(Luận văn thạc sĩ) improve business performance of viettel post joint stock corporation

MASTER IN FINANCIAL MANAGEMENT IMPROVE BUSINESS PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION h Graduate student : Dương Quang Minh Supervisor : Assoc Prof Dr Nguyễn Văn Định HANOI, 2022 DECLARATION I declare that the topic: "Improve business performance of Viettel Post Joint Stock Corporation‖ is my own research work, not copied by anyone The data and results in the thesis are completely honest and accurate, and not overlap with any previously published research work The sources of information cited in the thesis are clearly stated If there is a mistake, I take full responsibility Hanoi, date _ / _/ 2021 Author h ACKNOWLEDGEMENT To complete the thesis topic and graduate the course, with sincere feelings, first of all, I would like to express my deep gratitude to my supervisor, Nguyen Van Dinh who guide and help me to complete this thesis I would like to sincerely thank the teachers who taught in the Master in Financial Management programs, Vietnam National University, who have equipped me with more valuable knowledge and experience during the course of the study Finally, I would like to thank the colleges at Viettel Post Joint Stock Corporation for helping and giving favorable conditions for me in data collection and completion of this study In the process of implementing the thesis, due to limited experience and time, the proposed measures are difficult to avoid shortcomings I look forward to receiving suggestions from teachers to improve my thesis Sincerely thank! h TABLE OF CONTENTS DECLARATION ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES CHAPTER 1: INTRODUCTION 1.1 RATIONALE OF THE RESEARCH 1.2 RESEARCH PURPOSE 1.3 RESEARCH OBJECT AND SCOPE 1.4 RESEARCH METHODOLOGY 1.5 MEANING OF RESEARCH 1.6 STRUCTURE OF THESIS h CHAPTER 2: THEORETICAL BACKGROUND AND LITERATURE REVIEW 2.1 THEORETICAL BACKGROUND 2.1.1 The definition of business performance efficiency 2.1.2 Theoretical framework of business performance efficiency 2.1.3 The essence of improving business performance 12 2.1.4 Measures of business performance 12 2.1.5 The factors affecting business performance 20 2.2 LITERATURE REVIEWS 23 CHAPTER 3: METHODOLOGY 25 3.1 The process to conduct business performance analysis of the company 25 3.2 Data analysis method 26 3.2.1 Statistical analysis method 26 3.2.2 Comparative method 27 3.2.3 Ratio method 29 3.2.4 Other methods 29 CHAPTER 4: BUSINESS PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION 30 4.1 INTRODUCTION TO THE COMPANY 30 4.1.1 Formation and development 30 4.1.2 Organizational structure 32 4.1.3 Major business indicators 2016 - 2020 of Viettel Post Joint Stock Corporation 37 4.2 INDUSTRY ANALYSIS 48 4.2.1 Porter’s Five Forces analysis 52 4.2.2 SWOT analysis 54 h 4.3 BUSINESS PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION 55 4.3.1 Analyze the profitability 55 4.3.2 Analyze profitability through method Dupont 58 4.3.3 Analyze the ratios reflecting the liquidity 60 4.3.4 Analyze the ratios reflecting financial structure 63 4.4 ASSESSMENT OF THE COMPANY 65 4.3.1 Achievements 65 4.3.2 Limitations 66 CHAPTER 5: PERFORMANCE SOLUTIONS OF TO VIETTEL IMPROVE POST JOINT BUSINESS STOCK CORPORATION 68 5.1 FORECASTS AND STRATEGIES 68 5.2 PROPOSED SOLUTIONS 69 5.2.1 Solution for increasing revenue, decreasing expenses 69 5.2.2 Solution for developing infrastructure, investing in high-tech machinery 70 5.2.3 Solution for developing high quality human resources for company 71 CHAPTER 6: CONCLUSION 72 REFERENCES 74 h LIST OF TABLES TABLE 4.1: THE FLUCTUATION OF ASSETS OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 38 TABLE 4.2: THE DIFFERENCE IN PERCENTAGE RESULT OF ASSETS OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 38 TABLE 4.3: THE FLUCTUATION OF LIABILITIES AND SHAREHOLDER’S EQUITY OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 41 TABLE 4.4: THE RESULT OF FINANCIAL PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 44 TABLE 4.5: THE DIFFERENCE IN PERCENTAGE RESULT OF FINANCIAL PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 45 TABLE 4.6: MAJOR RIDE-HAILING AND ON-DEMAND DELIVERY APPS IN VIETNAM 51 TABLE 4.7: SWOT ANALYSIS OF VIETTEL POST 55 TABLE 4.8: SUMMARIZE PROFITABILITY RATIOS FROM 2016 – 202056 h TABLE 4.9: LIQUIDITY RATIO OF VIETTEL POST JOINT STOCK CORPORATION (2016-2020) 60 TABLE 4.10: THE RATIOS THAT REFLECTING FINANCIAL STRUCTURE 63 LIST OF FIGURES FIGURE 2.1: THE STRATEGIC MANAGEMENT AND REPORTING TECHNIQUE SYSTEM FIGURE 2.2: CHARACTERISTICS OF THE BALANCED SCORECARD MODEL (BSC) FIGURE 2.3: CHARACTERISTICS OF THE PERFORMANCE PRISM 11 FIGURE 4.1: ORGANIZATIONAL STRUCTURE OF VIETTEL POST JOINT STOCK COMPANY 34 FIGURE 4.2: SCALE OF EQUITY IN THE PERIOD 2016-2020 42 FIGURE 4.3: MARKET SHARE IN REVENUE OF POSTAL COMPANIES 49 FIGURE 4.4: MARKET SHARE OF SOCIAL COMMERCE AND MAJOR E-COMMERCE SITES 50 FIGURE 4.5: PORTER’S FIVE FORCES ANALYSIS 54 h CHAPTER 1: INTRODUCTION 1.1 Rationale of the research Vietnam has been developing a market economy with macroeconomic policies and strategies for international economic integration The development of the market economy has been and will put the economy of our country in general and businesses in particular, facing challenges and difficulties in the face of increasingly fierce international competition in order to win customers and expand the domestic market as well as the world In the market economy, domestic enterprises must manage their production and business activities effectively in order to be able to stand in the market and develop further Enterprises who want to so need to achieve efficiency in their business activities, then they will survive in the market and grow Especially for state-owned enterprises, effective business not only creates momentum for the economy to develop, but also contributes to maintaining the h direction of the country's economy Enterprises must always play a pioneering role in economic integration, cooperation, and business more effectively Viettel Post Joint Stock Corporation is a state-owned enterprise operating in the field of information technology The corporation plays an important role in the national economy The more developed information technology as well as telecommunications, the more developed of the economy Viettel is a typical stateowned corporation which demonstrates the important role of State-owned enterprises in the market economy, socialist orientation, profitable business, and leading efficiency in Vietnam Viettel is one of the few Vietnamese enterprises currently reaching international level, capable of directly competing with leading regional and global corporations In other words, Viettel is a testament to the efforts to rise up, to build the corporation to become an important pillar of the economy, the pride of Vietnam Viettel provides a lot of services to the market to meet the needs of consumers, creating services is difficult but putting them into business is even more difficult, when there are more and more competitors on the market In order to compete in such a highly competitive market, the business activities of enterprises are always taken care of and rigorously monitored to ensure that business effectively and still meet the needs of consumers From that, recognizing the importance of improving the financial performance for the development of the business, combined with the theoretical knowledge acquired at the university and the actual reference, I chose the topic "Improve business performance of Viettel Post Joint Stock Corporation‖ as the master thesis research topic in order to find out causes and recommendations to enhance the situation of financial performance of the business 1.2 Research purpose The overall objective of the thesis is to analyze and evaluate the business performance of Viettel Post Joint Stock Corporation in the period 2016 - 2020, then propose orientations and solutions for the period 2016 - 2020 There are three specific goals: h - Firstly, systematically study the theoretical basis of business efficiency such as: concept of business efficiency, influencing factors, criteria for evaluating business performance; - Secondly, assess the business performance status of Viettel Post Joint Stock Corporation, analyze the indicators, advantages and limitations of business performance of the enterprise over the five years 2016 - 2020; - Thirdly, on the basis of clearly analyzing the current situation of business efficiency, the thesis proposes feasible and synchronous solutions to improve the business efficiency of Viettel enterprises in a sustainable and long-term way 1.3 Research object and scope The object of the research is issues related to Viettel's business performance Specifically, the scope of the study In terms of content, the research paper focuses on analyzing business activities, macro factors, strengths - weaknesses, opportunities and threats of the Company Thereby, evaluate the business performance of the Company In terms of space, the research paper is developed service delivery revenue Profits are both an important goal and a criterion for evaluating the company's financial capacity This is because the company has constantly improved the quality of its products and services, and at the same time diversified its business forms Asset structure shifted drastically, increasing short-term assets and decreasing longterm assets The increase in short-term assets is mainly due to the increase in receivables, in 2020 the company also actively invests in short-term finance The slightly increased efficiency in using fixed assets proves that the company has made good use of it as well as has a policy and direction to use these assets properly to avoid waste The company's debt ratio is less than 1, proving its financial independence Along with that equity capital of the company has also increased over the years The company has extremely effective financial investment and joint venture investment policies That is evaluated as the company's achievement Limitations h 4.3.2 The efficiency of using total assets of the company decreased due to the increase in short-term assets structure, but the efficiency of using short-term assets decreased significantly because the company had not calculated and balanced their own asset structure during the investment process The unprofitable asset division such as receivables, especially customer receivables accounts for a large proportion of the company's assets, which is the main reason for the decline in total asset performance In the future, the company needs to come up with a plan to increase the efficiency of short-term assets The company's solvency ratios have decreased for three consecutive years, which may worry creditors when the growth rate of liabilities in 2018 is 70.70%, while the increase in assets production is 61.84% Although the debts still have assets to secure, with the current downward trend of solvency, the company needs to have timely policies to increase the solvency of the company 66 The company's profit growth has not been commensurate with the growth rate of sales The company's revenue from selling goods and providing services in 2018 is 82,038,419,730 VND compared to 2017 However, the cost of goods sold of the company also increased to 72,628,786,174 VND, leading to an increase in profit not high yet (Viettel Post, Annual Report, 2017) Besides, due to high liabilities of the company in the total capital, it increases the company's financial expenses This increase in expenses reduces the profitability of the company Companies need to have better cost management policies h 67 CHAPTER 5: SOLUTIONS TO IMPROVE BUSINESS PERFORMANCE OF VIETTEL POST JOINT STOCK CORPORATION 5.1 Forecasts and strategies In the coming years, ViettelPost's strategy is still to develop a multi-service business which bring services closer to customers than both domestic and international markets, and always affirm that it is a well-fulfilled business to community, has social responsibility With ViettelPost, it is sustainable development By 2025, Viettel Post aims to become the No logistics company in Vietnam based on high technology; maintain and expand the market share of delivery core services, take advantage of the development trend of the e-commerce industry; developing integrated logistics services for delivery Viettel Post aims to maintain a h high growth rate of revenue and profit, respectively 22%/year and 17.2%/year Specifically, by 2025, Viettel Post plans to achieve revenue of 18,000-23,000 billion VND and pre-tax profit of 1,200-1,400 billion VND To achieve these goals, Viettel Post will focus on perfecting the product and service ecosystem, promoting the application of AI and Big Data technology to improve operational efficiency and customer experience, and improve efficiency operation of the store channel system on the basis of a multi-service business, including post and telecommunications, flexibly applying the sharing economic model, developing labor resources and physical resources in the value chain of the company (Viettel Post, Annual Report, 2020) In 2020, the domestic delivery market becomes more and more difficult, competing fiercely with the emergence of many new delivery products, but Board of Directors have led the corporation to overcome all difficulties and basically complete the targets for 2020 At the same time, continuing to define the development strategy of the Corporation as "Improving the competitiveness of the Corporation through 68 service quality", the Board of Directors has thoroughly managed the application of information technology in production increases labor productivity, closely manages revenue, ensures good debt collection Ensuring safety of investment and business capital, operating business activities in foreign markets 5.2 Proposed solutions 5.2.1 Solution for increasing revenue, decreasing expenses The company is joint stock company with diversified business fields, so it requires a huge investment capital In order to strictly manage all investment capital sources, loans, and ensure efficient use of capital in business operations, the company needs to have flexible solutions to take advantage of capital gains in a temporary period, contributing to an increase in income from financial activities To increase revenue, the company should integrate services into the Viettel ecosystem Specifically, Viettel Post should combine delivery and ride-hailing services into their e-commerce platform, Voso, so that they can simultaneously h boost the revenue of these activities while limiting market loss share in the hands of competitors In addition, the company should take advantage of Viettel's huge available potential customers, combine it with promotions and marketing programs to attract customers, as well as exploit more products and services from existing partners of Viettel Besides, Viettel Post should take advantage of its advantages in the provincial market, thanks to its large network of post offices, to gain more revenue and market share compared to its competitors The company should select a financial structure to have a close coordination between equity and debt, also consider profitability and possible risk, pay attention to the development goals of the company and maintain stable revenue Based on the development of the company with relatively stable revenue and profit, the use of loans is more profitable for the company Because when the debt ratio is high, if the pre-tax profit margin and interest rate are higher than the interest rate, it will give the company a high rate of equity return 69 In order to reduce the lack of capital needs for the company, it is necessary to encourage and accelerate the management of inventories, trade policies, and take positive measures to quickly recover receivables from customers The company should try to seek external funding sources such as suppliers, ask customers to buy in advance or have a policy to mobilize from excess sources within the company, mobilize internal resources to reduce interest expenses, to pay down debt 5.2.2 Solution for developing infrastructure, investing in high-tech machinery The company should proactively formulate a plan to mobilize capital, continue to prioritize investment in warehouse infrastructure, means of transport to improve service quality for customers as well as improve business efficiency The use of machines in the packaging and checking process is a good solution in the future when the output of goods sent increases sharply and Viettel can expand its market share Since then, there are more new customers, large customers more often On h the other hand, if certain packing equipment is applied well, the employee's working time will be significantly reduced and the connection time between mining centers will be reduced For example, in Hanoi, when the first packing is finished, it is usually 23:00, after which the new goods are divided to the same routes as the provincial level, if a packing machine is applied, this time can be reduced to 9:30 p.m In addition, in order to control the quality of postal parcels, the units should plan to arrange scientific postal routes, have business schedules, and have a specific time when postal mail arrives to receive mail and deliveries from traditional customers and e-commerce customers On the other hand, it is necessary to guide customers to write the recipient's address on a specific and easy-to-find shipping fee, avoid postrecording, miss the customer's address or phone number, especially for goods sent at the location far from city center 70 5.2.3 Solution for developing high quality human resources for company To meet the requirement of revenue growth in the future, increasing market share and improving business performance, the human resource factor is one of the essential requirement of Viettel Post Joint Stock Corporation Human resource development capacity of leaders and managers is a decisive factor to the efficiency of human resource development of the company Because they are the one who directs and organizes the implementation human resource development solutions for the company Therefore, Viettel Post Joint Stock Corporation needs to build for itself a team of managers and leaders with awareness, knowledge and skills on human resource development with specific content Firstly, each leader and manager must always be deeply aware of the meaning, role and importance of human resource development for the success and development of the corporation Second, managers and leaders need to ensure human assessment skills, practice motivating employees, know how to truly empower those under their authority, h promote the potential of young employees and maintain the human resources of company The managers want to their job well, they need a team of professional staff With the increasingly fierce competition in the current labor market, the company should have policies to recruit and train talent For example, first, the company needs to synchronously implement attractive mechanisms and policies to attract training and retraining of human resources in appropriate forms Second, the company should apply the solution of recruitment exam to position positions, as a basis for recruiting, appointing and promoting staff Third, the salary, bonus and social welfare policies also need to be regularly renewed, in line with reality Thereby, creating a driving force to attract and motivate staff and employees to improve their qualifications and skills, and constantly innovate to build a strong company 71 CHAPTER 6: CONCLUSION Financial performance efficiency is always the target of each business in its operation process However, the efficiency of business of each enterprise depends on the agility and ability of each enterprise to capture the market As well as rationally utilizing strengths, minimizing its weaknesses to achieve optimal business goal of profitability can help businesses develop in a long-term in volatile business environment Improving financial performance is an important issue for businesses In order to perform that task well, enterprises must calculate efficiency indicators, thereby analyzing and assessing the actual situation of business activities in enterprises, and thereby offering solutions to further improve the efficiency of those production and business activities During the analysis of the financial situation at Viettel Post Joint Stock Corporation, it can be seen that the financial independence of the company is still at a stable level, the company has used a large amount of capital occupied for production h activities The company's short-term asset structure continued to increase while decreases in long-term assets due to the increase in account receivables Capital structure of the company also increased year by year, but the proportion of liabilities still accounts for a high proportion The increase in liabilities helped the company to have more short-term capital, but if the liabilities continued to increase and last long, it will cause many consequences such as the loss of the company's credibility with the creditors, the costs of interest increases Since then, the urgent problem of the company is to quickly recover a large amount of capital occupied, especially from customers, in order to serve the company's production and business activities without interruption Over the past years, the company's revenue from providing services has increased significantly, making the company's profit increased, but the increase was not commensurate The company should also pay more attention to optimal most profitable for the company From the limitations of the company I have given some personal solutions to improve the financial situation 72 of the company I researched The company needs to improve the efficiency of working capital in particular as well as the overall asset use efficiency of the company, such as reducing account receivables especially customer receivables With some solutions drawn from the current situation of the company, I hope that my research might contribute to improving the business performance of the company h 73 REFERENCES Anh, P T (2018) Solutions to improve business efficiency at HFC Petroleum Joint Stock Company Hải Phòng: Hai Phong Private University Dương, Đ T (2014) Improving business performance at La Hien Cement Joint Stock Company Thái Nguyên: Master's Thesis in Economics Duyên, Đ H (2013) Analyze business performance at Binh Dinh Mineral Joint Stock Company Đà Nẵng: Da Nang University Hà, Đ N (2019) Analysis of financial statements of Vietnam Dairy Products Joint Stock Company - Vinamilk Master thesis Hoa, L T (2016) Improving business performance efficiency at Tam Chien Co., Ltd Hải Phòng: Hai Phong University of Tourism Niem, P (2008) Business Assessment Course Hanoi: Statistical Publisher Phuc, N (2016) Solutions to improve business performance for construction h enterprises under Song Da Corporation Hanoi: Financial institutions Samuelson, P A (1948) Economics: An Introductory Analysis London: McGraw– Hill Lynch R, Cross K (1991) Measure Up! Yardstick for Continuous Improvement Oxford: Blackwell 10 Robert S Kaplan and David P Norton (1998) The Balanced Scorecard: Measures that Drive Performance Harvard Business School 11 Mohan Nair (2004) Essentials of Balanced Scorecard John Wiley & Sons, Inc 12 Neely A, Adams C, Crowe P (2001) The performance prism in practice Measur Bus Excell., 5(2): 6-13 13 Khurram Khan and Attaullah Shah (2011) Understanding performance measurement through the literature Institute of Management Sciences, Peshawar, Pakistan 74 14 Tú, T T (2010) Solutions to improve business performance of service business on VNPT Hanoi's fixed telephone network Hà Nội: Post and elecommunications Institute of Technology 15 Porter, Michael E (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship 16 Viettel Post, C (2017) Annual Report Hanoi: Viettel Post Joint Stock Corporation 17 Viettel Post, C (2019) Annual report Hanoi: Viettel Post Joint Stock Corporation 18 Viettel Post, C (2018) Annual report Hanoi: Viettel Post Join Stock Corporation 19 Viettel Post, C (2020) Annual Report Hanoi: Viettel Post Joint Stock h Corporation 20 Ministry of Information & Communication Statistics and stats Hanoi: Statistical Publisher 75 APPENDIXES BALANCE SHEET (2016-2020) 2016 2017 2018 2019 2020 A CURRENT ASSETS 857.53 1,423 2,491 2,858 3,937 I Cash and cash equivalent 273.22 477.33 410.88 347.26 288.06 Cash 157.22 282.17 280.23 322.26 247.06 Cash equivalent 116.00 195.15 130.66 25 41 II Short-term financial investments 146.62 401.14 1,060 1,276 1,572 Held-to-Maturity investments 146.62 401.14 1,060 1,276 1,572 III Short-term receivables 363.32 478.70 832.47 1,073 1,352 Account receivable 271.79 318.83 634.76 789.47 821.06 Prepayment to suppliers 6.78 13.67 11.91 30.95 32.83 Other short-term receivables 84.09 146.07 186.75 264.51 509.51 - (0.52) (1.15) -12.14 -11.81 Insufficient assets 0.67 0.65 0.21 0.191 0.764 IV Inventories 43.63 19.41 120 47.66 606.03 ASSETS receivables (*) h Provision for bad short-term 76 Inventory 43.63 19.41 120 47.66 606.03 V Other current assets 30.74 46.57 67.09 113.83 118.71 Short-term prepaid expenses 29.21 46.21 66.67 113.38 117.19 Input VAT 0.24 - 0.18 0.34 Tax and receivable to State budget 1.29 0.36 0.25 0.11 0.51 Total current assets 857.53 1,423 2,490 2,858 3,937 B LONG-TERM ASSETS 219.13 328 344 536.42 450.37 1.29 2.96 3.190 4.23 5.41 1.29 2.96 3.190 4.23 5.41 I Long-term receivables Long-term receivable from customers h II Fixed assets 174.28 244.66 214.59 331.52 314.14 Tangible fixed assets 148.69 220.34 189.61 290.3 279.67 The original price 226.45 331.90 334.55 482.17 542.94 Less: Accumulated depreciation (77.76) (111.56) (144.94) -191.87 -263.27 Intangible fixed assets 25.59 24.32 24.98 41.21 34.47 The original price 29.24 29.24 30.75 52.03 47.71 Accumulated depreciation (3.65) (4.92) (5.77) -10.82 -13.24 IV Long-term asset in progress 0.48 2.07 13.75 11.34 62.43 Capital construction in progress 0.48 2.07 13.75 11.34 62.43 77 V Long-term financial investments 0.20 - 84 - 0.78 - - - - (0.59) - - - - - - 84 - VI Other long term assets 42.88 74.43 112.31 105.32 68.4 Long-term prepaid expenses 42.88 74.43 112.31 105.32 68.4 TOTAL ASSSETS 1,077 1,751 2,835 3,394 4,388 C LIABILITIES 706.41 1,262 2,155 2,426 3,179 I Current liabilities 706.41 1,261 2,155 2,426 3,172 Short-term payables to seller 126.43 76.91 242.91 209.09 368.82 Short-term prepaid by buyers 4.01 4.68 2.86 12.07 2.922 15.02 29.35 84.27 55.52 52.47 Payable to employees 254.55 451.29 576.87 518.02 499.97 Accured expenses 15.71 27.68 90.85 104.5 145.76 - 5.82 12.31 14.51 16.33 249.65 480.08 743.70 681.71 985.23 39.74 192.50 399.83 814.93 1,088 Investments in equity of other entities Allowances for long-term investments Held-to-maturity investments h Tax and other payables to government budget Short-term unrealized turnovers Other short-term payables Short-term borrowings and financial leases 78 Welfare and reward fund 1.30 -6.94 1.82 15.71 12.11 II Long-term liabilities 4.73 0.14 0.19 7.30 Others long term payables 4.73 0.14 0.19 0.15 - 7.14 Long-term borrowings and financial leases D OWNER'S EQUITY 365.51 489.47 678.97 967.96 1,209 I Shareholder's equity 365.51 489.47 678.97 967.96 1,209 Owner's equity 228.86 296.82 413.77 596.19 830.48 Equity surplus (0.18) (0.18) (0.18) 22.04 22.04 Exchange rate difference 1.03 (0.96) 0.13 0.62 1.55 Development investment fund 17.25 h 17.25 4.92 4.92 4.92 Retain earnings 118.56 174.62 260.34 344.19 349.61 1.83 4.56 3.13 9.41 12.45 116.73 170.06 257.21 334.77 337.16 1,077 1,751 2,835 3,394 4,388 Undistributed profit from previous years Undistributed profit of the current year TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 79 INCOME STATEMENT (2016-2020) 2017 2018 2019 2020 2,928 4,032 4,922 7,812 17,234 - - - - - Net sales from goods and services sold 2,928 4,032 4,922 7,812 17,234 Cost of goods sold 2,680 3,686 4,376 7,036 16,536 248.853 344.942 546.578 775.283 698.591 10.047 20.654 48.672 94.139 98.863 1.598 2.859 18.867 49.018 54.193 1.068 3.192 18.806 48.962 54.005 2.95 14.157 29.855 48.592 21.511 Sales from goods and services sold Sales deduction Gross profit from goods and services sold Revenue from financial activities Expenses from finacial activities In there: Loan interest expense Sales expenses h 2016 Administration expenses 107.013 136.532 199.724 285.303 247.965 10 Net profit from business activities 147.339 212.048 346.804 486.509 473.785 11 Other incomes 1.3 2.557 5.342 2.749 9.027 12 Other expenses 1.779 1.074 2.115 12.162 2.632 13 Other profits -0.479 1.483 3.227 -9.413 6.395 146.381 215.014 353.258 467.683 486.575 30.131 43.475 70.998 96.95 96.874 - - - - - 116.250 171.539 282.260 370.733 389.701 14 Profit before tax 15 Current income tax expense 16 Deferred Income Tax 17 Profit after income tax 80