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

PREFACE Vietnam's economy has been recovering strongly in recent years, however as emerging economy, it can be challenging for entrepreneurs to build a profit and sustainable business Without the preparation and the building capacity with a long- term vision, many businesses will be left struggling to keep up and eventually sold to others institutions to avoid bankruptcy It poses an urgent need for managers, corporate executives, especially corporate finance managers to understand and have basic knowledge of corporate finance analysis so that they can analyze, have proper evaluation of the economic efficiency of enterprises according to the system of economic and financial indicators As a result, the business owner knows the financial status of his business, knows the strengths and weaknesses to make timely and accurate decisions For other stakeholders interested in the business such as current shareholders, employees, the state, financial analysts through financial information will make decisions for different purposes Recognizing this, I decided to choose the subject: “The financial statement analysis of Saigon Alcohol Beer and Beverage Corporation” with the aim of providing the most objective, unbiased information about the company SABECO The content of this report is mainly focus on analyzing performance using various but traditional methods to have a broader look about Saigon Alcohol Beer and Beverages Corporation over years, combine with the fluctuation of macroeconomic and industry to come up with conclusions about the health of the company I have tried to be extremely meticulous in preparing this report despite the various limitations faced as very limited information about surgical industry Luan van 1, Objectives and Aims of The Study  Objectives of the study The study focus on financial analysis and find solutions to improve financial performance in Saigon Alcohol Beer and Beverages Corporation  Aims of the study The study aims at investigating the data analysis in financial statement for SABECO Three main purposes of the study are summarized below: To systematize basic theories of analysis of corporate financial - statements From there, you can see the methods and contents of financial analysis in the enterprise To analyze and evaluating the financial situation and business - performance through financial reports of Saigon Alcohol Beer and Beverages Corporation in comparison with some companies in the same industry To identifying the strengths and weaknesses of the financial situation of - the company and propose some solutions to improve the financial capacity of Saigon Alcohol Beer and Beverages Corporation 2, Methods of The Study To finish this study, the reseacher carried out some following methods: - Rationale: Research topics are based on the government's circulars, enterprise financial reports and reliable textbooks, books and websites related to the analysis of financial reports of enterprises - Approach: The topic uses qualitative research methods by collecting information from financial reports, analyzing and evaluating financial Luan van indicators to improve financial capacity of Saigon Alcohol Beer and Beverages Corporation - Data source sand methods of data collection: + Data on the theoretical basis of analyzing corporate financial reports from the curriculum, lecture, prestige books + Information from the website of Saigon Alcohol Beer and Beverages Corporation include: Financial statement, annual report of 2016, 2017, 2018, history of formation and development of the company, development orientation The financial system of 2016, 2017, 2018 is taken from websites of three companies in the same industry: Vietnam Dairy Products Joint Stock Company, Masan Group Corporation, Hanoi Beer Alcohol and Beverage Joint Stock Corporation These three companies are one of the most reputable brands of Vietnam operating in the field of foods and drinks products, with the source structure equivalent In order to facilitate the comparison, the writer have taken the symbol of each company's code as the sign to make the tables and forms and use it to analyze:  VNM: Vietnam Dairy Products Joint Stock Company  MSN: Masan Group Corporation  BHN: Hanoi Beer Alcohol and Beverage Joint Stock Corporation Luan van Sabeco's Industry Peers 250,000 45 40 200,000 35 Millions VND 30 150,000 25 20 100,000 15 10 50,000 Market Capital SAB VNM MSN BHN 173,146 222,898 98,868 22,948 P/E 41.06 18.04 16.99 37.63 P/B 10.65 7.95 2.65 3.81 Figure 1.2 – Sabeco’s Industry Peers; Source: Vietstock 3, Design of The Study The study consists of three chapters: - Chapter 1: Literature review: The basic theoretical issues in analyzing financial statements of corporations - Chapter 2: The study: including three parts:  Give an overview about Saigon Alcohol Beer and Beverage Corporation -  Data analysis  Main findings through the analysis done Chapter 3: Challenge opportunities and solutions: Offer recommendations and a limitation of the study and suggestions for further study This chapter discuss about the study results and solutions to improve the financial capacity of Saigon Alcohol Beer and Beverage Corporation Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation CHAPTER 1: LITTERATURE REVIEW 1.1, An Overview of Financial Statements 1.1.1 The definition of Financial Statements Accounting and financial statements are general statements made on the basis of accounting methods that aggregate data from accounting records based on financial indicators that arise at certain times or periods Financial and accounting reports systematically reflect the situation of assets, liabilities, and capital use and business results of enterprises in certain periods, and they are explained It helps the users to use financial information to identify the financial status and business situation of the unit to make appropriate decisions Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity Relevant financial information is presented in a structured manner and in a form easy to understand They typically include basic financial statements, accompanied by a management discussion and analysis:  A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owner’s equity at a given point in time  An income statement or statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time A profit and loss statement provides information on the operation of the enterprise These include sales and the various expenses incurred during the stated period  A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation  A Statement of changes in equity or equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail Notes to financial statements are considered an integral part of the financial statements 1.1.2 Types of Financial Statements The principal financial statements of a corporation are the balance sheet, income statement, and statement of cash flows Notes accompany these financial statements To evaluate the financial condition, the profitability, and cash flows of an entity, the user needs to understand the statements and related notes The most basic statement is the balance sheet; the other statements explain the changes between two balance sheet dates In addition, in order to meet the requirements of economic and financial management, the steering requirements that sectors, companies, production groups, joint ventures and joint ventures can stipulate other financial accounting reports However, within the scope of the research, it will be mentioned the basic reports as described above 1.1.2.1 Balance sheet The balance sheet provides an overview of assets, liabilities and stockholders' equity as a snapshot in time The date at the top of the balance sheet tells you when the snapshot was taken, which is generally the end of the Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation fiscal year The balance sheet equation is assets equal liabilities plus stockholders' equity, because assets are paid for with either liabilities, such as debt, or stockholders' equity, such as retained earnings and additional paid-in capital Assets are listed on the balance sheet in order of liquidity Liabilities are listed in the order in which they will be paid Short-term or current liabilities are expected to be paid within the year, while long- term or noncurrent liabilities are debts expected to be paid after one year The statement of financial position shall include line items that present the following amounts: Property, plant and equipment; Investment property; Intangible assets; Financial assets (excluding amounts shown under (e), (h) and (i)); Investments accounted for using the equity method; Biological assets within the scope of IAS 41 Agriculture; Inventories; Trade and other receivables; Cash and cash equivalents; 10.The total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS Non-current Assets Held for Sale and Discontinued Operations; 11 Trade and other payables; 12 Provisions; 13 Financial liabilities Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation Asset turnover is pretty stable over the years but is also low This indicates that the assets are indeed contributing to increased revenue and a condition for improving profitability for the company Fixed assets turnover has sharply increased over the year demonstrating the better use of company assets As a company in the manufacture industry this is somewhat hard to archive This is a good sign showing that the company is in a good shape in its operating activities Inventory turnover is also increases over the years This is good in the context of the company expanding production, while meeting the market demand for the market share that Sabeco is in 2.3.2 Dupont Analysis Dupont Net profit margin ROA Financial leverage ROE 2015 2016 2017 12% 13% 15% 14% 17% 24% 140% 187% 184% 25% 26% 37% 45 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation Table 2.3M – Sabeco’s Dupont Analysis Overall, Sabeco's performance has improved over time, after gathering export goods at designated places and announcing the expected time of container closure, loading goods onto transport means for customs offices, customs declarants shall declare and submit Customs declaration for exported goods However, because the materials for brewing are mostly imported (about 95-96%), therefore, the production and export of goods is always urgent, due to the dependence on synchronous materials technical requirements and delivery time is often urgent, so the enterprise must both complete and packaging Enterprises have to complete the customs procedures, while calculating transport means, so as to avoid the maximum risks resulting from the risk of misses The characteristics of ship exports usually peak at two days a week, so if not proactively declared, it will be clogged with both business and customs Not to mention, almost no business is qualified to establish a warehouse to collect goods (according to Customs standards), not to mention costs In addition, 2016 also witnessed major fluctuations in barley and malt prices (two main inputs of beer) due to weather instability in Eastern Europe, where the largest barley exports world However, at the end of 2016, prices of these two materials have fallen slightly, and according to the World Bank's forecast, these two materials price will tend to stabilize and slowly increase until the year 2025 All of these factors were reflected by a slow increase in profit margins (up 1%) and a 1% increase in ROE However, the highlight of this year is that the leverage increased sharply because part of the debt was paid and the policy of limiting the expansion due to many adverse conditions from the macro environment The period of 2017-2018 is the period of recontructing fof Sabeco in business All ROA, ROE and net profit margins are slowly decreasing Balancing the cost of input materials through the use of derivative contracts 46 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation with self-made canned packaging makes Sabeco's costs more tightly controlled In addition, Sabeco also increased the selling price of products, promoting marketing strategies to help product sales are stronger This resulted in a sharp increase in revenue (11.9% in 2017 and 5.1% in 2018) Financial leverage remained steady, with ROA and ROE not changing much 2.4 Summary of findings Based on the periodical reports and financial analysis data of the years, it can be assessed that SAB has a quite good financial status and business results reflect the actual operation of the company over the years Basic indicators of debt, borrowing, liquidity, asset efficiency, provisioning, equity are met Results of business profitability of SAB is acceptable but can be improved overtime if don’t correctly The structure of capital changes, especially short-term debt, long-term debt transfer from the use of equity to the use of loans and the capital to occupy, creating the premise to use leverage in the most effective way This is also the source of capital for short-term assets, so the company will avoid solvency in the short term Payables management: The rotation has to pay the seller a positive sign and at a reasonable level, while taking advantage of the misappropriated funds but still ensuring the repayment of debts within a reasonable period of time Company's liquidity is getting better Current ratio and quick ratio are average and safe compared to other companies in the same industry Business effectiveness: Asset use efficiency has been improving, total asset turnover and inventory turnover have increased over the past three years, showing positive signs in sales activities, assets are used more effectively 47 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation CHAPTER 3: DRAWBACKS AND RECOMMENDATION 3.1 Drawbacks In addition to the good results and positive signals, there are still existing issues affecting the company’s financial situation in the coming time that Sabeco needs to consider to take measures to improve: - Financial structure: In the capital structure of SAB, short-term debt account for a very high propotion, while long-term debt accounts for very low share According to the objective of the company is to expand business activities, Sabeco could increase the long-term debt to invest more in fixed assets such as machinery and equipment, instead of just borrowing short term to finance its manufacturing activities - Through 2016, 2017 and 2018, the cashflow from financing activities are all negative, providing the liquidity of this activity is not good Companies need to have more efficient use of money However, cash and cash equivalents account is still increasing and the company’s debt ratio is relatively low suggests that there are still more room to take avantage of 3.2 Solutions  Monitoring debt structure and situation to improve the solvency of SAB  For payables to the seller: To maintain the prestige of the company for business partners, especially for suppliers when the debt to pay the seller occupied a large proportion in the debt to pay the public MSN must ensure the ability to pay debts and ensure timely payment to partners with a large proportion of balance  For receivables: Improving the efficiency of receivables management and business efficiency, the first solution is that the company needs to adjust its policy of selling goods and collecting money properly 48 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation Specifically, it is considered to reduce the payment period to low, gradually to the industry average, follow the roadmap and careful consideration to the ability to pay and response from customers to level along with the most reasonable adjustment  Improving the quality of cash flow: There should be measures to strictly manage cash flow from business activities of the Company: + Make budget forecasts and forecast revenues in a scientific way to be active in the payment process in the period + Set up a reasonable reserve of cash capital while ensuring the necessary liquidity in the period in order to maintain the prestige and ensure the profitability of the idle cash capital  Improve business efficiency - Improve asset efficiency:  Fixed assets are material and technical facilities of an enterprise, it reflects the existing production capacity Machinery and equipment are important and necessary conditions to increase productivity and productivity, reduce production costs and lower production costs Quarterly, annual, the company should carry out inventory of fixed assets in order to timely capture the status of fixed assets If assets are no longer usable or not used, they shall be liquidated or sold in time for capital recovery  Organize management of production process business smoothly, rhythmically limit the idle time of machinery, such as downtime due to production errors When this process is implemented in a synchronized manner, it will help the company maximize the 49 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation capacity of machinery and equipment, improve labor productivity, reduce production costs and increase profits In order to achieve this, the material supply department, the technical department and the factory workshops must coordinate effectively in production planning, repair planning and timely changes in production output by the the market flow - Improve the quality of human resources: + The company applies the technological line to the production of refined copper products and the business process needs to be flexible, so the human resources of the company must be professionally qualified + For managers of enterprises, it is necessary to enhance training and management knowledge such as attending business management classes and psychological classes for laborers + For laborers directly involved in production: To raise the knowledge of laborers about the operation of the production line, the way of operation and evaluation of output products, which have been met as required and guided On the other hand, it is necessary to ensure the laborers to implement labor safety and incentive policies for workers such as incentive policies, technical incentives and cost savings Appropriate forms of handling violations when they occur, and the implementation of the welfare regime for laborers 50 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation 3.3 Limitations of The Study As the study is mainly based on secondary data, the nature of the secondary data’s limitation would have affected the study The figures shown in financial statements are likely to be a least several months out of date, and so it will not give a complete and accurate picture of the company’s current financial position This research need to be interpreted carefully They can provide insights to the company’s performance or financial situation However on their own, they simply cannot show whether the company is in good or bad shape It definitely requires some quantitative information for an informed analysis to be made 3.4 Suggestions for Further Study To be successful in analyzing financial statement of a company, this study calls for further researches in giving out tips to use effectively other analyzing skills besides the methods used on this study 51 Luan van (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation (Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation(Luan.van.tot.nghiep).the.financial.statement.analysis.of.saigon.alcohol.beer.and.beverage.corporation