(Tiểu luận) group report analysis of financial statements topic cuu long pharmaceutical joint stock company

VIETNAM GENERAL CONFEDERATION OF LABOR

TON DUC THANG UNIVERSITY
FACULTY OF FINANCE AND BANKING

FINANCIAL PLANNING AND POLICY

GROUP REPORT

ANALYSIS OF FINANCIAL STATEMENTS
TOPIC

CUU LONG PHARMACEUTICAL JOINT STOCK COMPANY

Instructors : Ha Tuan Anh

Members:
Nguyen Thi Kim Cuc – B19H0010
Tran My Huyen – B19H0208
Nguyen Trung Hieu – B19H0194
Ta Tan Hoang - B19H0198
TP.HCM, Ngày 05 tháng 08 năm 2022

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TEACHER'S COMMENTS

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1

OVERVIEW............................................................................................................. 10
1.1

General information.........................................................................................10

1.2

Development milestones...................................................................................10

1.3

Operational Status............................................................................................ 11

1.3.1

Distribution system....................................................................................12

1.3.2

Company Position......................................................................................13

1.3.3

Company's Outlook...................................................................................13

1.3.4

Development Strategy................................................................................13

1.3.5

Core Values and Mission Vision................................................................14

1.4

Companies in the same industry......................................................................14

1.5

Equity and Shareholding Information............................................................15

2

BUSINESS PERFORMANCE ANALYSIS.............................................................21

3

COMMENTAIRE....................................................................................................26
3.1

. Asset use efficiency analysis:..........................................................................31

3.2

Inventory ratios................................................................................................. 31

3.3

Vòng quay tài sản..............................................................................................31

3.4

Vòng quay tài sản cố định................................................................................32

3.5

Vòng quay tài sản ngắn hạn.............................................................................33

3.6

Phân tích tỷ suất sinh lời..................................................................................34

3.7

Tỷ suất lợi nhuận sau thuế trên doanh thu (ROS).........................................35

3.8

Tỷ suất sinh lời trên tài sản bình quân (ROA)...............................................36

3.9

Tỷ suất sinh lời trên vốn chủ sở hữu bình quân (ROE).................................37

3.10

Hệ số giá trên thu nhập (P/E).......................................................................37

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1

OVERVIEW

1.1 General information
• Company name: Cuu Long Pharmaceutical Joint Stock Company
• Short name: DCL
• Established date: 1976
• Securities: DCL
• Business registration number: 0311124093
• Charter capital: VND 730,410,300,000
• Owner of investment capital: VND 1,414,387,000,000
• Tax code: 1500202535
• Head office: 150 Street 14/9, Ward 5, Vinh Long City, Vinh Long Province,
Vietnam
• Phone: (+84) 27038225

• Fax: (+84) 27038221
• Website: />• Domain: Healthcare
• Parent company: F.I.T . Group Joint Stock Company
• Subsidiaries: Benovas Pharmaceutical Joint Stock Company, VPC - SG
PHARMA Co., Ltd
1.2 Development milestones

 In early 1976, Vinh Long and Tra Vinh provinces merged to form Cuu Long
province, the health sector of Cuu Long province was established, Cuu Long
Pharmaceutical Factory and Cuu Long Pharmaceutical Company were born
on the basis of the book "Pharmaceuticals" of Cuu Long. Tra Vinh province
together with a number of pharmaceuticals of Vinh Long province were
reorganized to do the task of producing and distributing pharmaceutical
products;
 1984 Cuu Long Pharmaceutical Enterprise and Cuu Long Pharmaceutical
Company merged into Cuu Long Pharmaceutical Union Enterprise.

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 1992 Cuu Long province was separated into 2 provinces of Vinh Long and
Tra Vinh, Cuu Long Pharmaceutical Union Enterprise continued to divide
assets to establish Tra Vinh Pharmaceutical Company and re-established Cuu
Long Pharmaceutical Company, then Renamed Cuu Long Pharmaceutical
and Medical Consulting Company (Pharimexco) according to Decision No.
538/QD-YBT dated 20/11/1992 of YBND of Vinh Long province.

 08/ 2004 Cuu Long Pharmaceutical Company transformed from a Stateowned enterprise into a joint-stock company with the new name of Cuu
Long Pharmaceutical Joint Stock Company under Decision No. 2314/QDUB
dated August 9, 2004 of Chairman of Vinh Long Provincial People's
Committee with initial capital of 56 Billion VND.
 2007 Issuing additional shares for existing shareholders, Key, outside
auction with 2,500,000 shares, raising charter capital to VND
81,000,000,000.
 17/ 9/ 2008 DCL shares were officially listed and traded on Ho Chi Minh
City Stock Exchange.
 2008 Issuing more 1,619,308 shares to pay dividends and bonus shares,
raising charter capital to VND 97,193,080,000.
 2009 The company implemented the first ESOP program for employees with
the amount of 194,384 to upgrade the charter capital to 99,136,920,000
VND.
 19/ 05/ 2015 charter capital increased to VND 100,594,800,000.
 15/ 7/ 2015 the company's charter capital increased to 201,189,600,000
VND.
 04/ 8/ 2016 charter capital increased to 563,328,240,000 VND.
 2017 charter capital increased to VND 568,328,240,000.
 2021 The company issues shares for employees, upgrading its charter capital
to VND 588,328,240,000
 03/2022: Company charter upgraded to VND 730,410,300,000 Information
through the form of issuing shares to investors

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1.3 Operational Status

 Cuu Long Pharmaceutical Joint Stock Company (DCL) was established in
1997, based on the merger and separation of two units: Cuu Long
Pharmaceutical Enterprise and Cuu Long Pharmaceutical Company. In 2004,
the company switched to operating under model shares. DCL currently owns
5 factories in operation, including 4 factories meeting GMP-WHO standards
and a 40-hectare pharmaceutical farm in Binh Phuoc, a medical instrument
factory, and a capsule factory. Vicancap DCL's main business activities are
manufacturing, trading, importing and exporting pharmaceuticals, capsules,
medical equipment for the pharmaceutical industry, medical, manufacturing
cosmetics, nutritional foods, medicinal herbs, chemicals, raw materials and
other pharmaceutical products, Manufacture of packaging used in the
pharmaceutical industry, Cultivation of pharmaceutical products.

1.3.1 Distribution system

 DCL's product distribution network spans all provinces and cities of
Vietnam. This is also a reputable and long-standing pharmaceutical supplier
for many large hospitals in Vietnam. Currently, Cuu Long Pharmaceutical
has expanded its network with a distribution system of 13 branches and
more than 55 distributors across the country.
 Since the first quarter of 2015, DCL has officially become a subsidiary of
F.I.T Group JSC. As a strategic sector in F.I.T's investment structure, DCL is
heavily invested in both capital and human resources by the parent company.
Accordingly, along with the comprehensive restructuring plan, DCL has
been supplemented with key human resources in administration, operation,
production, sales... in order to develop production and business activities.
business, along with good control of debt management of the company. At

the same time, DCL continues to receive capital investment to expand and
upgrade the factory and increase capacity.
 With the strong investment from the parent company, DCL has set the goal
to become the leading pharmaceutical enterprise in Vietnam in the
production of pharmaceuticals and medical equipment through continuous
research and development of product lines. new, owning advanced

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machinery system, and building a professional personnel system. Besides
production and business activities, DCL has and continues to carry out social
responsibilities: sharing values with the community, protecting the
environment, caring for employees, building a suitable corporate culture.
with the company and the core management values of F.I.T.

1.3.2 Company Position
 DCL is a in 10 largest pharmaceutical manufacturing companies in Vietnam.
 The company has 678 agents and retail pharmacies nationwide and over
4,000 domestic and international customers. In addition to the domestic
market, the company's products are also exported to Cambodia, Laos,
Myanmar and Nigeria.
 The company is currently manufacturing and supplying to the market more
than 250 kinds of Pharmaceuticals.
 The company currently has 5 operating factories, of which 4 meet GMPWHO standards.
1.3.3 Company's Outlook

 According to the forecast of the General Statistics Office of Vietnam, with
the average fertility method, the population of Vietnam will reach 102.7
million people in 2029. The population growth along with the population
aging trend in Vietnam. will promote the demand for medical care, the use of
pharmaceuticals.
 Investment to expand Capsule Factory Phase 4, the project has been
completed and put into operation from the second quarter of 2021 by
installing 4 new capsule production lines, increasing capacity after
expansion to 8 .56 billion follicles/year.
 Benovas medical equipment factory project started construction in the first
quarter of 2021, is expected to be completed and put into operation in the
second quarter of 2022. The factory with a designed capacity of 300 million

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products/year focuses on manufacturing medical equipment to serve
domestic and export medical needs.

1.3.4 Development Strategy
 Building the Company to become one of the leading national pharmaceutical
companies in the field of manufacturing and trading pharmaceuticals,
cosmetics, functional foods and medical equipment and instruments.
 In-house product portfolio enhancement.
 Expand your brand portfolio.
 Cooperation in product outsourcing (CMO) or brand acquisition.

 Research and invest in a pharmaceutical factory that meets EU-GMP
standards.

1.3.5 Core Values and Mission Vision

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1.4 Companies in the same industry

 - On the stock exchange today, the number of stocks in the pharmaceutical
industry also has a few notable names outside (DCL - Cuu Long
Pharmaceutical JSC) such as:
 DMC - Domesco Medical Import Export Joint Stock Company.
 DHG - Hau Giang Pharmaceutical Joint Stock Company.
 DBT - Ben Tre Pharmaceutical Joint Stock Company.
 OPC - OPC Pharmaceutical Joint Stock Company.
 JVC - Viet Nhat Medical Equipment Joint Stock Company.
 DBD - Binh Dinh Pharmaceutical - Medical Equipment Joint Stock
Company.
 DVN - Vietnam Pharmaceutical Corporation.
1.5 Equity and Shareholding Information
1.5.1. Listed Shared

First trading day
Price of the

trading day

17/09/2008
first

62,000

Initial Listing Volume

8,100,000

Current listing volume

73,041,030

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Volume
of
outstanding

shares

73,041,030

1.5.1. Leadership

Position

Name

Chairman of the Board of Directors

Nguyen Van Sang

Member of the Board of Directors

Nguyen Ngoc Bich

Member of the Board of Directors

Nguyen Ninh Dung

Member of the Board of Directors

Tuong Thi Thu Hanh

Member of the Board of Directors

Bui Hong Hanh

Member of Supervisory Board

Le Thi Thuong

Member of Supervisory Board

Pham Thi Hue

Member of Supervisory Board

Phan Thi Hoa

General Director

Vu Thi Minh Hoai

Deputy General Director

Nguyen Trong Duc

Director

Luong Trong Hai

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Chief Financial Officer

Nghiem Xuan Truong

Chief Accountant

Nguyen Lam Minh Thuong

Information disclosure representative

Nguyen Ngoc Bich Ly

1.5.2 Organizational Structure

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1.5.3 Top 10 Shareholder

Locatio Number of Ownership
rate
shares
n

Name

Update
day

F.I.T Group Joint Stock --Company

42.402.616

58,05%

31/12/2021

Nguyen Thi Huong

---

3.208.206

4,39%

16/03/2022

Duong Thi Minh Nguyet

---

3.000.000

4,11%

16/03/2022

Do Thi Huong Loan

---

2.000.000

2,74%

16/03/2022

Vu Ngoc Phuong

---

1.065.000

1,46%

16/03/2022

Le Thi Lan Anh

---

854.980

1,17%

16/03/2022

Bui Van Manh

---

815.000

1,12%

16/03/2022

Tran Van Phuong

---

700.000

0,96%

16/03/2022

Phung Thi Thu Hang

---

500.000

0,68%

16/03/2022

Tran Thi Quynh Yen

---

400.000

0,55%

16/03/2022

1.5.4 Shareholder Structure

 State ownership : 0,00%
 Foreign ownership: 0,00%
 Other ownership : 100,00%

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1.5.5 base structure

1.5.6 labor structure

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General analysis and financial situation
2

BUSINESS PERFORMANCE ANALYSIS

The IQVIA Institute has classed Vietnam as a Pharmerging Market. Vietnam is
third on the list, trailing only Argentina and Pakistan in terms of growth rate.
Vietnam's population is aging at an unprecedented rate. Compared to other
countries, Vietnam only needs 18 years for the population over 65 years old to
increase from 7% to 14% of the population, shorter than Thailand, Japan, Australia
and France. In the period 2026-2039, Vietnam will enter a period of population
aging (the population aged 65 and over will exceed 15% of the total population by
2039).
According to GSO, the population over 60 years old will be 21 million people,
equivalent to 20% of the total population in 2038 and 27 million ~ 25% of the total
population in 2050.

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Vietnam has a very high death rate from non-communicable diseases in 2019
compared to other countries. (81% vs Singapore: 75% vs Thailand: 77% vs
Indonesia: 76% vs Malaysia: 73% vs Philippines: 70%). This rate in Vietnam is
trending up in recent years.
On average, a person aged 65 and over in Vietnam has at least 3 diseases, while
people over 80 years old have an average of 6.9 diseases each. Currently, the cost
of medical examination and treatment of the elderly is 7-10 times higher than that
of young people.

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Vietnam's healthcare market will be worth $16.2 billion in 2020, accounting for
6.0% of GDP. Spending on health is expected to reach USD 23.3 billion in 2025
and USD 33.8 billion in 2030, at a CAGR (2020-2030) of 7.6%. Commitment to
universal health care in the country will drive industry growth in the future. The
government has set a target that by 2025, 95% of Vietnam's population will
participate in national insurance. This figure in 2020 is 90.85%, ensuring the
ability to achieve the goal is very high.
Government efforts to make healthcare more accessible and affordable has been
one of the driving forces behind the industry's growth. The government aims to
reduce the proportion of out-of-pocket medical fees per household to 35% by 2025
and 30% by 2030. Currently, this rate is 43%, more than double the proposed level

of WHO (20-30%).

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Pharmaceutical sales are expected to reach $7.51 billion by 2025, accounting for
about 1.78% of GDP and 32.2% of the target for health care, with a CAGR (20202025) of 8%.
The driving force of the pharmaceutical industry in the long term is the investment
of multinational pharmaceutical companies, improving the quality of medical
examination and treatment, and expanding the social and demographic health
insurance of the country.
Prescription drugs are expected to account for an increasing share of total
pharmaceutical sales in the coming years, driven by rising demand for treatment,
the rollout of national health insurance, rising incomes, and infrastructure. Better
health care and the development of generic drugs. Prescription drugs are forecast
to reach USD 5,754 billion by 2025, accounting for a significant proportion of
76.6% of total drug sales, at a CAGR (2020-2025) of 8.4%.

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Table 3.1: Analysis of fluctuations of DCL's asset items in 2018-2020 (Unit: VND

million)
Data and proportion of items in the balance sheet of DCL Pharmaceutical Joint
Stock Company in the period of 2019 – 2020
Chỉ tiêu

Tỷ
trọng(%)

2020

Tỷ
trọng(%)

2021

Tỷ
trọng(%)

1,376,618,362

80.39%

1,442,218,07
2

80.11%

1,261,155,477

70.81%

Tiền và tương
đương tiền

14,499,005

0.85%

41,877,932

2.33%

41,255,262

2.32%

Giá trị thuần
đầu tư ngắn
hạn
Các khoản phải
thu

838,255,000

48.95%

877,875,798

48.76%

655,923,100

36.83%

289,231,746

16.89%

288,736,575

16.04%

233,633,990

13.12%

Khoản phải thu
khách hàng

247,105,318

-

215,158,477

-

203,660,084

-

Hàng tồn kho
ròng

227,082,193

13.26%

226,988,244

12.61%

308,196,487

17.30%

7,550,418

0.44%

6,739,524

0.37%

22,146,638

1.24%

1,712,471,441

19.61%

1,800,406,95
4

19.89%

1,781,028,068

29.19%

Phải thu dài
hạn

-

0.00%

-

0.00%

-

0.00%

Tài sản hữu
hình

297,436,621

17.37%

274,513,539

15.25%

465,317,485

26.13%

Tài sản vơ hình

21,473,619

1.25%

21,366,181

1.19%

21,150,854

1.19%

Tài sản cổ định

318,910,240

18.62%

295,879,720

16.43%

486,468,339

27.31%

A-TỔNG TÀI
SẢN NGẮN
HẠN

Tài sản lưu
động khác
B- TỔNG TÀI
SẢN DÀI
HẠN

2019

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Đầu tư dài hạn

1,000,000

0.06%

1,000,000

0.06%

-

0.00%

Tài sản dài hạn
khác

10,398,135

0.61%

9,949,072

0.55%

7,317,683

0.41%

TỔNG TÀI
SẢN

1,712,471,441

100.00%

1,800,406,95
4

100.00%

1,781,028,068

100.00%

Bảng 3.2: Phân tích biến động các khoản mục nguồn vốn của DCL 2019-2020
(ĐVT: Triệu đồng)
Chỉ tiêu

2019

Tỷ
trọng(%)

2020

Tỷ
trọng(%)

828,048,962

48.35%

829,411,456

46.07%

759,357,933

Nợ ngắn hạn

326,647,199

19.07%

343,580,613
19.08%

652,796,913

Phải trả người
bán ngắn hạn

40,535,411

-

26,720,824

-

106,561,020

-

Nợ dài hạn

501,401,763

29.28%

485,830,843

26.98%

106,561,020

5.98%

D- VỐN CHỦ
SỞ HỮU

884,422,479

51.65%

970,995,498

53.93%

1,021,670,135

57.36%

Vốn và các quỹ

884,422

51.65%

970,995,498

53.93%

1,021,670,135

57.36%

Trong đó: Lãi
chưa phân phối

237,092,507

13.85%

301,708,508

16.76%

374,713,655

21.04%

TỔNG
NGUỒN VỐN

1,712,471,441

100.00%

1,800,406,95
4

100.00%

1,781,028,068

100.00%

C- NỢ PHẢI
TRẢ

3

2021

Tỷ
trọng(%)
42.64%

36.65%

COMMENTAIRE

Bảng 3.3: Số liệu thể hiện sự biến động về tài sản và nguồn vồn của DCL từ 2017
– 2019 (ĐVT: Triệu đồng)

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CHỈ TIÊU

TỔNG TÀI SẢN NGẮN
HẠN
Tiền và tương đương tiền

Giá trị thuần đầu tư ngắn hạn
Các khoản phải thu
Trong đó: Khoản phải thu
khách hàng

Chênh lệch 2019 2020
Số tiền
%
65,599,710

4.77%

188.83%

Chênh lệch 2020 - 2021
Số tiền

%

(181,062,595)

-12.55%

(622,670)

-1.49%

27,378,927
39,620,798
(495,171)
(31,946,841)

Hàng tồn kho ròng

4.73%

(221,952,698)

-25.28%

-0.17%

(55,102,585)

-19.08%

-12.93%

(11,498,393)

-5.34%

-0.04%

81,208,243

35.78%

(93,949)
-10.73%

Tài sản lưu động khác
(810,894)

TỔNG TÀI SẢN DÀI HẠN

228.59%
15,407,114

22,335,803

6.65%

45.14%
161,683,710

-

0.00%

-

0.00%

(22,923.0
)

-7.71%

190,803

69.51%

(108.0

-0.50%

(21

-1.01%

Phải thu dài hạn

Tài sản hữu hình
Tài sản vơ hình
Tài sản cổ định

)
(23,030,5
20)

-7.22%

-

0.00%

Đầu tư dài hạn
Tài sản dài hạn khác

5)

(449,063)

-4.32%

190,588,619

64.41%

(2,631,389)

0.00%

-26.44%

TỔNG TÀI SẢN
87,935,513

(19,378,886)
5.14%

NỢ PHẢI TRẢ

1,362,494
0.16%

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-1.08%
(70,053,523)

-8.45%


Nợ ngắn hạn
Phải trả người bán ngắn hạn

309,216,300

16,933,414
5.18%

90.00%
4,395,952

(13,814,587)
-34.08%

Nợ dài hạn

(15,571.0
)

-3.11%

16.45%
(379,270
)

-78.07%

VỐN CHỦ SỞ HỮU
86,573,019

Vốn và các quỹ
Trong đó:Lãi chưa phân phối

9.79%

50,674,637

9.79%
64,616,001

5.22%
73,005,147

27.25%

TỔNG NGUỒN VỐN

5.22%

50,674,637

86,573,019

87,935,513
5.14%

(19,378,886)

24.20%
-1.08%

Through the data of the period 2019 - 2021, comparing the balance sheet of DCL
Pharmaceutical Joint Stock Company, we can see that the size of total assets and
total corporate capital has increased relatively steadily. as follows:
Year 2019 compared to 2020

Size of assets and capital resources of the business: an increase scarcely of
87,936 million VND (equivalent to 5.14%). In which, the short-term assets rose by
4.77% (about 65,600 million VND) corresponding to the calculated weight 80.39%
to 80.11%. and long-term assets increase noticeably by 6.65% (about 22,336
million VND). Besides that, owner's equity increased moderately by 9.79%,
making total resources rise 5.14%.
Concerning the source of capital: Owner's equity increased by 86,573 million
dong, equivalent to the gain of 9.79% due to the increase in wealth and researves
(9.79%) and undistributed earnings (27.25%). The increase in liabilities from
828,049 million VND to 829,411 million VND, corresponding to the proportion
(0.16%), is mainly due to the reduction of short-term trade payables (-34.08%).
❖

Short-term assets

Cash and cash equivalents: Increased 27,379 million VND (about 188.83%).
Most of these items increased due to the reduction of debt receivables and

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recovered profits from short-term investments. We can see the proportion of cash
in 2019 is 0.85% and will increase to 2.33% in 2020.
Short-term investments: The main reason for the slight increase in short-term
investments from 838,255 million VND to 877,876 million VND with a rising
percentage difference of 4.73.

Short-term receivables: receivables decreased slightly by 495 million VND, the
difference decreased by 0.17%, showing the feasibility of debt collection, mainly
due to reducing customer receivables is -12.93%.
Inventory: concentrating primarily on raw material items, the company reserves in
advance and provides some before the goods. Inventory decreased slightly and
remained at a difference of -0.04%, about 93,949 million VND, because of the
supplier for COVID patients.
❖ Equity

Increased by 109,299 million dongs, equivalent to 7.83% compared to 2017. This
shows that the plan to mobilize capital is quite good. Investors and owners are
looking forward to the company's future development.
§Year 2020 compared to 2021

Size of assets and capital resources of the business: an increase scarcely of
-19,378 million VND (equivalent to -1.08%). In which, the short-term assets go
down by -12.55% (about -181,062 million VND) corresponding to the calculated
weight 80.11% to 70.81%, and long-term assets increase noticeably by 45.14%
(about 161,683 million VND). Besides that, Owner's equity increased moderately
by 5.22%, but making total resources decreased -1.08%.
Concerning the source of capital: Owner's equity increased by 50,674 million
dong, equivalent to the gain of 5.22% due to the increase in wealth and researves
(5.22%) and undistributed earnings (24.20%). The decrease in liabilities from
829,411 million VND to 759,357 million VND, corresponding to the proportion (8.45%) is mainly due to the increasing of short-term trade payables 16.45%.
❖ Short-term assets

Cash and cash equivalents: Decreased 622,670 million VND (about -1.49%).
Most of these items decreased due to the reduction of debt receivables and loss

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from short-term investments. We can see the proportion of cash in 2020 is 2.33%
and go down to 2.32% in 2021.
 Short-term investments: The main reason for the slight decrease in shortterm investments from 877,875 million VND to 655,923 million VND with
a decreasing percentage difference of -25.28%.
 Short-term receivables: receivables decreased dramaticaly by 55,102,585
million VND, the difference decreased by -19.08%.
 Inventory: concentrating primarily on raw material items, the company
reserves in advance and provides some before the goods. Inventory
increased enormously and remained at a difference of 35.78% about 81,208
million VND
chart 4.4: PMC's long-term ratio for the period 2019-2021

Chart Title
N ợ / T ổng Tài S ản

15.66%

13.54%

2019

N ợ/ Vốốn Chủ S ở Hữu

17.82%

15.12%

16.10%

13.87%

2020

2021

In general, the company has good debt management and utilization ability. PMC
has taken a safe, low-risk step when taking on a risk of borrowing and using its
own capital to invest and accordingly the loan is not too large to take advantage of
the tax shield. It can be seen that the business is in a period of good business
operation, the items are always safe and under control in a timely manner.

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3.1 . Asset use efficiency analysis:

Evaluate the efficiency of assets use, operation cycle and ability to convert into
money of short-term assets in business production and business activities of
enterprises.
Duty cycle is the period associated with activities related to inventory, accounts

receivable and payable through purchase and sale of goods. Performance ratios can
be calculated for inventories, trade receivables and trade payables.

3.2 Inventory ratios
Table of inventory turnover ratios

Năm

2019

2020

2021

Vòng quay hàng 3.14
tồn kho

3.11

3.32

Thời gian trung 116.1
117.29
110.01
bình xử lý HTK
(ngày)
The inventory management situation of PMC company is all greater than 1.
Although there is a inlfuence over the years, the difference is about 0.03 0.21%.
Thereby, we can see that the company performs good inventory management at a
safe level. On average, the medicinal product has a shelf life of about 3-4 years,

PMC has chosen to keep a little inventory to keep it at a safe level, by 2021, the
inventory will be 110.01 days. On average a company can turn around 1.05 times
the company's average inventory.

3.3 Vòng quay tài sản
Bảng tỷ số vòng quay tài sản (Đơn vị giá x1000 (VND)
Chỉ tiêu

2019

2020

2021

Doanh thu thuần

464,772

460,764

414,232

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