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FPT UNIVERSITY - CAN THO CAMPUS
Trang 3Sabeco, also known as Saigon Beer Alcohol Beverage Corporation (VN: Tổng Công ty Cổ phần Bia – Rượu – Nước giải khát Sài Gòn), is a leading Vietnamese company in the alcoholic beverage industry The company was founded in 1875 and is headquartered in Ho Chi Minh City, Vietnam Recently, it has become a subsidiary of ThaiBev SABECO is a public company and traded as SAB (HOSE)
MARKET SHARE
Sabeco holds a significant market share of approximately 40% in the Vietnamese beer market, making it the largest beer producer in the country The company's main business is the production, distribution, and sale of alcoholic beverages, including beer, wine, and spirits Sabeco's popular brands include Saigon Beer, 333 Beer, and Saigon Special Beer In addition to its local brands, Sabeco also produces and distributes international beer brands such as Heineken and Tiger Beer through a licensing agreement with their respective owners
IMPORTANT PROJECTS
Sabeco has implemented several important projects to support its business growth and expansion One such project is the modernization of its production facilities, including the construction of new breweries and the upgrade of existing ones The company has also invested in new product development and marketing initiatives to increase its market share and expand its customer base Sabeco has been successful in these initiatives, and its products are sold throughout Vietnam and in many international markets
Trang 4MARKET SHARE
Habeco is one of the leading beer producers in Vietnam, holding a significant market share of approximately 18% The production, distribution, and sale of alcoholic beverages, including beer, wine, and spirits is the company’s main business Habeco's popular beer brands include Hanoi Beer, Truc Bach Beer, and Halida Beer
IMPORTANT PROJECTS
One of Habeco's important projects is the expansion of its production facilities, which includes the construction of new breweries and the modernization of existing ones The company has also been investing in new product development and marketing initiatives to increase its market share In addition to its core business activities, Habeco is also involved in corporate social responsibility initiatives The company has implemented various programs to support local communities and protect the environment For example, Habeco has implemented a program to reduce its environmental impact by recycling waste materials and reducing energy consumption
Trang 5
equivalents 2.726.137.088.387,00 9,96 3.606.454.403.209,00 11,83 4.069.464.160.642,00 11,81 Short-term
investments 14.547.419.432.877,00 53,14 16.991.239.000.000,00 55,73 19.411.469.500.000,00 56,32 Short-term
receivable 590.846.416.109,00 2,16 467.956.130.071,00 1,53 897.692.694.315,00 2,60 Inventories
1.446.832.994.933,00 5,29 1.668.001.734.209,00 5,47 2.193.521.139.336,00 6,36 Other current
assets 202.145.520.134,00 0,74 143.382.054.775,00 0,47 288.077.079.370,00 0,84
LONG-TERM
ASSETS 7.861.591.322.918,00 28,72 7.609.991.050.161,00 24,96 7.604.851.042.093,00 22,07 Long-term
receivables 11.958.390.566,00 0,04 12.640.850.386,00 0,04 37.720.028.871,00 0,11 Fixed assets
4.874.503.649.521,00 17,81 4.401.799.818.086,00 14,44 4.454.982.147.731,00 12,93 Investment
properties 65.173.748.670,00 0,24 41.270.248.842,00 0,14 153.128.987.010,00 0,44 Long-term
incomplete
assets 28.138.829.026,00 0,10 551.470.893.844,00 1,81 133.548.179.000,00 0,39 Long-term
investments 2.351.285.997.476,00 8,59 2.125.162.874.416,00 6,97 2.214.115.381.757,00 6,42 Other long-term
assets 530.530.707.659,00 1,94 477.646.364.587,00 1,57 611.356.317.724,00 1,77 TOTAL ASSETS
27.374.972.775.358,00 100,00 30.487.024.372.425,00 100,00 34.465.075.615.756,00 100,00 LIABILITIES
Current
liabilities 5.173.043.219.872,00 18,90 7.258.020.535.153,00 23,81 9.213.862.412.096,00 26,73 Long-term
liabilities 986.653.164.558,00 3,60 634.218.134.111,00 2,08 660.367.284.267,00 1,92 TOTAL
LIABILITIES 6.159.696.384.430,00 22,50 7.892.238.669.264,00 25,89 9.874.229.696.363,00 28,65
TOTAL EQUITY
21.215.276.390.928,00 77,50 22.594.785.703.161,00 74,11 24.590.845.919.393,00 71,35 TOTAL LIABILITIES &
EQUITY 27.374.972.775.358,00 100,00 30.487.024.372.425,00 100,00 34.465.075.615.756,00 100,00
Trang 6Cash and cash
equivalents 818.705.165.651,00 10,65 762.415.449.399,00 10,76 519.934.563.320,00 7,17
Short-term
investments 2.386.211.000.000,00 31,05 2.404.009.000.000,00 33,92 2.964.442.500.000,00 40,85
Short-term
receivable 384.457.518.077,00 5,00 377.360.736.669,00 5,32 459.144.047.244,00 6,33 Inventories 597.223.915.582,00 7,77 553.520.389.155,00 7,81 722.594.487.553,00 9,96
Other current
assets 314.165.843.865,00 4,09 244.722.105.889,00 3,45 202.085.640.488,00 2,78
LONG-TERM
ASSETS 3.183.319.157.800,00 41,43 2.744.985.931.306,00 38,73 2.388.053.949.344,00 32,91
Long-term
receivables 10.000.000,00 0,00 10.000.000,00 0,00 130.000.000,00 0,00 Fixed assets 2.556.020.619.257,00 33,26 2.184.962.823.659,00 30,83 1.838.489.757.013,00 25,34
Investment
properties 5.887.518.056,00 0,08 5.062.712.696,00 0,07 4.237.907.336,00 0,06
Long-term incomplete
assets 47.359.180.340,00 0,62 35.635.024.928,00 0,50 15.259.432.815,00 0,21 Long-term investments 265.201.627.502,00 3,45 266.012.763.904,00 3,75 316.550.473.711,00 4,36
Other long-term
assets 308.840.212.645,00 4,02 253.302.606.119,00 3,57 213.386.378.469,00 2,94 TOTAL ASSETS
7.684.082.600.975,00 100,00 7.087.013.612.418,00 100,00 7.256.255.187.949,00 100,00 LIABILITIES
Current liabilities 1.746.185.904.092,00 22,72 2.181.447.804.081,00 30,78 1.814.341.051.591,00 25,00
Long-term
liabilities 202.358.681.310,00 2,63 147.863.736.630,00 2,09 112.816.571.110,00 1,55
TOTAL
LIABILITIES 1.948.544.585.402,00 25,36 2.329.311.540.711,00 32,87 1.927.157.622.701,00 26,56
TOTAL EQUITY 5.735.538.015.573,00 74,64 4.757.702.071.707,00 67,13 5.329.097.565.248,00 73,44 TOTAL LIABILITIES
EQUITY 7.684.082.600.975,00 100,00 7.087.013.612.418,00 100,00 7.256.255.187.949,00 100,00
Trang 7FINANCIAL STATEMENT ANALYSIS
COMMON-SIZE INCOME STATEMENT
COMMON-SIZE INCOME STATEMENT FOR SABECO
ITEMS 2020 % 2021 % 2022 %
Sales 28.135.622.624.299,00 100,00 26.578.007.393.513,00 100,00 35.235.899.123.781,00 100,00 Sales deductions -174.298.787.288,00 -0,62 -204.261.099.655,00 -0,77 -256.815.129.946,00 -0,73 Net sales 27.961.323.837.011,00 99,38 26.373.746.293.858,00 99,23 34.979.083.993.835,00 99,27 Cost of sales -19.460.229.052.562,00 -69,17 -18.765.181.482.365,00 -70,60 -24.208.377.066.751,00 -68,70 Gross Profit 8.501.094.784.449,00 30,21 7.608.564.811.493,00 28,63 10.770.706.927.084,00 30,57 Financial income 974.401.634.870,00 3,46 1.119.597.121.857,00 4,21 1.090.560.762.647,00 3,10 Financial expenses -105.449.377.566,00 -0,37 -22.784.167.607,00 -0,09 -81.993.117.030,00 -0,23 of which: interest expenses -63.681.326.473,00 -0,23 -48.739.800.374,00 -0,18 -45.517.297.000,00 -0,13
Gain/(loss) from joint
ventures 267.405.919.991,00 0,95 172.939.963.562,00 0,65 323.119.361.276,00 0,92 Selling expenses -2.859.036.781.083,00 -10,16 -3.500.368.629.369,00 -13,17 -4.532.068.273.139,00 -12,86 General and admin expenses -702.005.344.515,00 -2,50 -597.716.255.412,00 -2,25 -740.665.660.468,00 -2,10 Operating profit/(loss) 6.076.410.836.146,00 21,60 4.780.232.844.524,00 17,99 6.829.660.000.370,00 19,38 Other incomes 55.952.250.986,00 0,20 95.929.356.826,00 0,36 20.990.166.318,00 0,06 Other expenses -20.544.761.167,00 -0,07 -19.267.951.607,00 -0,07 -37.232.847.726,00 -0,11 35.407.489.819,00 0,13 76.661.405.219,00 0,29 -16.242.681.408,00 -0,05
Income from investments in
Net accounting profit/(loss)
before tax (EBIT) 6.111.818.325.965,00 21,72 4.856.894.249.743,00 18,27 6.813.417.318.962,00 19,34
Corporate income tax -
current -1.124.942.822.470,00 -4,00 -954.964.248.596,00 -3,59 -1.323.982.218.726,00 -3,76
Corporate income tax -
deferred -50.029.533.241,00 -0,18 27.375.546.091,00 0,10 10.362.877.048,00 0,03
Corporate income tax
expenses -1.174.972.355.711,00 -4,18 -927.588.702.505,00 -3,49 -1.313.619.341.678,00 -3,73 Net profit/(loss) after tax 4.936.845.970.254,00 17,55 3.929.305.547.238,00 14,78 5.499.797.977.284,00 15,61 Minority interest 213.349.110.064,00 0,76 252.053.205.934,00 0,95 275.946.550.189,00 0,78
Attributable to parent
company 4.723.496.860.190,00 16,79 3.677.252.341.304,00 13,84 5.223.851.427.095,00 14,83
Trang 8Gain/(loss) from joint
ventures -821.338.393,00 -0,01 10.065.104.122,00 0,14 7.490.550.681,00 0,09 Selling expenses -1.074.390.462.145,00 -14,30 -985.316.041.564,00 -13,94 -1.290.853.644.690,00 -15,14 General and admin expenses -515.589.422.823,00 -6,86 -429.047.962.717,00 -6,07 -547.318.778.556,00 -6,42 Operating profit/(loss) 485.109.488.927,00 6,46 402.086.143.552,00 5,69 609.548.940.341,00 7,15 Other incomes 299.215.281.908,00 3,98 34.879.120.565,00 0,49 52.382.657.764,00 0,61 Other expenses -17.077.447.662,00 -0,23 -9.226.121.990,00 -0,13 -6.573.659.075,00 -0,08 282.137.834.246,00 3,75 25.652.998.575,00 0,36 45.808.998.689,00 0,54
Income from investments in
Net accounting profit/(loss)
before tax (EBIT) 767.247.323.173,00 10,21 427.739.142.127,00 6,05 655.357.939.030,00 7,69
Corporate income tax -
current -110.304.477.699,00 -1,47 -89.817.903.408,00 -1,27 -129.487.325.555,00 -1,52
Corporate income tax -
deferred 3.645.894.662,00 0,05 -260.003.507,00 0,00 842.772.273,00 0,01 Corporate income tax expenses -106.658.583.037,00 -1,42 -90.077.906.915,00 -1,27 -128.644.553.282,00 -1,51 Net profit/(loss) after tax 660.588.740.136,00 8,79 337.661.235.212,00 4,78 526.713.385.748,00 6,18 Minority interest 4.240.552.322,00 0,06 20.557.662.349,00 0,29 37.720.626.609,00 0,44 Attributable to parent company 656.348.187.814,00 8,73 317.103.572.863,00 4,49 488.992.759.139,00 5,74
EPS diluted 2.793,00 0,00 1.353,00 0,00 2.009,00 0,00
Trang 9receivable
turnover 46,39 54,88 37,39 19,38 18,45 18,28 32,88 36,66 27,84 Day's sales
Trang 10FINANCIAL STATEMENT ANALYSIS
SABECO DUPONT ANALYSIS
Trang 11FIXED ASSETS TOTAL ASSETS 0,87 ROE
Trang 12FIXED ASSETS TOTAL ASSETS 1,01 ROE
Trang 13FIXED ASSETS TOTAL ASSETS 0,97 ROE
2.556.020.619.257,00 7.684.082.600.975,00
0,12
LONG-TERM LIABILITIETOTAL EQUITY TOTAL EQUITY
202.358.681.310,00 5.735.538.015.573,00 5.735.538.015.573,00
Trang 14
FIXED ASSETS TOTAL ASSETS 0,98 ROE
LONG-TERM LIABILITIETOTAL EQUITY TOTAL EQUITY
147.863.736.630,00 4.757.702.071.707,00 4.757.702.071.707,00
Trang 15
FIXED ASSETS TOTAL ASSETS 1,16 ROE
1,36
LONG-TERM LIABILITIES TOTAL EQUITY TOTAL EQUITY
112.816.571.110,00 5.329.097.565.248,00 5.329.097.565.248,00
Trang 16
In addition, SABECO has faced increased competition in the Vietnamese market Despite Sabeco's dominant position in the Vietnamese beer market, the company faces competition from other major beer producers such as Hanoi Beer Alcohol and Beverage Corporation (Habeco) and Heineken These companies have also established a strong presence in Vietnam, and they offer similar products and services to Sabeco However, Sabeco has managed to maintain its market share by focusing on quality, innovation, and customer satisfaction
Overall, while SABECO has faced challenges in the last three years, it has continued to grow its business and adapt to changing market conditions