INTERNATIONAL SCHOOL OF BUSINESSUNIVERSITY OF ECONOMICS HOCHIMINH CITYVINACAFE BIEN HOA JOINT IN STOCK COMPANYFINANCIAL REPORT FOR DECISION MAKINGLECTURER: Mr Lim Chor Ghee.GROUP MEMBERS:Ho Chi Minh city, Vietnam20!OUTLINENguyen Dang QuangTran Thanh ThaoNgocHuynh Vu Thanh TrucNguyen Thi NgocTranNguyen Nhi PhuongNguyenI. INTRODUCTION TO VINACAFE BIEN HOA JOINT STOCK COMPANY VCF!II. TREND ANALYSIS OF "ORKING CAPITALIII. RATIO ANALYSIS" #ROFITABILITY ANALYSIS2" MAR$ET #ERFORMANCE%" EFFICIENCY RATIO&" LI'UI(ITY RATIO!" CAITAL STRUCTUREIV. STRENGTH AND "EEKNESS AND RECOMMENDATIONSV. RECOMMENDATIONSVI. APENDI#I. INTRODUCTION TO VINACAFE BIEN HOA JOINT STOCK COMPANY VCF!Vinaca)* Bien Hoa, )o+me+,y Co+one, Facto+y ,ocate- in Bien Hoa In-./t+ia, #a+0, 1a/e/ta2,i/he- in 343" In 35!, Co+one, Co))ee Facto+y 1a/ +ename- to Bien Hoa Co))ee Facto+yan-han-e-o6e+tothe7ene+a, (e8a+tment o)Foo-Techno,o9y"Un-e+theBa+te+#+otoco,2et1een Vietnam an- othe+ Socia,i/t Co.nt+ie/, )+om 35:, /o,.2,e co))ee )+om Bien Hoa Co))eeFacto+y 1a/ e;8o+te- to )o+me+ So6iet Union an- Ea/te+n E.+o8ean co.nt+ie/" In 3:%, the 2+an-name Vinaca)e a88ea+e- in E.+o8ean co.nt+ie/" In3::, BienHoaCo))ee Facto+y1a/ .n-e+ the Uniono) VietnamCo))ee Facto+y" Thein6e/tment in the /econ- 8,ant in 33: ma+0e- a mi,e/tone o) VCF 9+o1th 2oom" The /econ-8,ant ha/ a ca8acity o) :00 ton/ o) /o,.2,e co))ee 8e+ yea+, 1hich ha/ the 0 time /iVinaca)e BH? i/ o))icia,,y co8y+i9ht +e9i/te+e- in 50 co.nt+ie/ an- the 8+o-.ct/ i/ e;8o+te- tomo+e than &0 co.nt+ie/ inc,.-in9 Ame+ica, Cana-a, E.+o8ean co.nt+ie/, Ba8an, $o+ea, etc"S$o%& i'(orm)$io':Ban.a+y 2:, 20, the com8anyC/ /ha+e/ a+e 8.2,ic ,i/te- on HOSE 1ith the cha+te+ ca8ita, o)24!,53,%!0,000 VN( eD.i6a,ent/ to 24,!53,%! /ha+e/"!"# $ource: Nie%sen Vietnam re&ort 201Ta'%e 1.1: (ain shareho%)ers of VC* u&)ate) unti% +une 201 !"#Acco+-in9 to the ta2,e, Ma/an ho,- the ,a+9e/t 8e+centa9e o) VCF /ha+e/ E!%"2AF an- 2ecome/the main eD.ity ho,-e+" Fo,,o1in9 a+e 7ao,in9 F.n- an- Vietnam Nationa, Co))ee Co+8o+ation1ith 2%"%%A an- 2":! A +e/8ecti6e,y"The cha+t /ho1/ the chan9in9 o) /toc0 8+ice o) VCF -.+in9 the /t 0& month/ o) 20! )+om 0Ban.a+yto5A8+i," O6e+a,,, VCF/ha+e 8+ice ha-an .81a+-t+en-, 1hich /ta+te-)+oma88+o;imate,y 30,000 VN( an- hit the 8ea0 o) 23,000 VN( on F+i-ay 5 Ban.a+y 20!"II. TREND ANALYSIS OF "ORKING CAPITAL!"#$ource: ,,,.co&hieu-../0shareho%)erChart 1.2: VC* stock &rice from 'eginning of 2011 unti%12 3&ri% 2011 !"#!"# $ource: finance./ietstock./nNo. Sh)reho*+er No. o( ,h)re, Per%e'$)-e Ma/an 7+o.8 Co+8o+ationG Ma/anCon/.me+&,&0,3 !%"20A2 7ao,in9 F.n- L"# 4,200,000 2%"%%A% Vietnam Nationa, Co))ee Co+8o+ation %,&&,%5! 2":!A& M+" HoIn HJnh ThiKm 4&&,%&& 2"&2A! FTIF G Tem8,eton F+ontie+ Ma+0et/ F.n- &2&,30 "40A4 Ba+ca 7,o2a, Ma/te+ F.n-, L"#" %3!,&30 "&3A5 M+" N9.yLn CMn9 T+.n9 %&,&%: "2:A: Othe+/ ,05,455 %":%A2012 2013 201405000001000000150000020000002500000300000035000002141!!623413!"304444!153052616136!!1#0#5552#"2422603"#404!"3Trend in Vinacafe Sale revenue, Cost of good sold and Net ro!t from 2012 to 2014$e%enue &ost of goo's sol' Net (ro)t*ear+illion VN,Chart 2.1: Tren) in VC*4s sa%e re/enue5 cost of goo)s so%)5 gross &rofit an) net &rofit from 2012to 201 !"#The cha+t 2" a2o6e in-icate/ chan9e/ o) +e6en.e, co/t o) 9oo-/ /o,- an- the net 8+o)it o) VCF-.+in9 % yea+/ 2e9innin9 )+om 202" A,tho.9h the co/t o) /a,e/ +o/e /tea-i,y 1hich inc+ea/e- 2y2&A com8a+in9 to 202, 9+o// 8+o)it 0e8t 9+o1in9 .8 2eca./e the inc+ea/e in +e6en.e 1a/ mo+e/i9ni)icant Emo+e than &2A )+om 202 to 20&F In 20%, the net +e6en.e +o/e 9+a-.a,,y 2y 200 mi, VN( )+om 2,& 2i,,ion -on9 to 2,%& 2i,,ionVN(" The 9+o// 8+o)it /,i9ht,y inc+ea/e- 2y a+o.n- 00 2i,,ion VN( in the /ame yea+" Ho1e6e+,thenet8+o)ita)te+ta;/,i9ht,y-+o88e--.etotheinc+ea/eino8e+atin9e;8en/e/, e/8ecia,,y/e,,in9 e;8en/e/ 1hich 9+e1 )+om 2!! 2i,,ion to 400 2i,,ion VN(" The +ea/on i/ that in 20%,VCF thi+- 8,ant 1ent into o8e+ation an- the com8any a,/o i//.e- a ne1 8+o-.ct@ in/tant co))ee#hinn, 1hich +eD.i+e- mo+e in6e/tment an- hi9he+ o8e+atin9 e;8en/eIn 20&, the +e6en.e 0e8t inc+ea/in9 /i9ni)icant,y 2y a+o.n- %0A com8a+in9 to 20% 2.t CO7S=./t9+a-.a,,y+o/e2y:A1hich ca./e- the +i/in9 in9+o// 8+o)it"The net8+o)it ha-2ette+/i9na, than ,a/t yea+/ 1hich 8+o6e that the mana9ement 2oa+- +eco9ni6 of VC* an) com&etitors from 2012 to 201The #ER o) VCF /.99e/t/ that in6e/to+/ 1e+e 8+e8a+e- to 8ay ,e// yea+/ o) ea+nin9 E)+om &"24yea+/ in 202 to on,y "%4 yea+/ in 20&F to acD.i+e a /ha+e" Thi/ /ho1/ that in6e/to+/ o) VCFa+e antici8atin9 hi9he+ 9+o1th in the ).t.+e"%" EFFICIENCY RATIONet Sa,e/ Emi,,ion VN(F 2,&,4!3 2,23:,443 2,352,20A6e+a9e tota, A//et/ Emi,,ion VN(F ,%%,:: ,4%,%!2 2,&32,54A//et t.+no6e+ +atio Etime/F 2"& "45 "&!BM "%& "&2 "&37+o1th o) Sa,e/ 3A 23A7+o1th o) A//et&2A !!A Ta'%e 7.7.1: 3sset turno/er ratio of VC* from 2012 to 201The a//et t.+no6e+ +atio i/ a mea/.+e o) ho1 e))iciency a com8anyC/ a//et/ a+e in 9ene+atin9+e6en.e"It mea/.+e/the amo.nt o) VN( o) +e6en.e9ene+ate- 2yVN( o) thecom8anyC/a//et/" In 202, the a//et/ t.+no6e+ +atio i/ 2"& it mean/ e6e+yVN( in6e/te- the )i+m in a//et1i,, 9ene+ate 2"& VN( in +e6en.e/" In 20%, thi/ +atio contin.e- +e-.cin9 to "45 an- "&! in20&2eca./ethemoneycame)+omin6e/to+/inthe2yea+/20%, 20&/ha+8,yinc+ea/e-,,ea-in9 to the /i9ni)icant +i/e o) tota, a//et 2.t /a,e inc+ea/e- on,y 3A in 20% an- 23A in 20&Ecom8a+e to 202F" A,mo/t the a//et t.+no6e+ +atio i/ 9+eate+ than BM /o 1e can /ay that thein6e/tment in a//et ha/ hi9h e))iciency" The com8any i/ e))icient in mana9in9 it/ a//et/"202 20% 20&A6e+a9e In6ento+y Emi,,ion VN(F 2&%,525 200,%2! 2!0,25Co/t o) Sa,e Emi,,ion VN(F ,!%0,!24 ,4%,455 ,303,!!!(ay/ o) in6ento+y on han-!:"2 &!,% &5":%BM !5,%5 !:":&! 4:"05Ta'%e 7.7.2: Days of VC* in/entory on han) from 2012 to 201In6ento+y t.+no6e+ i/ a mea/.+e o) the n.m2e+ o) time in6ento+y i/ /o,- o+ ./e- in 0 yea+" In20& the -ay/ o) in6ento+y on han- i/ &5":& -ay, it mean/, a)te+ &5":& -ay/ in6ento+ie/ can 2econ6e+te- to /a,e/" The in6ento+y t.+no6e+ i/ hi9h in Fa/t Mo6in9 Con/.me+ 7oo-C/ com8any"Thi/ +atio o) VCF i/ 9oo- com8a+e- 1ith the BM" Oe can conc,.-e that the com8any mana9e-in6ento+y mo+e e))icient,y than it/ com8etito+/ an- it can /a6e an amo.nt )+om in6ento+y co/t"&" LI'UI(ITY RATIO202 20% 20&C.++ent A//et/ Emi,,ion VN(F 40!,!32 ,00,2&0 ,55%,5&&C.++ent Lia2i,itie/ Emi,,ion VN( F :,5%2 &53,2% ,0,55:C.++ent Ratio %"%& 2"03 "5!BM 2"4 2"5! 2"25Ta'%e 7..1: The current ratio of VC* from 2012 to 201C.++ent +atio i/ the ,iD.i-ity +atio that mea/.+e/ a com8anyC/ a2i,ity to 8ay /ho+tGte+mo2,i9ation/" A/ 1e can /ee )+om the ta2,e, the c.++ent +atio/ o) the th+ee yea+/ a+e a,, o6e+ "0" Itmean/ thecom8any1a/ in9oo-)inancia, hea,th" Theyha-ca8a2,eto8ayit/ /ho+tGte+m,ia2i,itie/ 2y it/ /ho+tGte+m a//et/" The +atio o) VCF ./e- to 2e hi9h E%"%& in 202F 2.t no1 it 1a/-ec+ea/e- to "5! in 20&" The +ea/on i/ a,tho.9h a//et inc+ea/e E40!,!32 mi,,ion VN( )+om202to,00,2&0mi,,ionV(in20%an-,55%,5&&mi,,ionVN(in20&F2.t /ho+tGte+m,ia2i,itie/ inc+ea/e mo+e than !00A in 2 yea+/ )+om 202 to 20& E)+om :,5%2 mi,,ion VN( to,0,5:: mi,,ion VN( +e/8ecti6e,yF"202 20% 20&C.++ent A//et/ Emi,,ion VN(F 40!,!32 ,00,2&0 ,55%,5&&In6ento+ie/ Emi,,ion VN(F 2%!,2! 4!,!2! %%&,303C.++ent Lia2i,itie/ Emi,,ion VN( F :,5%2 &53,2% ,0,55:'.ic0 Ratio2"0& "5& "&2BM "5 ,44 "!%Ta'%e 7..2: The ?uick ratio of VC* from 2012 to 201'.ic0 +atio mea/.+e/ a com8anyC/ a2i,ity to meet it/ /ho+tGte+m o2,i9ation 2y it/ mo/t ,iD.i-a//et/" Fo+ thi/ +ea/on, the+atioe;c,.-e-in6ento+ie/ )+omc.++ent a//et/" TheD.ic0+atiomea/.+e/ the VN( amo.nt o) ,iD.i- a//et/ a6ai,a2,e )o+ each VN( o) c.++ent ,ia2i,itie/" TheD.ic0 +atio i/ "&2 in 20& mean/ that the com8any ha- "&2 VN( o) ,iD.i- a//et/ a6ai,a2,e toco6e+VN( o) c.++ent ,ia2i,itie/" A,, o) D.ic0 +atio/ a+e /ti,, 9oo- Ea2o6e F" The +ea/on 1hythe D.ic0 +atio -ec+ea/e- )+om 2"0& in 20% to "&2 in 20& i/ that a,, the c.++ent a//et/ an-in6ento+y inc+ea/e in the /ame 8ath" B.t c.++ent ,ia2i,itie/ +i/e /i9ni)icant,y, the+e)o+eN the D.ic0+atio -+o88e- -o1n" 202 20% 20&Tota, A//et/ EMi,,ionVN(F,%%,:: ,4%,%!2 2,&32,54Ca/h EMi,,ion VN(F 404,!32 5!,0%& ,%43,322Ca/hPTota, A//et/ !%"!A &4"!A !&"3ATa'%e 7..7: VC* &ercentage of cash among tota% asset from 2012 to 201Oe can /ee )+om the ta2,e a2o6e, the ca/h occ.8ie- .8 to a88+o;imate,y !0A o) tota, a//et o6e+the 2 yea+/" A,tho.9h hi9h ca/h en/.+e the ,iD.i-ity, thi/ i/ not 9oo- )o+ com8any 2eca./e ca/h2+in9 ,o1 +et.+n com8a+e- to othe+ a//et"!" CA#ITAL STRUCTURE202 20% 20&A//et ,%%,:: ,4%,%!2 2,&32,54Lia2i,itie/ :,5%2 &53,4& ,02,5:4ED.ity 3!,&!! ,%%,5 ,&53,3%0(e2t +atio 4A %0A &AED.ity +atio :&A 50A !3ATa'%e 7.1.1: Ca&ita% structure of VC* from 2012 to 2017!in mi%%ion VND#2012 2013 20140%10%20%30%40%50%60%!0%"0%#0%100%4-uity ratio,e.t ratioChart 7.1.1: De't 6atio an) >?uity 6atio from 2012 to 201A/ can 2e /een on the cha+t an- ta2,e, VCF ha- a t+en- o) ./in9 mo+e -e2t than the 8+e6io./yea+/" A,tho.9h VCF 8,anne- to inc+ea/e )inancin9 2y ,oan yea+/ 2y yea+/, the -e2t +atio 1a//ti,, /ma,,e+ than eD.ity +atio an- ,o1e+ than !0A" F+om 202 to 20% an- 20% to 20&, the+e1a/mo+ethant1iceinc+ea/ein./in9,oantoin6e/t inc.++ent a//et//.cha/machinean-eD.i8ment 2.t the main )inancia, /o.+ce /ti,, came )+om eD.ity" The -e2t +atio inc+ea/e- a2o.t0A 8e+ yea+ an- +eache- the hi9he/t 8e+centa9e at &A in 20& 1hi,e eD.ity +atio -ec+ea/e-/,i9ht,y )+om :&A in 202 to !3A in 20&" The 2./ine// o) VCF /ti,, +an 1e,, an- they -i- not +e,y too m.ch on ./in9 -e2t" In the ).t.+e, i))o+eca/tin9 the economic to -e6e,o8 in a 8o/iti6e 1ay, VCF can inc+ea/e thei+ -e2t an- ma0emo+e 8+o)it a/ 1e,, a/ inc+ea/e the ROE 1hich meet/ the /ha+eho,-e+/C nee-/ an- att+act mo+ein6e/to+ a/ 1e,, a/ /t+en9then the com8anyC/ ima9e" In cont+a/t, i) 8+e-ictin9 the economic to 9o-o1n, they /ho.,- 0ee8 thei+ -e2t +atio at a ,o1 +ate"202 20% 20&NonGc.++ent ,ia2i,itie/ &23 00:Net ca/h ),o1 )+omo8e+atin9 acti6itie/&34,44 %3!,3&% %4:,%(e2t co6e+a9e +atio 0 0"00 yea+ 0"0025 yea+Ta'%e 7.1.2: VC* )e't co/erage ratio !in mi%%ion VND#In 202, VCF ha- a,+ea-y 8ai- a,, o) thei+ ,on9Gte+m -e2t, =./t +emaine- /ho+tGte+m ,ia2i,itie/"That i/ the +ea/on 1hy thei+ -e2t co6e+a9e +atio in thi/ yea+ i/ 0" The -e2t co6e+a9e +atio )o+20& in-icate/ that, i) VCF maintain/ it/ net o8e+atin9 ca/h ),o1, it 1o.,- ta0e the com8any on,y0"0025 yea+ to +e8ay it/ nonGc.++ent ,ia2i,itie/" Thi/ i/ hi9he+ than the 0"00 yea+ in-icate- 2ythe 20% +atio a,tho.9h tho/e n.m2e+/ 1a/ too /ma,," In the ,on9 +.n, VCF can +ai/e thei+ ,on9Gte+m 2o++o1in9/ to in6e/t an- e;8an- mo+e a/ they can 8ay it 2ac0 in the /ho+t time"202 20% 20&EBIT 2:!,:23 2!4,%!5 %4,5%Net )inance co/t !03 %,2 3,2!0Inte+e/t co6e+a9e +atio !42; :0; %3;Ta'%e 7.1.7: VC* interest co/erage ratio !in mi%%ion VND#A/ i/ 8ointe- on the a2o6e ta2,e, VCF ha- an i-ea, inte+e/t co6e+a9e +atio, e/8ecia,,y in 202"Inte+e/t co6e+a9e +atio in 202 1a/ 6e+y hi9h Q !42 time/ Q -.e to the )act that they =./t 8ai- )o+the inte+e/t )+om c.++ent ,ia2i,itie/" A,tho.9h the inte+e/t co6e+a9e +atio -ec,ine- /.2/tantia,,y)+om 202 to 20& Q )+om !3! time/ in 202 to %3 time/ in 20& 2eca./e o) inc+ea/in9 +a8i-,y o)inte+e/t e;8en/e/, it /ho1/ that VCF /ti,, ha- a /./taina2,e an- /a)e )inancia, ma+9in" The EBITco.,-co6e+it/net )inanceco/t/Einte+e/t e;8en/e/F, that mean/thecom8any-oe/not ha6einte+e/tG2ea+in9 -e2t"In the ).t.+e, i) VCF 1ant/ to maintain tho/e inte+e/t co6e+a9e +atio/, they/ho.,- thin0 ho1 to ./e thei+ 2o++o1in9/ e))ecti6e,y to inc+ea/e thei+ EBIT o+ o8e+atin9 8+o)it"IV. STRENGTH AND "EEKNESS AND RECOMMENDATIONSS$re'-$h, "e)&'e,,e, VCFha/ 9oo-/a,eteam, 1hichen/.+e-the hi9h 9+o1th in +e6en.e" Net 8+o)it a,/o/ho1a9oo-t+en-, 1hichmay 8,ea/.+e- VCF /ha+eho,-e+/ 7oo-1o+0in9ca8ita, mana9ement" VCFcont+o,,e- the c./tome+ c+e-it 6e+y1e,,E,o1 acco.nt +ecei6a2,eF an- 9aine- mo+et+./t )+om it/ /.88,ie+/, the+e)o+eN theacco.nt 8aya2,e inc+ea/e-, 8a+tia,,y ,ea- tothe +i/e o) ca/h into the com8any" A)te+ thethi+-8,ant 1ent intoo8e+ation,ROE an- ROA ha- a 9oo- /i9na, an- a//et Net ca/h ),o1)+omo8e+atin9 acti6itie/1ent -o1n -.e to the inc+ea/e o) o8e+atin9e;8en/e an- co/t o) 9oo-/ /o,- Ca/h on han- toom.ch,1hich2+in9,o1+et.+n"t.+no6e+ +atio R /ho1/ that the com8anyha/ a ,.c+ati6e in6e/tment in ,on9Gte+ma//et" 7oo- ma+0et 8e+)o+mance o) VCF 2+o.9htmo+e 2ene)it to /ha+eho,-e+/, 1hich att+act/ne1 in6e/to+/" VCF -i- not ha6e to 1o++y a2o.t the -e2t2eca./eit/ a2i,itytoco6e+ -e2t i/ 6e+yhi9h" VCF co.,- a,/o 2o++o1/ mo+e toinc+ea/e ROE2eca./e the 8e+centa9e o),ia2i,ity in tota, a//et /ti,, ,o1e+ than !0A"V. RECOMMENDATIONSO8e+atin9 ca/h ),o1 o) VCF 1ent -o1n in 20&, 1hich the mana9ement team m./t ta0e action"Fo+ei9n /a,e/ o) VCF occ.8ie- a88+o;imate,y on,y 0A o) the tota, +e6en.e in 20& EAnn.a,Sha+eho,-e+/ meetin9 +e8o+t 20&F" VCF /ho.,- )in- mo+e )o+ei9n ma+0et to inc+ea/e it/ /a,e,1hich 1i,, inc+ea/e the ca/h ),o1 )+om o8e+atin9 acti6itie/" Ca/h on han- o) VCF i/ too m.ch" VCF /ho.,- t.+n ca/h into othe+ in6e/tment/ to 9ain hi9he++et.+n"VCF /ti,, ha- ,o1 8e+centa9e o) ,ia2i,ity in it/ ca8ita, /t+.ct.+e" The com8any can inc+ea/e it/2o++o1in9/ to inc+ea/e ROE" In a--ition, 9oo- ,iD.i-ity 1i,, ma0e c+e-ito+/ 2e,ie6e in the a2i,ityo) 8ayin9 it/ -e2t" VI. REFERENCES:3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.Financia, +e8o+t/ o) VCF 202, 20%, 20&Nie,/en Vietnam Re8o+t 20&htt8@PP111"2+an-/6ietnam"comP0ey1o+-P&5GcaG8heGhoaGtanhtt8@PP111"co8hie.4:"6nPhtt8@PP)inance"6iet/toc0"6nPVCFG6inaca)eG2ienhoaG=ointG/toc0Gcom8any"htmVII. APENDI#/01/ /012 /013O8e+atin9 8+o)it %02,435,335 250,&0,!% &2,335,:34Inte+e/t e;8en/e/ !0:,:00 %,20,420 3,2&3,:2Financia, income 5,%55,35! 4,33&,&0: 40,!%&,!2EBIT 2:!,:2:,:22 2!4,%!4,52! %4,5%,20!Sa,e/ +e6en.e 2,&,4!:,:50 2,23:,443,3 2,352,20,2:O8e+atin9 8+o)itma+9in%"!2A "!A 2"5A/01/ /012 /013Net 8+o)itETho./an- VN(F23:,2&2,0&: 240,%:3,24: &0&,5:%,0%4A6e+a9e tota,eD.ity ETho./an-VN(F:%:,%:,:&3 ,0&2,!:%,02 ,%04,:20,2%A6e+a9e tota,a//et ETho./an-VN(F35!,424,44 ,%5%,243,:0% 2,0!%,0%%,:ROE%!"!: 2&"3: %0"35ROA %0"!5 :"34 3"52Ta'%e 1: VC* gross &rofit margin 2012@2017Ta'%e 2: VC* 6A> an) 6A3 ratios 2012@2017Ta'%e 7: VC* share an) )i/i)en) 2012@2017 /01/ /012 /013(i6i-en- 8ai-ETho./an- VN(F!%,!:,250 !%,!:,250 %,:3&,342N.m2e+ o) /ha+e/24,!53,%! 24,!53,%! 24,!53,%!(#S EVN(F 2,000 2,000 ,200E#S EVN(F ,22 3,535 !,223(i6i-en- 8ayo.t+atio0": 0"20 0"0: C.++ent Ratio '.ic0 Ratio20& 20% 202 20& 20% 202VNM 2":! 2"4% 2"4: 2": "3: ":&VHC "2% ":& "%5 0"44 0"42 0"5:$(C 2":2 2"!& "43 2"4 2"% "&4VCF "5! 2"03 %"%& "&2 "5& 2"0&Benchma+0 2"42! 2"25! 2"25 "5! "44 "!%Tota, A//et t.+no6e+ (ay/ o) in6ento+y on han-/20& 20% 202 20& 20% 202VNM "&& "&! "! !!"0! 4"55 50"&VHC "53 ": "!& :!"4 :&"! :3"!%$(C 0"43 0"55 0"54 &"&! &%": !%"35VCF "&! "45 2"5 &5":% &!"% !:"2Benchma+0 "%&2! "&2! "&3! !5"%52! !:":&! 4:"005!Ta'%e : Current B ?uick ratios of VC* an) in)ustria% &eers 2012 2017Ta'%e 1: Tota% asset turno/er an) )ays of in/entory in han)s of VC* an) in)ustria% &eers 2012@2017 Ta'%e -: VC* o&erating &rofit margin 2012@2017/01/ /012 /0137+o// 8+o)itEtho./an- VN(F!:&,%%,2:2 4:&,33,5:2 ,042,4&4,%22Sa,e/ +e6en.eEtho./an- VN(F2,&,4!:,:50 2,23:,443,3 2,352,20,2:7+o// 8+o)itma+9in A25"42A 23":A %!"5!A