UNIVERSITY OF ECONOMICS AND FINANCE

Subject: Corporate Finance

Topic: FINANCIAL ANALYSIS OF VIET NAM NATIONAL
PETROLEUM GROUP
Members:
No Full Name Student’s ID Contribution
1 LÊ THỊ THANH HOA 215280208
2 NGUYỄN THỊ NHƯ 215280370
HUỲNH
3 BÙI HUYỀN TRANG 215280032

Lecturer: Tang My Sang

HCM City, …/…/2023.

I. INTRODUCTION:
II. ANALYSIS OF THE COMPANY'S FINANCIAL STATEMENTS FOR THE
PERIOD OF 2019-2022:
1. Financial Statement:
1.1. Business operation situation:
By the end of 2022, Viet Nam National Petroleum Group achieved 304,080.299 million
dong in net revenue, an increase of 79.9% over the previous year and an increase of
160.3% compared to 2019. Profit after tax reached 1,912,528 million dong, down 38.8%
compared to the previous year.The reason for the increase and decrease is the sharp
fluctuations of the domestic petroleum market. Gross profit from 25.7% in 2021 to -2.4%
in 2022. This gross profit margin does not attract investors. Interest expense increased by
7.3% y/y but still accounted for a small proportion of revenue (0.2%).

1.2. Usage status of property:

In 2022, Total assets of Viet Nam National Petroleum Group are 73,811,082 million dong,
an increase of 13.9% compared to 2021. Inventories increased by more than 4,000,000
million dong (+30.9% ) and accounted for a relatively high proportion of total assets
( 23.3%). Fixed assets decreased by 494,639 million dong ( -3.3%). In addition, short-term,
long-term account receivables and long-term financial investments also increased
compared to the previous year. Short-term financial investments decreased by 4,739.108
million dong (- 40.1%). Fixed assets decreased by 3.3% and Real estate investment
decreased by 5.4% compared to 2021. Besides, Short term liabilities reached 45,010.203
million dong (+27.8%) and long-term debt was paid down, only remaining 993,432 million
dong, down 25% compared to 2021. Equity at the end of 2022 reached 27,807,447 million
dong ( -1.6%).

2. Financial Ratio Analysis:

2.1. Liquidity Ratios:

The current ratio at the end of 2022 is 1.1, indicating that the enterprise has enough assets
ready to convert into cash quickly to make payments for short-term debts, ensuring
continuous production and business activities. However, businesses should raise the ratio
of short-term payments to a safe level ( 2 ) .
In the last 4 years, in general, the company's quick ratios index has tended to decrease, at
the end of 2022 it was 0.72. This reflects that the business has good solvency and high
liquidity.

2.2. Coverage Ratios:

In general, interest coverage ratios have tended to fluctuate abnormally in the past 4 years.
By the end of 2022 it was 4.5, which indicates that profit before tax and interest are higher
than Interest Expense. The company is profitable, and in a positive financial position.

2.3. Activity Ratios:

2.3.1.