Phân tích báo cáo tài chính phát hiện các vấn đề liên quan mà tập đoàn HAGL đang phải đối mặt và đề xuất các giải pháp cho HAGL e

STUDY THE OPERATION OF HOANG ANH GIA LAI GROUP (HAGL),
-

Financial year end report to idendify key issues that HAGL are facing with and
propose solutions for HAGL.

-

Growth strategy of HAGL in Laos (opportunities and threats)

-

Analyze legislative, political system for investment in Laos and recommend
solutions for HAGL.

-

Analyze risks and impacts on the financial management of HAGL expansion plan.


Table of content
Item Descrition
1
Chapter I: Hoang Anh Gia Lai group
2
1.1Introduce about Hoang Anh Gia Lai
3 11.2 Vision
4
1.3 Mission
5
1.4 Growth strategy

6
Chapter II: Analyze financial statement
7
2.1 Liquidity
8
2.2 Operation
9
2.3 Ratio of financial leverage and proportation of assest, equity
10
2.4 Income ratio:
11
2.5 /Payable accounts:
12
2.6 Cashflow
13
2.7 Short term debt and payment ability:
14
2.8 Future cashflow and income from mining
15
Chapter III: Growth strategy in Laos
3.1.Analyze macro micro environment impacts to business environment
3.1.1 Country environment

Page
4
4
4
4
4-5

16
17
18

3.1.2 Oversea environment
3.2 SWOT analysis
3.3/ Analyze HAGL strategies and vision to 2020

10
10-11
13

19

3.4 Recommendations

20

Chapter IV: Legal framwork and political system investment in Laos
4.1 Investment law in Laos:

15-16
15-16

21
22

4.2 Policies to promote investment
Chapter V: Analyze risks and impacts to the financial management of

16

23
24
25
26

HAGL expansion plan in Laos
5.1 Optimist investment should be concerned
5.2 Investment environment in Laos
5.3 Poor infrastructure, and supplementary industries
Chapter VI: Recommendations and suggestions
6.1 Financial management

27
28
29

6.2 Risk management
6.3 Human Reources Management
References

6-7
7
7
7-8
8-9
8
9
9

10

14

16-17
17-18
18
18
19
19
19


Chapter I
1.1 Hoang Anh Gia Lai group
Hoang Anh Enterprise, founded by chairman Doan Nguyen Duc in 1993, was
converted to a joint stock company and renamed as HAGL JSC in 2006. On 22 Dec
2008, the company’s share were officially listed on HOSE with the code HAG.
Establish as a small wood processing factory and now a conglomerate with the total
assest of 25,577 billion VND.
1.2 Vision:
To

become the leading diversified multi sector group in Vietnam with suitable

development in rubber, hydro power, mining and real estate
1.3 Mission:
To maintain the continuous creativity, and strive to produce quality products and
provide good services and reasonable costs. To provide good employee benefits,both
in terms of monetary renumertion and employee development in order to motivate the

employees to create values for shareholders and the general society.
1.4 Growth strategy:
Main goals of the company:
- Fast and suitable development. In 2012 rubber, hydro power and mining operations
will be the core business of the group
- Become the leading real estate company in Vietnam
Medium term business plan
Focus on the high profitable operations of real estate, and production and distribution of
wooded furniture.
Long term business plan


Focus on rubber plantation (51,000 ha) and hydro power (with the total capacity of 420
MW). These industries are critical for suitable and long term development of the group.
The Group will also focus on the development of the mining business.
Chapter II
Analyze financial statement
According to the financial data collected from the year end report of Hoang Anh Gia Lai
(HAGL) group in the year of 2009, 2010, 2011, the financial issues of the group is
reflected as following indicators:
Unit:Billion dong
Item Description
1
Overal asset

Unit
Mil

2009
12.196

2010
18.772

2011
25.577

2

Revenue

Mil

4.370

3.970

3.152

3

Income after tax

Mil

1.188

2.081

1.325

I

Liquidity

1

Current liquidity

Times

1,72

2,16

1,96

2

Quick liquidity

Times

1,17

1,01

1,25

3

Immediate liquidity

Times

0.02

0.52

0.44

4

Time for liquidity

Day

-

276

786

II
5

Operation
Rotation of working capital

Round

-

0,50

0.25

6

Rotation of inventory

Round

-

0,62

0,40

7

Account receivables

Round

-

0,81

0,70

8

Effectiveness of fixed assest

%

-

1,15

0,51

9

Net revenue/Average fix assest

%

-

0,25

0,14

10

Growth ratio of net revenue

%

-

-9,07

-20,63

III

Ratio of financial leverage and

11
12

proportation of assest, equity
Payables/Assests
Long term debt /Equity

%
%

58,09
59,08

53,89
39,18

60,57
92,71

13

Fixed assets ratio /Equity

%

53,61

53,83

83,87

14

Assest growth

%

-

56,14

34,31

IV

Income ratio

15

Accumulated income/ net revenue

%

45,98

50,59

45,21

16

Net

business %

29,48

52,43

42,06

17

/Investment
Income after tax /Average equity %

-

32,29

15,06

18

(ROE)
Income after tax/Average assest %

-

13,32

5,94

19

(ROA)
EBIT/bank interest

%

9,42

14,5

4,65

20

Growth ratio of income after tax

%

-

61,69

-36,33

income

from

Analyze the abovementioned data, we know that:
The overal assets of the company is constinuously increased in the last three year because
the company invests a lot on real estate to supply for the market but the real estate market
is currently faced with many problems thus less demand, their customers are delayed in
payment. Therefore, payables increased makes the short term assest increased. This is one
of the problems that the group must to address it.
Besides, the group aslo invests on rubber, especially is to increase the plantation area of
rubber in Laos but the return is not et due to plantation is just start. Therefore, the long
term assest will increase accordingly to make it constinuous growth in 3 year.
2.1 Liquidity:
The current and quick liquidity in 3 year have been stable in 3 years. In 2010 is 2.16 and
in 2011 is account for 1.96. This will help the group to active in liquidity but it will affect
to the effectiveness of the business because the group has a high short term debt (to
31/12/2011, short term debt is 3,201 billion dong). The cause is that the company has to
deposit a big amount because the company is strongly investing on the finance so it is
needed to have cash for the market. However, it should be considered when deposit a

high amount of cash, it is especially on the economic ression, the financial invest have
less effective but to be bear with interest.
Time to payment for payables during two year is quite long, in 2011 it comes up to 786
day. This means the company have use the capacital of their partners which most of them
are prepaid investors for real estate projects. If this situation lasts long, the reputation of
the company will be degraded and real estate products are declining on the brandname of
the company which led to difficult for demanding. This will lead to increase inventory
2.2 Operation:
The rotation of working capital is very low and in 2011 decreases a compared with 2010.
Causes are:
+ The group are dealing with the real estate but the market is down and price reduced
strongly, so it is difficult to sell. The inventory of real estate is increasing.
+ The company is dealing with the financial investment but the stock market degraded
thus the inventory is there.
The effectiveness of fixed assest is decreased due to the abovementioned probems and
the revenues in 2011 also declined as compared with 2010.
2.3 The ratio of financial leverage and proportation of assest, equity:
It is based on the financial leverage and proportation of assest of other enterprises is
increasing. With this situation, if the company can not exploit assest effectively the
business will be affected and reduced. The pressure of debt will be increased. This issue
is assessed by revenues.
2.4 Income ratio:
The ratio and the effectiveness of the group is currently good, ROE in 2010 accounts for
32.26%, it is higher than the bank interest, this is good aspest. In 2011, ROE decreased
and accounts for 15.06%, althought this firgure is acceptable but this predict the
upcoming difficult for the group waiting ahead.
The EBIT/bank interest shows declining after years. So, the use of financial leverage of
the company is not good. This can be made clearer when to analyze the ROA.

ROA in 2009 achieves 13.32% but it down in 2011 accounts for 5.94%. To 31/12/2011,
total assest of from the equity accounts for 15,493 billion dong, while 3,201 billion from
the short term deb (interest is 12%/year) and 8,424 billion long term debt (interest
13%/year) so average equity of the group is 9.55% higher than the ROA.
So, the use of financial leverage is not clearly effective because the ROA is lower than
average equity. This situation lasts long, it will affect to the effectiveness of the group and
can be lead to bankcrupcy.
2.5 /Payable accounts:
According to the data of the group, 15,000 billion is the total debt of the group up to
31/3/2012, exceeds 63% above total assest. This firgure is risky and reate financial
burden for the group when it comes to deadlines.
However, the cash is 3,000 billion dong and bond converted is 5,565 billion dong, will
reduce the burden to the deadline, the balance of 6,435 billion dong, therefore is 25%.
The chairman reject the information on some newspaper.
To liquidate debts of the bank, the Board of Management predict casflow collected from
the real estate that customer deposited 70%, estimated cash collected os 8,460 billion
dong and sell the finished apartment collected 4,420 billion dong.
2.6/Cashflow:
To study cashflow from the business n 2009 t0 2011, we see that it has 1,000 billion in
2009, however, the cashflow is declining from 2010, in 2010 the casflow is 294 billion
dong. Now, it is 2011 and second quarter of 2012 the shortfall of casflow is 1,200 billion
dong, therefore, it is affected to the business, the group is lacking of workig capital,
eventhough is for payables such as income tax, salary.
Besides, cashflow from the investment in 2012 is 5,600 billion dong, the group continute
to investment for project namely such as rubber, sugar cane, hygro power, real estate and
mining. Explanation for the shortfall of cashflow, the board of management explains that
the difficult is temporary because the revenues collects frm the mining and real estate is
3,600 billion dong in third quarter and use extra 1,200 billion dong from the cash.

In general, HAGL cashflow is the critical issue of the group. It is the risk that the bank
will not guarantee for the operation of the group. Moreover, the revenue predict is not
happended due to the diffifult economy,investments are ineffective, thus the profit is
revised to be reduced annually, predict in 2012 is 1200 billion (5% of total essest and
achieves below 12% above equity)
Analyze about the proportation of the equity, we know that the long term fixed assest
accounts for 48%/total assest while the long term capital accounts for 73%/assest so the
group has used 25% long term capital to support for the short term. It is therefore release
the pressure for short term payable accounts.
2.7 Shorterm debts and payment ability:
Short term assest account for 52%/total assest, while short term debt accounts for
27%/assest so it needs to sell and complete receivables 50% short term debts, the group
can pay for short term debts. However, HAGL is currently faced with difficulty and
challenges because it is difficult to sell real estate and mining. The inventory increases
258 billion dong as compared in 2011, till second quarter in 2012 the inventory has
increased 4,676 billion dong, while the inventory for ongoing apartment is 3,697 billion
dong. This is main cause to reduce the cash of the group in 2012.
2.8/Future cashflow and mining revenues
The real estate accounts for 60% of revenues for the group since 2010, while other has
contributed less for examples the wood products only accounts for 20%, construction
accounts for 10%. In addition, the hydro power and rubber is for future revenues only,
HAGL focus on mining, this is also the strategic direction and vision to 2020.


Chapter III
Growth strategy in Laos
3.1.Assess the marcro and micro environment which is affected to the growth
strategy

3.1.1 Vietnam environment :
The economy of Vietnam in 2012 has to suffer by the impact of the world economic
ression, the GDP growth achives 5,2 %, it is reduced as compared with 2011. This has led
to the spending, consumption, buying ability reduced, low income, the economy is on
crisis and the market is narrowed, increased inventory,…
The inflation in 2012 accounts for 8,5% while the interest reduced to 12%, this is positive
for the whole picture of the economic ression, Vietnam government has to sastify
economic growth in order to maintain the social security for the people, the government
has implemented many solution package to make the economy stable, in general, the
inflation is well controlled but national debet, bad debt of banking system, in balance of
the international payment leverage, the fluctuation of exchang rate. These are hot issues
that the government concern.
3.1.2 Oversea environment
At present, HAGL has invested in under development namely Laos, Cambodia,
Myanmar...the investment environment is better than Vietnam, good natural resources,
these governement is strongly support about the tax, land lease over 50 years, the cost for
labour force is cheaper than Vietnam.
However, policy, and political system yet to complete, these countries are on the process
to complete legislative, and laws thus it is so risky for investment in these countries,
besides, the corruption is one of issues that needs to address it.


3.2 SWOT analysis
Strengths (S):
-

Weaknesses (W):

Reputable and liability of HAGL
brandname

-

Good

knowledge

and

skill

-

Input price is not well controlled

-

The

of

employees
Professional management system

-

Good leadership of

Boards

is

not

well

implemented
-

-

marketing

The market is not national wide, teh
market of real estate is more and
more difficult

of

Management.

-

The company is affected by the
family dorminant and management
system is complicated, there is too
many

branches

to

invest

diversifiedly.
Opportunities (O):
-

The investment country is strongly

Threats (T):
-

support
-

lacking

of

input

cost of oil increased
-

increase revenue
-

for

materials for production, the hight

Rubber, hydro poower, mining have
opportunity to open market, to

Pressure

Competition is more from the rival
locally

and

economic

It is easy to joint venture and joint

internationally.

ression

is

The

currently

affected to the stability of society

stock
-

Exchange rate, bond value are
decreased and capital mobilization is
difficult.

-

Legislative in Viet Nam and oversea
changed


Through analysis on HAGL we found very strong in terms of size, diversification, has
many advantages, as well as prestigious brand has been confirmed, the industries with
competitive advantages such as rubber, hydro power and mining industry are difficult
imitation from competitors, as the industry is capital investment, long term investment,
this is important for the investment countries as it relates to national resources, ecological
environment ... HAGL has many advantages, then there are many challenges companies
face issues such as market decline, economic crisis, real estate prices are declining,share
price fell sharply, raising capital difficult.
Policy issues of the host countries such as Laos, Cambodia, Myanmar unstable and
dominated by China. Given disputes in the South China Sea, will certainly have much
affect the consumption of iron ore minerals,change policies of the Vietnamese
government for the exploitation and export of raw minerals is a lesson for the company,
revenue is expected to decline, the competitive pressure of the Vietnam rubber group
increasingly causeddifficult for rubber exports to the European Union and Japan, leading
to the risk of price competition reduce power manh.Thuy and issues negatively impact
environmental change, pollution, tend tofind low-cost clean energy companies with
economic difficulties recession and therefore, the demand for electricity will certainly
reduce production in time to affect the revenue from this activity
In addition, cash flow problems, the demand for capital projects is a matter of urgency,

the doubts about the effectiveness of investment projects in Laos and Cambodia in the
exploitation of iron ore, the concerns about investment in the field of rubber,
hydropower, the cost of capital is too large and risky.Day is the conclusion of the
Standard & Poor's published in the newspaper recently.
Currently the company is very difficult to raise capital due continuous shares fell, from
the value of 54,000 VND / share, now only 22,500 shares reducing confidence for
investors and shareholders. revenue decreased ability and access to loans, pressure to pay
its debts as challenges to overcome in the short term


3.3/ Analyze growth strategy and vision 2020
During the operation, the group has stable development based on its good and appropriate
strategy. Strategies have been implemented as follows:
Strategies had and currently used:
+ Diversification: wood products, construction, real estate, rubber, mining (iron) ,hydro
power ,sugar cane.
+Low price strategy creates compertition advantages in the market.
+ differentiation strategy is to focus capital for projects based on the implementation
stage, ensure for long term activity such as rubber and hydro power.
Hoang Anh Gia Lai Group has developed business strategies for the company is very
professional, with a team of consultants work long-term business policy, to meet the goal
of creating competitive advantage, better exploitation of the resourcescompany, the shortterm as well as long-term strategy focused on the goal to maximize profits for
shareholders, employees as well as the stable development of enterprises.
In short the company's strategy has been planned on the basis of the analysis of the
conditions inside the company as well as delve into the macro environment, the
development of the industry, competitors, also specifythe strengths, weaknesses,
opportunities, challenges in each stage, the company's strategy to focus on the strengths
and opportunities to create competitive advantage in terms of limited resources. In
addition, the challenges companies face in the short term as well as long-term preparation
for the development of the business cycle.

A special big questions need for senior management of the Group is a risk management
strategy when trading industries exceed the capacity of administrator. Quality human
resources to respond to the global business environment or as a result of the impact of the
economic crisis is not ending.
Recommendations:


+ Short term :
The review shall focus on the low-cost strategy, eliminating the costs do not added value
such as fair labor marginal, solve inventory costs by more powerful measures to reduce
prices in order to recovery of capital to generate stable cash flow in the short term.
-

Strengthen receivables and negotiatie with partners for delaying in payments

-

Review investment lists, dismiss all activity that is currently lost such as
construction, granit, low wuality wood products.

-

Study market for exporting rubber and mining, search new markets.

-

Continue to mobilize capital by issueing bonds and stocks in order to set prioritiy
for ongoing real estate projects and long term rubber.

-

Some hydro power needs to be reviewed on the environment aspect, postponed to
balance capital for other projects.

+ Long term :
-

It is needed to review growth strategy, focus on the competition advantages of
rubber, sugar cane, develop processing industry instead off exporting raw
materials.

-

HAGL should pay attention on the international corporate finance to invetsment n
Laos, Cambodia, Myanmar …,it should study on investment environment and
predict changes due to the political environment for better investment.

-

ROA/ROE, EPS, PE should be improved when participating in Stock Exchange in
London.The financial statement should be transparent and ensure the return for
paying debts as deadlined.

-

Calling for strategic partners including the government for supporting the hydrow
power projects because it is good for stable and security of the country.

-

Identify effective communication activities in order to brandname development,
reduce ilegal competition of partners.


Chapter IV
Legal and legislative framework and political system in Laos
4.1 Investment law in Laos:
Lao government announced the policy to promote foreign investment. Investment
promotion law has been in effect since 1989 and a revised law enacted on March 19,
1994 with an effective date 60 days after issuance. An important part of the investment
promotion law amendment is related to the type of investment. Before amendment, there
exist three types of investment - investment, all foreign investment and investment
contracts. The third type has been removed due to its complexity confused investors. It
only accounts for 4% of the total foreign investment projects. Law amended to reduce the
steps needed for investment projects is only one, is known as the one-stop service system,
and during the evaluation of the project has been reduced from 90 days to 60 days .
Meanwhile, the business registration must be completed within 90 days, half the time
required before the amendment. Reduction is also done in some areas, as well as tax
exemptions. A percentage of the annual profit tax rate of 20% is applied to foreign
investment. Import duties on machinery and equipment is only 1% and income tax for
foreigners living in Laos is 10% of the total income earned
Income and gains from the investment of foreign investors can be sent back / her country,
or a third country, through any bank located in Laos, according to the exchange rate set
by the Bankof the Lao PDR. This also applies to foreigners working in Laos provides all
the payments before repatriation was completed
Foreign Investment Management Committee (FMC) FMC is a "one stop shop" for
potential investors in Laos. Finally the FMC staff will coordinate the process and
application for investment in the country through various levels and fields of the message
to investors regularly on the status of the application. Initially, however,, FimC can and
will provide a comprehensive look at Laos and its potential for investors. It has the latest

statistics, such as demographic data, past accomplishments and careful analysis of what
can be done. FimC staff will listen carefully to the potential investment projects in mind,
to provide recommendations for change based on the needs of the country, government


requirements and other possible factors . For a very modest fee, FimC will provide the
fax document for investment applications and guide the applicant through the complete
process, including assessment of feasibility of return, to FMC . Finally, the staff will
coordinate the movement of applications to different departments involved.
4.2 Some policie to promote investment:
To promote and encourage foreign investment, foreign investment law and management
provides a large range of incentives such as:
- Foreign Investment and property of foreign investors will be protected by the laws and
regulations of the Lao PDR. Foreign investors may lease their land and lease rates.
- The properties of the foreign investors will not requisition, nationalization or
confiscation in accordance with the constitutional law of the Lao PDR.
- Repatriation of capital and profits is allowed.
- All initiatives from all economic sectors (private, public, etc.) are encouraged and
promoted.
- Regardless of race or nationality of the investor.
- Investors are allowed to bring foreign workers who are highly skilled
Chapter V
Analyze risks and impacts to the financial operations of HAGL expansion in Laos
HAGL Group should pay special attention, strategies to control risk when investing in
foreign countries such as Laos, Myanmar, Cambodia. Besides attention on the strategic
activities the company has set as multidisciplinary business risks while the market is very
difficult. HAGL need to pay attention to the risks of the business environment as follows:
5.1 Optimist on investment should be concerned
First wave of foreign investment going vibrant, economic experts warn investors
"cautiously optimistic". Because doing business in a country ever been isolated or

country joined the World Trade Organization (WTO) is not simple. In fact, the evidence


of the experts also makes no economic little startled enterprise. Recently, Lao Holdings
NV and subsidiaries as Sanum Investments Limited submit to the International Centre for
Settlement of Investment Disputes - an independent division of the World Bank (WB) offer to settle legal disputes relating to the properties is made up of direct investments
Sanum investments, far more than $ 85 million.
According to Jody Jordahl, Chairman Sanum, the current value of the investment up to at
least 400 million U.S. dollars. Now, Sanum that, of the policy of the Government of Laos
has affected their investments, leading to the risk they may be lost fortune.
Not only Sanum Investments Limited, a company representative in Ho Chi Minh City
said, foreign investment for the production of plastic consumer products. However,
before the company would take up to one year (plus the time to wait licensed) for
statistical the top tu.Theo license, many investors Vietnam is facing a series of difficult
foreign investment, such as lack of information, lack of manpower, investment licensing
slow, infrastructure condition has not improved ... Meanwhile, the relationship between
diplomatic missions and overseas business enterprises should loose when disputes occur
maximum not enlisted the support.
5.2 Investment environment shoud be concerned
According to the ranking of the World Bank in 2012 on the level of business easily, Laos
ranked 168 after Thailand (17), Malaisya (18), Vietnam (98) Indonesia (129), Philippines
136. According to economic experts acknowledge, the legal system related to investment
of some countries in the region are in the process of amending and improving so many
changes, inconsistent, difficult to access. In these countries, the exchange of the initial
investment between enterprises and competent authorities convenient, but when
deployed, enterprises face many difficulties in administrative procedures, land planning,
lack of consistency in policy, especially the regulations set by local and external
application of state policies.
This is the most basic problems in investment activities in Laos and is also one of the
causes leading to the legal dispute that some foreign investors are facing today.

In case of Sanum Investments Limited as an example, this is now lost control of the club
Thanaleng Slot Machine in a Southeast Asian country. They also recovered a number of


licenses and concession projects worth hundreds of millions of dollars ... Consequently,
Lao Holdings lost $ 1.8 million per month. In addition, they also courts in the host
country to be subject to more than $ 23 million in taxes and fines the business of Sanum
years ago.Observers evaluated the claims of Sanum Investments Limited will last and
make sure they will take more damage.
5.3 Poor infrastructure, and supplementary industries
As one of the poorest countries in the world, and the system infrastructure in Laos is very
weak. System roads good service for the movement of people in the big cities, in areas
away from the city center travel conditions very difficult. Transport infrastructure does
not meet the freight capacity of investors. Besides, the industry is almost no auxiliary.
This is the challenge that the investors have to accept when investing in Laos, HAGL are
not case exceptions.
Chapter VI
Recommendations and suggestions
On the basis of analysis of the 2009-2011 financial statements, the Group's activities in
recent years, through the analysis of the macro environment, analyzing the strengths and
weaknesses of HAGL etc., Group I have the problemmade with the following HAGL
group.
6.1 Financial management:
- Cash reserves (including bank deposits): The company needs to balance the cash
reserves and short-term loan from banks to avoid wasting capital.
- It is needed to have solutions to accelerate short-term capital cycle by applying the
discount policy, promotional, lower prices of products to solve real estate inventory ...
inventory to increase consumption and recoveryfunded debt to reduce costs, increase
business efficiency.
- It is needed to calculate closely the increase in loan assets, if continued ROA condition

and projects low efficiency to improve ROA.


6.2 Risk management:
The group should evaluate the entire group's multidisciplinary strategy, a big question
need special placeed for senior management of the Group is a risk management strategy
when trading industries exceed the management capacity. With long-term strategy that
the Group I does not mention is to increase in the value chain, which mainly dealing in
the export of raw materials (minerals, rubber) are easily influenced by the business
environment is the crisis of the world, as well as "technical" to protect domestic
producers of the country.
- The control of corruption in the company, in the country need to be administrators to of
HAGL perform as one of the solutions to the competitive capacity (the difference & cost)
6.3 Human Resources Management:
HAGL need strategies to develop human resources in accordance with the investment
environment

to

meet

the

human

resource

strategy

set

by

the

Board.

- Need to build a friendly working environment to unite for the common goal. HAGL is
necessary to promulgate standards, business enterprise value which direction to, the
internal code of conduct which created the corporate identity.
References:
-

PhD Nguyễn Hoàng Giang, International corporate finance training material,
PGSM 2012.

-

www.hagl.com.vn

-

/>
-

www. Standard & Poor.com

-

www.doingbusiness.com

-

Financial statement of HAGL 2009, 2010, 2011