group assignment

GROUP ASSIGNMENT
THE CHANCE TO INVEST IN VINAMILK
Group 3
2/21/14
RMB 301





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1
GROUP 3

GROUP MEMBER

KIEU TIEN DAT
LUU VIET ANH
TRINH VIET DUNG
DUONG DUC NAM
DOAN DANH DAI
CLASS

SB 703
LECTURE

LÊ THỊ THU TRANG

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2
Contents
I. ABSTRACT 4
1. Reasons for choosing research topics 4
2. Question and Objective 4
II. INTRODUCTION 5
1. Research Issues 5
2. Background 5
III. LITERATURE REVIEW 6
1. Concept 6
 Investment opportunity 6
 Enterprise value 6
 The needs of business valuation 6
 Market measurement ratio 7

2. Methods 7
 The methods of business valuation 7
 Market measurement ratio 8
 Price to Earnings (P/E) 8
Formula: Price to Earnings = Market Value per Share / Annual Earnings per Share 8
 PEG Ratio 8
PEG Ratio = Price to Earnings / Annual EPS Growth Annual EPS Growth is stated as % x
100 9
 Dividend Yield 9
Dividend Yield (%) = (Market Price per Share / Dividends per Share) x 100 9
 Price to Book value 9
Price to Book = Market Price per Share / Book Value per Share 9
IV. METHODOLOGY 9
1. Method 9
2. Nature of Research Design 10
3. Data source: Secondary 11
4. Procedure 11
V. FINDING 12
1. Free Cash Flow estimation and Firm valuation 12

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 State underlying assumptions and the basis for those assumptions 12
 Pro Forma Income Statement 16
 Pro forma balance sheet: 17
5. We chose the stable growth to estimate value of Vinamilk by some reasons: 18
 Calculate the Firm Value 18
VI. CONCLUSION AND RECOMMENDATION 20
1. Evaluate assumption 20
2. Evaluate the appropriateness of the estimation 20

3. Investment suggestion 20
















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I. ABSTRACT

1. Reasons for choosing research topics
Objectives of the research problem is to clarify the financial situation of vinamilk, from
which evaluating the value of this company bring some chances to invest in this.From which
we make some suggestions to help businesses clearly see fluctuations in the future financial
and have consistent solutions. On the other hands, improving the views of investor about
this company. And so Vinamilk can increase competitive ability with another company. Base
on this, trademark of Vinamilk can compete in world market.
2. Question and Objective
 Questions

 What is the method using to evaluate firm value?
 What is the position of this company?
 What is the recommendation to investor to invest in Vinamilk?
 Objectives
 Analyzing data from financial report of Vinamilk(Calculating WACC, r(E),r(D), FCFF)
to evaluate the company’s value.
 Clarify the company’s position.
 Improving recommendation for investor.
 Finding
 Explore: We use Vinamilk’s financial statement from 2009 to 2012 to forecast financial
statement of Vinamilk in 2013.
 Explain: We use common size income statement in 2012 to caculate some value in income
statement and then we can complete Vinamilk’s Pro Forma Income Statement in 2012.
And we use historical data to calculate Beta of Vinamilk.
 Evaluate: Evaluate firm value.



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II. INTRODUCTION

1. Research Issues
Research History: There are about 9 researchers about this issue. They use historical data to
evaluate this company and so it doesn’t suit for this period. Furthermore, They use historical
data to calculate Beta for this company, It has error result.
The gaps: we revaluating the value of this company base on some theses and analyze report:
equity research of Sacombank and use some ratio such as ROA, ROE, ROI.
2. Background
Organizehistory: Vinamilk is the

biggest dairy company in Vietnam. Based on
the UNDP 2007 Top 200 largest firms in
Vietnam report, it is also the 15th largest
company in Vietnam. In 2010, it is the first
company in Vietnam to be included in the
Forbes Asia's 200 Best Under A Billion list
that highlights 200 top-performing small- and
mid-sized companies with annual revenue
under US$1 billion.
The company was established in 1976 as the
state-owned Southern Coffee-Dairy Company,
to nationalize and take over the operations of
three previously private dairy factories
in South Vietnam: Thống Nhất (belonging to a
Chinese company), Trường Thọ (formerly
owned by Friesland Foods, best known for its
production of condensed milk that was widely
distributed across the South), and Dielac (Nestlé). Vinamilk was then renamed to United
Enterprises of Milk Coffee Cookies and Candies I in 1978 and finally Vietnam Dairy
Vietnam Dairy Products Joint Stock Company
(Vinamilk)


Type
Joint-stock company
Industry
Dairy products, juice
Founded
1976
Headquarters

Ho Chi Minh City, Vietnam
Area served
Vietnam, Middle
East,Cambodia, Australia and
thePhilippines
Key people
Mai Kieu Lien Chairwoman/CEO
Services
General clinic, investing, real estate
Website
www.vinamilk.com.vn

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Company was formally established in 1993. In 2003, follows its IPO to the Ho Chi Minh
Stock Exchange, the company legally change its name to Vietnam Dairy Products Joint
Stock Company (Vinamilk). The principal activities of the Vinamilk are produce and
distribute condensed milk, powdered milk, fresh milk, soya milk, yogurts, ice-cream, cheese,
fruit juice, coffee and other products derived from milk.
Products:Vinamilk products such as powdered milk and condensed milk are also exported
to the Middle East, Cambodia, the Philippines and Australia. Exports accounted for $180m
in 2012. Vinamilk's main competitors are Dutch LadyVietnam, a division of Friesland
Foods, Nestlé Vietnam, Abbott, Mead Johnson, Friso and Nutifood.

III. LITERATURE REVIEW
1. Concept
 Investment opportunity
An investment opportunity is any situation where you have the option of purchasing
something that has a chance to gain value in the future. Investment opportunities are different
from investment prospects, which refer to possible future investment opportunities. The key

to making money through investing is knowing which opportunities to take advantage of and
how to manage them.
 Enterprise value
 Enterprise value: Enterprise value is the existing benefits and the potential profits a
business can be able to create value in the form that we can calculate, determined by the
method, model appropriate price.
 Business valuation is the process of determining the actual value of a business at a certain
point on the basis of the market in order to create a basis for the parties to business
transactions.
 The needs of business valuation
 Determining value to the current status of the company before making a final decision.
They want to know the businesses to assist the process of restructuring of the equity.

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First, shareholders or investors want to capture in detail opportunities and potential for
future development of the business.
 Business valuation help businesses prepare for the issuance of bonds for the first time to
the public (IPO). Stock Market imposes certain requirements and certain rules about the
types of information that companies must publicly in the IPO documents. "Business
valuation" determines and indicates the core activities of the company and the
opportunities as well as risk factors. IPO's success depends heavily on the preparation
process. Lack of thorough preparation, the parties relating to the IPO may have to cope
with the difficulties and the company can be reduced significantly value upon listing,
thereby adversely affecting benefits of the owners.
 Business valuation help improve the company's overall operations before actually less
efficient operating condition. The process of determining the value of the business will
objectively assess the strengths and weaknesses of the company. By identifying and
pointing out problems or areas is most evident weaknesses of the company, the process
of "Business Valuation" is a tool to help companies assess objectively or "unlock"

opportunities / potential and increase shareholder value for the present and future.

 Market measurement ratio
 A ratio used to find the value of a company by comparing the book value of a firm to its
market value. Book value is calculated by looking at the firm's historical cost, or
accounting value. Market value is determined in the stock market through its market
capitalization.
2. Methods
 The methods of business valuation
 The method base on asset: the method for calculating enterprise value based on the
market value of the total assets of the enterprise
Formula: V
E
=V
A
-V
D
V
E
: Market value of equity
V
A
: Market value of total assets

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V
D
: Market value of Debt
 Discounted cash flow method: the method for calculating enterprise value bases on the

profitability of the business in future





Weighted average cost of capital (WACC)






 Market measurement ratio
 Price to Earnings (P/E)
Formula: Price to Earnings = Market Value per Share / Annual Earnings per Share
 PEG Ratio
 
* * 1 *
= Firm's cost of equity (Chapter 2)
E = Market value of firm's equity
= Firm's cost of debt (Chapter 2)
= Firm's tax rate
D = Market value of firm's debt
E D C
E
D
C
ED
WACC r r T

E D E D
where
r
r
T
  

 
*1
Long-term FCF growth rate
Common choice: g = real growth + inflation
N
FCF g
Terminal value
WACC g
where
g




     
11
Discount only Terminal value
limited number of is PV of FCFs,
projected FCFs years N+1, N+2,
. . .
1 1 1
N
tt

t t N
tt
FCF FCF Terminal Value
Enterprise value
WACC WACC WACC



  
  

1 4 4 2 4 4 3 1 4 4 2 4 4 3

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PEG Ratio = Price to Earnings / Annual EPS Growth
Annual EPS Growth is stated as % x 100
 Dividend Yield
Dividend Yield (%) = (Market Price per Share / Dividends per Share) x 100
 Price to Book value
Price to Book = Market Price per Share / Book Value per Share



IV. METHODOLOGY

1. Method
Approach:We use abuductive method. In our thesis, we apply both deductive and Inductive.
 Deductive: Base on information of vinamilk’ financial reports that we collect from
Vinamilk’ homepage and some reputation financial website (cafef.vn,

finance.vietstock.vn/), we analyse and make clear Vinamilk’ financial indexes.
 Inductive: Base on analysis Vinamilk’ financial indexes, We give some conclusions
about Vinamilk’ financial strength, and give some advices for investors that how should
invest to Vinamilk
The method what we choose will affect your results and how we conclude the findings. Most
scientists are interested in getting reliable observations that can help the understanding of a
phenomenon.There are two main approaches to a research problem: Quantitative research
and qualitative research.In this research we use both of methods:
 Quantitative research: Quantitative research design is the standard experimental
method of most scientific disciplines. It is the opposite of qualitative research.

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Quantitative experiments all use a standard format, with a few minor inter-disciplinary
differences, of generating a hypothesis to be proved or disproved. This hypothesis must
be provable by mathematical and statistical means, and is the basis around which the
whole experiment is designed. Randomization of any study groups is essential, and a
control group should be included, wherever possible. Ideally, the research should be
constructed in a manner that allows others to repeat the experiment and obtain similar
results.In this report, we use data from financial report to calculate firm value.
 Qualitative research: Qualitative research is often regarded as a precursor to
quantitative research, in that it is often used to generate possible leads and ideas which
can be used to formulate a realistic and testable hypothesis. This hypothesis can then be
comprehensively tested and mathematically analyzed, with standard quantitative
research methods. These qualitative methods are often closely allied with interviews,
survey design techniques and individual case studies, as a way to reinforce and evaluate
findings over a broader scale.This data in the report will give us the views of investor for
this firm, the position of this company in the industry.
2. Nature of Research Design

 Descriptive: Describe the position of this company
The results from a descriptive research can in no way be used as a definitive answer or to
disprove a hypothesis but, if the limitations are understood, they can still be a useful tool in
many areas of research. Descriptive research design is a valid method for researching
specific subjects and as a precursor to more quantitative studies.
In this thesis we will describe data (finance reports of vinamilk) then use theory to make
clearly the project.
 Explanatory: Explaining the meaningful of numbers from financial report of this firm
Exploratory research often relies on secondary research such as reviewing available
literature and data, or qualitative approaches such as evaluate database (financial report)
through in-depth focus group, research method.
 Evaluative: Evaluating the chance to invest in Vinamilk

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Base on describing data from financial report, there for explaining that, along with the some
advices from investors, we evaluate and give some conclusions about Vinamilk’ financial
strength.
Deductive: Base on information of vinamilk’ financial reports that we collect from
Vinamilk’ homepage and some reputation financial website (cafef.vn,
finance.vietstock.vn/), we analyse and make clear Vinamilk’ financial indexes.
Inductive: Base on analysis Vinamilk’ financial indexes, We give some conclusions about
Vinamilk’ financial strength, and give some advices for investors that how should invest to
Vinamilk
3. Data source: Secondary
a. Financial report from websites
- Vinamilk uses its website www.vinamilk.com.vn as an
official information webpage for its customers. Regularly, Vinamilk will supplement,
improve and update the information and function

- Top two financial website in Viet Nam
- Theory: Source-book Fundamentals of Corporate Finance, by Brealey, Myers and Marcus,
provides students with a solid framework of theory and application to use well after they
complete the course. This author team is known for their outstanding research, teaching
efforts, and world-renowned finance textbooks, so it's no surprise that they provide clear
exposition of difficult material without sacrificing up-to-date, technically correct treatments.


4. Procedure
Our group has consistent that we will use secondary data searching online because of its
advantages. In detail, it is inexpensive if our group plan and manage well; vast quantities of
data available.

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The official website of Vinamilk ( providesmost important
data whichare using. Besides, we gain additional information from top financial website such
as
All data are copies of official documents and it is collected at 15
th
February.All data that we
areobtained have consistency from all three website.
Twopeople who are responsible for collecting the data and entering it in the database are
Dung Trinh Viet and Nam Duong Duc. And three people left (Luu Viet Anh, KieuTienDat,
DoanDanh Dai) are responsible for transforming the raw data in to the form we are working
on.

V. FINDING

1. Free Cash Flow estimation and Firm valuation
We use Vinamilk’s financial statement from 2009 to 2012 to forecast financial statement of Vinamilk
in 2013. As you can see from the graph in the period from 2009 to 2012 Vinamilk shows the increased
stability about revenue, assets … and we believe that in 2013 Vinamilk will continue keep the stable
growth.And we forecast some index base on historical data:
 State underlying assumptions and the basis for those assumptions
 Sales growth: From the income statement of Vinamilk, we caculate the sales growth from 2009
to 2012 :

2012
2011
2010
2009
Sales growth of
Vinamilk
22.8%
37.2%
48.6%


The sales growth of milk industry in Viet Nam is about 20%. And so you can see that Vinamilk
always have a high sales growth in comparison with industry. However the sales growth of Vinamilk

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decreased signigicantly from 2009 to 2012. Because Vinamilk have more and more big competitors
in Viet Nam(Dutch Lady, Nutifood,HaNoi Milk…) and so the market share of Vinamilk decrease in
this period. However Vinamilk have some big advantages:
 Leading position.

 Diversified product portfolio.
 The distribution network and extensive sales.
 Good relationships with suppliers, ensuring reliable source of milk.
 The capacity of research and development-oriented market.
 Management experience good results demonstrated by sustainable business operations.
 Equipment and production technology of international standard.
Furthermore, in the near future Vinamilk have some project:
 New Zealand:
According to published information from JSC Vietnam Dairy ( Vinamilk ). The company
has received a certificate of adjustment to investment in Miraka company in New Zealand.
Vinamilk invest to Miraka from 2010 to exploit abundant fresh raw milk and high quality of
New Zealand . In 11/2013 , introduced vinamilk Twin Cows - The company's products are
manufactured in New Zealand. The total investment of the company increased from 121
million New Zealand dollars ( NZD ) to nearly 148 million NZD , vinamilk increase
investment to ensure ownership percentage 19.33 % of the capital . Accordingly , vinamilk
investment increased from 12.5 million to over 14.4 million NZD.
 USA:
Vinamilk received certificates of investment abroad by the Ministry of Planning and
Investment on 06/12/2013 at Driftwood Dairy Holdings Corporation company ( Driftwood
) in California , United States . Vinamilk will invest $ 7 million and hold 70% equity in the
company Driftwood .
In 2012 Driftwood grossed about $ 100 million but less profitable activities . HSC will
quickly take the Driftwood vinamilk back to break even . However, the contribution to the
total profit of vinamilk still modest .
 Cambodia:

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Vinamilk has received a certificate of business registration company Dairy Products

Company Limited Angkor in Cambodia.
According to the announcement of vinamilk , here is the processing plant for dairy products
to serve the market of Cambodia because Cambodia VNM and investment partners which
holds a 51% stake VNM.
This company has a registered capital of 80.04 billion Riels (about 420 billion VND ) ,
registered office in Phnom Penh , Cambodia.
And so with the advantages of Vinamilk, especially with the “Brand image” of Vinamilk we
believe that in 2013 Vinamilk will have higher growth rate. We forecast that sales growth of
Vinamilk in 2013 will be 22%.

 Current assets/Sales : we use average proportion of historical data from 2009 to 2012:

2012
2011
2010
2009
Average
Current assets/
Sales
0.41

0.43

0.37

0.47

0.42

 Current liabilities/Sales :we use average proportion of historical data from 2009 to 2012:



2012
2011
2010
2009
Average
Current liabilities/
Sales
0.15


0.13

0.16

0.16

0.15

 Net fixed assets/Sales :we use average proportion of historical data from 2009 to 2012:

2012
2011
2010
2009
Average
Net fixed assets/

Sales
0.17

0.17

0.17

0.17

0.17

 COGS/ Sales: we use average proportion of historical data from 2009 to 2012

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2012
2011
2010
2009
Average
COGS/ Sales
0.65


0.68

0.66

0.62

0.65


 Depreciation rate: we use depreciation rate of 2012 to caculate it for 2013
Depreciation in 2012 of Vinamilk is:
2289431856824-1808198293806+133564367628-127363281336
= 487434649310
Average fixed assets = (6512875316427+5301826836260+253615655556+256046089531)/2
= 6162181948887
 Depreciation rate = 487434649310/6162181948887=8%
 Interest rate on debt
Interest expense of Vinamilk in 2012 is 3,114,837,973 and the average debt of Vinamilk is :
92,000,000,000/2=46,000,000,000
 Interest rate on debt: 3,114,837,973/46,000,000,000 = 6.77%

 Tax rate : we use average proportion of historical data from 2009 to 2012
By use fomular: Tax rate = Tax/Profit before tax we caculate tax rate of Vinamilk from 2009 to 2012

2012
2011
2010
2009
Average
Tax rate
0.16
0.16
0.15
0.13

0.15

 Dividend payout ratio: that demand on policy of Vinamilk’s management. However from the
historical data we can forecast the dividend payout ratio for 2013 is 32%.


2012
2011
2010
2009

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Dividend payout
ratio
0.38
0.18
0.49
0.15

From the table we see that dividend payout ratio change significantly through each year.
That demand on strategy of this company for the next year. And so in 2014 Vinamilk don’t have any
new project and so I believe that the dividend payout ratio in 2013 will so high(80%)


 Pro Forma Income Statement
We use common size income statement in 2012 to caculate some value in income
statement and then we can complete Vinamilk’s Pro Forma Income Statement in 2012

2012
2013
Sales
27,101,683,739,278
33,064,054,161,919
Less deductions
-540,109,559,314
-658,933,662,363
Net sales
26,561,574,179,964
32,405,120,499,556
Cost of sales
-17,484,830,247,188
-21,491,635,205,248
Gross profit
9,076,743,932,776
10,913,485,294,309
Financial income
475,238,586,049
579,791,074,980
Financial expenses
-51,171,129,415
-62,428,777,886
In which: Interest expenses on loans
-3,114,837,973
0
Selling expenses
-2,345,789,341,875
-2,861,862,997,088
General and administration expenses

-525,197,269,346
-640,740,668,602
Operating profit
6,629,824,778,189
7,928,243,925,712
Other income
350,323,343,748
427,394,479,373
Other expenses
-63,006,276,113
-76,867,656,858
Net other income
287,317,067,635
350,526,822,515
Share of associate’s result
12,526,171,255
15,281,928,931
Net accounting profit before tax
6,929,668,017,079
8,294,052,677,158

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Business income tax - current
-1,137,571,835,560
-1,244,107,901,574
Business income tax - deferred
27,358,535,564
33,377,413,388

Net profit after tax
5,819,454,717,083
7,083,322,188,973
Dividends

2,266,663,100,471
Retained earnings

4,816,659,088,501


 Pro forma balance sheet:
To complete Pro forma balance sheet we use some proportion:


2012
2013
ASSETS


CURRENT ASSETS
11,110,610,188,964
13,886,902,748,006
Cash and cash equivalents
1,252,120,160,804
1,418,501,856,747
Short-term investments
3,909,275,954,492
4,769,316,664,480
Accounts receivable

2,246,362,984,001
2,740,562,840,481
Inventories
3,472,845,352,518
4,236,871,330,072
Other current assets
230,005,737,149
280,606,999,322
LONG-TERM ASSETS
8,587,258,231,415
6,282,731,899,640
Fixed assets
8,042,300,548,493
5,620,889,207,526
Net fixed assets
4,477,059,115,159
5,620,889,207,526
Short-term investments/Sales
14.4%
Accounts receivable/Sales
8.3%
Inventories/Sales
12.8%
Other current assets/Sales
0.8%
Investment properties/Sales
0.4%
Long-term investments/Sales
1.05%
Other long-term assets/Sales

0.55%

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Cost
6,900,055,339,611
8,658,446,244,553
Accumulated depreciation
-2,422,996,224,452
-3,037,557,037,026
Construction in progress
3,565,241,433,334
0
Investment properties
96,714,389,090
117,991,554,690
Long-term investments
284,428,762,040
347,003,089,689
Goodwill
13,662,186,598
13,662,186,598
Other long-term assets
150,152,345,194
183,185,861,137
TOTAL ASSETS
19,697,868,420,379
21,588,136,504,392
RESOURCES

LIABILITIES
4,204,771,824,521
5,032,541,580,188
Current liabilities
4,144,990,303,291
4,959,608,124,288
Long-term liabilities
59,781,521,230
72,933,455,901
OWNERS’ EQUITY
15,493,096,595,858
16,555,594,924,204
Capital and reserves
15,493,096,595,858

Retained earnings

1,062,498,328,346
TOTAL RESOURCES
19,697,868,420,379
21,588,136,504,392

5. We chose the stable growth to estimate value of Vinamilk by some reasons:
 Vinamilk is one of the biggest companies of Vietnam. They are operating in the stable growth.
 VietNam’s Milk industry is in the stable period. There are many company operate in this market
and so Vinamilk will have a stable market share in the future.
 Diversified product portfolio. Vinamilk operate in any kind of produce of milk. In the future they
don’t have any new project.

 The sales growth of Vinamilk is not significantly greater than industry. Vinamilk have some big
advantages in comparison with any companies in this industry. And so we believe that Vinamilk
will have the stable growth rate
 Calculate the Firm Value
 We use historical data to calculate Beta of Vinamilk:
Beta(Raw)=0.4616

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 Beta=0.4616*2/3+1/3=0.641
 Base on the Rm from 2009 to 2012 (we calculate on excel) we use multiple average to
calculate R(m)
R(m)=((P
n
/P
o
)
1/n
-1)*12
=10.28%
Government bond rate with time to maturity is 10 years has yield to maturity of 9.07%. Viet Nam
has government bond rating is B2. And so default spread is 5%. Then we
calculate risk free rate :
Risk free rate: 9.07%-5%=4.07%
→ Cost of equity: 4.07%+β*(10.28%-4.07%)
=8.05%
From the financial statement of Vinamilk . We find the interest expense of Vinamilk in
2012 is 3,114,837,973 and the average debt of Vinamilk is:
92,000,000,000/2=46,000,000,000.

And so k(debt)= 3,114,837,973/46,000,000,000=6.77%
From website cafef.vn, At the end of year 2012 Vinamilk has total debt is
4,174,699,452,000(VND) and owner equity is 15,493,096,596,000. Then we can
calculate weigh of Debt and equity:
Weigh of debt: 4,174,699,452,000/(4,174,699,452,000+15,493,096,596,000)
= 21.2%
Weigh of equity: 78.8%
Marginal corporate tax rate of Vietnam is 25%
→WACC=9.41%
 We calculate g by use SGR model:
g=ROE*(1-DPO)

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=7,083,322,188,973/16,909,761,033,653*(1-0.85)
= 6.42%
Estimate FCF of Vinamilk in 2013:
Profit after tax
7,083,322,188,973
Add back depreciation
614,560,812,574
Subtract increase in current asset
-2,776,292,559,042
Add back increase in current liability
814,617,820,997
Subtract increase in fixed asset at cost
-1,758,390,904,942
FCF
3,977,817,358,560

Firm Value: 3,977,817,358,560/(9.14%-6.42%)=146,122,942,060,996

VI. CONCLUSION AND RECOMMENDATION

1. Evaluate assumption
 With the assumption we use to calculate firm value we base on historical data and evaluate
about operation of this company in the future. We base on believable information and so the
assumption we show that is really reliable.
2. Evaluate the appropriateness of the estimation
 As we show the reliable of assumptions, I totally believe about this result we
calculate.
3. Investment suggestion
 Total shares outstanding of Vinamilk is 833,955,796.
 Then we can calculate the price per share:
146,122,942,060,996/833,955,796=175,217(VND). In the market the share of
Vinamilk was exchange with price: 140,000(VND)
 And so this stock is under price and we should by stock of Vinamilk.



Page
21

References
Book:
- AswathDamodaran (2002). Investment Valuation, 2
nd
edn, John Wiley & Sons, Inc,
US.
- Robert Parrino, David S. Kidwell & Thomas W. Bates (2009) Fundamentals of

Corporate Finance, 2
nd
edn, John Wiley & Sons, Inc, U.S, p.227-230, p.410-433.
Websites:
- Cafef,effectiveness evaluation, asset, retrieved May 21 2013 .
Available:
- Khoa hoc viet, citations and reference list, retrieved May 21 2013.
Available:o/meresci/vi/harvard.html
- Vinamilk, Annual reports 2009 – 2012, retrieved May 20
2013.Available:
- Hanoimilk Joint Stock Company. Retrieved July 04, 2012,
from
-
- />%E2%80%9C-lai-suat-phi-rui-ro%E2%80%9D.3953/
- eTForcasts, Worldwide PC Market, viewed January 31 2013, Available:






APENDIX

2012
2011
2010
2009
ASSETS

CURRENT ASSETS
11,110,610,188,964

9,467,682,996,094

5,919,802,789,330
5,069,158,279,142
Cash and cash equivalents
1,252,120,160,804

3,156,515,396,990

263,472,368,080
426,134,657,958
Cash
852,120,160,804

790,515,396,990

249,472,368,080
376,134,657,958
Cash equivalents
400,000,000,000

2,366,000,000,000

14,000,000,000
50,000,000,000

Short-term investments
3,909,275,954,492

736,033,188,192

2,092,259,762,292
2,314,253,566,692
Short-term investments

4,039,304,630,112

815,277,431,792

2,162,917,431,792
2,400,760,431,792
Provision for diminution
in value of
short-term investments
(130,028,675,620)

(79,244,243,600)

(70,657,669,500)
(86,506,865,100)
Accounts receivable

2,246,362,984,001

2,169,205,076,812

1,124,862,162,625
728,635,028,515
Trade accounts receivable

1,269,841,759,012

1,143,168,467,855

587,457,894,727
513,346,454,195
Prepayments to suppliers

576,619,318,260

795,149,182,591

354,095,973,554
139,363,472,266
Other receivables

403,754,490,615

232,805,433,796

183,904,850,455
76,588,274,943
Provision for doubtful
debts
(3,852,583,886)

(1,918,007,430)

(596,556,111)
(663,172,889)

Page
1

Inventories

3,472,845,352,518

3,272,495,674,110

2,351,354,229,902
1,311,765,054,881
Inventories

3,476,300,517,903

3,277,429,580,780

2,355,487,444,817
1,321,270,711,701
Provision for decline in
value of inventories

(3,455,165,385)

(4,933,906,670)

(4,133,214,915)
(9,505,656,820)
Other current assets

230,005,737,149

133,433,659,990

87,854,266,431
288,369,971,096
Short-term prepayments

72,343,567,655

56,909,099,519

38,595,473,073
21,986,072,192
Value Added Tax to be
reclaimed

154,118,437,302

74,772,661,634

16,933,368,421
37,398,679,286
Other taxes receivable

226,000,000,000
Other current assets

3,543,732,192

1,751,898,837

32,325,424,937
2,985,219,618
LONG-TERM ASSETS

8,587,258,231,415

6,114,988,554,657

4,853,229,506,530
3,412,877,571,360
Fixed assets

8,042,300,548,493

5,044,762,028,869

3,428,571,795,589
2,524,963,816,799
Tangible fixed assets

4,223,443,459,603

3,493,628,542,454

2,589,894,051,885
1,835,582,064,070
Cost

6,512,875,316,427

5,301,826,836,260

4,113,300,629,871
3,135,506,309,723
Accumulated depreciation

(2,289,431,856,824)

(1,808,198,293,806)

(1,523,406,577,98
6)
(1,299,924,245,653)
Intangible fixed assets

253,615,655,556

256,046,089,531

173,395,289,975
39,241,360,883

Page
2
Cost

387,180,023,184

383,409,370,867

263,171,406,266
82,339,659,797
Accumulated depreciation

(133,564,367,628)

(127,363,281,336)

(89,776,116,291)
(43,098,298,914)
Construction in progress

3,565,241,433,334

1,295,087,396,884

665,282,453,729
650,140,391,846
Investment properties

96,714,389,090

100,671,287,539

100,817,545,211
27,489,150,000
Cost

117,666,487,460

117,666,487,460

104,059,758,223
27,489,150,000
Accumulated depreciation

(20,952,098,370)

(16,995,199,921)

(3,242,213,012)

Long-term investments

284,428,762,040

846,713,756,424

1,141,798,415,275
602,478,419,946
Investments in joint

ventures and associates

217,944,646,507

205,418,475,253

214,232,426,023
26,151,955,551
Other long-term
investments

80,840,000,000

783,646,073,800

1,036,146,073,800
672,731,593,440
Provision for diminution
in value of long-term
investments

(14,355,884,467)

(142,350,792,629)

(108,580,084,548)
(96,405,129,045)
Goodwill

13,662,186,598

15,503,335,522

19,556,808,664

Other long-term assets

150,152,345,194

107,338,146,303

162,461,317,098
249,124,071,857
Long-term prepayments

41,073,978,122

25,598,314,795

97,740,813,322
194,714,091,558