COURSES FINANCIAL MANAGEMENT TOPIC FINANCIAL STATEMENTS OF VIETJET AIR JOINT STOCK COMPANY

CHAPTER 2 ANALYSIS OF FINANCIAL STATEMENTS OF VIETJET AVIATION JOINT STOCK COMPANY.... CHAPTER 2 ANALYSIS OF FINANCIAL STATEMENTS OF VIETJETAVIATION JOINT STOCK COMPANY 2.1 Data source f

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UNIVERSITY OF TECHNOLOGY AND EDUCATION

FACULTY FOR HIGH QUALITY TRAINING

COURSES: FINANCIAL MANAGEMENT

TOPIC: FINANCIAL STATEMENTS OF VIETJET AIR JOINT STOCK

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UNIVERSITY OF TECHNOLOGY AND EDUCATION

FACULTY FOR HIGH QUALITY TRAINING

JOB BOOKING SCHEDULE

Major: Industrial Management Course: 2019 School year 2021 – 2022

FINANCIAL

100% INDICATORS

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TIEU LUAN MOI download : skknchat@gmail.com

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TABLE OF CONTENTS

PREAMBLE

CHAPTER 1 OVERVIEW OF VIETJET AVIATION JOINT STOCK COMPANY

1.1 Overview of Vietjet Aviation Joint Stock Company

1.2 Line of business

CHAPTER 2 ANALYSIS OF FINANCIAL STATEMENTS OF VIETJET AVIATION JOINT STOCK COMPANY

2.1 Data source for analyzing financial statements of Vietjet Aviation Joint Stock Company

2.2 Analysis of balance sheet:

2.2.1 Analysis of the situation of asset fluctuations:

2.2.1.1 Horizontal analysis:

2.2.1.2 Vertical analysis:

2.2 Analysis the situation of capital fluctuations:

2.3 Analysis of Income sheet:

2.3.1 Horizontal analysis:

2.3.1.1 Gross Revenues from Sales and Services Rendered:

2.3.1.2 Net profit from operating activities:

2.3.1.3 Results from other activities:

2.3.1.4 Earnings before interest and taxes:

2.3.1.5 Profits After Enterprise Income Tax:

2.3.2 Vertical analysis:

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2.4 Analysis Statements of Cash Flows:

2.4.1 Net Profits from Operating Activities

2.4.1 Cash Flow from Investing Activities:

2.4.3 Cash Flow from Financing Activities

2.5 Analysis of financial ratios:

2.5.1 Analysis Liquidity Ratio:

2.5.1.1 Liquidity ratio:

2.5.1.2 Analysis quick ratios:

2.5.1.3 Analysis Cash Ratio:

2.5.2 Analysis Solvency:

2.5.2.1 Total-Debt-to-Total-Assets Ratio:

2.5.2.2 Debt to equity ratio:

2.5.2.3 Times interest earned Ratio:

2.5.3 Analysis activity ratios:

2.5.3.1 Asset turnover ratio:

2.5.3.2 Fixed asset turnover:

2.5.3.2 Inventory Turnover:

2.5.4 Profitability index analysis:

2.5.4.1 Return on Sales (ROSA)

2.5.4.2 Return on Assets (ROAA):

2.5.4.3 Return on Equity (ROEA):

2.5.4.4 Return on capital employed (ROCE):

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2.5.4.5 Correlation analysis of P/E and EPS: 107

CHAPTER 3 COMMENTS AND SUGGESTIONS 114

3.1 Comment on financial situation: 114

3.1.1 Comments on the property: 114

3.1.2 Comments on capital sources: 114

3.1.3 Comments on business activities: 114

3.1.4 Comments on solvency: 115

3.2 Recommendations: 115

3.2.1 Recommendations on the company's financial position: 115

CONCLUSION 118

REFERENCES 119

APPENDIX 1 120

APPENDIX 2 121

APPENDIX 3 123

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TABLE LIST

Table 2.1 Balance sheet 6

Table of vertical asset movements from the first quarter of 2019 to the second quarter of 2021 26

Table 2.2.2.1 The situation of capital fluctuations from quarter I/2019 to quarter II/2021 30

Table: Movement of vertical capital from the first quarter of 20129 to the second quarter of 2021

Table of data analyzing business results from the first quarter of 2019 to the second quarter of 2021

Table Business Ratio Analysis

Table “Results from other activities from quarter I/2019 to quarter II/2021”

Table Vertical analysis of business results from the first quarter of 2019 to the second quarter of 2021

Table 2.9 Summary of cash flow statement for the period from the first quarter of 2019 to the second quarter of 2021

Table 2.10 Cash Flow Ratio Analysis:

Table 2.11 Cash Flow Analysis

Table Component breakdown of net cash flows from vertical investing

Table 2.13 Analysis of financial indicators

Table 2.14 Liquidity Ratio of companies in the same industry

Table 2.15: quick ratios off the capabilities of peers

Table 2.16 Cash Ratio off the capabilities of peers

Table of debt to equity ratio compared to peers in the same industry

Table Profitability Index

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Table Return on Sales (ROS) compared to companies in the same industry 97Table Return on total assets ROA compared to companies in the same industry 100Table Return on Equity ROE compared to peers in the same industry 103Table EPS ratio compared to other companies in the same industry 112

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LIST OF CHARTS Graph 2.1 Changes in assets of Vietjet from the first quarter of 2019 to the second

quarter of 2021

Graph 2.11 "Changes of total capital over the quarters in the period of 2019 - 2021"

Graph 2.12 “Changes in liabilities over the quarters for the period of 2019 - 2021”

Graph 2.14 “Changes of long-term liabilities over the quarters 2019 - 2021” 36

Graph 2.16 “The situation of vertical capital fluctuations in the period from the first quarter of 2019 to the second quarter of 2021” 42

Graph: The situation in gross profit between quarters in the period of 2019-2021 48

Graph “The fluctuation of net profit between quarters in the period of 2019-2021” 52

Graph earnings before interest and taxes 57

Graph Profits After Enterprise Income Tax: 58

Graph Net Profits from Operating Activities 65

Graph “Cash flow fluctuations from investment activities in the first quarter of 2019 to the second quarter of 2021” 70

Graph of Cash Flow Analysis from quarter I/2019 to quarter II/2021 72

Graph 2.22 Cash flow structure from the first quarter of 2019 to the second quarter of 2021 75

Graph 2.23 Changes in liquidity ratio, quick ratio, and instant ratio in the period of 2019 -2021 of Vietjet

Graph 2.24: Changes Liquidity Ratio between 2019 and 2021 of Vietjet and Vietnam Airlines

Graph 2.25 Changes in quick ratio 2019 – 2021 of Vietjet and Vietnam Airlines

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Graph 2.26 Fluctuations in cash Ratio 2019 – 2021 of Vietjet and Vietnam Airlines

Graph "The volatility of long-term debt solvency ratios for the period of 2019 - 2021" 86 Table "Total-Debt-to-Total-Assets Ratio of companies in the same industry"

Graph Total-Debt-to-Total-Assets Ratio of companies in the same industry

Graph Debt-to-equity ratio compared to companies in the same industry

Graph Times interest earned Ratio compared to companies in the same industry

Graph of Vietjet's asset turnover from the first quarter of 2019 to the second quarter of 2021 91

Graph The chart of fixed asset turnover of Vietjet from quarter I/2019 to quarter II/2021

Graph The chart of Vietjet's inventory turnover from the first quarter of 2019 to the second quarter of 2021

Graph Profitability Index

Graph Return on Sales (ROS) compared to companies in the same industry

Graph Return on total assets ROA compared to companies in the same industry

Graph P / E system number compared with companies in the same industry

Graph EPS ratio compared to other companies in the same industry

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LIST OF ACRONYMS

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PREAMBLEThe business's financial situation is one of the issues that are always of concern notonly to business owners, managers but also to bankers, lenders, and investors That iswhy regular financial analysis is very important The calculation and financial analysiswill show the asset situation, the situation and results of production and businessactivities, the cash flow situation, and the movement of capital use of the enterprise.

From there, businesses will grasp their strengths and weaknesses, and based on thatbusiness managers can identify the causes, make suggestions to overcomeweaknesses as well as promote the weaknesses the strength that your business has

For a business or any business organization, big or small, it is imperative to understandthe business performance and financial situation of your business or organization To

do this, one of the first things to do is analyze the financial statements

Financial statement analysis not only provides information to those interested in the business such as managers, investors, etc., but it also evaluates the inherent potentials, capabilities, and strengths in the business production and business of enterprises as well as the problems that enterprises are facing Through that, it will

be easier for businesses to determine effective decisions and steps for future development Therefore, analyzing financial statements is an important tool that any business or business organization should have.

Currently, in the context of the outbreak of the Covid-19 epidemic in many parts of the world and even in Vietnam, this has severely affected the business activities of the aviation industry in general and Vietjet Air Joint Stock Company in particular.

Therefore, the writer chooses the topic "Analysis of financial statements of "Vietjet Air Joint Stock Company" to analyze the group's report.

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CHAPTER 1 OVERVIEW OF VIETJET AVIATION JOINT STOCK COMPANY 1.1 Overview of Vietjet Aviation Joint Stock Company

Vietjet Air is the first airline in Vietnam operating under the new generation airlinemodel, low cost and providing a variety of services for customers to choose from Theairline not only transports air but also provides the consumer needs of goods andservices to customers through advanced e-commerce technology applications

Vietjet is an official member of the International Air Transport Association (IATA) with the IOSA Operational Safety Certificate Safety Culture is an important part of Vietjet's corporate culture, which is thoroughly understood from the leadership to each employee throughout the system.

Business information:

• Enterprise code: 0102325399 issued by Hanoi Department of Planning and Investment for the first time on July 23,

2007, changed for the 27th time on August 1, 2018

• Air transport business license: No 04/2016/GPKDVCHK issued on December 30, 2016

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1.2 Line of business Vietjet's business activities focus on 5 main groups, including:

Main activities the main activities of the Company and its subsidiaries are to providepassenger and cargo transportation services on domestic and international routes andrelated support activities and purchases aircraft and aircraft parts

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CHAPTER 2 ANALYSIS OF FINANCIAL STATEMENTS OF VIETJET

AVIATION JOINT STOCK COMPANY 2.1 Data source for analyzing financial statements of Vietjet Aviation Joint Stock Company

- Consolidated financial statements for the quarters of 2019 include:

Financial statements for the first quarter of 2019 for the period from January 1,

2019 to March 31, 2019 (form B01 - DH/HN) issued in accordance with Circular

No 202/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance.

Financial statements for the second quarter of 2019 for the period from April 1,

2019 to June 30, 2019 (form B01 - DH/HN) issued in accordance with Circular No.

202/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance.

Financial statements for the third quarter of 2019 for the period from July 1, 2019

to September 30, 2019 (form B01 - DH/HN) issued in accordance with Circular No.

Financial statements for the fourth quarter of 2019 for the period from October 1, 2019

to December 31, 2019 (form B01 - DH/HN) issued in accordance with Circular No

202/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

Consolidated financial statements for the quarters of 2020 include:

2020 to June 30, 2019 (form B01 - DH/HN) issued according to Circular No.

Financial statements for the third quarter of 2020 for the period from July 1, 2020

to September 30, 2020 (form B01 - DH/HN) issued in accordance with Circular No.

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Financial statements for the fourth quarter of 2020 for the period from October 1, 2019

to December 31, 2020 (form B01 - DH/HN) issued in accordance with Circular No

202/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

Consolidated financial statements for the quarters of 2021 include:

2021 to June 30, 2019 (form B01 - DH/HN) issued in accordance with Circular No.

2.2 Analysis of balance sheet:

2.2.1 Analysis of the situation of asset fluctuations:

The balance sheet is a consolidated financial statement, which generally reflects the total value of existing assets and the source of capital to form an enterprise's assets at a certain asset.

The content of the balance sheet is shown through a system of indicators reflecting the situation of assets and the source of capital to form assets The targets are classified and arranged into categories, specific objectives and targets

in accordance with the requirements of management.

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Table 2.1 Balance sheet

Criteria Quarter 1-2019 Quarter 2-2019 Quarter 3-2019 Quarter 4-2019 Quarter 1-2020 Quarter 2-2020 Quarter 3-2020 Quarter 4-2020

I –

SHORT-TERM 19,002,091,982,471 22,505,968,973,232 20,844,564,739,132 26,626,471,445,906 22,232,501,052,662 24,808,144,357,949 22,550,649,471,812 24,496,625,289,704 2ASSETS

1 Cash and

cash 5,098,305,305,035 5,265,462,335,773 3,168,319,367,301 6,076,130,859,648 2,459,284,982,899 2,413,573,361,917 2,298,775,806,473 3,054,995,683,706 2equivalents

2 Short-term

876,400,000,000 579,400,000,000 546,400,000,000 435,000,000,000 300,000,000,000 994,000,000,000 419,000,000,000 604,000,000,000 1investments

3 Short-term

12,230,652,002,429 15,651,866,716,676 16,067,006,684,052 18,985,742,138,634 18,359,305,350,281 20,339,426,388,480 18,907,398,112,367 19,907,228,134,374 2receivables

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Graph 2.1 Changes in assets of Vietjet from the first quarter of 2019 to the second quarter of 2021

2020 with VND45,304,421,406,045 From the fourth quarter of 2020, the company's total assets tended togrow steadily in the fourth quarter of 2020 and the first quarter of 2021 with total assets of47,088,256,669,717 VND and 47,497,810,235,588 VND respectively Then

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total assets reached a record number in the second quarter of 2021 with 48,620,658,091,886 VND.

And to better understand the volatility of the company, we go into detailedanalysis of asset items and their impact on the financial position of the company

- Short-term assetsGraph 2.2 Changes in total short-term assets between the second quarter of

2021 compared to the first quarter and the quarters of 2019 and 2020

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the second quarter of 2021 decreased compared to the difference in the first quarter, with thedifference falling to 5,606,471,788,292 dong, equivalent to VND 5,606,471,788,292 with therate of 24.91% However, by the third quarter of 2019, the ratio of short-term assetscompared to the second quarter of 2021 continued to increase and it can almost be said thatthe number is at the highest approximation level, with about the difference fell to7,267,876,022,392 billion VND, equivalent to 34.86% It was thought that this ratio wouldcontinue to increase with fluctuations over time at the end of 2019 However, by the fourthquarter of 2019, the difference in short-term assets had decreased to 1,485,969,315,618 VNDand applied with a rate of 5.58%.

Continuing, entering the beginning of 2020 The portfolio of short-term assets falls atabout VND 22,232,501,052,662 This number seems to approximate the figure of thebeginning of the second quarter of 2019 Therefore, this difference is5,879,939,708,862 VND, while the difference between the second quarter of 2021 andthe second quarter of 2019 on this item is 5,606,471,788,292 This differencedecreased again in the second quarter of 2020 with VND 3,304,296,403,575 with therate of 13.32% and continued to increase in the third quarter of 2020, the differencewas approximately the same as the first quarter of 2020 with 5,561,791,289,712accounting for 24.66 % From the third quarter of 2020, the difference in the short-termasset portfolio gradually decreased The difference in the fourth quarter of 2020decreased by 1,945,975,817,892 VND compared to the third quarter of 2020 and3,615,815,471,820 VND with the second quarter of 2021, equivalent to 14.76% Short-term assets continued to increase and stopped at VND 27,353,003,817,452 in the firstquarter of 2021, the difference compared to the second quarter of 2021 fell to VND759,436,944,072 and also the lowest difference with 2.77%

- Cash and cash equivalentsGraph 2.3 Movements of cash and cash equivalents over the quarters from

2019 to 2021

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Cash and cash equivalents

to the second quarter of 2021 is -3,581,253,849,250 VND, equivalent to -11.4% By thesecond quarter of 2019, this item continued to increase with the figure of5,265,462,335,773 VND It was thought that this number of categories would continue

to fluctuate in an increasing direction, but in the third quarter of 2019, this itemsuddenly dropped sharply to only 3,168,319,367,301, the difference compared to thesecond quarter of 2021 is -1,651,267,911,516, equivalent to 1,651,267,911,516 with arate of -52.11% In the fourth quarter of 2019, this category had a record increase of6,076,130,859,648 and compared to the second quarter of 2021, the figure was -4,559,079,403,863, equivalent to -75.03% The reason for this sudden growth is thatVietjet has chartered 9 more aircraft, bringing the number of ships put into operation bythe end of 2019 to 78 aircraft with total operating hours of 321,000 safe hours to meet

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the needs of customers Meeting the needs of passengers with 139,000 flights Theseat utilization factor reached 87%, the technical reliability reached 99.64%, belonging

to the group of airlines with the leading operating safety index in the Asia-Pacific region

International organization Airline Ratings rated Vietnam's safety index at 7 stars - thehighest level on the rankings In addition, thanks to the ancillary revenue growthstrategy, which mainly includes additional service revenues, freight revenue, in-flightsales (food, beverage, beverage, etc.) souvenirs) and advertising revenue

However, at the beginning of 2020, the cash and cash equivalents items continuouslydecreased sharply in the first 3 quarters In the first quarter of 2020, this categoryreached VND 2,459,284,982,899, a decrease of 3,616,845,876,749 compared to thefirst quarter of 2019 and a difference of -942,233,527,114 compared to the secondquarter of 2021, corresponding to a rate of -38.31% Entering the second quarter of

2020, this number continued to decrease with VND 2,413,573,361,917, nearlyequivalent to the first quarter of 2020, and a difference of -896,521,906,132 VNDcompared to the second quarter of 2021, equivalent to -37.14% Not stopping there,2,298,775,806,473 VND is the number in this item in the third quarter of 2020,compared to the second quarter of 2021, the difference in cash items and cashequivalents is -781,724,350,688 VND, equivalent to the rate - 34% So, what are thereasons for the high growth of this category in the fourth quarter of 2019 but then itsuddenly dropped to very low in the first three quarters of 2020? According to thecompany's explanation, the COVID-19 epidemic has had a huge impact on the globaleconomy and the aviation industry is one of the industries most affected by the drop intravel demand Vietjet Air has suspended all international scheduled flights andreduced domestic flights In the fourth quarter of 2020, the cash and cash equivalentsportfolio grew slightly with a figure of 3,054,995,683,706 VND, an increase of756,219,877,233 VND compared to the previous third quarter and the differencecompared to the second quarter of 2021 was - 1,537,944,227,921 VND corresponding

to the level of rate -50.34% The reason for this growth is that Vietjet has converted anumber of aircraft configurations into freight transport, applying a new mode ofoperation to increase the cargo capacity of the fleet The airline is also the first airline to

be approved by the authorities to carry cargo in the cabin

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However, entering the first two quarters of 2021, this category continued todecline sharply In the first quarter of 2021, this item decreased sharply to only2,054,231,746,882 VND, the lowest compared to the previous quarters, thedifference compared to the second quarter of 2021 was -537,180,291,097 VNDwith a rate of - 26.15% We can see that the reason for the decrease in the cashand cash equivalents portfolio in the first two quarters of 2021 is due to the highincrease in liabilities and the serious impact of the outbreak of the epidemic In

Ho Chi Minh City and the southwestern provinces, Vietjet was affected due toreduced travel demand and limited cargo transportation

- Short-term receivablesGraph 2.4 Movements of short-term revenues over the quarters in the period of

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quarter of 2021 and the quarters of 2019 and 2020", we can comment as follows:

Movement of receivables short-term is 12,230,652,002,429 VND in the first quarter of

2019 The difference between the second quarter of 2021 and the first quarter of 2019

at an increase of VND 12,558,712,601,082, equivalent to a rate of 102.68% and alsothe highest difference Looking to the second quarter of 2019, this range continued toincrease to 15,651,866,716,676 VND, an increase of 3,421,214,714,247 VNDcompared to the first quarter of 2019 and the difference with the second quarter of

2021 with the figure of 9,137,497,886,835 VND corresponding to the rate of 58, 38%

The reason short-term revenue increased during this period was due to the increase inshort-term loans and other receivables in the second quarter of 2019 Specifically, theitem of other receivables in the second quarter of 2019 increased by VND4,829,183,996,780 compared to the first quarter of 2019 By the third quarter of 2019,this item increased slightly to VND 16,067,006,684,052 just higher than the secondquarter of 2019 at VND 415,139,967,376 and lower than the second quarter of 2021with VND 8,722 billion, equivalent to 54.28% This item continued to increase whenentering the fourth quarter of 2019, receivables increased to VND 18,985,742,138,634

The reason why short-term revenues in this quarter increased is due to the increase inreceivables from customers by VND 2,713,381,622,640 compared to the third quarter

of 2019 Therefore, the difference between the fourth quarter of 2019 compared to thesecond quarter of 2020 is also lower than the difference of the third quarter of 2019when compared to the second quarter of 2021, the number is only 5,803,622,464,877VND, corresponding to the rate of 30 56%

However, in the first quarter of 2020, short-term receivables decreased slightly, only18,359,305,350,281 Comparing the difference with the second quarter of 2021, this figure is6,430,059,253,230 VND, an increase of 626,436,788,353 VND compared to the previousfourth quarter of 2019 This item increased strongly again when entering the second quarter

of 2020 reaching VND 20,339,426,388,480, the highest compared to the previously presentedquarters The difference compared to the second quarter of 2021 decreased to only4,449,938,215,031 VND, lower than the first quarter of 2020 was 1,980,121,038,199,equivalent to the rate of 21.87% It seemed that this item would continue to increase, butwhen entering the third quarter of 2020, the number decreased

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to only VND 18,907,398,112,367, approximately equivalent to this item in the firstquarter of 2020 and down 1,432,028,276,113 compared to the second quarter of 2020.

The difference compared to the second quarter of 2021 increased to5,881,966,491,144 VND, the rate increased to 31.1% From the second quarter of

2020, short-term receivables tend to increase gradually In the fourth quarter of 2020,this item reached VND 19,907,228,134,374, a slight increase compared to the thirdquarter of 2020 The difference is 4,882,136,469,137 VND compared to the secondquarter of 2021 with a rate of 24.52% Entering the first quarter of 2021, this numberincreased by 3,162,472,036,038 VND, reaching 23,069,700,170,412 VND, comparedwith the second quarter of 2021, the difference was 1,719,664,433,099, also the lowestdifference, corresponding to the rate of 7.58% The reason for this gradual increase isthat other receivables started to increase in the fourth quarter of 2020 Specifically,VND 9,986,988,481,423 in the fourth quarter of 2020, VND 13,943,995,045,004 in thefirst quarter of 2021 and VND 14,882,986,870,318 in the second quarter of 2021 Thelarger the receivables are, the more capital is occupied by the enterprise (ie theenterprise's capital is stagnant in the payment stage), this will partly affect theefficiency of capital use of the enterprise enterprise To overcome the above situation,minimize risks for the company, the company needs to take measures to ensure theability to recover debts and avoid affecting the company's finances And to get a moreaccurate conclusion about the causes and effects of short-term receivables on Vietjet'sfinancial situation, we will study more closely in the following sections:

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900,000,000,000800,000,000,000700,000,000,000600,000,000,000500,000,000,000400,000,000,000

300,000,000,000200,000,000,000

100,000,000,000

0Quarter Quarter Quarter Quarter Quarter Quater Quarter Quarter Quarter Quarter

2019 and the second quarter of 2021 will increase by 357,278,509,236 productunits, the equivalent rate will increase by 82.37% Inventory items in the next 3months of 2019 tend to change at 609,426,772,775 respectively;

589,575,595,705 and 683,568,930,196 product units Because the fluctuation isnot too large, the amount of difference between the second quarter of 2021 andthe above three quarters has fluctuated, but only at a relative level Specifically,

as follows: The level of difference in turn: 181,589,984,477; 201,441,161,547 and107,447,827,056 product units, respectively: 29.79%, 34.16% and 15.71%

Continuing to look at graph 2.5, this item doesn't seem to have changed much In thefirst quarter of 2020, the inventory category accounted for 686,629,885,804 product

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units, an increase of only 3,060,955,608 product units compared to the fourth quarter of 2019,

so the difference in the first quarter of 2020 compared to the second quarter of 2021 is alsoapproximately in the fourth quarter of 2019 with 104,386,871,448 product units,corresponding to the rate of 15.2% In the second quarter of 2020, inventory tends toincrease, reaching 760,919,281,922 product units, the highest compared to the quarters in2019-2020 The difference compared to the second quarter of 2021 is 30,097,475,330product units, which is also the lowest difference with the rate of 3.95% By the third quarter of

2020, inventory decreased to 679,882,809,195 product units, roughly equivalent to the fourthquarter of 2019 and the first quarter of 2020 Compared with the second quarter of 2021, thedifference is 111,133,948,057 product units In the fourth quarter of 2020, the inventory listhad a slight increase Specifically, an increase of 6,682,615,341 product units compared tothe second quarter of 2020, reaching 686,565,424,536 product units, approximately equal tothe first quarter of 2020 and a difference of 104,451,332,716 product units compared to thesecond quarter of 2021, corresponding to the level of rate is 15.21% Looking at the graph:

The volatility of inventory over the quarters in the period of 2019 - 2021, it can be seen thatthe third quarter of 2020, the fourth quarter of 2020, and the first quarter of 2021 form anupward straight line, through which we can see a slight increase in inventory over thequarters In the first quarter of 2021, inventory was 701,315,926,654 product units, anincrease of 14,750,502,118 product units But the amount of inventory in the first quarter of

2021 and the second quarter of 2021, difference is quite high when compared to thedifference between the first quarter of 2021 and the fourth quarter of 2019, reaching89,700,830,598 product units, corresponding to the level of inventory rate 12.79% Throughgraph 2.5 With the fluctuation of inventory over the quarters in the period of 2019 - 2021, wecan see that Vietjet Air is recovering strongly after the epidemic

- Other current assets

The value of this item affects the current assets as well as the total assets, but thefluctuations in this item account for a small proportion and the impact is insignificant Inthe first quarter of 2019, this item reached 362,996,426,991 VND, a difference of -112,098,482,015 VND compared to the second quarter of 2021 In the second quarter

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of 2019, this number continued to increase to VND 399.813,148,008, an increase ofVND 36,816,721,017 compared to the first quarter of 2019, and the difference with thesecond quarter of 2021 was -148,915,203,032 VND, equivalent to -37.24% By thethird quarter of 2019, the portfolio of other short-term assets reached the highest figurewith 473,263,092,074 VND, the difference was -222,365,147,098 VND compared to thesecond quarter of 2021, equivalent to -46.98% Starting from the third quarter of 2019,this item gradually decreased until the lowest figure in the fourth quarter of 2020.

Specifically, in the fourth quarter of 2019, the portfolio reached 446,029,517,428 VND,showing a slight decrease compared to the third quarter of 2019, the differencecompared to the second quarter of 2021 the figure was -195,131,572,452 VND,corresponding to the rate of -43.74 %

As mentioned earlier, in the first quarter of 2020, this amount decreased to only VND427,280,833,678, a difference of -176,382,888,702 compared to the second quarter of

2021 This category continued to decline sharply when entering the second quarter of

2020, down 127,055,508,048 VND compared to the first quarter of 2020, reaching300,225,325,630 VND, the difference compared to the second quarter of 2021 is -49,327,380,654 VND, corresponding to the rate of - 16.43% From the third quarter of

2020, this item began to stabilize Specifically, in the third quarter of 2020, this itemreached VND 245,592,743,777, in the fourth quarter of 2020 it was VND243,836,047,088, and in the first quarter of 2021, it was VND 245,745,973,504 Whencomparing these quarters with the second quarter of 2021, this difference is very small,respectively VND 5,305,201,199, VND 7,061,897,888, and VND 5,151,971,472respectively, equivalent to a rate of 2.16%, 2.89%, and 2.09%

- Long-term assetsGraph 2.6 Movements of long-term assets over the quarters in the period of

2019 – 2021

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2021 was -1,876,901,201,931 VND, equivalent to -8.38% In the second quarter of

2019, long-term assets decreased by 430,201,147,876 VND compared to the firstquarter of 2019, only 21,954,917,384,417 VND, a difference of - 1,446,700,054,055compared to the second quarter of 2021, equivalent to -6.59% In the third quarter of

2019 there was a slight increase, specifically an increase of VND 346,810,956,658compared to the second quarter of 2019 Reached 22,301,728,341,075 VND, whencompared to the second quarter of 2021, the difference is - 1,793,511,010,713 VND,equivalent to the rate of -8.04% In the fourth quarter of 2019, this number decreased

to only 20,981,887,293,169 VND, a difference of -473,669,962,807 VND compared tothe second quarter of 2021

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Looking at graph 2.6, we can see that long-term assets in the first quarter of 2020 hadthe strongest growth, the highest in any quarter, reaching VND 24,672,632,357,080.

The difference compared to the second quarter of 2021 is -4,164,415,026,718 VND,corresponding to the rate of -16.87% The reason for this growth is that by the end of

2019, Vietjet Air had to lease an estimated 10 aircraft to meet its operating needs

Therefore, taking advantage of the impact of the Covid-19 epidemic, many airlinesaround the world had to sell fewer aircraft to maintain cash flow, in early 2020 VietjetAir exchanged and received aircraft during this period, leading to long-term assets inthe first quarter of 2020 increased sharply However, after the first quarter of 2020, thiscategory tended to decrease Specifically, in the second quarter of 2020, this figure is23,584,364,727,989 VND, down 1,088,267,629,091 VND compared to the first quarter

of 2020 and the difference is -3,076,147,397,627 VND compared to the second quarter

of 2021, with a rate of -13.04% In the third quarter of 2020, this list continued todecrease by 830,592,793,756 VND compared to the second quarter of 2020, to only22,753,771,934,233 VND This list in the fourth quarter of 2020 is approximately thesame as the previous three quarters of 2020, reaching 22,591,631,380,013 VND, down162,140,554,220 VND The difference between the third quarter of 2020 and the fourthquarter of 2020 compared to the second quarter of 2021 is -2,245,554,603,871 dongand -2,083,414,049,651 dong, respectively, equivalent to a rate of -9.86% and -9.22%

In the first quarter of 2021, this list is the lowest compared to the previous quarters,with the figure of 20,144,806,418,136 VND, a difference of 363,410,912,226 VNDcompared to the second quarter of 2021 The reason for the decrease in long-termassets of Vietjet Air after the first quarter of 2020 can be explained by the negativeimpact of the Covid 19 epidemic, leading to a sharp decrease in profits, so Vietjet Airhad to liquidate its fixed assets and long-term assets to maintain operations

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Fixed assets

1,800,000,000,0001,600,000,000,0001,400,000,000,0001,200,000,000,0001,000,000,000,000800,000,000,000600,000,000,000400,000,000,000200,000,000,000

0Quarter Quarter Quarter Quarter Quarter Quater Quarter Quarter Quarter Quarter1-2019 2-2019 3-2019 4-2019 1-2020 2-2020 3-2020 4-2020 1-2021 2-2021

(Source: Table 2.1 Movement of assets from the first quarter of 2019 to the second quarter of 2021)

Looking at the graph above, we can see that the fixed asset item decreased quarterlyfrom the first quarter of 2019 to the second quarter of 2020 In the second quarter of

2021, the volatility of fixed assets stopped at a child 818,929,373,579 VND, thenumber is almost the lowest if compared to the quarters of 2019 and 2020,respectively, only higher than the second quarter of 2020 In the first quarter of 2019,this item was at VND 1,608,662,305,646 The difference between the second quarter of

2021 compared to the first quarter of 2019 decreased by VND 789,732,932,067, with arate of -49.09% The company's fixed assets continued to decrease through thesecond, third and fourth quarters of 2019 with 1,569,346,220,675 respectively;

1,559,370,752,923 and 1,294,921,085,383 VND This means that the difference alsodecreases gradually between the second quarter of 2021 compared to the above threequarters: - 750,416,847,096; -740,441,379,344 and -475,991,711,804 dong, equivalent

to the rates: -47.81%, -47.48% and -36.75% Fixed assets in 2019 continuouslydecreased, which means that in 2019, the company did not have to add additionalequipment to serve the administrative and human resources departments, etc., thusmaking fixed assets of the company The company continued to decline

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In the first quarter of 2020, fixed assets began to slow down, down only VND13,238,227,992 compared to the fourth quarter of 2019 However, when compared tothe first quarter of 2019 in the same period last year, this item is quite different,specifically in the first quarter of 2020 it has decreased by 326,979,448,255 VNDcompared to the first quarter of 2019 - a rather large number And when comparing thefirst quarter of 2020 with the second quarter of 2021, this difference is much higher.

The difference between the second quarter of 2021 and the first quarter of 2020 is 462,753,483,812 million VND, a rather large difference, corresponding to the rate of -36% Entering the second quarter of 2020, this item decreased from VND 1,281 billion

-in the first quarter of 2020 to VND 740,426 million -in the second quarter of 2020 - adecrease of VND 541,256 million When compared with the second quarter of 2019 ofthe same period last year, the difference is up to VND 828,919 million However, thedifference between the second quarter of 2021 and the second quarter of 2020, thisdifference is not too large Specifically, the second quarter of 2021 has increased byVND 78,502 million compared to the second quarter of 2020 As mentioned earlier inthe long-term assets section, the cause of the sharp decline in the fixed asset item afterthe first quarter of 2020 is due to the negative impact of the Covid-19 epidemic, leading

to a sharp decrease in profits, so Vietjet Air had to liquidate fixed assets and long-termassets to maintain operations After the second quarter of 2020, this list shows signs ofincreasing gradually in the third quarter of 2020 and the fourth quarter of 2020 In thethird quarter of 2020, this portfolio increased by VND 100,639 million compared to thesecond quarter of 2020, in the fourth quarter of 2020, fixed assets continued toincrease by VND 9,430 million compared to the third quarter of 2020 to reach VND850.496 million And the difference between the second quarter of 2021 compared tothe third and fourth quarter of 2020 is -22,136 million dong and -31,567 billion dong,respectively Entering the first quarter of 2021, fixed assets decreased again to VND833,920 million, a decrease of VND 16,575 million compared to the fourth quarter of

2020, and a difference of -14,991 million VND compared to the second quarter of 2021,equivalent to a rate of -1,79%

- Long-term financial investment

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Graph 2.8 Movements of long-term financial investment over the quarters in the period of 2019 - 2021

to the fourth quarter of 2020, it was completely unchanged at VND 215,973 million, wecan conclude that the Company does not have confidence in the future, so it does notcontinue to invest more However, looking at the graph above, we can see that thecompany's short-term financial investment began to change in the first quarter of 2021,this item suddenly decreased to 195,019 million, down 20,954 million dong compared

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Tiêu đề	Financial Statements of Vietjet Air Joint Stock Company
Tác giả	Hà Thị Ngọc Anh, Phạm Thị Ngọc Giàu, Trần Thị Ngọc Trà, Nguyễn Thị Tú Vy
Người hướng dẫn	Nguyễn Thị Lan Anh
Trường học	University of Technology and Education
Chuyên ngành	Industrial Management
Thể loại	course
Năm xuất bản	2021
Thành phố	Ho Chi Minh

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