(LUẬN văn THẠC sĩ) ineffective accounts receivable management at vietnam airport ground service company limited

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Duong Xuan Phuong INEFFECTIVE ACCOUNTS RECEIVABLE MANAGEMENT AT VIETNAM AIRPORT GROUND SERVICE COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2020 TIEU LUAN MOI download : skknchat@gmail.com UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Duong Xuan Phuong INEFFECTIVE ACCOUNTS RECEIVABLE MANAGEMENT AT VIETNAM AIRPORT GROUND SERVICE COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR TRAN PHUONG THAO Ho Chi Minh City – Year 2020 TIEU LUAN MOI download : skknchat@gmail.com TABLE OF CONTENT LIST OF FIGURES LIST OF TABLES EXECUTIVE SUMMARY PROBLEM CONTEXT 1.1 Company overview 1.2 Problem context PROBLEM IDENTIFICATION 2.1 Possible problems 2.1.1 Poor account receivable management 10 2.1.2 Poor account payable negotiation 11 2.1.3 Overinvestment in equipment 11 2.2 Main problem validation 13 2.3 Main problem definition and its consequences 16 2.3.1 Main problem definition 16 2.3.2 Consequences 17 CAUSE VALIDATIONS 18 3.1 Possible causes 18 3.1.1 Poor credit policy 18 3.1.2 Weak credit assessment ability 19 3.1.3 Poor communication with customers on receivables 20 3.2 Cause validation 21 3.2.1 Real causes 21 3.2.2 Main cause 23 SUGGESTED SOLUTIONS 24 4.1 Alternative solutions 24 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited 4.1.1 Credit standard issuance 24 4.1.2 Apply discount to payment of customers 26 4.1.3 Using bank guarantees to secure the debt collection process 27 4.2 Solution justification 29 4.3 Action plan for the organization 29 SUPPORTING INFORMATION 32 5.1 Summary of research methods in the study 32 5.3 Interview transcripts 33 References 40 APPENDIX 43 APPENDIX 44 APPENDIX 45 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited LIST OF FIGURES Figure Organization structure of VIAGS in December 2019 Figure Fluctuations in DSO, DIO and DPO of VIAGS and SAGS over the years Figure The initial cause-effect map Figure Fluctuations in short-term trade receivables of customer groups over the years Figure The cause and effect map LIST OF TABLES Table Categories of service provided by VIAGS Table Net revenue and net profit after tax of VIAGS Table Cash flow from operations of VIAGS Table Net working capital of VIAGS Table Net working capital of SAGS Table Cash conversion cycle of VIAGS Table Cash conversion cycle of SAGS Table Fixed assets of VIAGS Table The account receivables aging of VIAGS Table 10 Short-term trade receivables structure by customer groups TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited EXECUTIVE SUMMARY The study has approached the problem of Vietnam Airport Ground Services Co., Ltd starting with a situation where the company has experienced a decrease in working capital in the last years This greatly affects the cash flow and performance of company because of the negative impact it has Through secondary data provided by the company, interviews with relevant people in the company and searching for related theories, the author realized that there were a number of factors leading to this situation, of which the main problem is identified as the inefficiency in receivables management The receivables of company mainly comes from credit sales However, customers' payment periods for credits tend to be extended Going further to find out the causes of the problem, the three most prominent ones are the ineffective credit policy, weak credit assessment ability and poor communication with customer After analysis, the main cause was determined by the company's lack of effective credit policies to control credit issuance and monitor customer payments To address this cause, the best solution is to issue a strict set of credit standards With this solution, the company hopes to tighten the conditions to apply credit to customers, thereby reducing the working capital needed to finance accounts receivable, reduce costs to maintain accounts receivable, and especially reducing the risk of bad debt The global economy has many fluctuations, especially in the coming years, after the Coronavirus pandemic occurred in the early months of 2020 and showed no signs of stopping until now Airlines - customers of VIAGS - suffered heavy losses unprecedented in history Within the last months, many airlines in the world have fallen into financial exhaustion and even went bankrupt And so, for VIAGS, the risk of bad debt from customers is likely to increase and be unpredictable in the near future Faced with these difficulties, tightening credit standards is expected to help the company maintain safety and stability TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited In-depth interview 4: Interviewee: Mr Tam Title: the Chief Accountant Working experience: more than year experience in Accounting at VIAGS Q: Data show that net working capital tends to decrease over the past years, so what are potential problems that lead to the issue? A: The recent decline in working capital is a major issue that we are concerned about The structural change in the company's development process contains many factors that affect the performance of the company, including working capital The working capital structure of VIAGS is mainly influenced by account receivables Therefore, the fluctuation of working capital mainly comes from the fluctuation of accounts receivable The finance and accounting department recently noticed that customers' payment time has been increasingly extended Employees must regularly send reminder notices Employees must regularly send reminder notices by email and dispatch Especially as the case of Malaysia Airlines recently, we have a lot of difficulties in asking customers to pay This is unprecedented However, we can only stop sending notices to customers and ask the sales department to speak with them to find out and influence them to make payment soon With this bad trend, the company will face a lot of risks if it does not improve the situation Q: What are possible causes that lead to this problem? A: The monitoring and handling of corporate debt are in compliance with debt management regulations This regulation is mainly used to handle debts when they happened, instead of having solutions to limit risks from the beginning Therefore, this regulation has many shortcomings In addition, the coordination between the departments in tracking customer payments is not good The departments have no connection but only fulfill their responsibilities, considering the debt settlement is the responsibility of the Accounting and finance department only Q: What is the main cause? A: The risk we face comes from credit selling We apply this form to most customers, except for charter customers with a non-fixed schedule The increasing payment time of customers has shown the inefficiencies in receivables management This may be the main cause Q: Do you have any suggestion to solve that main cause? A: Company can change the situation by improving the shortcomings of current debt management regulations For input, enhance the strictness of the standards applied to 38 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited customers For outputs, use safe solutions like receivables guarantees The company may have to receive customer dissatisfaction in the short term, but that's what it takes to improve the situation Q: Which is the most appropriate solution for the company? A: Improving debt management regulations is a priority to be implemented Only when the company has an effective set of debt management regulations can the remaining solutions be implemented If the company can issue sound, realistic and effective credit standards, it can change the situation This solution offers significantly greater benefits than the other two options in the long term 39 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited References [1] Dhar S Analyzing the Impact of Working Capital Management on Profitability: A Study on DSE 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(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited 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(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited [26] Jorion P, Shi C, Zhang S Tightening credit standards: the role of accounting quality Review of Accounting Studies 2009 Mar 1;14(1):123-60 [27] Periasamy P Financial management 2nd Edition MCGrawHill Publications; 2009 [28] Brigham EF, Houston JF Fundamentals of financial management South Western Cengage; 2009 Dec 19 [29] Knezevic M, Lukic A The importance of bank guarantees in modern business (business environment in Serbia) Investment management and financial innovations 2016(13, Iss (contin 1)):215-21 [30] Ilie D Credits and bank guarantee letters in entrepreneurship development during crisis Amfiteatru Economic Journal 2015;17(38):212-27 [31] Nemeş V Bank Guarantees LESIJ-Lex ET Scientia International Journal 2012;19(2):128-36 [32] Mugarura N Different types of guarantee schemes and their usage in safeguarding against default risks in international commercial practice International Journal of Law and Management 2016 Sep 12 [33] Stone BK Design of a receivable collection system: Sequential building heuristics Management Science 1981 Aug;27(8):866-80 42 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited APPENDIX Balance sheet from 2016 to 2019 Unit: million VND BALANCE SHEET Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 433,696 512,089 446,716 418,451 21,956 31,122 42,253 83,242 - 100,000 70,000 30,000 373,817 312,508 270,787 239,754 32,479 44,689 50,258 50,564 5,444 23,770 13,418 14,891 369,667 323,386 288,998 221,470 Fixed assets 333,540 272,023 239,075 171,798 TOTAL ASSETS 803,363 835,475 735,714 639,921 C Liabilities 393,512 436,515 353,152 338,390 388,509 428,491 339,098 334,304 106,516 132,510 143,805 129,218 5,003 8,024 14,054 4,086 409,850 398,961 382,561 301,531 409,850 398,961 382,561 301,531 - - - - 803,362 835,476 735,713 639,921 A Current assets I Cash and cash equivalents II Short-term investments II Short-term receivables III Inventories IV Other accounts B Long-term assets I Short-term liabilities Short-term trade accounts payable II Long-term liabilities D Equity I Equity II Other capital TOTAL EQUITY 43 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited APPENDIX Income statement from 2016 to 2019 Unit: million VND 2019 Revenue 2018 2017 2,245,001 2,078,005 Deduction from revenue 40,230 39,022 2016 1,929,780 1,709,391 77,306 76,264 Net revenue 2,204,771 2,038,983 1,851,474 1,633,127 Cost of goods sold 1,838,226 1,640,480 1,484,246 1,334,470 366,545 398,503 367,228 298,657 Financial income 6,093 7,399 4,104 4,438 Financial expenses 4,643 2,371 2,166 1,226 Of which: Interest expenses 3,327 1,602 846 28,196 16,157 17,031 16,215 General and administrative expenses 141,747 199,909 186,252 147,609 10 Operating profit 198,051 187,466 167,067 136,593 11 Other income 690 543 1,222 274 12.Other expenses 373 276 873 3,726 13 Other profit 316 266 350 (3,452) 198,368 187,733 167,417 133,141 39,322 40,342 35,308 27,810 (804) (1,522) - - 159,850 148,913 132,109 105,331 18 Earnings per share (VND) - - - - 19 Diluted earnings per share - - - - Gross profit Selling expenses 14 Profit before tax 15 Current corporate income tax expenses 16 Deferred income tax expenses (*) 17 Net profit after tax 44 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited (LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited(LUAN.van.THAC.si).ineffective.accounts.receivable.management.at.vietnam.airport.ground.service.company.limited