Vous êtes sur la page 1sur 4

ACTIVITY RATIOS:

18
16.90
16
14.76
14 13.79
12

10 ACCOUNT RECEIVABLE
9.11 TURNOVER
8 8.03
INVENTORY
6 TURNOVER

4 3.96
3.46 3.25
2 2.47 2.36

0
2012 2013 2014 2015 2016

HPG

Account receivable turnover indicates how effective firm collects sale


credit, the more it is, the better the firm management. Generally, it
increased from 2012 2015 and suddenly fell from 2015 2016. There
was a sharp increase from 11.62 to 17.07 between 2013 and 2015. Then
it had a considerable fall, to 13.9, in 2016. HPG sale collecting ability
may continue decreasing in 2017.
Inventory turnover is a measure of the number of times inventory is
sold or used in a time period such as a year. The equation for inventory
turnover equals the cost of goods sold or net sales divided by the
average inventory. Inventory turnover indicate how quickly the
inventory is sold to generate sale. The higher the ratio, the more
effective firm is managing inventory. The inventory turnover quite
fluctuated before rising suddenly over the last two years to reach a high
of 3.96, and stayed at 3.25 in 2016.
A high ratio implies either strong sales and/or large discounts. The
external data shows that figures were higher than the average of the
textile industry.

Years 2012 2013 2014 2015 2016


FAT 2.4 2.06 2.79 3.34 2.63
TFA
T 3.92 2.21 2.99 3.41 2.67

4.5

4.0

3.5
3.3
3.0
2.8
2.5 2.6 FIXED ASSETS
2.4 TURNOVER
2.0 2.1
TANGIBLE FIXED
1.5 ASSETS TURNOVER

1.0

0.5

0.0
2012 2013 2014 2015 2016

The asset turnover and tangible fixed asset turnover implicate how much
the firm earns on every VND investing on investment asset. The higher the
ratio, the better the firm is. Fixed asset has increased gradually from 2012
2016, in 2015, it reached 3.34, which is the highest ratio. As the tangible
fixed asset turnover increased from 2013 to 2015, and then it fell to 2.67 in
2016. It is not effective to invest in fixed asset. Overall, this ratio is quite
high and it indicated that a company has more effectively utilized investment
in fixed assets to generate revenue.

COMPARED WITH HOA SEN GROUP:


25.0
23.0 23.6

20.0 19.8

15.0 15.5
Account Receivable
13.3 Tunover

10.0 Inventory Turnover

5.0 4.6 4.4


3.4 3.6 3.3

0.0
2012 2013 2014 2015 2016

6.0

5.3 5.1
5.0
4.6 4.7 4.6
4.4 4.5
4.1 4.2
4.0 3.9
FIXED ASSET
3.0 TURNOVER
TANGIBLE FIXED ASSET
2.0 TURNOVER

1.0

0.0
2012 2013 2014 2015 2016

HSG

As it can be noticed that HSG sold its product to customers on


credit and took faster to collect money than HPG. On the other
hand, HSG also have higher inventory turnover (4.4 compared with
3.95) so that it has higher sales or larger discounts than HPG. Also,
the fixed assets turnover and tangible assets turnover in HSG has
higher number than that in HPG. It shows that with a constant
amount of assets, the HSG generates more revenues that HPG
However, these 2 ratios were more fluctuated and remained
unstable than that in HPG.
Inventory turnover indicate how quickly the inventory is sold to generate
sale. The higher the ratio, the more effective firm is managing inventory.
Inventory turnover of HSG increased from 2012 to 2016 From 2014 to 2015,
the ratio was again increasing, this firm manage inventory better over years
depending on macro-economic conditions. Since this company's strategy is to
sell most of inventory after producing, therefore the inventory turnover is
about 4 5%, HSG might face lack of inventory in need. In the perspective of
this industry, this ratio is considered normal as the characteristics of this
industry. While HPG has inventory turnover about 2.5 4%, which is
approximately near the ratio of HSG or even lower. This indicates normal
business behavior in this industry.