Cash flow Vinh Hoan Corporation

Equities

VHC

VN000000VHC1

Food Processing

End-of-day quote Ho Chi Minh S.E. Other stock markets 15/01/2025			5-day change	1st Jan Change
66,800.00 ^VND	+1.06%		-3.75%	-5.25%

10-23	Vinh Hoan Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2024	CI
07-27	Vinh Hoan Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI

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Published financial data: VINH HOAN CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	7,867B	7,037B	9,054B	13,231B	10,033B
Total Revenues	7,867B	7,037B	9,054B	13,231B	10,033B
Cost of Goods Sold, Total	6,334B	6,022B	7,298B	10,255B	8,540B
Gross Profit	1,533B	1,015B	1,756B	2,976B	1,493B
Selling General & Admin Expenses, Total	401B	319B	557B	721B	524B
Other Operating Expenses, Total	401B	319B	557B	721B	524B
Operating Income	1,132B	695B	1,199B	2,254B	969B
Interest Expense, Total	-59.53B	-38.41B	-34.7B	-97.12B	-133B
Interest And Investment Income	83.28B	164B	68.85B	82.68B	118B
Net Interest Expenses	23.74B	125B	34.15B	-14.44B	-14.96B
Income (Loss) On Equity Invest.	14.11B	-285M	-438M	223M	801M
Currency Exchange Gains (Loss)	17B	14.67B	13.91B	152B	115B
Other Non Operating Income (Expenses)	1.31B	-15.62B	-3.8B	16.41B	44.53B
EBT, Excl. Unusual Items	1,189B	819B	1,243B	2,409B	1,114B
Gain (Loss) On Sale Of Investments	121B	-16.22B	36.53B	-85.65B	31.96B
Gain (Loss) On Sale Of Assets	-	-	-	-	-1.05B
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1,309B	803B	1,280B	2,323B	1,145B
Income Tax Expense	130B	83.97B	173B	310B	171B
Earnings From Continuing Operations	1,179B	719B	1,107B	2,013B	974B
Net Income to Company	1,179B	719B	1,107B	2,013B	974B
Minority Interest	-	9.6M	-7.59B	-37.69B	-54.57B
Net Income - (IS)	1,179B	719B	1,099B	1,975B	919B
Preferred Dividend and Other Adjustments	20B	-	-	98.76B	-
Net Income to Common Incl Extra Items	1,159B	719B	1,099B	1,876B	919B
Net Income to Common Excl. Extra Items	1,159B	719B	1,099B	1,876B	919B
Per Share Items
Net EPS - Basic	5.23K	3.29K	5.03K	8.55K	4.17K
Basic EPS - Continuing Operations	5.23K	3.29K	5.03K	8.55K	4.17K
Basic Weighted Average Shares Outstanding	222M	218M	218M	219M	221M
Net EPS - Diluted	5.23K	3.29K	5.03K	8.55K	4.16K
Diluted EPS - Continuing Operations	5.23K	3.29K	5.03K	8.55K	4.16K
Diluted Weighted Average Shares Outstanding	222M	218M	218M	219M	221M
Normalized Basic EPS	3.35K	2.35K	3.52K	6.69K	2.91K
Normalized Diluted EPS	3.35K	2.35K	3.52K	6.69K	2.91K
Dividend Per Share	-	-	1.67K	1.67K	1.67K
Payout Ratio	15.69	50.58	-	18.57	-
Supplemental Items
EBITDA	1,297B	897B	1,483B	2,580B	1,369B
EBITA	1,146B	710B	1,242B	2,300B	1,017B
EBIT	1,132B	695B	1,199B	2,254B	969B
EBITDAR	1,305B	906B	1,494B	2,590B	1,382B
Total Revenues (As Reported)	7,867B	7,037B	9,054B	13,231B	10,033B
Effective Tax Rate - (Ratio)	9.95	10.45	13.52	13.35	14.96
Current Domestic Taxes	140B	81.54B	178B	304B	169B
Total Current Taxes	140B	81.54B	178B	304B	169B
Deferred Domestic Taxes	-9.73B	2.43B	-5.09B	6.41B	2.04B
Total Deferred Taxes	-9.73B	2.43B	-5.09B	6.41B	2.04B
Normalized Net Income	743B	512B	769B	1,468B	642B
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	17.1B	12.8B	19.51B	-	-
Selling and Marketing Expenses	252B	171B	344B	349B	216B
General and Administrative Expenses	149B	148B	213B	372B	308B
Net Rental Expense, Total	7.95B	8.89B	10.37B	9.95B	12.87B
Imputed Operating Lease Interest Expense	3.54B	2.68B	1.88B	3.61B	5.91B
Imputed Operating Lease Depreciation	4.4B	6.21B	8.49B	6.34B	6.96B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	86.42B	40.75B	195B	553B	233B
Short Term Investments	1,228B	1,219B	1,142B	1,665B	1,926B
Trading Asset Securities, Total	-	9.01B	79.9B	103B	142B
Total Cash And Short Term Investments	1,314B	1,269B	1,417B	2,321B	2,301B
Accounts Receivable, Total	1,419B	1,270B	1,926B	2,116B	1,432B
Other Receivables	126B	30.15B	51.42B	38.44B	20.63B
Total Receivables	1,545B	1,300B	1,978B	2,154B	1,453B
Inventory	1,414B	1,508B	1,793B	2,818B	3,763B
Prepaid Expenses	6.54B	7.24B	9.46B	13.85B	13.36B
Other Current Assets, Total	332B	651B	345B	334B	357B
Total Current Assets	4,611B	4,735B	5,543B	7,640B	7,888B
Gross Property Plant And Equipment	2,515B	3,030B	3,802B	4,784B	5,112B
Accumulated Depreciation	-965B	-1,143B	-1,467B	-1,696B	-2,031B
Net Property Plant And Equipment	1,551B	1,887B	2,335B	3,088B	3,081B
Long-term Investments	1.41B	62.13B	66.22B	66.44B	67.24B
Goodwill	39.89B	34.19B	296B	261B	225B
Other Intangibles, Total	289B	305B	293B	301B	463B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	2.59B	2.31B	3.53B	2.47B	2.5B
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	118B	175B	202B	224B	216B
Total Assets	6,612B	7,202B	8,738B	11,583B	11,943B
Liabilities
Accounts Payable, Total	297B	326B	340B	448B	309B
Accrued Expenses, Total	388B	316B	392B	683B	572B
Short-term Borrowings	866B	1,106B	1,735B	2,202B	2,143B
Current Portion of Long-Term Debt	-	-	-	11.6B	14.5B
Current Income Taxes Payable	140B	56.36B	31.09B	273B	126B
Other Current Liabilities	25.71B	137B	182B	80.97B	68.81B
Total Current Liabilities	1,716B	1,941B	2,680B	3,698B	3,233B
Long-Term Debt	-	69.21B	156B	175B	102B
Deferred Tax Liability Non Current	3.07B	5.21B	631M	5.98B	8.06B
Other Non Current Liabilities	16.4B	10.71B	16.56B	9.87B	8.66B
Total Liabilities	1,735B	2,026B	2,854B	3,889B	3,351B
Common Stock, Total	1,834B	1,834B	1,834B	1,834B	1,870B
Additional Paid In Capital	224B	224B	224B	264B	264B
Retained Earnings	2,932B	3,228B	3,838B	5,426B	6,213B
Treasury Stock	-114B	-114B	-114B	-	-
Comprehensive Income and Other	-	-	-72.75M	198M	259M
Total Common Equity	4,875B	5,172B	5,782B	7,523B	8,348B
Minority Interest	2B	3.99B	102B	171B	244B
Total Equity	4,877B	5,176B	5,884B	7,694B	8,591B
Total Liabilities And Equity	6,612B	7,202B	8,738B	11,583B	11,943B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	218M	218M	218M	220M	224M
ECS Total Common Shares Outstanding	218M	218M	218M	220M	224M
Book Value / Share	22.33K	23.69K	26.48K	34.19K	37.19K
Tangible Book Value	4,547B	4,832B	5,193B	6,961B	7,660B
Tangible Book Value Per Share	20.82K	22.13K	23.78K	31.64K	34.13K
Total Debt	866B	1,175B	1,891B	2,388B	2,259B
Net Debt	-448B	-94.56B	474B	67.39B	-42.06B
Debt Equivalent Oper. Leases	63.56B	71.09B	82.95B	79.6B	103B
Minority Interest, Total (Incl. Fin. Div)	2B	3.99B	102B	171B	244B
Equity Method Investments, Total	-	10.71B	10.28B	10.5B	11.3B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	124B	128B	189B	355B	328B
Inventories - Work In Process, Total	611B	708B	927B	1,155B	1,492B
Inventories - Finished Goods, Total	754B	773B	753B	1,688B	2,342B
Inventories - Others	3.57B	5.6B	10.8B	16.33B	22.36B
Buildings, Total	829B	-	1,290B	1,721B	1,966B
Machinery, Total	1,351B	1,590B	1,951B	2,495B	2,979B
Full Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	3.07B	3.07B	3.97B	6.32B	6.16B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1,179B	719B	1,099B	1,975B	919B
Depreciation & Amortization - CF	151B	187B	241B	281B	353B
Amortization of Goodwill and Intangible Assets - (CF)	13.64B	14.58B	43.03B	45.07B	47.99B
Depreciation & Amortization, Total	165B	202B	284B	326B	401B
Amortization of Deferred Charges, Total - (CF)	457M	670M	1.06B	1.34B	1.74B
(Gain) Loss From Sale Of Asset	-221B	-130B	-73.73B	-77.05B	-134B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-180B	5.08B	-68.29B	633B	-169B
Change in Trading Asset Securities	-	-9.01B	-70.89B	-99.42B	-1.89B
Change In Accounts Receivable	648B	-139B	-331B	-200B	719B
Change In Inventories	9.43B	-123B	-219B	-1,265B	-856B
Change In Accounts Payable	-66.86B	-114B	-270B	334B	-352B
Change in Other Net Operating Assets	-44.94B	-20.08B	-18.3B	-23.21B	19.32B
Cash from Operations	1,489B	392B	332B	1,604B	547B
Capital Expenditure	-378B	-554B	-588B	-1,131B	-677B
Sale of Property, Plant, and Equipment	16.99B	3.55B	4.61B	9.54B	4.49B
Investment in Marketable and Equity Securities, Total	-454B	-11B	-1,936B	-2,265B	-3,552B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	77.28B	-	-	-
Other Investing Activities, Total	70.78B	100B	1,676B	1,858B	3,431B
Cash from Investing	-743B	-384B	-843B	-1,528B	-793B
Short Term Debt Issued, Total	4,677B	-	-	-	-
Long-Term Debt Issued, Total	-	4,417B	5,837B	10,279B	11,256B
Total Debt Issued	4,677B	4,417B	5,837B	10,279B	11,256B
Short Term Debt Repaid, Total	-5,081B	-	-	-	-
Long-Term Debt Repaid, Total	-	-4,108B	-5,172B	-9,782B	-11,385B
Total Debt Repaid	-5,081B	-4,108B	-5,172B	-9,782B	-11,385B
Issuance of Common Stock	-	-	-	154B	56.68B
Repurchase of Common Stock	-114B	-	-	-	-
Common Dividends Paid	-185B	-364B	-	-367B	-
Common & Preferred Stock Dividends Paid	-185B	-364B	-	-367B	-
Other Financing Activities, Total	-	2B	-	-	-
Cash from Financing	-703B	-53.18B	665B	284B	-72.53B
Foreign Exchange Rate Adjustments	-15.36M	-633K	-258M	-1.99B	-1.58B
Net Change in Cash	43.18B	-45.67B	154B	358B	-320B
Supplemental Items
Cash Interest Paid	58.96B	-	-	95.29B	133B
Cash Income Tax Paid (Refund)	247B	165B	204B	62.98B	315B
Levered Free Cash Flow	519B	-388B	-270B	-160B	-429B
Unlevered Free Cash Flow	556B	-364B	-248B	-99.44B	-346B
Change In Net Working Capital	-60.62B	447B	695B	704B	677B
Net Debt Issued / Repaid	-403B	309B	665B	497B	-129B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	10.96	6.29	9.4	13.87	5.15
Return on Total Capital	12.84	7.19	10.61	15.78	5.79
Return On Equity %	26.52	14.31	20.01	29.65	11.96
Return on Common Equity	26.08	14.32	20.07	28.21	11.58
Margin Analysis
Gross Profit Margin %	19.49	14.42	19.39	22.49	14.88
SG&A Margin	5.09	4.54	6.15	5.45	5.22
EBITDA Margin %	16.49	12.75	16.38	19.5	13.65
EBITA Margin %	14.57	10.09	13.72	17.38	10.14
EBIT Margin %	14.39	9.88	13.24	17.04	9.66
Income From Continuing Operations Margin %	14.99	10.22	12.22	15.21	9.71
Net Income Margin %	14.99	10.22	12.14	14.93	9.16
Net Avail. For Common Margin %	14.73	10.22	12.14	14.18	9.16
Normalized Net Income Margin	9.44	7.28	8.5	11.09	6.4
Levered Free Cash Flow Margin	6.59	-5.51	-2.98	-1.21	-4.28
Unlevered Free Cash Flow Margin	7.07	-5.17	-2.74	-0.75	-3.45
Asset Turnover
Asset Turnover	1.22	1.02	1.14	1.3	0.85
Fixed Assets Turnover	5.39	4.09	4.29	4.88	3.25
Receivables Turnover (Average Receivables)	4.71	5.24	5.67	6.55	5.66
Inventory Turnover (Average Inventory)	4.53	4.12	4.42	4.45	2.6
Short Term Liquidity
Current Ratio	2.69	2.44	2.07	2.07	2.44
Quick Ratio	1.67	1.32	1.27	1.21	1.16
Operating Cash Flow to Current Liabilities	0.87	0.2	0.12	0.43	0.17
Days Sales Outstanding (Average Receivables)	77.45	69.91	64.42	55.75	64.54
Days Outstanding Inventory (Average Inventory)	80.66	88.79	82.55	82.05	140.63
Average Days Payable Outstanding	16.38	18.64	16.03	12.74	14.55
Cash Conversion Cycle (Average Days)	141.73	140.06	130.94	125.07	190.62
Long Term Solvency
Total Debt/Equity	17.76	22.7	32.15	31.04	26.3
Total Debt / Total Capital	15.08	18.5	24.33	23.69	20.82
LT Debt/Equity	-	1.34	2.66	2.27	1.19
Long-Term Debt / Total Capital	-	1.09	2.01	1.73	0.94
Total Liabilities / Total Assets	26.24	28.13	32.66	33.57	28.06
EBIT / Interest Expense	19.02	18.11	34.56	23.21	7.27
EBITDA / Interest Expense	21.79	23.37	42.74	26.57	10.27
(EBITDA - Capex) / Interest Expense	15.45	8.94	25.8	14.92	5.19
Total Debt / EBITDA	0.67	1.31	1.28	0.93	1.65
Net Debt / EBITDA	-0.35	-0.11	0.32	0.03	-0.03
Total Debt / (EBITDA - Capex)	0.94	3.42	2.11	1.65	3.26
Net Debt / (EBITDA - Capex)	-0.49	-0.28	0.53	0.05	-0.06
Growth Over Prior Year