Financial statements analysis sabeco

LIST CHART NAME Graph 1.1: Movement of total assets in the period from the quarter 1/2020 to the quarter 3/2021 8 Graph 1.2: Movement of short-term assets in the period from the first qu

SAIGON BEER -ALCOHOL – BEVERAGE SOCIALIST REPUBLIC OF VIET NAM CORPORATION Independence - Freedom – Happiness

SO/N0.: 738 /BSG-PQHCD Ho Chi Minh City, November 2021

ANALYZE BUSINESS STATEMENT IN SABECO JOINT STOCK COMPANY FROM QUARTER 1-2020 TO QUARTER 3-2021

Boss: Nguyen Thi Lan Anh

Staff Implement:

Pham Tuan Hung-19124001

Ho Quoc Lap-19124075

Le Thi Ngoc Bich-19124045

Nguyen Hoang Thuy Dung-19124062

Contents

General Information 1

1.1 Analysis of balance sheet 3

1.1.1 Analysis of asset movements 3

1.1.2 Analysis of capital fluctuations 16

1.2 ANALYSIS INCOME STATEMENT 22

1.2.1 The Income Statement from Quarter 1-2020 to Quarter 3-2021 22

1.2.2 Analyze the Movement Turnover and Profit after Tax 22

1.2.3 Analyze the movement structure of profit in Sabeco during period Quarter 1-2020 to quarter 3-2021 23

1.2.4 Movement structure of cost in Sabeco from Quarter 1-2020 to Quarter 3-2021 25

1.2.5 Analyze the accounting profit and profit after tax 28

1.3 Analyze cash flow statement 30

1.3.1 Net cash flow from operating activities 33

1.3.2 Net cash flow from investing activities 35

1.3.3 Net cash flow from financing activities 36

1.4 Analyze financial ratios 38

1.4.1 Analysis of short-term debt solvency 41

1.4.2 Analysis of long-term debt solvency 44

1.4.3 Analysis of performance evaluation indicators 47

1.4.4 Analyze profitability ratios 51

55

2 COMMENT AND SUGGESTION 2.1 COMMENT 55

2.1.1 Make premium beer products and run suitable marketing strategy in internet era 56

2.1.2 Produce new products Beer 0 degree 62

63

2.2 Recommend Solution 64

LIST TABLE NAME

Table 1.1 Changes in assets in the quarter 3/2021 compared to the quarter 2/2021 3 Table 1.2 Changes in assets in the quarter 2/2021 compared to the quarter 1/2021 4 Table 1.3

Changes in assets in the quarter 1/2021 compared to the quarter of

Changes in assets in the quarter of 3/2020 compared to the quarter of

Liabilities and Equity fluctuations in the period of the third quarter of

Table 1.9

The situation of vertical capital fluctuations in the period of the third quarter of 2021 - the first quarter of 2020

20 Table 3.1

Cash flow statement for the period of the quarter 3/2020 - the quarter

LIST CHART NAME

Graph 1.1:

Movement of total assets in the period from the quarter 1/2020 to the quarter 3/2021

8 Graph 1.2:

Movement of short-term assets in the period from the first quarter of

Graph 1.3:

Movements of cash and cash equivalents in the period from the first quarter of 2020 to the third quarter of 2021

10 Graph 1.4:

Movements of short-term receivables from the first quarter of 2020 to

Graph 1.5:

Movement of inventories in the period from the first quarter of 2020 to

Graph 1.6:

Movement of long-term assets in the period from the first quarter of

Graph 1.7:

Movement of fixed assets in the period from the first quarter of 2020 to

Movement of short-term debt in the period of the first quarter of 2020 -

Graph 1.11:

Movement of long-term debt in the period from the first quarter of 2020

Graph 1.12:

Changes in capital structure from the first quarter of 2020 to the third

Graph 3.2:

The chart summarizes Sabeco's net cash flow from operating, investing,

Graph 4.1:

Changes in short-term ratio, quick ratio and instant ratio in the period

Graph 4.2:

Changes in long-term debt solvency ratios in the period of the first

Graph 4.3:

Changes in inventory turnover in the period of the first quarter of 2020 -

Graph 4.4:

Changes in receivables turnover in the period of the first quarter of 2020

Graph 4.5:

Changes in total asset turnover in the period of the first quarter of 2020 -

Graph 4.6:

Volatility in ROSA, ROAA, ROEA and ROCE in the first quarter of

General Information

Legal Name Tổng Công ty Cổ phần Bia - Rượu -

Nước giải khát Sài Gòn

International Name Saigon Beer – Alcohol – Beverage

Corporation

HeadQuarter

187 Nguyễn Chí Thanh Street, Ward

12, District 5, Hồ Chí Minh City, Việt Nam

-Purchase and sale of supplies raw materials and equipment for the beer-alcohol-beverage industry

-Currently investing in Finance, Real Estate

Analysis Beer Sector- Business Environment in Viet Nam

1 Economic factors:

Beer – wine is not an essential item

Alcoholic beverages are products

restricted from use by the State and

subject to special consumption tax

 Social factors:

Vietnam is a country with oriental culture

The population of Vietnam is large

People's standard of living is increasing

 Natural factors:

The environment is increasingly polluted,

requiring environmental protection

The State removed the support policy for investment in beer production and

implemented the WTO commitments on tax exemption and reduction for beer products from abroad, increasing domestic competition

1.1 Analysis of balance sheet

1.1.1 Analysis of asset movements

Others short-term assets 202 106 96 90,57%

company’s Inventories was 1,563 billion VND, down 694 billion VND compared to the quarter 1/2020 However, this does not have a major impact on the company’s total assets

Unit: Billion VND

Graph 1.1: Movement of total assets in the period from the quarter 1/2020 to the quarter 3/2021 According to graph 1.1: “Changes in total assets in the period of the quarter 1/2020 - the quarter 3/2021”, we see that the total assets of the company from the quarter 1/2020 to the quarter 3/2020 have increased sharply, but from the quarter 3/2020 - quarter 1/2021 saw a slight decrease However, from the quarter 1/2021 to the quarter 3/2021, the company's total assets had a positive fluctuation when increasing continuously

Specifically, based on Table 1.1: “The volatility of assets in the quarter 3/2021 - quarter 1/2020” shows that the company’s total assets in the quarter 3/2021 decreased

by 133 billion VND, or 0.47 % compared to the quarter 2/2021, mainly due to the decrease in Inventories and Fixed-assets with the rate of 16.30% and 2.73% respectively (equivalent to 268 billion and 127 billion)

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Total assets

Besides, in the quarter 2/2021 has the highest total assets of all other quarters with 28,561 billion VND, which is higher than quarter 1/2021 with a difference of 1,572 billion VND (equivalent to 5.82%), the relative growth of total assets In which, Short-term investment increased by 1,720 billion, equivalent to 12.67% and Short-term assets increased by 1,725 billion, equivalent to 8.97% This proves that in the quarter 2/2021, businesses have focused on investing in bonds used for short-term purposes to recover capital quickly

 Short-term assets

Unit: Billion VND

Graph 1.2: Movement of short-term assets in the period from the first quarter

of 2020 to the third quarter of 2021 With the data that the graph shows, it is easy to see the volatility of short-term assets, from the first quarter of 2020 to the third quarter of 2020, the Short-term assets gradually increased, then gradually decreased until the first quarter of 2020 The highest peak is 20,950 billion VND, 1,725 billion higher than in the first quarter of

2021, equivalent to 8.97% However, there was a slight decrease in the third quarter of

2021, a decrease of 80 billion compared to the second quarter of 2021

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Short-term assets

In order to understand the reasons for such a fluctuation, many other influencing factors must be considered, mainly the following:

 Cash and cash equivalents

Unit: Billion VND

Graph 1.3: Movements of cash and cash equivalents in the period from

the first quarter of 2020 to the third quarter of 2021

In the Cash and cash equivalents account, we see a clear fluctuation in the first quarter of 2020 - the third quarter of 2020, but then it is more stable and begins to gradually increase in the fourth quarter of 2020 - the third quarter of 2021 In the second quarter of 2020, a rapid growth can be seen with 4,865 billion VND, 2,418 billion higher (equivalent to 98.81%) compared to the first quarter of 2020, but in the fourth quarter of 2020, the amount is halved There are many factors contributing to this rapid decline The first is because at the end of the year the company has to pay debts and some unexpected expenses In addition, due to the heavy impact of the Covid-19 pandemic, Decree 100 as well as natural disasters such as storms and floods

Quarter 1/2020Quarter 2/2020Quarter 3/2020Quarter 4/2020Quarter 1/2021Quarter 2/2021Quarter 3/2021

Cash and cash equivalents

However, by the beginning of 2021, due to the improvement of the Covid-19 epidemic situation, the indexes began to gradually increase, although the number was not large, but partly saw the recovery after the pandemic of enterprises

 Short-term receivables

Unit: Billion VND

Graph 1.4: Movements of short-term receivables from the first quarter of 2020 to the third quarter of 2021 Based on the graph 1.4 “Variations of short-term receivables in the period of the first quarter of 2020 - the third quarter of 2021”, we can see whether the short-term receivables in the first quarter of 2020 - January 2021 has an unstable increase and decrease, but not stopping there, the numbers continued to increase rapidly in the period of Q1/2021 - Q3/2021 In which, short-term receivables in the fourth quarter of

2020 accounted for the lowest receivables in all seven quarters, but then gradually increased until the third quarter of 2021 That shows that the business has well handled receivables from customers and prepayments to sellers, which are receivables that account for a large proportion of the company's asset structure

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Short-term receivables

Unit: Billion VND

Graph 1.5: Movement of inventories in the period from the first quarter of 2020 to the third quarter of 2021 Looking at the line chart, we can see that the volatility is unstable in the period from Q1/2020 - Q1/2021 In the period of Q1/2021 - Q3/2021, the indexes started to

be more stable but gradually decreased The first quarter of 2020 had the highest number compared to the remaining quarters with 2,257 billion, more than half (equivalent to 694 billion) compared to the second quarter of 2020

Sabeco is a company in the beverage industry, its main products include: beer, wine, soft drinks, are popular with many people With the large demand for beer and soft drinks by customers, the demand for raw materials and inventory plays an important role in the company’s assets Therefore, the company should well manage its raw materials as well as its inventory to avoid shortages or excesses of inventory, which will greatly affect the company’s revenue

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Inventories

Graph 1.6: Movement of long-term assets in the period from the first quarter of 2020 to the third quarter of 2021

In 2020, we see the unstable increase and decrease of the quarters During the first quarter of 2020 - the third quarter of 2020, there was a gradual decrease over the quarters, but by the fourth quarter of 2020, the indexes began to increase rapidly, increasing by 2.12% (equivalent to 163 billion) compared to the third quarter of 2020 However, entering 2021, the company’s long-term assets began to decline sharply in the period of the first quarter of 2021 - the third quarter of 2021 Quarter 1 of 2021 is

98 billion lower (equivalent to 1.25%) compared to the fourth quarter of 2020, which

is the highest in the graph In the third quarter of 2021, the indexes fell to the lowest level, down 53 billion compared to the second quarter of 2021

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Long-term assets

Unit: Billion VND

Graph 1.7: Movement of fixed assets in the period from the first quarter of 2020 to the third quarter of 2021 Based on the graph, we see that in 2020 Fixed-assets of the company continued

to increase and decrease unevenly over the quarters In the period of the fourth quarter

of 2020 - the third quarter of 2021, it began to gradually decrease each quarter Holding the highest position in the graph is the second quarter of 2020 with 4,916 billion, 90 billion higher (equivalent to 1.83%) compared to the third quarter of 2020 Although in the fourth quarter of 2020 we saw a slight increase of 1.02% (equivalent

to 49 billion) compared to the third quarter of 2020, but then the company’s assets began to decrease gradually and were the lowest in the third quarter 2021 with 4,517 billion, 127 billion lower (equivalent to 2.73%) compared to the second quarter

fixed-of 2021 Since the company’s tangible Fixed-assets decreased by 123 billion VND, the company’s Fixed-assets in the third quarter of 2021 also decreased

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Fixed-assets

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021 Short-term assests Long-term assets

Graph 1.8: Changes in asset structure from the first quarter of 2020 to the third quarter of 2021

Based on the data of Table 1.7 “Variety of asset structure in the period of the first quarter of 2020 - the third quarter of 2021” and graph 1.8 “The situation of fluctuations in the structure of assets in the period of the first quarter of 2020 - the third quarter of 2021”, we see that the proportion of long-term assets and the proportion of short-term assets increased and decreased unevenly over the quarters, specifically the proportion of Short-term assets in the first quarter of 2020 was 67.59% and gradually increased until the third quarter 2020 is 72.2% Then in the period of the fourth quarter of 2020 - the first quarter of 2021, the proportion remained stable, but then continued to increase until the third quarter of 2021 with the rate of 73.41% Although Inventories decreased by 16.30% (equivalent to 268 billion VND), but Cash and cash equivalents increased quite a lot to 143 billion VND (4.54%)

The cause of the decrease in Long-term assets in the quarters in 2021 is due to the increasingly complicated and prolonged Covid-19 epidemic, which has had a heavy impact on the economy Therefore, the company came up with an appropriate solution is to change the structure of Long-term assets to short-term assets, in order to ensure a stable proportion of the company’s short-term assets as well as ensure the company’s ability to pay its debts

1.1.2 Analysis of capital fluctuations

1.1.2.1 Horizontal analysis

Unit: Billion VND

Table 1.8: Liabilities and Equity fluctuations in the period of the third quarter of 2021

- the first quarter of 2020

Source: Dstock

Because Total Liabilities and Equity is equal to total assets, the volatility of Total

Liabilities and Equity is the same as that of total assets Therefore, we only analyze the

items affecting Liabilities and Equity

6.4

6.6

6.8

Quarter 1/2020

Quarter 2/2020

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Liabilities

Graph 1.9: Changes in liabilities in the period of the first quarter of 2020 - the third

quarter of 2021 Looking at the graph, we see that the company’s Liabilities increase and decrease unevenly Specifically, in the period of Q1/2020 - Q3/2020 Liabilities increased sharply, the highest in the graph was the third quarter of 2020 with 6,641 billion VND However, after that, Liabilities started to fluctuate and fell sharply with a value in the first quarter of 2021 of 5,808 billion VND In the period of Q1/2021 - Q3/2021, the indexes fluctuated continuously In the third quarter of 2021, the value was 5,861 billion VND, 539 billion VND (8.42%) lower than in the second quarter of 2021 The reason for the variation in Liabilities is due to the following items:

 Short-term liabilities

Unit: Billion VND

Graph 1.10: Movement of short-term debt in the period of the first quarter of 2020 -

the third quarter of 2021 From the second quarter of 2020 short-term debt showed signs of gradually increasing to 5,573 billion in the third quarter of 2020, this number has increased to 5,837 billion, but with good control of the debt payment situation, this number has

gradually decreased to 4,846 billion VND in Q1 2021, this is a good sign for the company despite the complicated epidemic situation because in this period of the end

of 2020, Sabeco has launched a product line in the high-end segment and limited edition, loved by consumers, thanks to which the financial situation becomes more stable

At the same time, the company maintains financial prudence and acts with agility Focus your spending on the essentials and constantly look for high-performance opportunities

 Long-term liabilities

Unit: Billion VND

Graph 1.11: Movement of long-term debt in the period from the first quarter of 2020 to

the third quarter of 2021 Sabeco’s long-term debt fluctuates and tends to decrease at the end of the cycle, looking at the chart, we see that from the first quarter of 2020 long-term debt was recorded at 883 billion VND but then tended to decrease gradually 804 billion in the third quarter of 2020, this proves that the company has managed its financial well, which is a good sign, but from the third quarter of 2020 to the fourth quarter of 2020,

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021

Long-term liabilities

the company recorded a long increase in debt record term up to 987 billion, 163 billion higher (2.12%), this is the time when the company has promoted the most activities after experiencing a difficult first half of the year because of the epidemic, this is the debt of the business businesses for sellers of materials, goods, services They are investing in launching new product lines, so they need a large amount of raw materials, so long-term debt increases After the fourth quarter of 2020, this number has started to decline until now, reaching 835 billion VND in the third quarter of 2021, proving that this is an extremely good sign for Sabeco in its ability to pay its debts debt and manage their finances

1.1.2.2 Vertical analysis

Table 1.9: The situation of vertical capital fluctuations in the period of the third quarter of

2021 - the first quarter of 2020

Source: Dstock

Graph 1.12: Changes in capital structure from the first quarter of 2020 to the third

quarter of 2021 Debt tends to decrease from the first quarter of 2020 to the third quarter of

2021 Reduced from 23.57% in the first quarter of 2020 to only 20.62% in the third quarter of 2021 This is equivalent to a decrease of 2.95% within seven quarters In contrast, equity tends to increase from 76.43% in the first quarter of 2020 to 79.38% in the third quarter of 2021 That proves the company has gradually reduced debt and equity is more than 3 times higher than debt This proves that this is a company with good financial health and higher liquidity than the industry average

Quarter 3/2020

Quarter 4/2020

Quarter 1/2021

Quarter 2/2021

Quarter 3/2021 Liabilities Equity

1.2 ANALYSIS INCOME STATEMENT

1.2.1 The Income Statement from Quarter 1-2020 to Quarter 3-2021

1.2.2 Analyze the Movement Turnover and Profit after Tax

 The Grow of Turnover increased in 2020, but deceased dramatically in 2021

Especially in Quarter 3-2021, the turnover decreased by 40.57% compared to

Quarter 2-2021

 The profit after tax of SABECO gradually increased from 700 billion in quarter

1 to 1,466 billion VND quarter 4 in 2020 This thing proved in 2020 the

company run very good with high profit But, in 2021 profit continuous

decreased Especially which decreased from 999 billion in quarter 2 to 444

billion in quarter 3, by 40.57% profit

 Generally, the turnover and profit in SABECO have strong fluctuation Because The 4th wave of the Covid-19 epidemic and the effects of Decree 100 on the

government's ban on the use of alcohol when traveling in traffic have greatly

affected Sabeco’s distribution channels, leading to a decrease in Turnover and Profit

 Turnover increased by 2,225 billion from Quarter 1-2020 to Quarter 2-2020,

while in 2021 the turnover of Quarter 3 decreased significantly by 40.6%

compared with Quarter 3

 The turnover of Sabeco is impacted seriously by Covid-19 Pandemic and

Degree 100 Policy from Government

1.2.3 Analyze the movement structure of profit in Sabeco during period Quarter 1-2020 to quarter 3-2021

Turnover and Profits in Sabeco

Figure 2.1: Movement of Sabeco's revenue and profit after tax from quarter 1 -2020 to the

quarter 3 - 2021

 Sabeco's profit source comes mainly from its business activities because this is

a manufacturing business, so this is completely normal

 In addition, the company's profit source also comes from financial incomes

make up the considerable proportion in structure of profit in Sabeco Evidence

is 217 billion from financial income compare to 1,303 billion from operating

activities by 14% in total profit in quarter 2-2021 Other profits accounts for

very small proportion

 During Quarter 1 -2020 to Quarter 3-2021, The financial income increased the

proportion of profit in Sabeco The profit from financial income have stable

QUARTER 2-2020

QUARTER 3-2020

QUARTER 4-2020

QUARTER 1-2021

QUARTER 2-2021

QUARTER 3-2021

Structure of profit in Sabeco

Financial Income Net profit from operating activities Other Profits

Figure 2.2: The Structure of Profit in Sabeco from Quarter 1-2020 to Quarter 3-2021

trend The steady growth trend of financial income comes from a large amount

of term deposits of more than VND 15,000 billion, accounting for the largest proportion of 54% of Sabeco's corporate asset structure

 Meanwhile, the profit from production activities of enterprises fluctuated

non-stop from 1,156 billion VND at the beginning of 2021 to only 598 billion VND

in the third quarter of 2021 Profits from business activities are heavily affected

by the 4th wave of covid in 2021, affecting the main distribution channel that Sabeco has the main advantage of being restaurants and pubs

1.2.4 Movement structure of cost in Sabeco from Quarter 1-2020 to Quarter

3-2021

The cost of goods sold and selling expenses have the trendy decrease from Quarter 1-2020 to quarter 3-2021 The cost of goods sold and selling expenses mainly depend on the turnover of company

Financial charges over the years are very low compared to total costs, while profit from financial activities accounts for a significant proportion in the profit structure In quarter 3-2021, the financial income is more than 223 billion, while the financial chart is only 3 billion

Figure 2.3: The movement structure of cost in Sabeco from quarter 1-2020 to quarter 3-2021

 The Cost of goods sold make up the highest proportion, about 80% in structure

of cost The company's cost of goods sold includes the cost of raw materials, transportation costs, and insurance COGS increased steadily in 2020 from VND 3,556 billion to VND 5,397 billion in the fourth quarter, equivalent to an increase of 34.1% The increase in COGS is due to the fact that the company sells more products, which can be seen in the increase in revenue

 By 2021, the cost of goods sold has a marked decrease, decreasing by about VND 1009 billion in the third quarter when compared to the first quarter of the same year The decrease in cost of goods sold is due to the fact that the company has kept a relative amount of inventory However, partly because the company sold fewer products (revenue decreased), the cost of goods sold also decreased

 From quarter 1-2020 to quarter 4-2020, selling expenses increased sharply by nearly 195 billion dong, equivalent to 34.64% The increase in selling expenses

is mainly due to the increase in inventory clearance In the first quarter of 2021, selling expenses continued to increase by more than 90 billion dong, equivalent

to 12% But, in the 3rd quarter of 2021, the selling expenses decrassed to 608 billion

 The Financial chart and other expenses make up the very small proportion in structure of cost in Sabeco

 General and administrative expenses increased sharply in the second quarter of

2020 and gradually decreased until the fourth quarter Specifically, in Q2-2020, administrative expenses increased by more than 70 billion VND, equivalent to 49.66%, then decreased to 33.97% equivalent to nearly 72 billion dong By

3-Quarter 2020

4-Quarter 2021

1-Quarter 2021

2-Quarter 2021

3-Structure of Cost in Sabeco

2021, administrative expenses will once again increase sharply by 40% in the third quarter of 2021 compared to the second quarter of 2021

 Although Revenue decreased sharply in 9 months in 2021 but advertising and promotion expenses of Sabeco still increased by 34% to VND 1,561 billion, increasing COGS, significantly reducing the company's profit

 The company tends to invest finance outside instead of borrowing to expand its operations (avoiding risks) Evidence is the the increase of short term asset is cash and equivalent and the decrease of long-term asset because depreciation machinery

1.2.5 Analyze the accounting profit and profit after tax

01 | Warehouse Management: A Complete Guide for Retailers

0 200 400 600 800 1000 1200 1400 1600 1800 2000

 Looking at the graph, we see that the profit before tax in the fourth quarter of 2020 increased

by more than VND 926 billion, an increase of 97.99% compared to Q1.2020 Despite the difficult economic situation in 2020, the company's pre-tax profit still increased quite high, proving that the company has cut costs quite well

 In 2021, the company's pre-tax profit in Q1 again had a sharp decrease, down nearly VND 640.5 billion, equivalent to a decrease of 34.22% and continued to decrease to only VND 600 billion in the third quarter of 2021 Due to the impact of Covid-19 pandemic and have not been able to cut many expenses

 In 2020, profit after corporate income tax from Quarter 1 to Quarter 4 increased by 816.7 billion VND, equivalent to 113.91% But in Q1/2021, profit after corporate income tax dropped sharply, down nearly VND 548 billion, equivalent to 35.69% and continued to decrease to only VND 472 billion in the third quarter of 2021 effective and not well controlled costs

General comments on the company's business results over the period

 In 2020, the company's business situation is quite good when the company's profit after tax increases in value and proportion The reason as analyzed above is that the company has reasonable policies to help reduce selling and administrative expenses

 In 2021, profit after tax decreased sharply, mainly because the company's expense items increased

in both value and proportion The company needs to take reasonable measures to cut and control costs in order to minimize the negative impact of costs on the company's profits At the same time, the company should expand its operations to other markets because the competitive pressure in the beer industry is increasing and the growth rate of the beer industry is slowing down because the market has gradually saturated

 Profits from operating activities account for a much larger proportion than financial activities With a huge amount of cash in the bank but low interest rates In recent quarters, Sabeco hardly invested in new projects but kept a large amount of cash, accounting for 66% of total assets Maybe a part of the company wants to stabilize cash flow during the 4th wave of Covid-19 epidemic

 The ratio between operating profit and financial profit is changing from year to year and is moving towards an increase in the ratio of financial activities The company tends to invest finance outside instead of borrowing to expand the company's operations (because the debt-equity ratio of the company is quite low, which means that the business has relatively few external loans to expand business investment)

1.3 Analyze cash flow statement

The statement of cash flows is a part of financial statements and it shows where a business's cash flows are going, going, and coming from

But we need to take a closer look at where does the cash flow in Sabeco comes from? From a business or a loan? Or from property sales? All the reasons for making

money show us that Sabeco is strong, is it making money? Or are they just virtual

benefits? This is what the monetary statement will tell us

Table 3.1 : Cash flow statement for the period of the quarter

3/2020 - the quarter 3/2021

Consolidated Statements of Cash Flows

Items

Quarter 3-2021

Quarter 2-2021

Quarter 1-2021

Quarter 4-2020

Quarter 3-2020

Quarter 2-2020

Quarter 1-2020

I CASH FLOWS FROM OPERATING ACTIVITIES

Accounting profit before