Thông tin tài liệu
Reported by: Ngo Minh Thu Dang Thi Phuong Kieu Mai Viet Anh Dam Quang Huy Le Minh Duong MASAN MEATLIFE FINANCIAL STATEMENTS Table of Contents MEMBERS AND ASSESSMENT INTRODUCTION Corporation Overview Corporate History FINANCIAL STATEMENTS AND ANALYSIS 10 FINANCIAL STATEMENTS OF 2018 AND ANALYSIS 10 SURROUNDING INFORMATION 10 FIRM’S ACTIVITIES .10 FINANCIAL STATEMENTS 11 ANALYSIS AND CONCLUSION 18 CONCLUSION 19 FINANCIAL STATEMENTS OF 2019 AND ANALYSIS 20 FINANCIAL STATEMENTS 20 ANALYSIS AND CONCLUSION 26 FINANCIAL STATEMENTS OF 2020 AND ANALYSIS 28 FINANCIAL STATEMENTS 28 ANALYSIS AND CONCLUSION 36 ASSESSMENT AND IMPLICATIONS 38 Profitability Ratios 38 Activity Ratios 40 Liquidity Ratios 42 Solvency Ratios 43 CONCLUSION 45 REFERENCE 47 MASAN MEATLIFE FINANCIAL STATEMENTS MEMBERS AND ASSESSMENT No Name Assessment Ngo Minh Thu Introduction – Implication – 2020 Financial Statements – Analysis Dang Thi Phuong Kieu 2018 Financial Statements – Analysis Mai Viet Anh 2019 Financial Statements – Analysis Dam Quang Huy Conclusion - 2020 Financial Statements Le Minh Duong Introduction – Financial Statements – Assessment INTRODUCTION We are group one The Corporation that we choose for this class, Finance for Business, is Masan MEATLife Corporation (“Masan MEATLife”, “MML”, and the “Company”) In this report, we will be going through Masan MEATLife’s financial statements from the year 2018 to the year 2020 The main financial statements consist of Balance Sheet, Income Statement, and Cash Flow Statement Throughout the report, we will report the following content: - Provide an overview of the corporation - Provide the financial statements from three years and analyze them - What we have concluded from the report MASAN MEATLIFE FINANCIAL STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Corporation Overview Masan MEATLife Corporation (“Masan MEATLife”, “MML”, and the “Company”) is one of Vietnam's largest companies in the branded meat value chain (applying the 3F model, "Feed – Farm Food"), focused on improving productivity in Vietnam’s animal protein industry, with the ultimate goal of providing consumers with high quality traceable meat products at reasonable prices in a market valued above USD10 billion In 2020, Masan MEATLife sold 1.4 million tons of animal feed through its distribution network comprising of more than 2,500 dealers and 13 factories nationwide By applying the brandbuilding model of a consumer company, Masan MEATLife successfully built its core umbrella brand "Bio-zeem" and quickly gained significant market share in the pig feed industry Thanks to the strong cash flows from the animal feed business, Masan MEATLife has been able to invest in developing a 3F integrated model through the operation of a high-tech pig farm in Nghe An and meat processing facilities, in Ha Nam (North) and in Long An (South) MASAN MEATLIFE FINANCIAL STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS One of the most important milestones for Masan MEATLife was the establishment of a foothold in the meat market with the introduction of the MEATDeli brand in Hanoi and surrounding areas in December 2018 and in Ho Chi Minh City market and neighboring provinces in September 2019 Pigs are raised at Masan MEATLife's own farm or sourced from suppliers according to strict disease control standards, ensuring biosecurity with high quality animal feed without growth hormones, antibiotics, or other banned substances Meat products are distributed in supermarkets and minimarkets such as VinMart, VinMart+, Co.opmart, Co.opXtra, BigC, other modern retailers, MEATDeli stores and agents The launch of MEATDeli officially marked Masan MEATLife’s entry into the pork market worth over USD10 billion Besides being a large opportunity, MML believes the pork market is still highly fragmented, inefficient, and lacking hygiene As a result, Vietnamese pay a higher price for lower quality pork than consumers in more developed countries The significant investments Masan MEATLife has made to create an integrated branded meat platform demonstrate the Company’s commitment to “provide Vietnamese consumers with delicious, safe and affordable meat products every day, everywhere " Masan MEATLife has also expanded its operations into the poultry market by acquiring 3F VIET Joint Stock Company (“3F VIET”) in November 2020 3F VIET is one of the first Vietnamese companies to deploy “Feed – Farm - Food” (“3F”) model to realize the "from farm to fork" concept This model aligns with our own integrated approach, making 3F VIET a great starting point for Masan MEATLife’s entryinto poultry Masan MEATLife aim to be and be recognized as a leader in providing branded animal protein solutions across the value chain for everyone, every family, and every day in Vietnam by driving productivity to global standards MASAN MEATLIFE FINANCIAL STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Corporate History Masan MEATLife Corporation (“Masan MEATLife”) (formerly known as “Masan Nutri-Science Corporation”) was incorporated on October 2011 Today, Masan MEATLife, a subsidiary of Masan Group Corporation (“Masan Group”), is Vietnam’s largest fully-integrated (“Feed – Farm – Food” business model) branded meat platform, focused on driving productivity in Vietnam’s animal protein industry and ultimately directly serving consumers with traceable, quality and affordable meat products in a USD 10.2 billion opportunity (pork alone) In 2020, Masan MEATLife sold 1.4 million tons of animal feed through its national network of over 2,500 dealers and 13 feed facilities By implementing an FMCG approach to the feed business, Masan MEATLife has successfully developed the umbrella brand “Bio-zeem” and quickly captured significant market share in the pig feed market With a strong cash flow from the feed business, Masan MEATLife has developed an integrated 3F (Feed-Farm-Food) model with the commissioning of its high-tech pig farm in Nghe An and its meat processing complex in Ha Nam In 4Q2018, Masan MEATLife successfully launched MEATDeli – the first chilled meat product ever introduced in Vietnam With this milestone, Masan MEATLife officially completed the integrated 3F value chain, a key factor that ensures quality control of our consumer products from end to end, and enables us to become a branded meat company MASAN MEATLIFE FINANCIAL STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Activity Ratios Inventory Turnover 2020 7,62 2019 7,9 2018 7,33 7,1 7,2 7,3 7,4 7,5 7,6 7,7 7,8 7,9 DOH 2020 60,89 2019 46,2 2018 49,78 10 20 30 40 50 60 70 Receivables Turnover 2020 8,56 2019 9,11 2018 8,2 8,3 8,4 8,5 MASAN MEATLIFE FINANCIAL STATEMENTS 8,6 8,7 8,8 8,9 9,1 9,2 40 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS DSO 2020 42,63 2019 40,06 2018 40,56 38 39 40 41 42 43 Payable Turnover 2020 11,05 2019 11,15 2018 11,79 10,6 10,8 11 11,2 11,4 11,6 11,8 12 33 33,5 Average Payment Period 2020 33,02 2019 32,7 2018 30,97 29,5 30 30,5 MASAN MEATLIFE FINANCIAL STATEMENTS 31 31,5 32 32,5 41 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Liquidity Ratios Current ratio 1,6 1,4 1,48 1,2 1,2 0,8 0,8 0,6 0,4 0,2 2018 2019 2020 Quick ratio 0,8 0,9 0,8 0,6 0,5 0,4 0,2 2018 2019 2020 Cash ratio 0,6 0,5 0,57 0,4 0,4 0,3 0,2 0,22 0,1 2018 MASAN MEATLIFE FINANCIAL STATEMENTS 2019 2020 42 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Solvency Ratios Debt-to -assets 0,6 0,5 0,4 0,3 0,52 0,2 0,3 0,1 0,2 2018 2019 2020 Debt-to -capital 0,6 0,5 0,4 0,3 0,52 0,2 0,44 0,28 0,1 2018 2019 2020 Debt-equity 1,2 0,8 0,6 0,4 1,12 0,78 0,2 0,39 2018 MASAN MEATLIFE FINANCIAL STATEMENTS 2019 2020 43 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Financial Leverage Ratio 2,5 1,5 2,12 1,74 1,8 2018 2019 0,5 2020 Interest Coverage 2,5 1,5 2,37 1,61 0,5 0,78 2018 MASAN MEATLIFE FINANCIAL STATEMENTS 2019 2020 44 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS CONCLUSION Gross profit margin: GPM still grow about 1% through each year even when the business go through the pandemic Net profit margin: NPM grew 0.8% in 2019 and that number is 0.4% in 2020 ROA: Return on assets is a ratio measuring firms profitability and asset utilization activity Increasing trend of this ratio means that the company is improving its profitability ROE: A high return on equity means that the company’s management is more efficient and will produce more growth The number seems to be growth fast in 2019 from 2018 and have a signs of stagnation in 2020 ( 4.80% ) EPS: EPS shows a decline slightly in 2019, it went down to 356 but then in 2020 the EPS had a hugh transformation step when it climb up to 810 Inventory turnover: 2019 has the greatest IT with 7.9 and the least one is 2018 with 7.33 DOH: DOH went down a little bit compare to 2018 but in 2020 the number shows a great sign for the business (60.89) Receivables Turnover: RTs are at a medium level, not too high but not too low The fluctuation between years are insignificant DSO: There are not so many concerns in 2018 and 2019 for the business when the DSOs are around 40days, but in 2020 this number increase to 42.63 days Payable Turnover: Payment turnover decline gradually from 2018 Average Payment Period: Payment Period grow slightly through years, this is a concern in a business Total Assest Turnover: TAT went down through each year, Commonly higher ratios are preferable, because they indicate the efficient usage of company's assets, but lower ratios not always mean negative trends for a company Current ratio: It is problem when current ratio of MSML decline slowly through years from 1.48 in 2018 to 0.8 in 2020 Quick ratio: Quick ratio also decline to 0.5 at 2020 which means the business is closer to debt to supplier, partners, creditors,… MASAN MEATLIFE FINANCIAL STATEMENTS 45 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS Cash ratio: Cash ratio follows current ratio and quick ratio, it falls gradually in 2019 and 2020 Debt-to-assest: As a result from liquidity ratio, dta increase marginally from 0.2 in 2018 to 0.52 in 2020 Debt-to-capital: Debt-to-capital seems to show a good potential when it went down in 2019 but then it rose up back to 0.52 in 2020 Debt-to-equity: Except 2019 is out of normative range ( 0.66-1.5 ) the other two years are normal for a business ( But if it's too low, it's a sign that your company is over-relying on equity to finance your business, which can be costly and inefficient.) Financial Leverage Ratio: FLR increases gradually in these years (A higher financial leverage ratio indicates that a company is using debt to finance its assets and operations, versus a company with a lower financial leverage ratio, which indicates that, even if the company does have debt, its operations and sales are generating enough revenue to grow its assets through profits) Interest Coverage: The number in 2018 is higher than the other two and the least one is 2019 ( 0.78 ) MASAN MEATLIFE FINANCIAL STATEMENTS 46 MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLI FE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS MASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMAS AN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTSMASAN.MEATLIFE.FINANCIAL.STATEMENTS
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