 2013, it took Became almost 662
days to sell all of its inventory. It increases to 1470 days in 2015. The reason behind this is because
of the fact that there are many big competitors in the market who own a lot of good real estate.
Figure 20 Asset Turnover Ratio
The asset turnover ratio is an efficiency ratio that measures a company's ability to generate
sales from its assets by comparing net sales with average total assets. In other words, this ratio
shows how efficiently a company can use its assets to generate sales. Therefore, a higher ratio is
always more favourable. Higher turnover ratios mean the company is using its assets more
efficiently. Lower ratios mean that the company isn't using its assets efficiently and most likely
have management or production problems. Like with most ratios, the asset turnover ratio is based
on industry standards. Some industries use assets more efficiently than others. To get a true sense
of how well a company's assets are being used, it must be compared to other companies in its
industry. In this case, for every 1,000VND of asset, Becamex TDC make 550VND. From 2013 to
662.11
934.13
1470.42
248 269
722
0
200
400
600
800
1000
1200
1400
1600
2013 2014 2015
0.49
0.36
0.21
0
0.1
0.2
0.3
0.4
0.5
0.6
2013 2014 2015
Asset Turnover Ratio

2015, Becamex has failed to managed to increase the ratio but fell from 0.49 to 0.21 which mean
that the company has ineffectively generated the asset well.
Figure 21 Day debtors
The day debtor is the period of time for a company to take all the money from its account
receivable. The shorter the period of time, the more favourable that investor would like to see.
From 2011 to 2013, Becamex TDC has managed to shorten day debtor ratio in 2014 from 218
days to 158 days, which mean the period of time that entity get their money from account
receivable is shorter. Hence, it is a good sign for investors. However, the ratio increases to 227days
in 2015, which mean they have problem getting money from their creditors.
IX. Recommendation
The core business of TDC had Becamex changing from trading raw material to
constructing buildings since 2013 (Financial report: Inventories).
Then, obviously, even though the quick asset ratio in 2015 (only 0.41 times) could not be
comparable with such ratio in 2011 (1.00 time), the TDC's liquidity in this year was still
acceptable. As when compared with the ratios in 2012 and 2013, it was still higher and hopefully
increases in the next years.
The current loans went down and the current asset went up in 2015, as mentioned above.
It showed a happily financial situation of TDC and its stakeholders. However, deeply in balance
sheet, a nearly double number of current receivables (in 2014, it was 657 billion dong while in
2015, the receivables were 1.14 trillion dong). This matter was really serious for the cash
collectively and cash in hand of TDC. As a consequence, cash flow ratio would decrease annually.
Recommendation 1: For the main core business company is construction, the suggestion
for reducing receivables turnover is not available as paying off the whole sum of a buildings
normally takes ears and is agreed by TDC and the clients. Thus, incentive or discount for early
218.05
151.98
227.4
0
50
100
150
200
250
2013 2014 2015
Day debtors

payment from customers is firstly and suitably commented. Next, using the methods like collection
calls and reminder letters for instance is good to connect the late payment customers. Finally, TDC
should invest in the short term projects instead of large but long term projects. These will help the
number of receivables reduce and cash increase shortly.
In additions, in 2015, work in progress of Becamex TDC account for more than 85% of
the total inventory of the company (Balance statement). Because currently Becamex TDC have
been investing in VSIP Hai Phong which have caused the work in progress of TDC increased
significantly and reached such a big number (nearly haft the total asset of the company). Therefore,
in the future company should consider invest in faster turnover or short-term project to reduce the
inventory (work in progress) so that the company may have a better quick asset ratio and more
positive financial condition.
Recommendation 2: As the second core business of TDC is building material trading, TDC
can improve their liquidity through this segment enhancement, too. In fact, more than 60 to 70 %
of the sale of such materials are sold to the consolidated companies of TDC, mostly to Becamex
and its brand firm. So, currently, TDC sale department should connect to other construction groups
and expand the sale to other regions of Vietnam.

X. Reference
Birt, J & Chalmers, K & Byrne, S & Brooks, A & Oliver, J 2012, 'Accounting Business
Reporting For Decision Making', '1010 Printing International LTD', 4th Edition, p 342-
344.
Binh Duong Trade and Development Joint Stock Company Financial Report 2014. Retrieved
May 12, 2016 from
http://www.becamextdc.com.vn/images_upload/codong/BCTC_KIEM_TOAN_2014.pdf
May 12, 2016 from
http://www.becamextdc.com.vn/images_upload/codong/BCTC_tong_hop_nam_2015_T
DC_1.pdf
May 12, 2016 from
http://www.becamextdc.com.vn/images_upload/codong/BCTC_TONG_HOP_2.pdf
Binh Duong Trade and Development Joint Stock Company Financial Report explanation 2015.
Retrieved May 12, 2016 from
http://www.becamextdc.com.vn/images_upload/codong/GIAI_TRINH_KQKD_QUY_32015_si
gned.pdf
http://www.becamextdc.com.vn/images_upload/codong/Cng_vn_gii_trnh_Qu_3_nm_2013.pdf
Cophieu68’s report of Vietnam real estate industry 2013 Retrieved May 12, 2016 from
http://cophieu68.vn/category_finance.php?year=2013
Real estate industry Finance Analysis Report 2011-2015, Retrieved May 12, 2016 from
https://www.mbs.com.vn/uploads/files/TTNC/EquityResearch/baocaonganh/Bat-Dong-
San_Bao-cao-Phan-tich_06_2015.pdf
Collier International, Vietnam real estate market research & forecast report Q2 2012, Retrieved
May 12, 2016 from
http://www.colliers.com/~/media/files/apac/vietnam/pdf/vietnam%20research%20%20for
ecast%20report%202q2012%20eng.pdf

XI. Appendix
A. Financial Formula
1. Market Performance
Earnings Per Share =
Net profit
Number of outstanding shares
Price to earnings ratio =
Current market price
Earnings per share
2. Profitability Ratio
Gross profit margin =
Gross profit
Revenue
x 100
Operating Profit Margin =
BRIT ( Earnings Before Interest and Tax)
Revenue
x 100
ROE =
Net profit
Average Equity
x 100
ROA =
(EBIT (Earning Before Interest and Tax )
Average total Assets
x 100
3. Efficiency Ratio
Account Receivable Turnover Ratio =
Net credit sales
Average Account receivable
Days Debtors =
Average trade debtors
Sale revenue
x 100
Inventory turnover =
Average inventory
COGS
x 365
Asset Turnover =
Sale or Revenue
Total Assets
4. Liquidity Ratio
Current ratio =
Current Assets
Current Liabilities
Quick ratio =
Current Assets − Inventory
Current Liabilities
Cash Flow Ratio =
Net cash flow from operating activities
Current Liabilities
5. Capital Structure Ratio
Debt to equity ratio =
Total liabilities
Total equity
x 100
Debt Ratio=
Total Liabilities
Total Asset
x 100
Equity Ratio =
Total Equity
Total Asset
x 100

B Financials Report of TDC 2013-2015
I. BALANCE SHEET
ASSETS CODE 2015 2014 2013
A. CURRENT ASSETS 100 5,142,714,568,208 5,069,227,145,646 3,587,740,165,489
I. Cash 110 18,070,881,623 25,388,123,276 44,752,000,112
1. Cash 111 15,570,881,623 24,888,123,276 28,252,000,112
2. Cash equivalents 112 2,500,000,000 500,000,000 16,500,000,000
II. Short-term investments 120 3,903,381,000 2,732,366,700 4,708,925,100
1. Short-term investments 121 4,893,028,550 4,893,028,550 8,095,770,935
2. Provision short-term investment 129 (989,647,550) (2,160,661,850) (3,386,845,835)
III. Current accounts receivable 130 1,144,922,730,228 657,576,730,324 923,131,343,706
1. Trade receivables 131 1,119,293,032,060 637,687,798,744 897,685,791,263
2. Advances to suppliers 132 13,734,579,406 14,752,299,832 15,333,087,215
3. Other receivables 135 22,048,051,634 12,102,334,999 14,736,539,865
4. Provision for doubtful debts 139 (10,152,932,872) (6,965,703,252) (4,624,074,637)
IV. Inventories 140 3,699,641,577,005 4,193,041,004,048 2,609,569,484,007
1. Inventories 141 3,699,641,577,005 4,193,041,004,048 2,609,605,433,755
2. Provision for obsolete inventories 149 - - (35,949,748)
V. Other current assets 150 276,175,998,352 190,488,921,298 5,578,412,564
1. Short-term prepaid expenses 151 1,011,657,792 5,122,003,322 1,527,176,302
2. Value-added tax deductibles 152 274,783,766,291 174,833,428,254 -
3. Tax and other receivables 154 380,574,269 617,919,034 412,771,690
4. Other current assets 158 - 9,915,570,688 3,638,464,572
B. NON-CURRENT ASSETS 200 2,068,570,255,435 1,020,812,437,487 655,745,017,043
I. Long-term receivables 210 153,733,867,042 689,398,717,164 370,574,325,989
1. Receivables from customers 211 147,527,917,161 689,398,717,164 370,574,325,989
2. Others receivables 216 6,205,949,881 - -
II. Fixed assets 220 116,951,881,623 150,539,693,855 112,599,875,579
1. Tangible fixed assets 221 109,486,548,320 132,631,484,609 87,564,356,242
Cost 222 205,872,364,127 206,985,682,350 145,922,411,565

Accumulated depreciation 223 (36,385,815,807) (74,354,197,741) (58,358,055,323)
2. Finance lease 224 - - -
Cost 225 - - -
Accumulated depreciation 226 - - -
3. Intangible fixed assets 227 7,465,333,303 7,657,373,299 7,850,431,121
Cost 228 8,992,320,743 8,992,320,743 8,992,320,743
Accumulated amortisation 229 (1,526,987,440) (1,334,947,444) (1,141,889,531)
4. Construction in progress 230 1,623,500,442,979 10,250,835,947 17,185,088,125
III. Investment in real estate 240 - 1,374,519,985 1,559,848,525
Cost 241 - 2,409,271,000 2,409,271,000
Accumulated amortisation 242 - (1,034,751,015) (849,422,475)
IV. Long-term investments 250 170,124,149,601 169,839,913,966 167,524,789,630
1. Investment in equity of subsidiaries 251 126,039,350,000 114,370,000,000 114,370,000,000
2. Investments in associates 252 16,635,910,000 16,635,910,000 16,635,910,000
3. Other long-term investments 258 53,460,000,000 53,460,000,000 36,760,000,000
4. Provision for long term investment devaluation 259 (26,011,110,399) (14,625,996,034) (241,120,370)
III. Other long-term assets 260 4,259,914,190 9,659,592,517 3,486,177,320
1. Long-term prepaid expenses 261 4,172,517,169 8,665,336,977 1,708,829,704
2. Deferred tax assets 262 87,397,021 176,960,700 912,150,791
3. Other long-term assets 268 - 817,294,840 865,196,825
TOTAL ASSETS 270 7,211,284,823,643 6,090,039,583,132 4,243,485,182,532
2015 2014 2013
IV. Inventories 140 3,699,641,577,005 4,193,041,004,048 2,609,605,433,755
Raw material 10,304,474,760 6,945,414,991 5,351,841,796
Production Tool 1,229,968,793 987,236,838 913,704,333
Construction in progress 3,179,108,111,395 3,691,729,277,074 2,049,887,785,223
Building materials 1,155,485,408 2,288,030,500 3,344,676,366
Product 507,843,536,649 491,091,044,645 550,107,426,037
(VND)

II. INCOME STATEMENT
ITEM CODE 2015 2014 2013
1. Revenues from sale of goods and rendering of
services 01
1,410,057,456,866 1,843,665,994,990 1,884,050,949,842
2. Deductions 02 53,057,204,937 213,327,483,151 385,509,727,313
3. Net revenues from sale of goods and rendering
of services 10
1,357,000,251,929 1,630,338,511,839 1,498,541,222,529
4. Costs of goods sold and services rendered 11
979,595,191,263 1,329,023,717,733 1,179,797,420,361
5. Gross profit from sale of goods and rendering
of services 20
377,405,060,666 301,314,794,106 318,743,802,168
6. Selling expenses 24 70,161,073,900 75,569,016,845 81,965,630,488
7. General and administration expenses 25 31,304,465,435 33,308,106,488 38,941,021,771
8. Operating profit 30 275,939,521,331 192,437,670,773 197,837,149,909
9. Income from financial activities 21 14,098,238,478 10,116,811,489 7,372,473,561
10. Expenses from financial activities 22 144,156,546,339 65,712,143,070 41,197,295,368
In which: Interest expenses 23 132,104,251,818 51,737,253,832 32,601,032,868
11. Other income 31 7,215,719,160 24,729,157,758 25,067,316,650
12. Other expenses 32 5,462,677,955 15,639,349,458 3,342,293,966
13. Other profit 40 1,753,041,205 9,089,808,300 21,725,022,684
14. Profit before tax 50 147,634,254,675 145,932,147,492 185,737,350,786
15. Current corporate income tax expense 51
37,602,954,038 33,032,625,988 46,504,355,085
16. Deferred corporate income tax expense 52
89,563,679 735,190,091 (499,712,847)
17. Net profit for the year 60 109,941,736,958 112,164,331,414 139,732,708,548
18. Basic earnings per share (VND) 70 - - -
(VND)

III. CASH FLOW STATEMENT
ITEM CODE 2015 2014 2013
I. CASH FLOWS FROM OPERATING
ACTIVITIES
Profit before tax Adjustments for: 01 147,634,254,675 145,932,147,492 185,767,350,786
Depreciation and amortisation 02 23,412,153,448 19,836,654,590 15,644,154,476
Provisions 03 12,279,489,461 15,464,370,546 (598,449,242)
Unrealised foreign exchange gains 04 - 53,620,441 (1,002,233,289)
Profits from investing activities 05 (14,990,846,515) (4,336,758,479) (7,323,423,023)
Interest expense 06 132,104,251,818 51,737,253,832 32,601,032,868
Operating income before changes in working
capital
08 300,440,302,887 228,687,288,422 225,058,432,576
Increase in receivables 09 (39,993,895,755) (232,947,328,764) 107,300,309,716
Decrease (increase) in inventories 10 (1,122,041,866,689) (1,583,435,570,293)` (927,724,051,942)
Increase in payables 11 (99,140,525,015) 1,133,636,902,700 912,066,486,841
(Increase) decrease in prepaid expenses
12 4,598,316,852 (10,351,334,293) (480,906,305)
Interest paid 13 (117,219,946,878) (44,874,529,865) (99,519,318,890)
Corporate income tax paid 14 (27,723,551,858) (46,110,373,517) (36,744,802,657)
Other cash INflows from operating activities 15
20,000,000 2,533,561,000 28,281,393,600
Other cash outflows from operating activities
16 (7,303,212,120) (10,878,547,280) (42,775,351,200)
Net cash from operating activities 20 (1,108,364,378,576) (563,739,931,890) 165,462,191,739
II. CASH FLOWS FROM INVESTING
ACTIVITIES

Purchases and construction of fixed assets and
long-term prepaid expenses
21 (4,619,792,027) (69,663,854,716) (33,488,169,455)
Proceeds from disposals of fixed assets and other
long-term assets
22 10,117,060,998 8,490,099,131 3,525,409,063
Investments in other entities 25 (2,563,902,166) (17,000,000,000) (5,525,000,000)
Proceeds from sale of investments in other
entities and other long-term assets
26
- 300,000,000 561,491,934
Interest and dividends received 27 9,123,169,566 6,255,813,253 2,208,317,455
Net cash used in investing activities 30 12,056,536,371 (71,617,942,332) (32,717,951,003)
III. CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from capital contribution and issuance
of shares
31
- - -
Capital redemption 32 - - -
Borrowings received 33 1,835,905,101,071 1,350,216,448,236 496,369,701,474
Borrowings repaid 34 (606,943,384,319) (594,285,679,050) (571,111,983,367)
Dividends paid 36 (139,971,116,200) (139,936,771,800) (51,186,474,932)
Net cash from financing activities 40 1,088,990,600,552 615,993,997,386 (125,928,756,825)
Net increase in cash during the year 50 (7,317,241,653) (19,363,876,836) 6,815,483,911
Cash at beginning of year 60 25,388,123,276 44,752,000,112 37,936,516,201
Cash at end of year 70 18,070,881,623 25,388,123,276 44,752,000,112
(VND)

FINANCIAL REPORT ANALYSIS: BECAMEX TRADE AND DEVELOPMENT JOIN STOCK COMPANY

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