Common-Size Analysis (Vertical and Horizontal)

2021
Revenue from sales 48,726,522
Cost of products sold 39,853,124
Gross profit 8,873,398
Financial Revenue 366,296
Financial Expense 552,008
Interest Expense 355,048
Operating expenses
Selling expenses 3,344,487
General expenses 425,816
Total operating expenses 3,770,303
Profit 4,917,382
Other Revenue 14,708
Other Expense 16,607
Orther Profit (1,899)
Income before income taxes 4,915,483
Taxes related 702,566
Taxes Refund (100,577)
Net income 4,313,494

Vertical Common Size

Revenue from sales 100%

Cost of products sold 81.79%
Gross profit 18.21%
Financial Revenue 0.75%
Financial Expense 1.13%
Interest Expense 0.73%
Operating expenses 0.00%
Selling expenses 6.86%
General expenses 0.87%
Total operating expenses 7.74%
Profit 10.09%
Other Revenue 0.03%
Other Expense 0.03%
Orther Profit -0.004%
Income before income taxes 10.09%
Taxes related 1.44%
Taxes Refund -0.21%
Net income 8.85%
 2023 2022 2021
Asset

Cash & Short Term

623,038 338,834 520,801
Investments

Cash Only 596,863 330,135 492,797

Cash & Short Term

83.88% -34.94% -9.47%
Investments Growth

Cash & ST Investments /

3.59% 1.99% 1.96%
Total Assets
Total Accounts Receivable 2,731,847 1,789,791 5,534,469
Accounts Receivables, Net 1,841,008 1,171,955 4,306,814
Accounts Receivables,
1,852,767 1,185,662 4,323,663
Gross

Bad Debt/Doubtful
-11,758 -13,707 -16,849
Accounts

Other Receivables 890,839 617,837 1,227,655

Accounts Receivable
52.63% -67.66% 109.96%
Growth

Accounts Receivable
11.59 27.77 8.8
Turnover
Inventories 7,656,462 7,432,208 12,396,586
Finished Goods 4,533,550 4,160,419 7,220,177
Work in Progress - 5 -

Raw Materials 3,095,056 3,234,885 5,128,919

Progress Payments &

27,856 36,899 47,490
Other

Other Current Assets 263,492 274,160 203,304

Prepaid Expenses 107,530 102,932 88,945

Miscellaneous Current
155,962 171,228 114,359
Assets
Total Current Assets 11,274,840 9,834,993 18,655,160
Net Property, Plant &
5,363,094 6,358,152 7,103,139
Equipment
Property, Plant &
14,758,345 14,690,268 14,332,192
Equipment - Gross

Buildings 2,930,865 2,843,122 2,544,183

Machinery & Equipment 10,640,299 10,619,316 10,533,618

Construction in Progress 530,452 603,535 660,329

Leases - - -

Transportation Equipment 517,609 508,175 479,414

Other Property, Plant &

139,121 116,120 114,647
Equipment

Accumulated Depreciation 9,395,251 8,332,116 7,229,053

Buildings 1,118,565 942,984 816,566

Machinery & Equipment 7,750,022 6,926,010 6,011,871
Transportation Equipment 418,845 370,276 320,795
Other Property, Plant &
107,819 92,847 79,821
Equipment

Total Investments and

1,000 17,000 17,000
Advances

Other Long-Term
1,000 17,000 17,000
Investments

Long-Term Note Receivable 143,084 171,495 179,888

Intangible Assets 186,939 204,211 219,252

Net Other Intangibles 186,939 204,211 219,252

Other Assets 303,516 295,432 263,776

Deferred Charges 222,015 203,265 181,633
Tangible Other Assets 81,502 92,167 82,143
Total Assets 17,365,306 17,025,411 26,618,030
Assets - Total - Growth 2.00% -36.04%
Asset Turnover 1.84
Return On Average Assets 0.17%
Operating activities 2023 2022 2021
Net Income before
146,023 381,129 4,915,483
Extraordinaries
Net Income Growth -61.69% -92.25% 257.32%

Depreciation, Depletion &

1,130,701 1,159,936 1,185,959
Amortization

Depreciation and Depletion 1,116,234 1,145,416 1,173,631

Amortization of Intangible
14,467 14,520 12,329
Assets

Other Funds -651,485 92,940 -582,095

Funds from Operations 625,239 1,634,006 5,519,348

Changes in Working Capital 1,243,425 1,218,635 -4,019,847

Receivables -786,168 3,842,274 -2,857,779

Inventories 354,599 4,445,002 -6,987,119

Accounts Payable 1,843,192 -6,956,020 5,855,276

Other Assets/Liabilities -168,197 -112,621 -30,224

Net Operating Cash Flow 1,868,664 2,852,641 1,499,501

Net Operating Cash Flow

-34.49% 90.24% -29.07%
Growth

Net Operating Cash Flow /

5.90% 5.74% 3.08%
Sales
tical and Horizontal)
2022 Change in % 2023 Difference
49,710,635 2.02% 31,656,660 (18,053,975)
44,771,944 12.34% 28,590,018 (16,181,926)
4,938,691 -44.34% 3,060,642 (1,878,049)
266,806 -27.16% 233,474 (33,332)
520,873 -5.64% 314,154 (206,719)
260,241 -26.70% 195,489 (64,752)

3,832,642 14.60% 2,476,864 (1,355,778)

522,227 22.64% 406,967 (115,260)
4,354,869 15.50% 2,883,831 (1,471,038)
329,755 -93.29% 96,131 (233,624)
58,502 297.76% 51,053 (7,449)
7,128 -57.08% 1,160 (5,968)
51,374 2805.32% 49,893 (1,481)
381,129 -92.25% 146,022 (235,107)
94,121 -86.60% 64,666 (29,455)
(356,876) 254.83% (51,294) 305,582
251,320 -94.17% 30,062 (221,258)

100.00% 100.00%
90.07% 90.31%
9.93% 9.67%
0.54% 0.74%
1.05% 0.99%
0.52% 0.62%
0.00% 0.00%
7.71% 7.82%
1.05% 1.29%
8.76% 9.11%
0.66% 0.30%
0.12% 0.16%
0.01% 0.00%
0.10% 0.16%
0.77% 0.46%
0.19% 0.20%
-0.72% -0.16%
0.51% 0.09%

Net Profit decrease because of the change of World Economy, when

Also, with the Covid-19 Pandemic, COGS and COGP could be increas
The Balance sheet accounts points out that the Enterprise would depe
The Cashflow illustate that the Business are spending resouces to rec
BALANCE SHEET OF HSG
2023 2022
Liability & Share Holder

ST Debt & Current

2,936,345 4,070,494
Portion LT Debt
Short Term Debt 2,936,345 3,635,557
Current Portion
of Long Term - 434,936
Debt

Accounts Payable 2,885,172 1,039,715

Accounts
177.50% -75.79%
Payable Growth
Income Tax
14,864 11,811
Payable
Other Current
732,513 887,168
Liabilities
Dividends
3,541 3,547
Payable
Accrued Payroll 220,758 525,168
Miscellaneous
508,214 358,454
Current Liabilities

Total Current
6,568,894 6,009,187
Liabilities
Current Ratio 1.72 1.64
Quick Ratio 0.55 0.4
Cash Ratio 0.09 0.06
Long-Term Debt - 116,526
Long-Term Debt
excl. Capitalized - 116,526
Leases
Non-
Convertible - 116,526
Debt
Capitalized
Lease - -
Obligations
Provision for Risks
15,535 15,419
& Charges

Deferred Taxes -92,833 -144,127

 Deferred Taxes -
92,833 144,127
Debit
Other Liabilities 710 710

Other Liabilities
(excl. Deferred 710 710
Income)
Total Liabilities 6,585,139 6,141,841
Total Liabilities /
37.92% 36.07%
Total Assets
Common Equity
10,764,067 10,867,525
(Total)
Common Stock
6,159,823 5,980,550
Par/Carry Value

Additional Paid-
In Capital/Capital 157,293 157,293
Surplus

Retained
4,369,041 4,542,184
Earnings
Unappropriated
77,910 187,499
Reserves

Treasury Stock - -

Common Equity /
61.99% 63.83%
Total Assets
Total
Shareholders' 10,764,067 10,867,525
Equity
Total
Shareholders'
61.99% 63.83%
Equity / Total
Assets
Accumulated
16,099 16,045
Minority Interest
Total Equity 10,780,166 10,883,570
Liabilities &
Shareholders' 17,365,306
Equity 17,025,411
Statement of Cash Flow of HSG

Investing Activities 2023 2022

Capital
-373,767 -463,433
Expenditures

Capital
Expenditures -373,767 -463,433
(Fixed Assets)

Capital
Expenditures 19.35% 2.82%
Growth

Capital
Expenditures / -1.18% -0.93%
Sales

Sale of Fixed
Assets & 22,446 27,843
Businesses

Purchase/Sale of
-1,477 19,305
Investments

Purchase of
-20,609 -
Investments
Sale/Maturity of
19,132 19,305
Investments
Other Uses - -

Net Investing Cash

-352,798 -416,284
Flow

Net Investing
Cash Flow 15.25% -46.25%
Growth

Net Investing
Cash Flow / -1.11% -0.84%
Sales
 ( Fiscal Year : 1/10/N to 30/9/N+1)
Difference in % 6 months 2024
-36.32% 18,321,414
-36.14% 16,254,758
-38.03% 2,066,655
-12% 182,326
-40% 92,198
-25% 54,071

-35% 1,534,882
-22% 217,523
-34% 1,752,405
-71% 404,377 This chart isn't available in your
-13% 27,816
-84% 3,779 Editing this shape or saving this w
-3% 24,036
-62% 428,413
-31% 47,628
-86% (41,458)
-88% 422,243

100.00%
88.72%
11.28%
1.00%
0.50%
0.30%
0.00%
8.38%
1.19%
9.56%
2.21%
0.15%
0.02%
0.13%
2.34%
0.26%
-0.23%
2.30%

ange of World Economy, when the Business can not sell its product whilst people have decrease in Demand
GS and COGP could be increase because the Supplyment decreased make the price go up
that the Enterprise would depence on Liability more than Owners's Equity and this is acceptable
s are spending resouces to recover the main Selling aspects and this is good sight
 2021

8,939,945
Ratio Bonus
8,333,145

606,800

4,293,881

195.12%

171,530

966,890

3,940
365,896

597,054

14,372,247

1.3
0.44
0.04
1,399,362

1,399,362

1,399,362

13,918

-179,815
 179,815

710

710

15,786,236
59.31%

10,815,878

4,934,819

157,293

5,633,071

90,695

40.63%

10,815,878

40.63%

15,916
10,831,794

26,618,030
 2021 Financing activities 2023

-476,857
Cash Dividends Paid - Total -6

-476,857
Common Dividends -6

-19.77%

Change in Capital Stock -

-0.98%

Repurchase of Common
-
22,173 & Preferred Stk.

Sale of Common &

-
Preferred Stock
184,492
Proceeds from Stock
-
Options
Issuance/Reduction of
-23,016 -1,250,670
Debt, Net
207,508 Change in Current Debt -
Change in Long-Term
-14,446 -
Debt
Issuance of Long-Term
-
-284,637 Debt
Reduction in Long-Term
-
Debt

9.75%

Net Financing Cash Flow -1,250,680

-0.58%

Net Financing Cash Flow

52.82%
Growth

Net Financing Cash

-3.95%
Flow / Sales
 Net Financing Cash
-3.95%
Flow / Sales

Exchange Rate Effect 1,541

Net Change in Cash 266,728

Free Cash Flow 1,494,898
Free Cash Flow Growth -37.43%
 nguồn

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 2022 2021

-394 -307

-394 -307

49,008 52,980

- -

49,008 52,980

49,008 52,980

-2,699,470 -1,351,650

- 38,252,606

- -60,381

- -

- -60,381

-2,650,859 -1,298,981

-104.07%
14.12%

-5.33% -2.67%
 -5.33% -2.67%

51,841 2,147

-162,662 -81,970
2,389,208 1,022,645
133.63%
-40.40%

5-year trend
5-year trend
 ( percentage) 2021 2022 2023
Gross profit margin 18.21 9.93 9.67
EBIT margin 10.82 1.29 1.08
EBITDA/Net revenue 13.25 3.62 4.65
Net profit margin 8.85 0.51 0.09
ROE 49.52 2.31 0.28

Return on capital employed (ROCE) 50.17 5.51 3.13

ROA 2.80596967309416 19.44 1.15 0.17

Current Ratio 1.72 1.64 1.3

Quick Ratio 0.55 0.4 0.44
Cash Ratio 0.09 0.06 0.04

2.28
Asset Turnover 1.84
2.2
Return On
Average
Assets 0.17%

P/E Ratio 14.75

2021 2022 2023

Trailing EPS 9,173 488 49
Book value per 21,950 18,198 17,501
share
P/E 4.08 23.67 461.4

Bonus Information, Both HPG and HSG are considerab

 Gross profit have decreased over the period, this points out that the the COGS have been a crucial probl

So, this figure is leading to that, Debt's amount have increased in the period of time and this could lead to

This mean Business cant rely heavily on the Budget of the Owners but Liability

This points out that Common Equity is much lower than Average Equity

ROA decreased because of the Sale Revenue have decrease significantly in the economic failure

This statistic means that the Current Liability was rising , the enterprise's working base on CL rather than
This means Liquidity of the enterprise fluctuated and this amount related to cash
Business dont have lots of bond, debt in short term, moreover, Long -term debt would be more prefered

Conclusion, the problem of HSG is facing is recovering from Covid 19 Pandemic.The business have , the

So, the main reason why EPS decreased is decrease of Net Income ( this has been stated before )

the decrease of book value per share is because of the whole economy when economic crash was witne
Why P/E ratio so high ? This figure points out the position and safety of invesment whilst this is a huge bu

G and HSG are considerable business in the Steel's fields, they might be effected by the world environment but it is acceptable
GS have been a crucial problem of the enterprise

of time and this could lead to the change in Financial Statement

n the economic failure

orking base on CL rather than CA

debt would be more prefered

emic.The business have , the resource ( cash flow) is witnessed that th

as been stated before )

en economic crash was witnessed

sment whilst this is a huge business, However, the more PE high related to lower change to gain investment . So basically, inv

vironment but it is acceptable , Investment in both Conpany would be a nice investment in a long-term however, EPS of HPG w
investment . So basically, investment is based on investors's taste of investing

term however, EPS of HPG would lower than EPS of HSG , but Book value per share is converse