T VND

Doanh thu thun

Tng trng
Gi vn hng bn
Li gp
T sut li gp
Thu nhp ti chnh
Thu nhp t u t ti chnh
Chi ph ti chnh
Trong : Chi ph li vay
Chi ph bn hng
Chi ph qun l Doanh nghip
Li/l t H Kinh doanh
T sut li t HKD
Li/l t cng ty con, lin kt
Thu nhp/(chi ph) khc
EBIT
Li/(l) trc thu
Thu TNDN-hin thi
Thu TNDN-hon li

Li/(l) rng
T sut li rng

Li ch CTS
Li/(l) thun ca CCT m
Chi ph khu hao

Khi lng c phiu

EPS (VN)

2010
3,009.2

2011
4,104.0

2012
4,227.9

2013
5,095.0

2014
6,299.7

36.4%

3.0%

20.5%

23.6%

(2,421.9)
587.3

(3,379.8)
724.1

(3,680.3)
547.6

(4,491.4)
603.6

(5,509.8)
789.9

19.5%

17.6%

13.0%

11.8%

12.5%

67.8
(88.1)
44.8
(210.9)
(86.9)
269.2

100.7
(112.4)
70.4
(176.7)
(55.8)
480.0

86.2
(67.0)
60.0
(219.3)
(85.3)
262.2

93.4
(90.6)
77.6
(247.6)
(136.2)
222.6

241.0
(60.5)
41.1
(245.4)
(152.6)
572.5

8.9%

11.7%

6.2%

4.4%

9.1%

3.7
317.7
272.9
(50.5)
6.2
228.6

###
0.1
550.5
480.1
(64.2)
(2.9)
413.0

7.4
329.7
269.6
(36.9)
0.0
232.7

4.9
305.1
227.5
(41.6)
(9.9)
176.0

(8.5)
605.1
564.0
(126.2)
2.9
440.7

7.6%

10.1%

5.5%

3.5%

7.0%

14.5

18.6

22.3

17.7

23.9

214.0

394.3

210.5

158.4

416.8

73.7

83.4

90.2

110.8

116.9

47,151,273

45,952,523

45,952,523

60,206,163

93,403,493

3,709.40

6,509.80

3,484.30

2,623.40

4,462

T VND
Tin v Tng ng tin
u t Ti chnh ngn hn
Cc khon phi thu
Hng tn kho, rng
TS lu ng khc
Tng ti sn Ngn hn
Phi thu di hn
Ti sn C nh rng
Gi tr hao mn ly k
Bt ng sn u t
u t ti chnh di hn
Ti sn di hn khc
Tng Ti sn di hn
Tng Ti sn
Tng trng

Vay ngn hn
Phi tr nh cung cp
N ngn hn khc
Cng n ngn hn
Vay di hn
Phi tr nh cung cp di hn
N di hn khc
Cng n di hn
Vn gp
Thng d vn c phn
Vn khc
C phiu qu
Chnh lch nh gi li TS
Cc qu
Li cha phn phi
Qu khen thng phc li
Vn ch S hu
Tng trng

Li ch c ng thiu s
Tng cng ngun vn
Tng trng

2010
126.4
37.6
345.3
642.3
29.2
1,180.8

2011
329.4
0.2
563.6
823.3
41.8
1,758.3

2012
35.5
738.2
448.0
982.2
78.0
2,282.0

2013
73.3
0.2
416.9
1,097.5
72.7
1,660.7

588.8
(196.8)
52.5
641.3
1,822.1

###
565.8
(278.6)
###
###
83.5
649.3

711.6
(374.7)
9.2
70.8
791.6

807.0
(481.7)
7.7
74.2
888.9

2,407.6

3,073.6

2,549.6

32.1%

352.4
99.2
294.9
746.5

633.6
129.5
275.9
1,039.0

88.9
1.6
90.5

58.9
###
2.8
61.8

471.5
191.8
(32.7)
1.9
303.5
936.0

471.5
190.5
###
(36.9)
###
4.0
613.9
###
1,243.0
32.8%

27.7%

-17.0%

2014
89.2
802.5
792.2
1,415.3
102.4
3,201.6
###
1,152.4
(555.1)
###
2.0
215.5
1,369.9
###
4,571.5
79.3%

512.2
84.1
305.6
902.0

2,026.0
242.7
359.2
2,627.8

84.1
7.3
91.4

63.5
###
6.5
70.1

475.1
190.5
(36.9)
4.0
696.3
1,329.0

614.0
190.5
(36.9)
4.2
696.0
1,467.9

924.0
216.4
###
###
11.7
704.5
###
1,856.6

6.9%

10.5%

26.5%

1,254.9
122.7
290.9
1,668.5
-

49.1

63.8

76.0

88.4

###
17.0

1,822.1

2,407.6

3,073.6

2,549.6

4,571.5

32.1%

27.7%

-17.0%

79.3%

T VND
I. Lu chuyn tin t hot ng kinh doanh
1. Li nhun trc thu
2. iu chnh cho cc khon
Khu hao ti sn c nh
Cc khon d phng
Li, l chnh lch t gi hi oi cha thc hin
Li, l t hot ng u t
Chi ph li vay
Li, l do thanh l TSC
Thu nhp li vay v c tc
Phn b li th thng mi
iu chnh cho cc khon khc
3. Li nhun t hot ng kinh doanh trc thay i vn lu ng
Tng, gim cc khon phi thu
Tng, gim hng tn kho
Tng, gim cc khon phi tr (khng k li vay phi tr, thu thu nhp phi np)
Tng, gim chi ph tr trc
Tin li vay tr
Thu thu nhp doanh nghip np
Tin thu khc t hot ng kinh doanh
Tin chi khc t hot ng kinh doanh
Lu chuyn tin thun t hot ng kinh doanh
II. Lu chuyn tin t hot ng u t
1. Tin chi mua sm, xy dng TSC v cc ti sn di hn khc
2. Tin thu t thanh l, nhng bn TSC v cc ti sn di hn khc
3. Tin chi cho vay, mua cc cng c n ca n v khc
4. Tng gim tin gi ngn hng c k hn
4. Tin thu hi cho vay, bn li cc cng c n ca n v khc
5. Tin chi u t gp vn vo n v khc
6. Tin thu hi u t gp vn vo n v khc
7. Tin thu li cho vay, c tc v li nhun c chia
8. Mua li khon gp vn ca c ng thiu s trong cng ty con
10. Tin thu khc t hot ng u t
11. Tin chi khc t hoat ng u t
Lu chuyn tin thun t hot ng u t
III. Lu chuyn tin t hot ng ti chnh
1. Tin thu t pht hnh c phiu, nhn vn gp ca ch s hu
2. Tin chi tr vn gp cho cc ch s hu, mua li c phiu ca doanh nghip pht hnh
3. Tin vay ngn hn, di hn nhn c
4. Tin chi tr n gc vay
5. Tin chi tr n thu ti chnh

6. C tc, li nhun tr cho ch s hu

7. Tin thu khc t hot ng ti chnh
8. Tin chi khc t hot ng ti chnh
Lu chuyn tin thun t hot ng ti chnh
Lu chuyn tin thun trong k
Tin v tng ng tin u k
nh hng ca thay i t gi hi oi quy i ngoi t
Tin v tng ng tin cui k

2010

2011

2012

2013

272.9

480.1

269.6

227.5

73.7

83.4

90.2

110.8

(1.7)

28.9

19.5

(1.8)

9.0

5.5

(0.0)

0.0

(10.6)

(19.4)

(51.2)

(78.9)

44.8

70.4

60.0

77.6

388.0

648.9

388.1

335.3

(42.8)

(221.9)

100.0

27.6

(302.3)

(196.7)

(176.9)

(107.6)

163.4

25.8

7.0

(53.1)

(7.4)

(27.7)

(6.7)

(6.5)

(45.2)

(69.6)

(59.1)

(79.1)

(35.0)

(60.3)

(59.0)

(46.3)

0.2

1.3

2.0

2.3

(8.6)

(21.2)

(15.6)

(11.0)

110.2

78.5

179.8

61.7

(109.8)

(121.4)

(221.4)

(197.3)

0.2

13.4

(34.7)

(37.1)

(1,171.5)

(200.0)

12.4

74.5

425.2

940.5

9.0

19.6

34.0

95.4

(122.9)

(51.1)

(933.7)

639.0

0.4

0.0

127.0
(32.7)

(5.5)

1,193.1

2,362.5

3,856.9

5,626.6

(0.5)

(2,110.7)

(3,294.4)

(6,285.2)

(0.0)

(68.9)

(102.4)

(4.5)

(71.9)

177.4

460.0

(663.1)

(84.5)

204.9

(293.9)

37.6

210.0

126.4

329.4

35.5

1.0

(1.9)

126.4

329.4

0.2

35.5

73.3

2014
564.0
116.9
(16.1)
(24.8)
41.1

681.0
(256.5)
(182.5)
147.9
(9.7)
(41.2)
(126.3)
71.8
(16.3)
268.1
(393.5)
1.0
(746.9)
0.5
(151.1)
17.2

(1,272.7)
62.8

5,653.2
(4,530.6)

(165.4)

1,020.1
15.5
73.3
0.4
89.2

CAGR
2015E-2019E

Difference

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16 Assumptions
17
18 Revenue growth rate:
19 Sales of Goods
20 Financial Services

2011

Years
2012

2013

2014

Most Recent
LTM

2015

2016

Value Used
2017

36.38%
48.45%
36.65%

3.02%
-14.40%
2.60%

20.51%
8.32%
20.26%

23.64%
158.14%
26.06%

23.64%
158.14%
26.06%

2018

2019

20.89%
50.13%
21.40%

15.00%
-75.00%
25.00%

15%
5.00%
25.00%

13%
5.00%
25.00%

12%
5.00%
25.00%

12%
5.00%
25.00%

82.36%
111.57%
5.53%
0.00%

87.05%
77.69%
7.06%
0.00%

88.15%
96.99%
7.40%
0.00%

87.46%
25.11%
6.08%
0.00%

87.46%
25.11%
6.08%
0.00%

86.25%
77.84%
6.52%
0.00%

84%
120.00%
7.00%
0.00%

84%
100.00%
8.00%
0.00%

84%
80.00%
8.00%
0.00%

82%
80.00%
10.00%
0.00%

82%
80.00%
10.00%
0.00%

10.23%

9.35%

9.33%

7.80%

7.80%

9.18%

7.80%

5.00%

5.00%

5.00%

5.00%

0.00%
10.34%
25.00%

0.00%
5.46%
25.00%

0.00%
7.54%
25.00%

0.00%
2.73%
25.00%

0.00%
1.76%
25.00%

0.00%
6.52%
25.00%

0.00%
10.00%
22.00%

0.00%
10.00%
22.00%

0.00%
8.00%
22.00%

0.00%
8.00%
22.00%

0.00%
8.00%
22.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

34.27%
24.26%
19.14%
17.56%
83.56%

33.98%
24.71%
13.46%
0.00%
19.55%
92.83%

52.07%
38.68%
16.50%
0.00%
31.93%
100.00%

30.59%
17.38%
15.55%
0.00%
13.11%
87.64%

47.58%
40.18%
17.62%
0.00%
35.66%
97.28%

47.58%
40.18%
17.62%
0.00%
35.66%
97.28%

41.06%
30.24%
15.78%
0.00%
10.00%
90.00%

45.00%
40.00%
15.00%
0.00%
10.00%
90.00%

40.00%
40.00%
15.00%
0.00%
10.00%
90.00%

35.00%
35.00%
15.00%
0.00%
10.00%
87.00%

40.00%
35.00%
13.00%
0.00%
10.00%
87.00%

40.00%
35.00%
12.00%
0.00%
10.00%
85.00%

2010

2011

2012

2013

2014

3,009.2

4,104.0

4,227.9

5,095.0

6,299.7

6,299.7

7,244.6

8,331.3

9,414.4

10,544.1

11,809.4

67.8
3,077.0

100.7
4,204.7

86.2
4,314.1

93.4
5,188.4

241.0
6,540.7

241.0
6,540.7

60.3
7,304.9

63.3
8,394.6

66.4
9,480.8

69.8
10,613.9

73.2
11,882.7

OK

OK

OK

OK

OK

2,421.9

3,379.8

3,680.3

4,491.4

5,509.8

5,509.8

6,085.5

6,998.3

7,908.1

8,646.2

9,683.7

88.1
297.8

112.4
232.5

67.0
304.6

90.6
383.8

60.5
398.0

60.5
398.0

72.3
511.3

63.3
671.6

53.2
758.5

55.8
1,061.4

58.6
1,188.3

2,807.8

3,724.7

4,051.9

4,965.8

5,968.2

5,968.2

6,669.1

7,733.2

8,719.7

9,763.4

73.7

83.4

90.2

110.8

116.9

116.9

133.2

87.3

95.5

108.2

269.2

480.0

262.2

222.6

572.5

572.5

635.7

661.4

761.1

850.5

OK

OK

OK

OK

OK

41.1
564.0

41
564

6.4
629.4

6.4
655.1

5.8
755.3

6.7
843.8

2010

21
22 Cost margins:
23 Cost of Sales
24 Financial Services Costs
25 SG&A
26 Other Costs
27

80.48%
129.93%
9.68%
0.00%

28 Depreciation of Assets
29
30 Interest and tax rates:
31 Interest earned on cash
32 Interest rate on debt
33 Tax Rate
34
35 Dividend Payout Ratio
36
37 Balance sheet items:
38 Current Assets Excluding Cash/Revenue
39 Current Liabilities/Revenue
40 Net Total Fixed Assets/Revenue
41 Finance Receivables Growth Rate
42 Total Borrowing/Revenue
43 Current Portion of Debt

Average
2011-2014

44
45

Income Statement

46 ACCOUNTS
47 Revenue
48 [Sales, Net]
49 [Financial Services]
50
51

[Revenue]
Check

52
53 Costs and expenses
54 CostOfGoodsSold
55 FinancingInterestExpense
56 [Selling, General & Administrative Expense]
57 Other Costs
58
59

[Costs and Expenses]

60 Depreciation
61
62 [Operating Income]
63
Check
64
65 InvestmentIncomeNet
66 [Interest Expense]
67 [Earnings Before Taxes]
68
69 [Income Taxes]
70 [Income From Continuing Operations]
71
Check
72 [Net Income]
73
74 Earnings (loss) per common share
75 [Number of Shares]
76 [EPS Basic]
77 [Dividends per share]
78

Actual

44.8
272.9
50.5

70.4
480.1

60.0
269.6

77.6
227.5
41.6

LTM 2015E

Projected
2017E

2016E

2018E

2019E

2010-2014
20.29%
37.30%
20.75%

13.39%
-21.20%
12.68%

6.89%
58.49%
8.06%

10,930.6

22.81%
-8.97%
7.51%
20.74%

11.94%
-0.65%
24.46%
12.87%

10.87%
8.32%
16.94%
7.88%

116.3

12.23%

-0.10%

12.33%

952.1

20.76%

10.71%

10.05%

9.9
942.2

-2.13%
19.90%

-24.83%
10.81%

22.70%
9.09%

25.70%

10.44%

15.26%

64.2

36.9

126.2

126.2

138.5

144.1

166.2

185.6

207.3

228.6

413.0

232.7

176.0

440.7

440.7

490.9

511.0

589.1

658.2

734.9

ERROR

ERROR

OK

ERROR

ERROR

228.6

413.0

232.7

176.0

440.7

490.9

511.0

589.1

658.2

734.9

17.84%

10.77%

7.07%

3,709
47,151,273

6,510
45,952,523

3,484
45,952,523

2,623
60,206,163

4,462
93,403,493

93,403,493

93,403,493

93,403,493

93,403,493

93,403,493

3,709
0

6,510
0

3,484
0

2,623
0

4,462
0

5,256.0

5,470.6

6,307.2

7,046.4

7,868.3

0.00

0.00

0.00

0.00

0.00

18.64%
4.73%
-

0.00%
12.01%
-

18.64%
7.29%
-

4,462
93,403,493
4,462

79
80

Balance Sheet

Actual

Projected

CAGR

81 ACCOUNTS
82 Assets
83 [Cash & Cash Equivalents]
84 Current Assets Excluding Cash
85
86

[Current Assets]

2012

2013

2014

Most Recent

126.4

329.4

35.5

73.3

89.2

89.2

1,054.4
1,180.8

1,428.9
1,758.3

2,246.4
2,282.0

1,587.3
1,660.7

3,112.4
3,201.6

3,112.4
3,201.6

785.6

844.4

1,086.4

1,288.7

1,707.4

1,707.4

196.8
588.8

278.6
565.8

374.7
711.6

481.7
807.0

555.1
1,152.4

555.1
1,152.4

[Assets]
Check

97
98 Liabilities and Shareholder`s Equity
99 {LongTermDebtCurrent}+{ShortTermBorrowing
100 Other Current Liabilities
101
[Current Liabilities]
102
103 [Long Term Debt+]
104 [Long Term Liabilities Excluding Debt+]
105 StockholdersEquity

52.5

83.5

70.8

74.2

215.5

215.5

1,822.1

2,407.6

3,073.6

2,549.6

4,571.5

4,571.5

OK

OK

OK

OK

OK

OK

451.5
294.9

763.1
275.9

1,377.6
290.9

596.3
305.6

2,268.6
359.2

2,268.6
359.2

746.5

1,039.0

1,668.5

902.0

2,627.8

2,627.8

88.9
1.6

58.9
2.8

936.0

1,243.0

84.1
7.3

63.5
6.5

63.5
6.5

1,329.0

1,556.3

1,873.6

1,873.6

106

[Liabilities & Equity]

1,822.1

2,407.6

3,073.6

2,549.6

4,571.5

4,571.5

107

Check

ERROR

ERROR

ERROR

OK

OK

OK

FCF Calculation

111 ACCOUNTS
112 [Net Income]
113 Add Back Depreciation

2016E
491
133
294
(175)
(77)
5
0
672

116 Substract Increase In Fixed Assets At Cost

117 Add Back After-Tax Interest Expense
118 Substract The After-Tax Interest On Cash

Free Cash Flow To Firm FCFF

2017E
511
87
436
(71)
(251)
5
0
718

2018E
589
95
(40)
40
(258)
5
0
431

2018E

2019E

882
3,287
4,169

1,605
3,358
4,963

2,071
3,318
5,389

2,255
4,246
6,501

2,921
4,753
7,674

-8.34%
31.08%
28.32%

100.91%
8.84%
19.11%

109.25%
22.24%
9.22%

1,784
688
1,096

2,035
776
1,259

2,293
871
1,422

2,359
979
1,380

2,521
1,096
1,426

21.42%
29.59%
18.28%

8.11%
14.57%
4.35%

13.31%
15.03%
13.93%

0
0
100
5,365

0
0
100
6,322

0
0
100
6,911

0
0
100
7,981

0
0
100
9,200

42.36%
25.86%

-14.23%
15.01%

56.59%
10.84%

657
2,265
2,922

756
2,602
3,358

853
2,465
3,318

955
2,760
3,715

1,069
3,089
4,159

49.72%
5.05%
36.98%

-13.96%
53.79%
9.62%

63.68%
48.73%
27.36%

73
5
2,365
5,365

84
5
2,875
6,322

123
5
3,465
6,911

138
5
4,123
7,981

178
5
4,858
9,200

-8.04%
41.15%
18.95%
25.86%

22.91%
-5.19%
20.99%
15.01%

30.95%
46.34%
2.04%
10.84%

DCF Valuation

2019E
658
108
397
(927)
(66)
5
0
175

735
116
444
(508)
(162)
8
0
633

120
121
122
123

FCF Calculation

124 ACCOUNTS
125 Estimated Free Cash Flow To Firm
126 Terminal Value
127

Total Cash Flow

2015E

2016E
672
672

718
718

Projected
2017E
2018E
431
431

128
129
130

Valuation, per share

131
132 PV Of Future CF And Terminal Value
133 Add Initial Cash
134 Firm Value
135 Substract Total Debt
136 Equity Value
137 Number of Shares (Basic)
138
139 Share Price (Period End)
140 Per Share Equity Valuation
141 Share Price (Yesterday Closing)
142
143
144 Multiples
145 Local sector average
146 Value of one share (VND)
147 Valuation Methods
148 DCF
149 PE
150 Target price
151 Last Price
152 Upside/Downside (%)
153 RECOMM

Difference

2017E

Projected
2015E

114 Add Back Increase In Current Liabilities

115 Substract Increase In Current Assets Excluding

119

2015E-2019E

2016E

108
109
110

2010-2014

2015E

91
92 [Finance Receivables+]
93 PrepaidPensionCosts
94 [Other Non-current Assets+]
96

2011

0
0

87 Fixed Assets
88 Fixed Assets at Cost
89 [Accumulated Depreciation of PP&E]
90 [Net of Property, Plant & Equipment]

95

2010

0
7,237
89
7,326
(2,332)
4,994
93,403,493

VND 53,467.23
VND 43,000

P/E
7.60
39,945
VND/share
53,467
39,945

Weight
80%
20%
100%

42,774
7,989
50,763
43,000
18%
BUY

2019E
175
175

633
8,279
8,912

WACC
Long-Term
Growth Rate

Cost of Equity Assumptions

9.8% Cost of Equity (CAPM)

2.0%

Adjusted Beta

9.80%
0.58

Risk free rate

Equity risk premium

6.90%
5.00%

Perpetuity growth rate

2.00%

Financial Statement Summary

Income Statement
Revenue
Total Operating Expenses
Interest Expense
Net Income
Net Income (%)
Net Income Available to Common Shareholders
Profit Margin

Balance Sheet
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Stockholders' Equity
Debt to Assets %

Cash Flow
Net Cash Provided by Operating Activities
Net Cash Used for Investing Activities
Net Cash Provided by (Used For) Financing Activities

Dupont analysis
EBIT / sales
Sales / assets
Pretax profit / EBIT
Net / pretax profit
ROA
ROE
Assets/Equity
Net debt to equity
Net debt to assets
Total liabilities to assets
Current ratio
Quick ratio
Cash ratio

Margins & spreads

Gross profit margin
EBITDA margin
Operating margin

2010

2011

3009.175 4103.978
385.984 344.83791
44.772
70.432
228.575 412.9744
0.00%
80.67%
214.035
394.343
7.60%
10.06%

2010

2011

1180.827 1758.3243
1822.086
2407.62
746.4574 1039.047
836.9721 1100.8051
936.001 1243.041
45.93%
45.72%

2010

2011

110.243
-122.868
-71.894

78.535
-51.073
177.436

2010
10.56%
165.15%
85.91%
83.76%
11.75%
22.87%
194.67%
33.63%
17.28%
45.93%
158.19%
72.14%
16.94%

2011
13.41%
170.46%
87.21%
86.02%
16.38%
31.72%
193.69%
29.21%
15.08%
45.72%
169.22%
89.99%
31.70%

2010
19.52%
13.00%
8.95%

2011
17.64%
15.45%
11.70%

Pretax profit margin

Net profit margin
Adjusted profit margin

9.07%
7.60%
7.11%

11.70%
10.06%
9.61%

2012
4227.932
371.58825
60.03
232.7433
-43.64%
210.45
5.50%

2012

2013
5095.012
474.3764
77.557
176.0379
-24.36%
158.3859
3.46%

2013

2281.97266 1660.67554
3073.558
2549.617
1668.512
901.9547
1668.512 993.33466
1328.997
1467.894
54.29%
38.96%

2014
6299.678
458.497
41.078
440.724
-150.36%
416.814
7.00%

2014
3201.612
4571.486
2627.814
2697.889
1856.623
59.02%

2012

2013

2014

179.83
-933.693
459.98

61.664
639.001
-663.097

268.142
-1272.68
1020.083

2012
7.80%
137.56%
81.79%
86.32%
6.85%
15.84%
231.27%
91.75%
39.67%
54.29%
136.77%
77.90%
2.13%

2013
5.99%
199.83%
74.58%
77.36%
6.21%
10.79%
173.69%
35.63%
20.51%
38.96%
184.12%
62.44%
8.13%

2014
9.60%
137.80%
93.21%
78.15%
9.12%
22.45%
246.23%
107.74%
43.76%
59.02%
121.84%
67.98%
3.40%

2012
12.95%
9.93%
6.20%

2013
11.85%
8.16%
4.37%

2014
12.54%
11.46%
9.09%

6.38%
5.50%
4.98%

4.47%
3.46%
3.11%

8.95%
7.00%
6.62%

Ratios and Metrics

Measure
Margins
Gross Margin
Operating Margin
EBT Margin

2010
2
19.52%
8.95%
9.07%

2011
3
17.64%
11.70%
11.70%

2012
4
12.95%
6.20%
6.38%

Management Effectiveness
ROA
ROE

12.54%
24.42%

17.15%
33.22%

7.57%
17.51%

Growth
Net Income Growth
Operating Income Growth
Revenue Growth
EPS Growth

NA
NA
NA
NA

80.67%
78.33%
36.38%
75.49%

-43.64%
-45.37%
3.02%
-46.48%

Cash Flow
Operating Cash Flow Growth

NA

-28.76%

128.98%

2013
5
11.85%
4.37%
4.47%

2014
6
12.54%
9.09%
8.95%

6.90%
11.99%

Avg 3-year Avg 5-year

12.45%
6.55%
6.60%

14.90%
8.06%
8.11%

9.64%
23.74%

8.04%
17.75%

10.76%
22.18%

-24.36%
-15.11%
20.51%
-24.71%

-150.36%
-157.15%
23.64%
-70.08%

-72.79%
-72.54%
15.72%
-47.09%

-34.42%
-34.83%
20.89%
-16.44%

-65.71%

334.84%

132.70%

92.34%

Financial
Income Statement Results

Balance Sh

7000

20.00%

6000

Total Assets

Total L

15.00%

5000
4000

10.00%

3000
2000

5.00%

1000
0

0.00%
1

45.93% 2407.62
45.72%
1822.086

307

Revenue

2010

2011

Margins and Eff

Managem

Margins
40.00%
19.52%

9.07%

30.00%

17.64%
11.70%

12.95%
6.38%

2010

2011

2012
Gross Margin

11.85%

12.54%
8.95%

EBT Margin

10.00%
0.00%
2010

4.47%
2013

20.00%

2011

2014
ROA

Charts
Financial Statements
1500

Balance Sheet Results

Total Assets

Total Liabilities

1000

Debt to Assets %

500
0
-500

45.93% 2407.62
45.72%
2.086

54.29%
3073.558

4571.486
59.02%
2549.617
38.96%

-1000
-1500
2010

2011

2012

Net Cash Provided by Operating Activities

Net Cash Used for Investing Activities

10

2011

2012

2013

Net Cash Provided by (Used For) Financing

2014

Margins and Effectiveness, Growth

Management Effectiveness

Revenue and Income Gro

0%

0%

0%

0%

0%
2010

2011
ROA

2012

2013
ROE

2014

100.00%
50.00%
0.00%
-50.00%
-100.00%
-150.00%
-200.00%
2011

2012

Net Income Growth

Revenue Growth

2013
Operating Income

Return to Scorecard

2012

2013

2014

ed by Operating Activities

for Investing Activities

ed by (Used For) Financing Activities

and Income Growth

2012

wth

2013
Operating Income Growth

2014