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DA NANG UNIVERSITY VIETNAM – KOREA UNIVERSITY OF INFORMATION AND COMMUNICATION TECHNOLOGY FACULTY OF DIGITAL ECONOMY & E – TRADE FINAL REPORT ANALYSIS OF THE FINANCIAL SITUATION AT BIBICA JOINT STO[.]
DA NANG UNIVERSITY VIETNAM – KOREA UNIVERSITY OF INFORMATION AND COMMUNICATION TECHNOLOGY FACULTY OF DIGITAL ECONOMY & E – TRADE - - FINAL REPORT: ANALYSIS OF THE FINANCIAL SITUATION AT BIBICA JOINT STOCK COMPANY Instructor: Ph.D NGUYEN THI THU DEN Student group made: PHAM SY DUC TRI TRAN THI ANH TUYET DO THI CAM VAN PHAN QUE CAM XUAN NGUYEN THI YEN Class: 20GBA Da Nang, January 2023 h DA NANG UNIVERSITY VIETNAM – KOREA UNIVERSITY OF INFORMATION AND COMMUNICATION TECHNOLOGY FACULTY OF DIGITAL ECONOMY & E – TRADE - - FINAL REPORT: ANALYSIS OF THE FINANCIAL SITUATION AT BIBICA JOINT STOCK COMPANY Instructor: Ph.D NGUYEN THI THU DEN Student group made: PHAM SY DUC TRI TRAN THI ANH TUYET DO THI CAM VAN PHAN QUE CAM XUAN NGUYEN THI YEN Class: 20GBA Da Nang, January 2023 h CONTENTS CHAPTER 1: BIBICA COMPANY OVERVIEW 1.1 History of formation and development 1.2 Organizational structure 1.3 Core values, vision and mission .6 1.4 Business sectors CHAPTER 2: ANALYSIS OF THE FINANCIAL SITUATION OF BIBICA COMPANY 2.1 Block analysis and index analysis 2.2 Parameter analysis 10 2.2.1 Solvency .10 2.2.2 Debt parameters 12 2.2.3 Profitability 18 2.2.4 Market Specs 21 CHAPTER 3: CONCLUSION 24 3.1 Financial results 24 3.2 Finincial constraints .25 3.3 Some solutions to improve the financial strength of the company .26 h LIST OF TABLES Table 1: Block and index analysis with company balance sheet Table 2: Block and index analysis with the company's income statement .9 Table 3: Bibica's solvency parameter .10 Table 4: Analysis table of debt parameters for the period of 2019-2021 .12 Table 5: Return on total assets .19 Table 6: Return on equity 19 Table 7: Return on sales 20 Table 8: Market parameters 21 LIST OF FIGURES Figure 1: Bibica's logo .2 Figure 2: Organization structure Figure 3: Business products .7 Figure 1: Debt-to-equity parameters of Bibica 2019 – 2021 13 Figure 2: Bibica's debt-to-asset ratio 2019 – 2021 15 Figure 3: Long-term debt to long-term capital ratio of Bibica 2019 – 2021 16 Figure 4: Number of times to guarantee loan interest 18 h CHAPTER 1: BIBICA COMPANY OVERVIEW 1.1 History of formation and development In 16/01/1999, Bien Hoa Confectionery Joint Stock Company with the brand name Bibica was established from the equitization of three workshops: Cake, Candy and Malt of Bien Hoa Sugar Company Charter capital is 25 billion VND Expand and increase the capacity of the soft candy production line to 11 tons/day Figure 1: Bibica's logo 2000: develop distribution system according to new model Establish branches in Hanoi, Da Nang, Ho Chi Minh City, Can Tho; Invest in a production line of Indonesian origin snacks with a capacity of tons/day The company is honored to be the first unit in the confectionery industry in Vietnam to be granted the certificate of ISO 9001 standard by the British organization BVQI 2001: increased charter capital from VND 25 billion to VND 35 billion from accumulated capital after years of operation with a joint stock company legal entity July: Raised charter capital to 56 billion dong September: Invest in a production line of mooncakes and cookies with a capacity of tons/day with a total investment of billion VND November: The company was licensed by the State Securities Commission to list on the stock market and officially traded at the Ho Chi Minh City h Stock Exchange Center from the beginning of December 2001 At the end of 2001, the Company installed the production line of high-class Hura cream sponge cake with European origin, with a capacity of 1,500 tons/year, with a total investment of up to VND 19.7 billion 2002: April: Established Bien Hoa II Confectionery Factory at Sai Dong B Industrial Park, Long Bien, Hanoi October: Put into operation the chocolate line with modern British technology Bibica's Chocobella products quickly became familiar with domestic consumers At the end of 2002: The company implemented the project of expanding the Snack line to increase the capacity to tons/day 2004: Invested in the overall enterprise management system ERP Cooperate with the Vietnam Nutrition Institute to coordinate research and production of nutritional products, meeting the desire to use healthy products of consumers In the first year of 2005, with the advice of the Vietnam Institute of Nutrition, the Company launched a line of nutritional products for children, pregnant and lactating women, dieters, and people with diabetes In 2006: built a new factory on an area of hectares in My Phuoc I industrial zone, Binh Duong province Phase The company invests in a production line to produce high-class Hura cream cakes of European origin with a capacity of 10 tons/day 2007: Bien Hoa Confectionery Joint Stock Company officially changed its name to "Bibica Joint Stock Company" since January 17, 2007 At the Extraordinary General Meeting of Shareholders on September 22, 2007, the Company adjusted and supplemented the plan to issue 9.63 million shares in phase out of a total of 11.4 million additional shares issued in 2007 of the company On October 4, 2007, the signing ceremony of the strategic cooperation contract between Bibica and Lotte took place According to the cooperation program, Bibica transferred to Lotte 30% of the total shares (about 4.6 million shares) ) 2008: Bibica invested in building 443 Ly Thuong Kiet, HCMC This location became the official headquarters of the Company from the beginning of 2008 In h March 2008, Bibica's Annual General Meeting of Shareholders was held, with the participation of Lotte major shareholders for the first time The meeting approved the new Board of Directors, in which: o Mr Dong Jin Park represents Lotte's capital as chairman of the Board of Directors Mr Truong Phu Chien has held the position of Vice Chairman of the Board of Directors cum General Director of Bibica Joint Stock Company since March 1, 2008 to present 2009: In March 2009, Bibica's Annual General Meeting of Shareholders was held, the meeting approved a new management board, in which: Mr Jung Woo, Lee representing Lotte's capital holding the position of Chairman of the Board of Directors In April 2009, the Company started construction of a high-class Chocopie production line in Eastern Bibica, this is a line invested on the basis of the cooperation of Bibica and strategic partner Lotte Group Korea In October 2009, the Company invested in building a dormitory for employees in Bibica Mien Dong, in My Phuoc Industrial Park, Ben Cat, Binh Duong with an investment capital of about billion VND, put into use within a month 03/2010; In November 2009, the Company boldly invested and put into use the M-Office electronic office system to improve management efficiency and minimize administrative costs and stationery 2010: Chocopie line officially came into operation at the end of February 2010; 2011: comprehensively reformed the sales system, opened more distributors, and increased the number of sales personnel Sales in 2011 reached over 1,000 billion for the first time 2012: invest in a DMS sales management system and complete the evaluation system for the sales force and distributors; Upgraded the overall ERP business management system to ERP R12 version with a cost of billion VND and officially came into operation in December 2012 2014: Invested in sales support tools with PDA devices, in order to control and motivate employees to visit online stores and transfer orders to Distributors immediately; Invest in an information technology safety system and put it into use since September 2014 to ensure the operational safety of the information technology infrastructure system in case of power failure, fire or explosion h In 2015: successfully applied MFCA in production, controlling waste in production more effectively and thoroughly - 2016: For the first time, sales reached over 1,250 billion VND and continued to be voted by consumers as high quality Vietnamese goods for 21 consecutive years In 2017: put Hifat premium candy production line into operation, launching AHHA premium milk candy to the market The company is deploying software to support business management: Production moderation on ERP, BI leadership report and Sales App for Shop key 1.2 Organizational structure Figure 2: Organization structure - K.QR: QR block - BAN DA: Project department - K.KH: Planning Block - K.HC: Administration and Human Resources Division - K.KT: Accounting and Finance Division h - K.MT: Marketing Division - CƠNG TY BBC BIÊN HỊA: Bibica Bien Hoa One Member Co., Ltd - CÔNG TY BBC MIỀN ĐÔNG: Bibica Mien Dong Co., Ltd - CÔNG TY BBC HÀ NỘI: Bibica Hanoi One Member Co., Ltd 10 - CÔNG TY BBC MIỀN TÂY: Bibica Mien Tay Co., Ltd 1.3 Core values, vision and mission Core values of Bibica: - Providing customers with products with nutritional value, ensuring food safety and hygiene, beautiful and attractive appearance, all for the health and preferences of customers - Continuously improve the management to improve the quality of products and services to get the best products and services at the best prices - Maintain mutually beneficial relationships with agents, distributors, suppliers and other business partners - Comply with state regulations, ensure food hygiene and safety conditions for products manufactured at the company - Be socially responsible, make positive contributions to society, protect the environment for the quality of life of the community Vision: Vietnam's leading confectionery company Mission: - Consumer benefits: nutritional value and food safety and hygiene - Social benefits: 100 classrooms, 1000 scholarships 1.4 Business sectors Scope of business: Industrial production and trading of food products and import and export Real estate business buying and selling real estate Manufacturing and trading at home and abroad in the fields of cake - candy dental processing industry, export of bakery - candy - dental products and other goods h Import equipment, technology and raw materials for production of the Company Invest in and develop production of new product groups: cereal powder, nutritional powder, beverage powder, candies and tablets Figure 3: Business products Bibica currently has 117 distributors, agents and 250 supermarket chains in all provinces and cities nationwide and exports to all markets in Asia, Europe and America 10 h that the firm's long-term debt has dropped, its ratio of long-term debt has fallen, and the company has had a favorable financial development from 2018 and 2019 The business will continue to have a sound long-term debt policy in 2019 and 2020 This value, however, is still substantially below 1, which demonstrates that the business is still performing well The reason is that long-term debt will decrease in the period of 2019 -2020 and increase sharply in 2021 while equity in the period of 2019 -2020 will increase and decrease in 2021, causing the long-term debt ratio to fluctuate Looking at Table 2.4, we can see that compared to the industry average in 2020 and 2021, the ratio of long-term debt to total long-term capital of Bibica is lower Specifically: 2020 lower than 0.244 and lower than 0.066 in 2021 That proves the company's financial 2.8 Number of times to guarantee loan interest This parameter indicates a company's ability to meet its financial expenses liabilities with its operating income In other words: how many times the income generated from the company's business activities can meet its financial expense liabilities The formula for calculating the number of loan guarantees: Number of loan guarantees = Revenues / Finance cost Figure 4: Number of times to guarantee loan interest 20 h