(Luận văn) the financial statement analysis of saigon alcohol beer and beverage corporation

PREFACE Vietnam's economy has been recovering strongly in recent years, however as emerging economy, it can be challenging for entrepreneurs to build a profit and sustainable business Without the preparation and the building capacity with a long- term vision, many businesses will be left struggling to keep up and eventually sold to others institutions to avoid bankruptcy It poses an urgent need for managers, corporate executives, especially corporate finance managers to understand and have basic lu knowledge of corporate finance analysis so that they can analyze, have proper an evaluation of the economic efficiency of enterprises according to the system n va of economic and financial indicators As a result, the business owner knows to tn the financial status of his business, knows the strengths and weaknesses to ie gh make timely and accurate decisions For other stakeholders interested in the p business such as current shareholders, employees, the state, financial analysts nl w through financial information will make decisions for different purposes d oa Recognizing this, I decided to choose the subject: “The financial statement an lu analysis of Saigon Alcohol Beer and Beverage Corporation” with the aim of ll u nf SABECO va providing the most objective, unbiased information about the company m oi The content of this report is mainly focus on analyzing performance z at nh using various but traditional methods to have a broader look about Saigon Alcohol Beer and Beverages Corporation over years, combine with the z @ fluctuation of macroeconomic and industry to come up with conclusions gm l about the health of the company I have tried to be extremely meticulous in an Lu information about surgical industry m co preparing this report despite the various limitations faced as very limited n va ac th si 1, Objectives and Aims of The Study  Objectives of the study The study focus on financial analysis and find solutions to improve financial performance in Saigon Alcohol Beer and Beverages Corporation  Aims of the study The study aims at investigating the data analysis in financial statement for SABECO Three main purposes of the study are summarized below: lu To systematize basic theories of analysis of corporate financial an - va n statements From there, you can see the methods and contents of to tn financial analysis in the enterprise To analyze and evaluating the financial situation and business ie gh - p performance through financial reports of Saigon Alcohol Beer and nl w Beverages Corporation in comparison with some companies in the d oa same industry To identifying the strengths and weaknesses of the financial situation of an lu - va the company and propose some solutions to improve the financial ll u nf capacity of Saigon Alcohol Beer and Beverages Corporation oi m 2, Methods of The Study z at nh To finish this study, the reseacher carried out some following methods: z @ Rationale: Research topics are based on the government's circulars, gm - l enterprise financial reports and reliable textbooks, books and websites Approach: The topic uses qualitative research methods by collecting an Lu - m co related to the analysis of financial reports of enterprises information from financial reports, analyzing and evaluating financial n va ac th si indicators to improve financial capacity of Saigon Alcohol Beer and Beverages Corporation Data source sand methods of data collection: - + Data on the theoretical basis of analyzing corporate financial reports from the curriculum, lecture, prestige books + Information from the website of Saigon Alcohol Beer and Beverages Corporation include: Financial statement, annual report of 2016, 2017, 2018, history of formation and development of the lu company, development orientation an n va The financial system of 2016, 2017, 2018 is taken from websites of three tn to companies in the same industry: Vietnam Dairy Products Joint Stock gh Company, Masan Group Corporation, Hanoi Beer Alcohol and Beverage p ie Joint Stock Corporation These three companies are one of the most reputable brands of Vietnam operating in the field of foods and drinks products, with w d oa nl the source structure equivalent an lu In order to facilitate the comparison, the writer have taken the symbol of analyze: ll u nf va each company's code as the sign to make the tables and forms and use it to oi m VNM: Vietnam Dairy Products Joint Stock Company  MSN: Masan Group Corporation  BHN: Hanoi Beer Alcohol and Beverage Joint Stock Corporation z at nh  z m co l gm @ an Lu n va ac th si Sabeco's Industry Peers 250,000 45 40 200,000 35 Millions VND 30 150,000 25 20 100,000 15 10 50,000 Market Capital SAB VNM MSN BHN lu 173,146 222,898 98,868 22,948 P/E 41.06 18.04 16.99 37.63 P/B 10.65 7.95 2.65 3.81 an va n Figure 1.2 – Sabeco’s Industry Peers; Source: Vietstock tn to 3, Design of The Study ie gh p The study consists of three chapters: w Chapter 1: Literature review: The basic theoretical issues in oa nl - d analyzing financial statements of corporations lu Chapter 2: The study: including three parts:  u nf va an - Give an overview about Saigon Alcohol Beer and Beverage ll oi m Corporation Data analysis  Main findings through the analysis done z at nh  z @ Chapter 3: Challenge opportunities and solutions: Offer gm - l recommendations and a limitation of the study and suggestions for m co further study This chapter discuss about the study results and an Lu solutions to improve the financial capacity of Saigon Alcohol Beer and Beverage Corporation n va ac th si CHAPTER 1: LITTERATURE REVIEW 1.1, An Overview of Financial Statements 1.1.1 The definition of Financial Statements Accounting and financial statements are general statements made on the basis of accounting methods that aggregate data from accounting records based on financial indicators that arise at certain times or periods Financial and accounting reports systematically reflect the situation of assets, liabilities, and capital use and business results of enterprises in certain periods, and they are explained It helps the users to use financial information to identify the lu financial status and business situation of the unit to make appropriate an decisions va n Financial statements (or financial report) is a formal record of the to Relevant financial information is presented in a structured manner and ie gh tn financial activities and position of a business, person, or other entity p in a form easy to understand They typically include basic financial oa nl w statements, accompanied by a management discussion and analysis: d  A balance sheet or statement of financial position, reports on a lu u nf time va an company's assets, liabilities, and owner’s equity at a given point in ll  An income statement or statement of comprehensive income, m oi statement of revenue & expense, P&L or profit and loss report, reports z at nh on a company's income, expenses, and profits over a period of time A z profit and loss statement provides information on the operation of the @ gm enterprise These include sales and the various expenses incurred l during the stated period m co  A cash flow statement reports on a company's cash flow activities, an Lu particularly its operating, investing and financing activities n va ac th si  A Statement of changes in equity or equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail Notes to financial statements are considered an integral part of the financial statements lu 1.1.2 Types of Financial Statements an n va The principal financial statements of a corporation are the balance tn to sheet, income statement, and statement of cash flows Notes accompany these ie gh financial statements To evaluate the financial condition, the profitability, and p cash flows of an entity, the user needs to understand the statements and related notes oa nl w d The most basic statement is the balance sheet; the other statements va an lu explain the changes between two balance sheet dates ll u nf In addition, in order to meet the requirements of economic and oi m financial management, the steering requirements that sectors, companies, z at nh production groups, joint ventures and joint ventures can stipulate other financial accounting reports However, within the scope of the research, it z will be mentioned the basic reports as described above gm @ 1.1.2.1 Balance sheet m co l The balance sheet provides an overview of assets, liabilities and an Lu stockholders' equity as a snapshot in time The date at the top of the balance n va sheet tells you when the snapshot was taken, which is generally the end of the ac th si fiscal year The balance sheet equation is assets equal liabilities plus stockholders' equity, because assets are paid for with either liabilities, such as debt, or stockholders' equity, such as retained earnings and additional paid-in capital Assets are listed on the balance sheet in order of liquidity Liabilities are listed in the order in which they will be paid Short-term or current liabilities are expected to be paid within the year, while long- term or noncurrent liabilities are debts expected to be paid after lu an one year va n The statement of financial position shall include line items that present the to ie gh tn following amounts: p Property, plant and equipment; nl w Investment property; d oa Intangible assets; an lu Financial assets (excluding amounts shown under (e), (h) and (i)); Investments accounted for using the equity method; va ll Trade and other receivables; z at nh Cash and cash equivalents; oi m Inventories; u nf Biological assets within the scope of IAS 41 Agriculture; z 10.The total of assets classified as held for sale and assets included in @ gm disposal groups classified as held for sale in accordance with IFRS m co l Non-current Assets Held for Sale and Discontinued Operations; 11 Trade and other payables; an Lu 12 Provisions; 13 Financial liabilities n va ac th si 14 Liabilities and assets for current tax, as defined in IAS 12 Income Taxes; 15 Deferred tax liabilities and deferred tax assets, as defined in IAS 12; 16 Liabilities included in disposal groups classified as held for sale in accordance with IFRS 5; 17 Non-controlling interests, presented within equity; and 18 Issued capital and reserves attributable to owners of the parent An entity shall present additional line items, headings and subtotals in the lu statement of financial position when such presentation is relevant to an an understanding of the entity’s financial position n va gh tn to 1.1.2.2 Income Statement p ie Income statements show the profitability of a business The income statement is for a period of one year and shows the total sales revenue for the oa nl w year Subtracted from sales revenue is the cost of goods sold or the expenses a company incurs in producing finished goods to sell Also deducted from the d an lu revenue are expenses for operating costs and depreciation If a company is u nf va publicly owned, its income statement must also report earnings per share Earnings per share is a measure of company profitability It is calculated by ll oi m dividing net income by the total shares of stock When looking at the income z at nh statement of a company, the profitability isn't just the gross profit, it is also important to look at the ratio of expenses as a percentage of profit If a z gm @ company has high profits but also has high expenses, the company could be mismanaged m co l In addition to items required by other IFRSs, the profit or loss section or an Lu the statement of profit or loss shall include line items that present the following amounts for the period: n va ac th si Revenue, presenting separately interest revenue calculated using the effective interest method; Gains and losses arising from the derecognition of financial assets measured at amortised cost; Finance costs; Impairment losses (including reversals of impairment losses or impairment gains) Determined in accordance with Section 5.5 of IFRS 9; Share of the profit or loss of associates and joint ventures accounted for using the equity method; lu an If a financial asset is reclassified out of the amortised cost measurement va n category so that it is measured at fair value through profit or loss, any gain tn to or loss arising from a difference between IAS IFRS Foundation A785 ie gh the previous amortised cost of the financial asset and its fair value at the p reclassification date (as defined in IFRS 9); nl w If a financial asset is reclassified out of the fair value through other d oa comprehensive income measurement category so that it is measured at fair an lu value through profit or loss, any cumulative gain or loss previously ll oi m Tax expense; u nf loss; va recognised in other comprehensive income that is reclassified to profit or 1.1.2.3 Statement of cash flows z at nh 10 A single amount for the total of discontinued operations (see IFRS 5) z @ l gm The cash flow statement merges the balance sheet and the income statement Due to accounting convention, net income can fall out of alignment m co with cash flow The cash flow statement reconciles the income statement with an Lu the balance sheet in three major business activities These activities include n va operating, investing and financing activities Operating activities include cash ac th si flows made from regular business operations Investing activities include cash flows due to the buying and selling of assets such as real estate and equipment Financing activities include cash flows from debt and equity This is where analysts can also find the amount of dividends paid and/or dollar value of shares repurchased A statement of cash flows, when used in conjunction with the rest of the financial statements, provides information that enables users to evaluate the changes in net assets of an entity, its financial structure (including its liquidity and solvency) and its ability to affect the amounts and timing of cash flows in lu order to adapt to changing circumstances and opportunities Cash flow an n va information is useful in assessing the ability of the entity to generate cash and tn to cash equivalents and enables users to develop models to assess and compare gh the present value of the future cash flows of different entities It also enhances p ie the comparability of the reporting of operating performance by different w entities because it eliminates the effects of using different accounting d oa nl treatments for the same transactions and events an lu Historical cash flow information is often used as an indicator of the u nf va amount, timing and certainty of future cash flows It is also useful in checking the accuracy of past assessments of future cash flows and in examining the ll z at nh changing prices oi m relationship between profitability and net cash flow and the impact of z The following terms are used in this Standard with the meanings specified: gm @ Cash comprises cash on hand and demand deposits - Cash equivalents are short-term, highly liquid investments that are m co l - readily convertible to known amounts of cash and which are subject Cash flows are inflows and outflows of cash and cash equivalents n va - an Lu to an insignificant risk of changes in value ac th si term assets Total Assets 19,192,865 100 22,013,689 100 22,366,742 100 Table 2.3B – SAB’s assets vertical common size analysis - Total assets in 2018 compared to 2017 has increased to 22,366 billion VND with the increase rate of 1.01% (short-term assets increased 1,004 billion VND, long-term assets decreased 650 billion VND) As a result, SAB’s assets structure changes in the direction of increasing short-term assets and reducing the proportion of longterm assets - Short-term assets: The increase in short-term assets was 3,4% due to lu an an increased in short-term financial investments and having more va cash and cash equivalents n tn to - Long-term receivables take up only a very small portions of the receivables increases This shows that the company mainly dealing p ie gh assets and also decreasing overtime However short-term nl w with short-term orders and avoid selling on long-term credit to keep d oa everything easily manageable ll u nf va an lu oi m z at nh z m co l gm @ an Lu n va ac th 38 si Figure 2.3C - SAB's liabilities and owner's equity structure 18000000 16000000 14000000 12000000 10000000 8000000 6000000 4000000 2000000 Short-term liabilities Long-term liabilities lu 2016 2017 Owner's equity 2018 an 2016 2017 2018 n va SABECO to Owner’s mVND tn Percentage mVND Percentage mVND Percentage 35.22 7,593,162 34.49 6,254,837 27.96 33.73 7,401,584 33.62 5,925,696 26.49 191,578 0.87 329,140 1.47 14,420,526 65.51 16,111,868 72.03 100 22,366,742 100 1.49 19,192,865 100 oi m 64.78 ll 12,433,180 u nf va an 285,797 lu equity d B.Owner’s oa liabilities 6,473,889 nl II.Long-term w liabilities I.Short-term 6,759,685 p A.Liabilities ie gh equity Owner’s 22,013,689 z equity and z at nh Total @ gm Liabilities analysis m co l Table 2.3D – SAB’s liabilities and owner’s equity vertical common size an Lu Compared with 2016, in 2017: Total capital of the company in the period increased 2,821 billions VND with the increase rate of 14,7% in n va ac th 39 si which: liabilities increased 834 billions VND with the increase rate of 12,33% Current liabilities increased mainly by short-term debt of 928 billions VND, an increase of 14,33% due to unpaid debtors and short-term borrowings In 2018, the total capital of the company slightly increase 353 billions VND, an increase of 1,6% due to the decreased of liabilities Short-term liabilities has been reduce over 1,476 billions VND, an decrease of 19,94% This shows that the firm has been taking great care of it unpaid debtors and short-term borrowings to make this happened As a results Owner’s Equity increase more than 1,691 billions VND However the firms has almost double lu an its last year long-term liabilities But overall the firm is in a healthy shape and n va a little long-term debt wouldn’t hurt not to mention it clearly created more to gh tn equity for shareholders 40,000 d oa nl 25,000 w 30,000 35,000 p ie Figure 2.3E - Sabeco Revenue lu va an 20,000 15,000 u nf 10,000 ll m 5,000 oi Net Revenue Gross Profit 2016 z at nh Net Profit after tax 2017 Profit Margin 2018 z @ gm Overall we can clearly see that Sabeco’s revenue sharply increases m co l every year reaching 35,948 billions VND in 2018, an increased of 17,6% compare to 2016 However gross profit and net profit after tax of the an Lu company has not been seeing an increase Gross profit and Net profit does increase as the same time as revenue in 2017, but in 2018 they are much n va ac th 40 si lower than previous year especially when compare to 2016 results This is a results of increased in Cost of goods sold from 22,301 billions VND in 2016 to 27,864 billions VND in 2018, an increases of 24,5% but come with a 6,4% decrease in Net profit This is a sign that the firm are struggling to keep the expenses in the production procress low However this might just be a shortterm step back for Sabeco to take bigger step in the futures Figure 2.3F - Sabeco's expenses 80,000 70,000 60,000 lu 50,000 an 40,000 va n 30,000 tn to 20,000 ie gh 10,000 p Financial expenses Selling expenses w General and Administrative expenses 2017 2018 oa nl 2016 d The main reason for the decreases of profit margin this year is mainly lu va an due to its production costs, especially in the beer industry when prices are u nf heavily influenced by the cost of input We also see a decreases of 73,5% in ll financial expenses in 2017, but looks like the firm increases this expenses in m oi 2018 again making the firm less profitable General and Administrative z at nh expenses are also on an increasing trend, Sabeco should focus on this keeping z this expenses down keep more profits instead of borrowing more funds m co l gm @ an Lu n va ac th 41 si lu an n va p ie gh tn to d oa nl w an lu u nf va Table 2.3G – SAB’s Operating activities cashflow ll From the cashflow statement of Sabeco, it shows that 2018 profit has m oi decreased more than 11% mainly due to an increased in payables and prepaid z at nh expenses In 2016 and 2017, the firms doesn’t have prepaid expenses howevery in 2018 Sabeco seems to be borrowing a lot more money than z gm @ previous year but still be able to keep the Net cash flow from Operating activities positive and quite stable compare to 2016 and 2017 The company l m co are using the money efficiently despite increased in borrowing an Lu n va ac th 42 si Table 2.3H – SAB’s Financing activities cashflow Net cashflow from financing activities from 2016 to 2018 are all negative, indicating that the liquidity of this activity is not good Company lu an need to have more efficient use of money We can see clearly that the n va borrowing amount are about the same as the dividends payout In 2018 the to tn dividends payout exceed borrowing indicating that the firm are makings their ie gh money back by borrowing and managing the firm accordingly Only in 2017 p Sabeco decided to keep more profit than usual rather than paying dividends nl w Seems like the company’s managers had seen this coming and has been d oa preparing for this an lu 2.3.1 Ratio Analysis va 2016 u nf Sabeco mVND ll 6,759,685 Owner’s equity 12,433,180 Total assets 19,192,865 mVND mVND 7,593,162 6,254,837 14,420,526 16,111,868 22,013,689 22,366,742 z Times Times Times 0.35 0.34 0.28 154% 153% m co l gm @ Multiplier 2018 z at nh Equity oi Debt Ratio m LIabilities 2017 139% an Lu Table 2.3I – Sabeco’s Debt management ratio n va ac th 43 si Figure 2.3K - Sabeco industry peers's debt management ratio 1.6 1.4 1.2 0.8 0.6 0.4 0.2 Debt Ratio Equity Multiplier lu SAB VNM MSN BHN an n va tn to It is shown that Sabeco’s debt ratio are in a downtrend This is a very gh good sign showing that the company has been managing its debt accordingly p ie Sabeco’s equity multiplier is also in a down trend but compare to other competitors, Sabeco is still the best shape comparing all company d oa nl w an lu Figure 2.3L - SAB's assets management ratio 18 va u nf 16 ll 14 oi m 12 z at nh 10 z Inventory turnover 2016 2017 2018 Fixed assets turnover m co Asset turnover l gm @ an Lu n va ac th 44 si Asset turnover is pretty stable over the years but is also low This indicates that the assets are indeed contributing to increased revenue and a condition for improving profitability for the company Fixed assets turnover has sharply increased over the year demonstrating the better use of company assets As a company in the manufacture industry this is somewhat hard to archive This is a good sign showing that the company is in a good shape in its operating activities Inventory turnover is also increases over the years This is good in the context of the company expanding production, while meeting the market demand for the market share that Sabeco is in lu an 2.3.2 Dupont Analysis n va p ie gh tn to d oa nl w ll u nf va an lu oi m 17% 140% 187% 25% 26% 24% 184% an Lu ROE 14% m co leverage 15% 13% l Financial 12% gm ROA 2017 @ margin 2016 z Net profit 2015 z at nh Dupont 37% n va ac th 45 si Table 2.3M – Sabeco’s Dupont Analysis Overall, Sabeco's performance has improved over time, after gathering export goods at designated places and announcing the expected time of container closure, loading goods onto transport means for customs offices, customs declarants shall declare and submit Customs declaration for exported goods However, because the materials for brewing are mostly imported (about 95-96%), therefore, the production and export of goods is always urgent, due to the dependence on synchronous materials technical requirements and delivery time is often urgent, so the enterprise must both lu complete and packaging Enterprises have to complete the customs an n va procedures, while calculating transport means, so as to avoid the maximum tn to risks resulting from the risk of misses The characteristics of ship exports usually peak at two days a week, so if not proactively declared, it will be gh p ie clogged with both business and customs Not to mention, almost no business w is qualified to establish a warehouse to collect goods (according to Customs oa nl standards), not to mention costs In addition, 2016 also witnessed major d fluctuations in barley and malt prices (two main inputs of beer) due to lu va an weather instability in Eastern Europe, where the largest barley exports world However, at the end of 2016, prices of these two materials have fallen u nf ll slightly, and according to the World Bank's forecast, these two materials price m oi will tend to stabilize and slowly increase until the year 2025 All of these z at nh factors were reflected by a slow increase in profit margins (up 1%) and a 1% increase in ROE However, the highlight of this year is that the leverage z gm @ increased sharply because part of the debt was paid and the policy of limiting the expansion due to many adverse conditions from the macro environment m co l The period of 2017-2018 is the period of recontructing fof Sabeco in an Lu business All ROA, ROE and net profit margins are slowly decreasing n va Balancing the cost of input materials through the use of derivative contracts ac th 46 si with self-made canned packaging makes Sabeco's costs more tightly controlled In addition, Sabeco also increased the selling price of products, promoting marketing strategies to help product sales are stronger This resulted in a sharp increase in revenue (11.9% in 2017 and 5.1% in 2018) Financial leverage remained steady, with ROA and ROE not changing much 2.4 Summary of findings Based on the periodical reports and financial analysis data of the years, it can be assessed that SAB has a quite good financial status and business lu results reflect the actual operation of the company over the years Basic an indicators of debt, borrowing, liquidity, asset efficiency, provisioning, equity n va are met Results of business profitability of SAB is acceptable but can be to gh tn improved overtime if don’t correctly p ie The structure of capital changes, especially short-term debt, long-term debt transfer from the use of equity to the use of loans and the capital to w oa nl occupy, creating the premise to use leverage in the most effective way This is d also the source of capital for short-term assets, so the company will avoid lu u nf va an solvency in the short term Payables management: The rotation has to pay the seller a positive sign ll oi m and at a reasonable level, while taking advantage of the misappropriated z at nh funds but still ensuring the repayment of debts within a reasonable period of time Company's liquidity is getting better Current ratio and quick ratio are z gm @ average and safe compared to other companies in the same industry m co l Business effectiveness: Asset use efficiency has been improving, total asset turnover and inventory turnover have increased over the past three an Lu years, showing positive signs in sales activities, assets are used more effectively n va ac th 47 si CHAPTER 3: DRAWBACKS AND RECOMMENDATION 3.1 Drawbacks In addition to the good results and positive signals, there are still existing issues affecting the company’s financial situation in the coming time that Sabeco needs to consider to take measures to improve: - Financial structure: In the capital structure of SAB, short-term debt account for a very high propotion, while long-term debt accounts for very low share According to the objective of the company is to expand business activities, Sabeco could increase the long-term debt to invest more in fixed lu an assets such as machinery and equipment, instead of just borrowing short term n va to finance its manufacturing activities tn to - Through 2016, 2017 and 2018, the cashflow from financing activities gh are all negative, providing the liquidity of this activity is not good Companies p ie need to have more efficient use of money However, cash and cash w equivalents account is still increasing and the company’s debt ratio is d 3.2 Solutions oa nl relatively low suggests that there are still more room to take avantage of lu ll u nf SAB va an  Monitoring debt structure and situation to improve the solvency of oi m  For payables to the seller: To maintain the prestige of the company z at nh for business partners, especially for suppliers when the debt to pay the seller occupied a large proportion in the debt to pay the public MSN z partners with a large proportion of balance m co l gm @ must ensure the ability to pay debts and ensure timely payment to  For receivables: Improving the efficiency of receivables management an Lu and business efficiency, the first solution is that the company needs to n va adjust its policy of selling goods and collecting money properly ac th 48 si Specifically, it is considered to reduce the payment period to low, gradually to the industry average, follow the roadmap and careful consideration to the ability to pay and response from customers to level along with the most reasonable adjustment  Improving the quality of cash flow: There should be measures to strictly manage cash flow from business activities of the Company: + Make budget forecasts and forecast revenues in a scientific way to be active in the payment process in the period lu an + Set up a reasonable reserve of cash capital while ensuring the n va necessary liquidity in the period in order to maintain the prestige gh tn to and ensure the profitability of the idle cash capital p ie  Improve business efficiency Improve asset efficiency: oa nl w - d  Fixed assets are material and technical facilities of an enterprise, it lu va an reflects the existing production capacity Machinery and equipment u nf are important and necessary conditions to increase productivity and ll productivity, reduce production costs and lower production costs m oi Quarterly, annual, the company should carry out inventory of fixed z at nh assets in order to timely capture the status of fixed assets If assets are no longer usable or not used, they shall be liquidated or sold in z @ time for capital recovery l gm m co  Organize management of production process business smoothly, rhythmically limit the idle time of machinery, such as downtime due an Lu to production errors When this process is implemented in a n va synchronized manner, it will help the company maximize the ac th 49 si capacity of machinery and equipment, improve labor productivity, reduce production costs and increase profits In order to achieve this, the material supply department, the technical department and the factory workshops must coordinate effectively in production planning, repair planning and timely changes in production output by the the market flow Improve the quality of human resources: - + The company applies the technological line to the production of lu refined copper products and the business process needs to be an flexible, so the human resources of the company must be va n professionally qualified tn to and management knowledge such as attending business p ie gh + For managers of enterprises, it is necessary to enhance training management classes and psychological classes for laborers oa nl w + For laborers directly involved in production: To raise the d an lu knowledge of laborers about the operation of the production line, u nf va the way of operation and evaluation of output products, which have been met as required and guided On the other hand, it is necessary ll oi m to ensure the laborers to implement labor safety and incentive z at nh policies for workers such as incentive policies, technical incentives and cost savings Appropriate forms of handling violations when z gm @ they occur, and the implementation of the welfare regime for laborers m co l an Lu n va ac th 50 si 3.3 Limitations of The Study As the study is mainly based on secondary data, the nature of the secondary data’s limitation would have affected the study The figures shown in financial statements are likely to be a least several months out of date, and so it will not give a complete and accurate picture of the company’s current financial position This research need to be interpreted carefully They can provide insights to the company’s performance or financial situation However on their own, they simply cannot show whether lu the company is in good or bad shape It definitely requires some quantitative an information for an informed analysis to be made n va gh tn to 3.4 Suggestions for Further Study p ie To be successful in analyzing financial statement of a company, this study calls for further researches in giving out tips to use effectively other d oa nl w analyzing skills besides the methods used on this study ll u nf va an lu oi m z at nh z m co l gm @ an Lu n va ac th 51 si CONCLUSION According to the analysis of the financial situation, the financial situation of the company is quite good, but there are still some difficulties After researching at Saigon Alcohol Beer and Beverage Corporation in conjunction with the theories studied at my university, I chose to study the topic of “The financial statement analysis of Saigon Alcohol Beer and Beverage Corporation” as my graduation thesis By analyzing the results of the company and the upcoming challenges and risks that the company should overcome, I also contribute some measurements to support the company’s lu business activities in the future Hopefully, with this limited capacity, the an n va company can find my contribution useful p ie gh tn to d oa nl w ll u nf va an lu oi m z at nh z m co l gm @ an Lu n va ac th 52 si