MINISTRY OF EDUCATION & TRAINING

DUY TAN UNIVERSITY

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Individual Report Presentation

PHU NHUAN JEWLRY JONT STOCK COMPANY (PNJ)

Name : DUONG THI THANH TRUC

ID : 28204603035
: FIN 301 X
Class

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 Contents
1. Balance sheet and Income statement of PNJ............................................................................3

1.1 Balance sheet and Income statement 2023.........................................................................3

1.2. Balance sheet and Income statement 2024........................................................................7

2. Ratio Analysis for 2 years.....................................................................................................11

2.1. Ratio Analysis for 2023..................................................................................................11

2.2. Ratio Analysis for 2024..................................................................................................14

3. Horizontal Analysis...............................................................................................................18

4. Vertical Analysis...................................................................................................................19

4.1. Balance sheet 2023 and 2024..........................................................................................19

4.2. Income statemen 2023 and 2024.....................................................................................20

5. Findings and Recommendations............................................................................................21

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1. Balance sheet and Income statement of PNJ
1.1 Balance sheet and Income statement 2023

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1.2. Balance sheet and Income statement 2024

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2. Ratio Analysis for 2 years
2.1. Ratio Analysis for 2023
Ratio Formula and Computation Implication and Analysis
A. Liquidity
Ratios
1. Current =Current Assets/Current Liabilities The current ratio is 2.81. This means
Ratio =12,958,118,192,260/4,611,956,609,380 the company has 2.81 units of
=2.81 current assets for every 1 unit of
current liabilities, indicating a strong
ability to cover short-term debts.
2. Quick Asset =Quick Assets/current Liabilities The adjusted ratio is approximately
Ratio = (12,958,118,192,260- 0.44. This indicates that after the
10,940,937,959,289)/4,611,956,609,380 adjustment, the company has only
=0.44 0.44 units of assets for every 1 unit
of liabilities, suggesting potential
liquidity challenges in covering
short-term debts.
B.Asset
Management
Ratios
1.Accounts =Net Credit Sales/Net Accounts Accounts Receivable Turnover is
Receivable Receivable 154.12 times
turnover =33,136,929,196,429/215,035,937,840 This means that the company collects
=154.12 time its receivables more than 154 times
during the year.
This ratio is very high, indicating
either extremely efficient debt
collection or the company rarely sells
on credit, or a very short-term credit
policy.
2. Average 365/Accounts Receivable Turnover Average collection days is 2.37 days
Collection =365/154.12 That means on average, PNJ only
=2.37 day takes about 2.37 days to collect debts
after sales.
This is an extremely low level,
reflecting a short-term credit policy
or customers paying very quickly, or
simply that revenue is mostly cash
sales
3. Inventory =Net Sales/ Inventories Inventory Turnover is 2.44 times.
turnover ratio =26,706,991,427,691/10,940,937,959,289 That means PNJ's inventory is
=2.44 time "turned" about 2.44 times in a year if
only considering ending inventory.
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 Compared to the average inventory
usage (2.78 times), this value is
slightly lower
4. Days sales =365 days/ Inventory turnover ratio Day sales in inventory turnover is
in inventory =365/2.44 149.59. This mean the inventory
turnover ratio =149.59 turnover ratio is 149.59 days. The
business takes nearly 5 months to sell
off its inventory. This indicates that
the inventory turnover rate is quite
slow
5.Fixed Assets =Net Sales/ Net Fixed Assets Fixed Assets Turnover Ratio is
Turnover =33,136,929,196,429/1,794,308,269,291 18.47. This means that in 2023, every
Ratio =18.47 1 dong of fixed assets generates
18.47 dongs in revenue, indicating
that the company utilizes its fixed
assets very effectively.
6. Total Asset =Net Sales/ Total Assets Total Asset Turnover ratio is
Turnover ratio =33,136,929,196,429/14,828,858,095,876 2.23. This means that in 2023, every
=2.23 1 dong of assets generated 2.23
dongs in revenue, reflecting the
company's asset utilization
efficiency.
C. Debt
Utilization
Ratio
1. Total Debt =Total liabilities / (Total liabilities + Total Debt to Total Capital is
to Total Equity) 33.95%. This means that
Capital =5,034,350,442,148/ approximately 33.95% of the
(Capital or (5,034,350,442,148+9,794,507,653,728) company's total capital comes from
equity) =0.3395 debt, while the remaining portion is
=33.95% equity, indicating that the company
has a relatively safe financial
structure..
2. Times =EBIT / Interest expense Times Interest Earned Ratio is 24.84.
Interest =2,546,319,567,353/102,505,183,927 This means that the company can
Earned Ratio =24.84 cover its interest expenses 24.84
times with its earnings before interest
and taxes, indicating a very strong
ability to pay interest.
3. Long-Term Long term liabilities / (Long-term Long-Term Debt to Equity is 4.13%.
Debt to Equity liabilities + Equity) This shows that the majority of the
=422,393,832,768/(422,393,832,768 company's capital comes from
+9,794,507,653,728) equity, with only 4.13% coming
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 =0.0413 from long-term debt, reflecting low
=4.13%. financial risk and a safe capital
structure.
D.
Profitability
Ratio
1. Profit =Net income / Net Sales Profit margin is 6.07%.This means
margin (Net =2,010,051,433,170/33,136,929,196,429 that for every 100 dong in revenue,
profit Margin) =0.0607 the company earns 6.07 dong in net
=6.07%. profit, indicating a fairly stable
profitability.
2. Gross =Gross profit / Net Sales Gross margin ratio is 24.98%. This
margin ratio =8,275,971,513,570/33,136,929,196,429 means that for every 100 dong in
=0.2498 revenue, the company retains 24.98
=24.98%. dong in gross profit after deducting
the cost of goods sold, indicating a
fairly good profit margin.
3. Operating =EBIT / Net sales Operating margin ratio is 7.68%.
margin ratio =2,546,319,567,353/33,136,929,196,429 This means that for every 100 dong
=0.0768 of revenue, the company generates
=7.68%. 7.68 dong of operating profit,
reflecting the company's operating
efficiency.
4. Return on =Net income / Total assets Return on total Assets (ROA) or
total Assets =2,010,051,433,170/14,828,858,095,876 investment is 13.55%. This means
(ROA) or =0.1355 that for every 100 dong in revenue,
investment =13.55% the company generates 7.68 dong in
profit from its business operations,
reflecting the company's operational
efficiency.
5. Return on =Net Income / Common Equity Return on Common Equity (ROE) is
Common =2,010,051,433,170/9,794,507,653,728 20,52%. This means that for every
Equity (ROE) =0.2252 100 dong of equity, the company
=20.52%. generates 20.52 dong of profit,
showing a very good level of
shareholder profitability.
6. Return on =Earnings After Tax / Total Invested Return on Invested Capital (ROIC) is
Invested Capita 13.55%. This means that the
Capital = 2,010,051,433,170/14,828,858,095,876 company generates approximately
(ROIC) =0.1355 13.55 dong in net profit for every 100
=13.55% dong of invested capital, indicating a
*Total Invested Capital = fairly effective return on invested
5,034,350,442,148 + 9,794,507,653,728 capital.
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7. Basic =EBIT / Total Assets Basic Earning Power (BEP) Ratio is
Earning =2,546,319,567,35/14,828,858,095,876 17.17%. This means that for every
Power (BEP) =0.1717 100 dong of assets, the company
Ratio =17.17%. generates 17.17 dong of EBIT,
reflecting the profitability of the
assets before deducting interest and
taxes.

2. Ratio Analysis for 2024

2.2. Ratio Analysis for 2024
Ratio Formula and Computation Implication and Analysis
A. Liquidity
Ratios
1. Current =Current Assets/Current Liabilities Current Ratio is 2.64. This means
Ratio =15,692,597,267,632/5,941,881,733,413 that the company has 2.64 VND of
=2.64 current assets for every 1 VND of
current liabilities, indicating a
fairly good ability to pay short-
term debts.
2. Quick =Quick Assets/current Liabilities Quick Asset Ratio is 0.45. This
Asset Ratio =2,677,426,790,321/5,941,881,733,413 means that the company has 0.45
=0.45 VND in quick assets (excluding
*Quick Assets=Current Assets−Inventorie inventory) for every 1 VND in
s short-term liabilities. This ratio is
below 1, indicating that the
company may face difficulties in
paying off short-term debts if it
relies solely on quick assets.
B.Asset
Management
Ratios
1.Accounts =Net Credit Sales/Net Accounts Receivable Accounts Receivable turnover is
Receivable =37,622,032,932,609/1,598,493,452,788 23.54. This means that the
turnover =23.54 times company collects its receivables an
average of about 23.54 times a
year. This is a good sign that the
company has the ability to recover
debts quickly.
2. Average 365/ Accounts Receivable Turnover Average Collection is 15.51 day
Collection =365/23.54 This means that the average
= 15.51 day company takes about 15.5 days to
collect receivables. This is a good
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 sign, indicating that the company
has an effective debt collection
policy.
3. Inventory Net Sales/ Inventories Inventory turnover ratio is 2.89.
turnover ratio =37,622,032,932,609/13,015,170,477,311 This means the company cycles
=2.89 through its inventory about 2.89
times per year
4. Days sales =(Average Inventory/COGS)×365 Day sales in inventory turnover is
in inventory = 11,978,054,218,300/31,149,334,531,193 140.32.This mean the inventory
turnover ratio )×365 turnover ratio is 140.32 days.The
=140.32 day business takes nearly 5 months to
sell off its inventory.This indicates
that the inventory turnover rate is
quite slow
5.Fixed Net Sales/ Net Fixed Assets Fixed Assets Turnover Ratio is
Assets =37,822,837,171,385/857,118,818,527 44.13. This means that in 2024,
Turnover =44.13 every 1 dong of fixed assets
Ratio generates 44.13 dongs in revenue,
indicating that the company utilizes
its fixed assets very effectively.

6. Total Asset Net Sales/ Total Assets Total Asset Turnover ratio is 2.20.
Turnover = 37,822,837,171,385/17,207,730,777,685 This means that in 2024, every 1
ratio =2.20 dong of assets generated 2.20
dongs in revenue, reflecting the
company's asset utilization
efficiency.
C. Debt
Utilization
Ratio
1. Total Debt Total liabilities / (Total liabilities + Total Debt to Total Capital is
to Total Equity) 34.6% This means that
Capital =5,952,424,147,163/ approximately 34.6 % of the
(Capital or (5,952,424,147,163+11,255,306,630,522) company's total capital comes from
equity) =0.346 debt, while the remaining portion is
=34.6% equity, indicating that the company
has a relatively safe financial
structure..
2. Times EBIT / Interest expense Times Interest Earned Ratio is
Interest =2,683,450,952,524 / 137,611,498,136 19.49. This means that the
Earned Ratio =19.49 company can cover its interest
expenses 19.49 times with its
earnings before interest and taxes,
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 indicating a very strong ability to
pay interest.

3. Long-Term Long term liabilities / (Long-term liabilities Long-Term Debt to Equity is

Debt to + Equity) 10.85%. This shows that the
Equity =1,369,741,998,658/ majority of the company's capital
(1,369,741,998,658+11,255,306,630,522 ) comes from equity, with only
=0.1085 10.85%. coming from long-term
=10.85% debt, reflecting low financial risk
and a safe capital structure.
D.
Profitability
Ratio
1. Profit Net income / Net Sales Profit margin is 5.59 %.This means
margin (Net 2,112,916,282,946/37,822,837,171,385 that for every 100 dong in revenue,
profit VND the company earns 5.59 dong in
Margin) =0.0559 net profit, indicating a fairly stable
=5.59% profitability.

2. Gross Gross profit / Net Sales Gross margin ratio is 17.64%.This

margin ratio =6,673,502,640,192 /37,822,837,171,385 means that for every 100 dong in
=0.1764 revenue, the company retains 17.64
=17.64% dong in gross profit after deducting
the cost of goods sold, indicating a
fairly good profit margin.
3. Operating Operating income orEBIT / Net sales Operating margin ratio is 7.09
margin ratio = 2,683,450,952,524/37,822,837,171,385 %.This means that for every 100
=0.0709 dong of revenue, the company
=7.09% generates 7.09 dong of operating
profit, reflecting the company's
operating efficiency.
4. Return on Net income / Total assets Return on total Assets (ROA) or
total Assets 2,112,916,282,946 /17,207,730,777,685 investment is 12.28%. This means
(ROA) or =0.1228 that for every 100 dong in revenue,
investment =12.28% the company generates 7.09 dong
in profit from its business
operations, reflecting the
company's operational efficiency.

5. Return on Net Income / Common Equity Return on Common Equity (ROE)

Common =2,112,916,282,946 / 11,255,306,630,522 is 18.77 %. This means that for
Equity (ROE) =0.1877 every 100 dong of equity, the
=18.77% company generates 18.77 dong of
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 profit, showing a very good level
of shareholder profitability.
6. Return on =Earnings After Tax / Total Invested Return on Invested Capital (ROIC)
Invested Capita is 16.74%. This means that the
Capital = 2,112,916,282,946/12,625,048,629,180 company generates approximately
(ROIC) =0.1674 16.74 dong in net profit for every
=16.74% 100 dong of invested capital,
indicating a fairly effective return
on invested capital.

7. Basic EBIT / Total Assets Basic Earning Power (BEP) Ratio

Earning =2,683,450,952,524 /17,207,730,777,685 is 15.59%. This means that for
Power (BEP) =0.1559 every 100 dong of assets, the
Ratio =15.59% company generates 15.59 dong of
EBIT, reflecting the profitability of
the assets before deducting interest
and taxes.

3. Horizontal Analysis
Increase/ %
Item 2022 2023
(Decrease) Change
Revenue from sale of
34,211,128,942,240 33,481,608,954,953 (729,519,987,287) -2.13%
goods and services
Revenue deductions 334,674,383,087 344,679,758,524 10,005,375,437 2.99%
Net revenue 33,876,454,559,153 33,136,929,196,429 (739,525,362,724) -2.18%
Cost of sales and services 27,949,348,024,381 27,078,338,249,235 (871,009,775,146) -3.12%
Gross profit 5,927,106,534,772 6,058,590,947,194 131,484,412,422 2.22%
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 Increase/ %
Item 2022 2023
(Decrease) Change

Financial income 54,036,974,170 97,825,547,538 43,788,573,368 81.05%

Financial expenses 141,471,203,463 142,580,680,640 1,109,477,177 0.78%
— Interest expense 94,143,431,408 118,568,804,103 24,425,372,695 25.95%
Selling expenses 2,828,208,644,376 2,835,769,469,802 7,560,825,426 0.27%
General & admin
673,996,996,684 693,934,934,718 19,937,938,034 2.96%
expenses
Net operating profit 2,337,466,664,419 2,484,131,409,572 146,664,745,153 6.27%
Other income 8,582,642,521 11,846,230,257 3,263,587,736 38.03%
Other expenses 33,721,752,227 7,217,637,455 (26,504,114,772) -78.59%
Results of other
(25,139,109,706) 4,628,592,802 29,767,702,508 >100%
activities
Accounting profit before
2,312,327,554,713 2,488,760,002,374 176,432,447,661 7.63%
tax
Income tax expense –
521,061,271,124 517,592,806,160 (3,468,464,964) -0.67%
current
Income tax (deferred) (19,425,559,808) 68,019,079 19,493,578,887 >100%
Net profit after tax 1,810,691,843,397 1,971,099,177,135 160,407,333,738 8.86%
Basic earnings per share 5,350 5,436 86 1.61%

4. Vertical Analysis
4.1. Balance sheet 2023 and 2024
% of 2023 % of 2024
Item 2023 (₫) 2024 (₫)
Total Total
TOTAL ASSETS 16,013,879,351,122 100.00% 17,808,137,947,196 100.00%
Current Assets 10,582,542,763,614 66.10% 12,038,025,162,578 67.59%
- Cash & cash equivalents 1,171,553,289,823 7.32% 1,142,101,017,188 6.41%
- Short-term financial
5,250,000,000 0.03% 5,250,000,000 0.03%
investments
- Receivables 3,138,728,845,537 19.61% 3,198,434,718,614 17.96%
- Inventories 5,688,654,858,254 35.52% 7,320,251,341,937 41.11%
- Other current assets 578,355,770,000 3.61% 372,987,112,839 2.09%
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 % of 2023 % of 2024
Item 2023 (₫) 2024 (₫)
Total Total
Non-current Assets 5,431,336,587,508 33.90% 5,770,112,784,618 32.41%
- Long-term receivables 37,104,000,000 0.23% 35,618,400,000 0.20%
- Fixed assets 4,183,176,877,063 26.12% 4,479,649,514,927 25.15%
- Investment property 14,037,143,176 0.09% 11,778,285,714 0.07%
- Long-term financial
134,215,000,000 0.84% 167,215,000,000 0.94%
investments
- Other long-term assets 1,062,803,567,269 6.64% 1,075,851,583,977 6.04%
TOTAL LIABILITIES &
16,013,879,351,122 100.00% 17,808,137,947,196 100.00%
EQUITY
Liabilities 11,100,292,809,330 69.32% 12,180,122,485,864 68.38%
- Current liabilities 7,210,029,776,310 45.01% 8,198,508,985,186 46.03%
- Long-term liabilities 3,890,263,033,020 24.30% 3,981,613,500,678 22.35%
Stockholders’ Equity 4,913,586,541,792 30.68% 5,628,015,461,332 31.62%
- Owner's capital 4,466,456,130,000 27.90% 4,466,456,130,000 25.08%
- Retained earnings 447,130,411,792 2.79% 1,161,559,331,332 6.52%

4.2. Income statemen 2023 and 2024

% of Net Sales % of Net Sales
Item 2023 (VND) 2024 (VND)
(2023) (2024)
Net Sales (Revenue) 33,136,929,196,429 100.00% 37,822,837,171,385 100.00%
Cost of Goods Sold
27,078,338,249,235 81.74% 31,149,334,531,193 82.38%
(COGS)
Gross Profit 6,058,590,947,194 18.26% 6,673,502,640,192 17.62%
Financial Income 97,825,547,538 0.30% 75,567,438,524 0.20%
Financial Expenses 142,580,680,640 0.43% 93,616,780,951 0.25%
Selling Expenses 2,835,769,469,802 8.56% 3,207,574,691,174 8.48%
General & Admin
693,934,934,718 2.09% 795,749,355,922 2.10%
Expenses
Operating Profit 2,484,131,409,572 7.50% 2,652,129,250,669 7.01%
Other Income 11,846,230,257 0.04% 10,013,781,153 0.03%
Other Expenses 7,217,637,455 0.02% 11,130,582,486 0.03%
Profit Before Tax 2,488,760,002,374 7.51% 2,651,012,449,308 7.01%

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 % of Net Sales % of Net Sales
Item 2023 (VND) 2024 (VND)
(2023) (2024)
Income Tax Expense
517,592,806,160 1.56% 615,476,890,636 1.63%
(Current)
Income Tax
68,019,079 0.00% (77,380,724,274) -0.20%
(Deferred)
Net Profit After Tax 1,971,099,177,135 5.95% 2,112,916,282,946 5.59%

5. Findings and Recommendations

Findings:

1. Net Sales: Net sales were 33,136,929,196,429 VND in 2023 and 37,822,837,171,385 VND
in 2024.Horizontal analysis indicates a decrease in net revenue from 2022 to 2023.

2. COGS: Cost of goods sold (COGS) was 27,078,338,249,235 VND in 2023 and
31,149,334,531,193 VND in 2024. COGS represents a significant portion of net sales in both
years.

3. Interest Expense: Interest expense was 118,568,804,103 VND in 2023. Interest expense
was 137,611,498,136 VND in 2024.

4. Operating Expenses : Selling expenses and general & administrative expenses are key
operating expenses. Selling expenses increased from 2,835,769,469,802 VND in 2023 to
3,207,574,691,174 VND in 2024. General & administrative expenses increased from
693,934,934,718 VND in 2023 to 795,749,355,922 VND in 2024.
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 5. Other Operating Expense: Financial expenses were 142,580,680,640 VND in 2023 and
93,616,780,951 VND in 2024.

6. Other Income: Other income was 11,846,230,257 VND in 2023 and 10,013,781,153 VND
in 2024.
Recommendations

1. Improve liquidity by increasing liquid assets like cash and receivables, and by streamlining
inventory turnover.

2. Strengthen credit control and customer collection efforts. Continue optimizing inventory and
asset utilization to boost efficiency and reduce holding costs.

3. Keep monitoring debt levels to prevent overleveraging. Evaluate long-term debt usage
against strategic growth initiatives.

4. Focus on cost reduction and process improvements to preserve margins and profitability.
Sustain high ROIC through selective and efficient capital investments.

5. The company remains financially strong with high investor confidence and effective asset
utilization. Addressing receivables management, controlling operational costs, and
maintaining efficient capital usage will further strengthen its financial position and support
sustainable growth.

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