Financial situation of an vinh packaging joint stock company (period 2019 – 2022)

Trang 10 Recognizing the importance of analyzing the financial situation andassessing the financial situation of an enterprise, after nearly 3 months ofinternship at An Vinh Packaging Jo

THEORIES OF FIRM’S FINANCIAL SITUATION

Corporate Finance and financial management

1.1.1 Corporate Finance and financial decisions

1.1.1.1 The defination of Corporate Finance

An enterprise is an organization with its own name, assets, transaction office, registered for establishment in accordance with the law for business purposes (according to Article 4, Clause 7 of the Enterprise Law 2014) The main objective of the corporate is profit.

In a market economy, in order to have input elements that require any enterprise, whether financial or non-financial enterprises must have a certain amount of monetary capital or in other words there must be a certain financial resource to accomplish business goals The operation process of enterprises is the process of creating, distributing and using financial resources to incorporate financial activities of enterprises In the process, generating and creating the movement of cash flows including cash inflows and outflows associated with investment activities and regular business activities of enterprises on a daily basis.

The operation process of a business is the process of combining inputs such as factory, equipment, raw materials and labor to create outputs and sell it to generate profit In the market economy, a certain amount of money is required for the company to maintain its operation In other words, the operation process of a business of a company is the process of creating, distributing and using monetary funds that form the financial operations of the business There are five main financial relations in the creation and use of monetary funds of the enterprise:

First, the financial relationship between enterprises and the state: The obligation of an enterprise is to pay taxes, fees… for the state At the same time, the state provides a stable business environment, legal policies to protect and also capital for businesses.

Second, the financial relationship between enterprises and other economic entities and social organizations: is diverse such as pay and reward material penalties when businesses and other economic entities provide goods and services to each other (including financial services).

Third, the financial relationship between enterprises and workers:

Companies pay salaries, bonuses, allowances for employees And employees work for the company, helping the company to operate.

Fourth, the financial relationship between enterprises and the owners:

The owners invest, contribute or withdraw capital and distribute after-tax profit. The owner wants the company to bring the maximum benefit to him in the future.

Fifth, the financial relationship in the inner enterprise: Payable to employees, payable to other employees, intercompany payable,…

What is Corporate Finance? “ Corporate Finance is economic relations in the form of value arising associated with the creation and use of monetary funds of enterprises It is also monetary funds in the process of creating, distributing, using and operating along with business activities.” (Bui Van Van,

It is essentials to have right perception of Corporate Finance Because it will create solid base for the existence of financial relation, managing financial activities and making decisions to achieve company’s objectives.

Corporate Finance studies three major issues: Investment decision, financing decision and devidend decision.

 Investment decisions: are decisions relating to the total value of assets and the value of each asset (fixed assets and current assets) In other word, they are decisions that affect the left side of the balance sheet Investment decisions include current assets investment decisions, fixed assets investment decisions, decisions relating to the structual relationship between invests in current assets and fixed assets, such as:

Decision on investment in assets: Decision on fund balance, inventory decision, sales policy decision, short-term financial investment decision,

- Decision on fixed asset investment: Decision on purchasing fixed assets, deciding on investment projects, deciding long-term financial investment,

- Decision on structure relationship between investment assets and fixed assets investment: Decide to use leverage and decide the breakeven point.

Therefore, the investment decision is considered the most important decision of enterprises, it answers the question: Which investment opportunities do businesses choose? Where is the capital of the enterprise invested? In what area? In terms of financial resources of enterprises, there is a limit to maximize the value for enterprises or owners The importance of investment decisions is shown in the following points:

Investment decision is a key decision to create new value for businesses A proper investment decision is the basis of increasing the value of the enterprise and vice versa.

Investment decisions affecting the profitability and risk ratio of enterprises in the future: This decision affects the structure of assets and thereby affects the structure of production and business costs and business risks of Business

 Financing decisions: are decisions regarding which capital resource should be chosen to provide for investment decision and have an impact on the right side of balance sheet Financing decisions include the decision to mobilize short-term and long-term capital such as:

- Decision to mobilize short-term capital: Decision on short-term loan or use of commercial credit,

- Long-term capital mobilization decision: Deciding to use long-term debt through bank long-term borrowing or corporate bond issuance; decide to issue share capital (common shares or preferred shares); deciding the structural relationship between debt and equity (financial leverage); decide to borrow to buy, or lease assets,

The decision to mobilize capital is also an extremely important financial decision, it answers the question: Where to get capital from, how to benefit businesses? The decision to raise capital will determine the capital structure of enterprises In order to arrive at the decision to mobilize capital, it is necessary to consider and consider a series of relationships between equity and borrowed capital, between the re-invested profit and the immediately distributed profit to the owner The more financial development, the more funding options, ways and forms of mobilization are more complex and require more deliberate consideration The decision to mobilize capital greatly affects the success or failure of an enterprise Because, this is a decision at the same time affecting the financial risk and profitability of the capital, thereby impacting on business performance and enterprise value.

 Devidend decisions: The distribution of after-tax profits is a strategic financial decision of an enterprise Financial managers will have to choose between using most of the after-tax profit to pay dividends or to retain for reinvestment These decisions relate to how enterprises pursue dividend policy and how that dividend policy works for the value of the enterprise or the share price of the enterprise in the market This problem is not simple, requires careful consideration and consideration to solve the relationship between short-term benefits and long-term benefits, between the immediate interests of owners and growth of enterprises in the future This decision is closely related to investment decisions and capital mobilization decisions.

1.1.2.1 The definition and function of financial management

The definition of financial management

“Financial management concerns about choosing, making decisions and implementing these decisions in order to reach the operation objectives of companies Because all financial decisions associated with creating, distributing and using monetary funds of the company, financial management is also acknowledge as the process of planning, organizing, modifying and supervising the creation, distribution and usage of monetary funds to meet the operation targets of corporations.” (Bui Van Van, Vu Van Ninh, 2015)

Firm’s financial situation

1.2.1 The definition of financial situation

“The financial condition of a company is a combination of related events that express financial relaitonships in the distribution, creation and use of monetary funds and take place associated with the operation of the business.” (Pham Thu Thuy, 2021)

Analyzing the current financial situation is a comprehensive analysis of all aspects of Corporate Finance that define the strengths, limitations and capabilities and potentials of the business; Identify the factors influencing and affecting each factor on the financial situation and production and business activities of enterprises Therefore, it can help businesses orient and solution suitable for the operation of the business in the next phase.

Assessing the current financial situation should be top priority for managers and must be continuous, ongoing and systematic Doing well will help businesses be confident enough to stand up firmly and move further in the harsh competition environment of today’s market economy.

The purpose of this process is to understand and evaluate a company, thus making appropriate recommendations and proposing sustainable solutions to address any deficiencies found The main task is to evaluate and analyze the economic and financial situation of the company and to find out the factors that contribute or slow down the development of the selected company Such solutions and recommendations will help you to improve your current situation and make the company more viable and profitable in the future.

The objective of assessing corporate financial situation for each different subject will be different Specifically:

- For business managers: Financial analysis of enterprises aims to assess the financial situation and business performance in the past period, the implementation of financial balance, profitability, liquidity and financial risks in the enterprise From there, make forecasts and financial plans and appropriate financial decisions.

- For investors: Investors are those who have allocated their capital to enterprises to manage and use Their benefits are closely tied to the business results of the enterprise Therefore, through the assessment of the financial situation of enterprises, investors can assess the profitability as well as the development potential of enterprises, serving for their investment decisions.

- For lenders: Lenders are the ones who give businesses loans to ensure the demand for production and business activities Assessing the financial situation for lenders is to determine the ability of customers to repay However, analysis should be made for short-term and long-term loans.

- For those who are paid in the enterprise: The benefits of this group of people are salaries and promotion ability for them Assessing the situation of corporate finance helps them orient their stable jobs Since then, they will be assured to put effort into the production and business activities of enterprises according to their assigned and responsible jobs.

- For state management agencies: State management agencies (Tax agencies, Finance and Statistics Inspectorate agencies ) use the results of the assessment of corporate financial situation to check , monitor the business performance of businesses in the economy Thereby setting out policies, management mechanisms and financial solutions suitable to the actual situation of enterprises to create an environment, favorable legal corridors, contributing to help businesses improve efficiency production and business activities.

Thus, assessing the financial statement of enterprises is a useful tool for different subjects to grasp the situation of the company and use that information for different purposes.

1.2.2 Contents and index reflecting the situation of Corporate Finance 1.2.2.1 Situation of scale and structure of enterprise capital resources.

 Capital resourse structure ratio: are important financial ratio for the managers to maintain companies’s operation These ratios show financial independence, the level of risk of financial leverage and financial risks They help creditors to consider whether their investments are risky or not and the investors to evaluate the level of financial risk of the companies.

- Classifying capital sources: To organize and select the appropriate and effective forms of capital mobilization, there is a need to classify capital sources. Usually in management, people often use some of the following methods of classification of capital sources:

+ Based on capital ownership: Capital is divided into equity and liabilities, in which:

Equity: is the capital owned by the owner, including the amount of equity used and the additional capital from the business results.

Liabilities: These are expressed in terms of the obligations that the enterprise has to pay to other economic actors such as: Debts, accounts payable to the seller, the State and employees in the enterprise career,

+ Based on the time of capital mobilization and capital use: The capital source is divided into regular capital sources and temporary capital sources, in which:

Temporary capital sources: These are short-term capital sources (usually under 1 year), which enterprises can use to meet the requirements of temporary nature arising in their business activities Therefore, temporary capital is a short- term debt on the balance sheet.

Regular capital source: is the total of stable sources of capital that enterprises can use for business activities Therefore, regular capital sources include: Long-term debt and Equity on the balance sheet.

+ Based on the scope of capital mobilization: The capital source is divided into internal capital and external capital, in which:

Internal capital source: Is the capital mobilized from the activities of the enterprise itself Therefore, this is a source of capital to show the ability of enterprises to self-finance.

External capital: A source of capital mobilized from outside the enterprise to increase financial resources for business activities.

- Capital financing model: Depending on each type of production and business activities, each stage of development, each enterprise will choose the appropriate financing model There are three models of capital financing:

Factors impact on financial situation

- Economic factor: Economic factors include factors such as growth and stability of the economy, purchasing power, price stability, currency, inflation, exchange rate,… All these factors affect the production and business activities of enterprises Fluctuations in economic factors can create both opportunities and challenges for companies In order to ensure the successful operation of enterprises against economic fluctuations, enterprises must monitor, analyze and forecast fluctuation of each factors to propose solutions and policies correspondingly in specific time to exploit, exploit opportunities, avoid, minimize risks and threats When analyzing and forecasting the fluctuation of economic factors, to make the right conclusion, enterprises should base on some important base: aggregate data of the previous period, actual development of the research period, the forecasts of major economists.

- Technology: This is a strong influence factor, directly impact the business, especially a company applies automation technology to production lines like the company Technology elements often manifest as new production methods, new techniques, new materials, production equipment, know-how,inventions, software applications … As technology evolves, enterprises have conditions to apply the achievements of technology to create higher quality products and services in order to develop their business and raise their competitiveness However, it also gives companies the risk of falling behind,reducing their competitiveness if enterprises do not innovate new technologies.

- Sociocultural: Socio-cultural has a profound influence on the management and business of a business, thus affecting the finacial capacity of the business Businesses need to analyze cultural and social factors in order to identify opportunities and threats that may occur Every change of cultural forces can create a new business but also erase a business.

- Legal politics: These factors include the main factors, the legal system, political trends … These factors increasingly affect the operation of enterprises. Political stability, consistency of view, policy is always the attractiveness of investors In the current global trend, each link between politics and business is not only national but also international In order to make a rational decision, enterprises must analyze and forecast environmental changes in each stage of development

- Legal form of business: According to the Law on Enterprises 2005, there are the following types of enterprises: limited liability companies, joint stock companies, partnership, private enterprises of all economic sectors Each business establishment will choose according to a certain legal form Each type of business has its own characteristics and hence creates the limitations or advantages of the business Therefore, choosing the type of business before starting af business is very important, it has a great impact on the existence and development of the business And that means influencing the financial capacity of the business Basically, the differences created by the type of business are:business credibility due to consumption habits, ability to raise capital,investment risk, complexity of procedures and establishment costs, enterprise management organizations.

- The economic and technical characteristics of the business: Each of the different business lines has their own economic and technical characteristics, which have a considerable influence on te financial capability of the enterprise. Because that characteristics affect the proportion of investment in corporate assets, working capital requirements … Besides, each business sector is affected differently by the fluctuation of the marcroeconomics For enterprises that produce products with short business cycles, the demand for working capital between the periods of the year does not fluctuate, businesses often earn money for sales so it is easy to balance the revenue and expenditure as well as the need for working capital For businesses that produce products with long business cycles, the demand for working capital is greater Enterprises operating in the trade and service sectors, working capital accounts for a higher proportion, the working capital turnover rate is also faster than that of the industry and agriculture.

- Management level: In a multi-component commodity economy operating under the market economy, any business or business organization has to choose its own business or organizational structure In fact, many enterprises,organizations are losing money, bankruptcy, slow development is due to management structure is not reasonable, not suitable with reality So the problem for businesses and organizaitons is to find a reasonable organizational structure Because there is a rational management structure that allows for the proper use of resources, the right decision making and the effective implementation of those decisions, harmonize the coordination of activities to achieve the purpose The larger firm, the more complicated the business operation is Therefore managers need to come up with a rational management structure that will ensure the management of the entire enterprise While at the same time ensuring that the management is not bulky and complex in structure.

As for small and medium enterprises, the management apparatus must be specialized, subtle and compact, so that it can be easily changed in line with the business situation of the enterprise, thus improving the efficiency of production and business such as strengthening the financial capacity of enterprises.

The presentation of the basic arguments on the financial statement of the enterprises, which is the basis for in-depth analysis of business performance and financial situation of An Vinh packaging joint stock company , is presented in detail in Chapter 2.

CHAPTER 2 FINANCIAL SITUATION IN AN VINH PACKAGING JOINT STOCK COMPANY VIET NAM IN RECENT YEARS.

Overview of An Vinh packaging joint stock company Viet Nam

 Company name: AN VINH PACKAGING JOINT STOCK COMPANY.

 Short name: AN VINH PACKAGING JSC.

 Place of management registration: Hai Duong Tax Department.

 Legal representative: Mr NGUYEN DANH TAI - General Director of the Company.

 Address: Km47, National Highway 5, An Phat Complex industrial park, Viet Hoa Ward, Hai Duong City.

The development of the company:

An Vinh packaging JSC (referred to as “the Company”) is a member company of An Phat Holdings – Southeast Asia's leading eco-friendly and high- tech plastic group, established on December 22, 2018 2017 with tax code is

0801235451 The company locates a factory in An Phat Complex industrial park with a total area of 32,000 m2 With an estimated design capacity of 12,000 tons of FIBC bags/year, along with a strict quality control process, modern technology, and international standards, the Company is currently striving to become a manufacturer of quality FIBC bags The largest volume in Vietnam. Currently, An Vinh packaging JSC has been aiming to bring customers high quality products at reasonable prices and at the same time, wishes to promote and support other businesses in the same field to develop, increase the company's competitive advantage and image

2.1.2 The business characteristics of the company

Business line: An Vinh Packaging is a manufacturer of high-quality Jumbo bags, Sling, small PP bags, produced by modern technology with the largest scale in Vietnam An Vinh Packaging has a factory located in An Phat Complex High-tech Industrial Park An Vinh’s factory has achieved a series of ISO standards, namely ISO 9001, 14001 and 22000.

Vision: becoming a reliable Partner, providing optimal packaging solutions for customers.

Missions: Bringing to customer the highest quality products with competitive price; Promotion and supporting other enterprises with the same field to develop, increasing competitive edge and image of woven PP manufacturers in VietNam to other countries in area.

– Conscientious: In An Vinh packaging JSC, Sales executive, QC will be customer’s representative to work independently, crossed checking to avoid mistake When you buy our products, the customer can feel secure completely, because the goods is produced with highest concentration and supervision

– Whole-hearted: An Vinh Packaging JSC always listen the customer’s desire, finding the most suitable specification and application of products, provide customer optimal choice.

– Prestigious: Keeping commitment is key factor in business of An Vinh Packaging JSC We guarantee that the product will be the same as confirmed sample Besides, An Vinh packaging always ship goods on time because of specific, active and detailed plan in all of production parts Staff comunity in An Vinh Packaging JSC always try their best to meet the customer’s demand The partner’s sastification is our motivation to develop more and more.

An Vinh packaging JSC organizes a simple and compact management system, including: 1 General Director, 1 Factory Director, 1 sales director and 8 main departments.

Duties and functions of some departments and divisions:

General Director: The General Director is the highest executive in theCompany and is responsible for the Company's business activities The GeneralDirector directly manages and supervises the following units: AdministrationDepartment, Accounting Department, Purchasing Department.

Factory director: The factory director is the person who directly manages and operates all production activities of the Company, and is responsible for reporting to the General Director.

Sales Manager: The sales manager is the person responsible for the sales plans and strategies and the implementation of the highest sales target The sales manager manages and is responsible for the sales department.

Administration Department: The administrative department is responsible for planning and implementing to ensure the regimes for employees such as salary, bonus, meals, etc At the same time, management of land, factories and facilities office infrastructure and tools Ensure administrative work, environment, official documents, decisions, medical work at the Company.

Accounting Department: The Accounting Department is in charge of the financial and accounting work of the Company; ensure the accounting of assets and capital; amortization allocation; monitoring the movements of assets and capital, as well as managing and analyzing liabilities, giving the possibility of recovery At the same time, manage the inventory of tools, products,

Purchasing Department: Purchasing Department is in charge of purchasing raw materials and supplies of the Company.

Sales Department: Sales Department is responsible for market analysis and customer transaction search; order management as well as related liabilities. Receive and negotiate complaints and feedback from customers.

Production Department: The Production Department is in charge of planning production and organizing the implementation of production plans in production workshops and managing equipment, labor, materials, products, and performing machine operation, in accordance with the Company's regulations.

Quality management department: inspecting, monitoring, statistics and analyzing the quality situation of input materials and products during and after the production process.

Engineering and Technology Department: participates in research and design of new products and develops standards for management of production stages, technological processes, technical standards of products, tools for production, and norms labor, material norms and stable production.

Mobile Engineering Department: has the role of managing machines, production equipment and ensuring the operation and management of power supply for the whole Company Manage technical improvement work related to machinery and equipment and repair and maintain equipment.

2.1.4 Features of production and business products

Product features: An Vinh packaging JSC specializes in mass production of industrial woven packaging products with top quality, competitive price and achieving international standards such as JIS (Japanese Industrial Standard) , ISO 9001:2005 (Quality management system standard), ISO 14001:2005 (Environmental management system standard), and ISO 22000:2005 The Company's main production products include the following products:

- PP packaging: PP bag is a type of packaging made from woven PP fabric,with a tonnage of 20kg to 50kg, coated or uncoated with PE, waterproof and mildew resistant PE bags can be nested The product is manufactured from primary plastic, has a strong packaging structure, toughness, good impact resistance, does not break during transportation.

Financial situation of An Vinh packaging joint stock company

2.2.1 An Vinh packaging joint stock company’s capital resource structure and financing policy

The company’s capital shown on the balance sheet expresses liabilities and equity capital used for business operations Financial policy analysis means finding out if the use of funds is appropriate, effective, and relevant to the company’s situation.

Amount Amount Amount In amount In percentage

1 Debt ratio = (a)/(b) 0.46 0.53 0.59 -0.08 -14.20 -0.06 -10.29 a Liabilities 2,733,087 2,727,271 2,825,898 5,816 0.21 -98,626 -3.48 b Total assets 6,005,716 5,141,649 4,779,534 864,067 16.81 362,115 7.58 c Equity 3,272,629 2,414,377 1,953,636 858,252 35.55 460,741 23.58

(Source: Financial statements of the company in 2019-2021)

In terms of capital structure, the company's debt ratio has been decreasing over time The debt ratios were 0.59, 0.53, and 0.46 at the end of 2019–2021, respectively Thus, the company had a change in its capital mobilization policy in the direction of increasing the use of equity and reducing its liabilities, helping to reduce the level of financial risk and the company's dependence on the liabilities On the other hand, at the end of 2019, the debt ratio was 0.59; by the end of 2021, the debt ratio had decreased to 0.5, showing that equity accounted for a larger share of the total capital at the end of 2021

From 2019 to 2021, the equity ratio changed direction from declining to rising (increasing to 0.47% and then increasing to 0.54%) In general, the capital structure of enterprise is relatively balanced, but in recent years, the company has had the tendency to use more equity than liabilities This means that the company has decreased its financial leverage level and bankruptcy risks.However, this may cause the company's net return on equity to decline.

Table 2.2 Firm’s labilities and owner’s equity structure

Short-term liabilities 1,969,404 72.06 2,263,701 83.00 1,941,987 68.72 -294,297 -13.00 321,714 16.57 Long-term liabilities 763,683 27.94 463,570 17.00 883,910 31.28 300,113 64.74 -420,340 -47.55

Table 2.2 shows that total liabilities and equity increased by VND 362,115 million (equivalent to 7.58%) from 2019 to 2020 and then increased by VND 864,067 million (equivalent to 16.81%) in 2021.

Liabilities: Liabilities of the enterprise fell from VND 2,825,898 million to VND 2,727,271 million between 2019 and 2020, then witnessed a growth of VND 5,816 million, which is 0.21%, in 2021 The increase in the company's liabilities in 2021 can be explained by the significant growth of short-term and long-term liabilities The company's liability structure leans more towards short- term debt than long-term debt Although the structure of liabilities fluctuates over the years, basically, short-term liabilities still account for a larger share than long-term liabilities The proportion of short-term liabilities in liabilities increased sharply from 68.72% to 83% between 2019 and 2020 but then decreased to 72.06% by the end of 2021 The policy of using a lot of short-term liabilities helps the company save on capital costs but increases short-term payment pressure

Owner’s equity: Equity of the company reached VND 3,272,629 million in 2020, which increased by VND 460,741 million equivalent to 23.58% compared to 2019, and then continued to increase by VND 858,252 million equivalent to 35.55% in 2021 The majority of the increase in owner equity came from retained earnings The company's profit increased gradually over the years This affirming that enterprise gives priority to financial autonomy, avoid risks in loans or inliquidity.

Table 2.3 Analysis of An Vinh packaging joint stock company’s NWC

The net working capital of the company reached VND 1,183,179 million at the end of 2019, decreased to VND 253,612 million at the end of 2020, and then increased to VND 419,817 million at the end of 2021 In the last two years, short-term assets were worth more than short-term liabilities Although the increasing size of short-term assets was lower than short-term liabilities, the NWC of the company in recent years was positive, showing that the enterprise has healthy operations and current payment capability

2.2.2 The capital structure of An Vinh packaging joint stock company.

Table 2.4 The assets structure of An Vinh packaging joint stock company

II Short-term investments 261,694 8.15 455,160 16.87 750,693 25.18 -193,466 -42.51 -295,533 -39.37 III Accounts receivable 1,077,281 33.53 1,001,502 37.13 1,246,505 41.81 75,779 7.57 -245,003 -19.66

IV Long-term assset in progress 511,906 18.33 216,738 8.87 165,136 9.18 295,168 136.19 51,603 31.25

VI Other long-term assets 195,406 7.00 166,362 6.81 119,078 6.62 29,045 17.46 47,283 39.71

Overall, the company's asset structure had a tendency to invest more in short-term assets than long-term assets The proportion of short-term assets in total assets at the end of 2019 was 62.38%, decreased to 52.47% at the end of

2020, and increased again to 53.5% at the end of 2021 Although in the asset structure, short-term assets account for slightly more than long-term assets, the difference in proportion between them is not much This can be explained by the fact that the company managers always pay attention to investment in machinery and equipment in line with the best service requirements of complex and diverse products The company constantly changes and upgrades machinery and equipment to create quality products to meet the needs of customers in the rapidly changing state of technology today.

From 2019 to 2020, the company’s short-term assets decreased by VND 283,726 million, equivalent to 9.52% This figure then increased by VND 515,136 million in 2021, equivalent to 19.1% The short-term asset structure can be seen clearly in the following diagram:

From 2019 to 2021, the company increased the amount of cash and cash equivalents from VND 175,005 million to VND 578,230 million in 2020, and then increased it to VND 1,192,902 million at the end of 2021 Cash and cash equivalents were the major reason for the rise of short-term assets This proclivity can assist the company in avoiding stagnant, wasteful money and reducing business capital efficiency Because money is only profitable when it is put into business, the money in the safe will not generate money and will be devalued by the impact of inflation On the other hand, if the company does not stockpile enough cash, it will not be able to guarantee immediate liquidity and will not have enough money to invest in potential projects A lower amount of cash and cash equivalents can reduce the company’s liquidity quickly, requiring the company to have appropriate cash management policies to avoid payment risk To reserve capital in cash, it is necessary to consider the company's additional liquidity ratios A too-low level of cash and cash equivalents in reserve would be a risky factor in the financial situation since the company would find it difficult to take advantage of changing market conditions and to react to strategic actions by competitors

The accounts receivable of the company had witnessed a significant reduction over the years Accounts receivable decreased from VND 750,693 million to VND 455,160 million in the period of 2019 and 2020; this shows that the company changed its policy, not allowing customers to buy on credit more. This figure continues to decrease, by VND 193,466 million (equivalent to 42.51%) in 2021 Most of accounts receivable came from receivable from customers The company has to pay less attention to managing accounts receivable However, reducing accounts receivable may not be able to attract new customers or create relationships with business partners.

Fluctuation can be seen in the amount of inventories of the company. The amount of inventories decreased by VND 164,816 million between 2019 and 2020 and then increased by VND 30,345 million between 2020 and 2021. The proproption of inventories gradually decreased over the years, from 24.58% in 2019, down to 21.06% and 18.63% at the end of 2020 and 2021 Reducing storing inventories helps the company to reduce costs of storage, warehousing,and risk reduction avoid loss of business when there is no supply available at a particular time However, this does not help the company avoid bottlenecks in the production and sales processes and may cause business disruptions when raw materials may be missing Too much inventories will bring more harm than good The cost of inventory management will increase and be higher than the profit at a particular time For that reason, there is a separate warehouse department in the operating system of the company to ensure that does not happen Warehouse department included material warehouse, finished products warehouse, package, silo, delivering good inventory management in all production stages.

From 2019 to 2020, the long-term assets of the company rose by VND 645,841 million, equivalent to 35.92% This figure continued to rise by VND 348,932 million, equivalent to 14.28% in 2021 The major source of long-term assets is fixed assets, which accounted for 69.43%, 57.08%, and 45.13% of long-term assets in 2019, 2020, and 2021, respectively This can be explained by the fact that the company pays great attention to investing in machinery and equipment and is focused on technology innovation The reduction of long-term assets is mainly caused by the decrease of other long-term assets Fixed assets also need to be strictly managed to avoid visible and invisible wear

Enhancing competitiveness, finding new solutions to boost product sales, and looking to increase cash reserves are some issues that the company should address in the short- and long-term future in order to ensure the sustainable development of the company.

2.2.3 The business results situation of An Vinh packaging joint stock company.

Table 2.5 Report on business results of An Vinh packaging joint stock company

Targets Year 2021 Year 2020 Year 2019 change in 2021-2020 change in 2020-2019

1 Revenue from sales and services 7,892,406 4,462,950 5,566,951 3,429,456 76.84 -1,104,001 -19.83

3 Net revenue from sales and services 7,885,866 4,457,134 5,554,844 3,428,732 76.93 -1,097,710 -19.76

5 Gross profit on sales and services 780,825 466,161 625,284 314,664 67.50 -159,122 -25.45

10 Net profit from business activities 243,061 186,554 354,241 56,507 30.29 -167,687 -47.34

17 Profit after corporate income tax 194,486 169,904 294,617 24,582 14.47 -124,714 -42.33

The table shows that the company's production and business situation in general aren’t stable, and the revenue and profit are not showing a stable trend through the years.

In 2019, the company's net sales was VND 5,566,951 million, lower than in 2020 VND 1,104,001 million From 2020 to 2021, this figure increased and peaked at 7,892,406 million VND Also, in 2021, net sales are also the highest in 3 years 2019-2021 The situation shows that the company has a good business, good management, and generate expected revenue in 2021 In 2021, after-tax profit of the company had reach VND 194,486 million VND, increased by VND 24,582 million VND, equivalents to 14.47% compared to 2020 This is a positive sign showing the company's future growth potential, increasing firm value and attracting more investors to expand its business scale.

General assessment of An Vinh Packaging Joint Stock Company’s financial situation

- In 2019-2021, An Vinh packaging Joint Stock Company by themselves exerted to manufacture and expand the scale.

- The company’s NWC is positive throughout the years This shows that the company has done well in keeping the balance of finance, ensuring the ability to pay and have a healthy financial health This is the result of using capital and conducting investments properly in the past Besides, positive NWC also results from the company's financial analysis and project evaluation, ensuring that all investment projects are profitable and avoiding losses for the company.

- The company always stries to develop its potential and competence An Vinh packaging joint-stock company adapts to the market economy and builds a strong relationships with suppliers and customers.

- The scale of production has increased gradually over the year, capital mobilization to ensure the growth of the company In the period of 2020 and

2021, the company had a change in their structure capital Instead of equity, liabilities became the major capital source of the company in 2021 This change brings the company many potental opportunities to exaggerate the firm’s return on equity Increasing production scale will create more capacity for production and business Net revenue has been raising continously and maintained at a relatively stable level, the market for the products has been expanded.

- Investing and using capital actively and effectively, reasonable asset structure when long-term assets is higher than short-term assets and the distinction between these two type of assets is insignificant This capital structure is still helping businesses operate continuously and steadily.

- Total revenue and profit in recent years were positive shows that businesses are profitable, and have a relatively stable revenue and profit growth rate All the firm’s profitability ratios have increased.

- Maintain effective and efficient use of capital and remain above the industry average over the years The company conducted a review of the sales system, severely cut some ineffective steps, and set up new distribution units As a result, revenue has been boosted as well as profit has brought about high results.

Besides the achievement, there are still some restrictions in the company’s financial situation:

Eventhough, net sale and after-tax profit of the firm is high and keep rise through out the years But the total expenses that firm needs to spend is increased significantly throughout the years In order to increase profits for the company, strict management as well as reducing costs in the production and business processes are necessary.

In 2021, the company’s capital structure is the use of debt and short-term liabilities for a large proportion of which is primarily due to receivables from suppliers and advances from customers, thus increasing pressure payment of the company The debt ratio and the liabilities increased quickly, thus reducing the financial autonomy of the business.

The external factors affecting the production and distribution of the company’s products There is economic and political turmoil around the world. The economy has overcome the most difficult times of the crisis and is on the way to recovery and development However, this recovery still contains many complicated and unstable fluctuations, which make business in general difficult.

As the competition of the products of the same industry is intending to expand the market that the company in Vietnam already had, foreign products are entering the Vietnamese market, besides the competition of domestic companies

Input sourses and cost is always a matter of concern for company.Therefore, at this time, businesses only wish to maintain their moderation and wait for the ability to find alternative materials in the country or from other countries with cheaper raw material prices.

SOLUTIONS FOR IMPROVING THE FINANCIAL POSITION

Socio-economic context and the development strategies of An Vinh

The consumption market of many packaging groups is favorable, causing the revenue of many businesses to grow, but the price fluctuations of input materials and the increase in costs incurred due to the COVID epidemic have narrowed profit margins Therefore, the proportion of enterprises with revenue growth is higher than that of profit growth Preliminary statistics in the Vietnam Report show that for every 10 listed packaging enterprises, there are nine enterprises with revenue growth in 2021 over the same period and eight enterprises with profit growth.

However, there are businesses that continue to have strong revenue and profit growth due to three main factors: having the advantage of being proactive in input materials and self-supplying most of the materials for packaging factories, resulting in a higher gross profit margin for these enterprises than other enterprises in the same industry; some enterprises have the technology to produce packaging from recycled PP plastic (recycled from cement bags with abundant domestic supply);world Many enterprises have good management strategies and import in large quantities, so the import costs are relatively low.

In addition to negative impacts, COVID-19 also creates more development opportunities for Vietnam's packaging industry by accelerating innovation, digitization, expanding production scale, and reaching markets in many countries favorable packaging segment, especially given society's greater appreciation of the positive role of packaging However, in order to turn opportunities into reality, each enterprise needs to adapt quickly, have a suitable plan for each stage of development, and ensure that the high requirements for packaging quality and design are well-preserved, convenient, smarter, and meet traceability clearly.

3.1.2 The objectives and the development trend of An Vinh packaging Joint Stock Company in the future.

The company’s objectives for development.

Short-term objectives: continue the production process; deliver goods to partners in accordance with the contract; pay debts on time Improve labor productivity by constantly innovating technology in machines and equipment and organizing training to help employees improve their skills.

Long-term objectives: The company needs to continue to strengthen its current position in the market, which is one of the strongest in the field of packing production.

In general, the objectives and the development strategy of the company for the coming period are to continue to develop steadily and sustainably, improve the company’s competitiveness, and maintain its position in the market An Vinh Packaging Joint Stock Company will also try to expand the scale of its investment business, enhance training and improve employee lives, and contribute to maximizing the company’s profit.

Based on the corporation’s overall development plan as well as its actual situation, the company has set orientations and developed its objectives for the future to become a Joint Stock Company with a healthy financial situation and strong competitiveness in the livestock industry in Vietnam In order to achieve these objectives, the company also provides more specific strategies, as follows:

Financial strategy: The company should classify its debts, restructure existing debts, and propose measures for effective recovery To improve business efficiency and meet the needs of today's development, the company should have a plan to promote investment in machinery renovation, including the repair or removal of outdated equipment.

Human development strategy: The most worrisome situation is the job hopping of highly skilled workers Therefore, in order to avoid a shortage of high-quality human resources, enterprises must have many options for maintaining this team To keep up with the dynamic trend of the market economy, the company should maintain a higher level of training for key personnel while ensuring employee benefits and renewing the management style.

The company is trying to complete the procedure to become a listed company on the stock market in the near future The company also has plans to export goods to fastidious markets Also, the company pays more attention to improving its financial situation.

3.2 Solutions for improving An Vinh packaging Joint Stock Company’s financial situation.

3.2.1 Determine the target capital structure and adjust the capital structure appropriately

The business policy objectives of the company in each period are different but in return, the highest goal is to maximize the benefits for the owner or to obtain the maximum ROE within the allowable level of risks In the following time, the company needs to determine the optimal capital structure to ensure the balance between profitability and risk levels, bringing stability in the operating results of the company.

- Planning the target capital structure: The planning of the target capital structure should be based on the principle of optimal capital structure (capital structure to balance risk and profit) and consider the impact of such factors as: stability of revenue - profit, economic characteristics - industry techniques, business leverage, growth rate, market interest rate, to determine reasonable capital structure, suitable to the company's business activities On the basis of the planned target capital structure, the company's capital mobilization in the following periods must always be directed towards this capital structure.

- Adjust the capital structure in the direction of reducing liabilities: liabilities including liabilities and borrowings High-paying debts make it difficult for the company to raise capital for business development In order to reduce this amount, the company needs to review all NPT items to classify by target group, priority level and repayment period.

First of all, with appropriated debts: The company is used but does not have to pay costs such as: State tax payable, employee payables, supplier payables, etc., needs a plan specific refund Regarding the priority order, the payback time should be noted: The tax obligation of the State is obligatory, and the debt of officials and employees also needs to be repaid in time to avoid the psychological effect of reducing working efficiency , with long-term suppliers also need to pay back on time to increase credibility In case of difficulties in payment sources, negotiation and extension of repayment can be made In case of available payment, consideration should also be given to immediate payment or prepayment for the payment discount Regarding the source of debt repayment: The company needs to plan to take initiative in the source of debt repayment Salary fund to pay debt amount Balance accounts receivable from customers to get repayment sources for suppliers Improve business efficiency to offset other costs to increase profits.

Second, with loans: The company uses that traditional method of borrowing from commercial banks and other credit institutions This is the main loan that threatens the financial safety of the company In the future, reducing these amounts immediately is very difficult not only because if the reduction will cause a lack of business capital but also because the company has not had the source of repayment when the loan is not effective As expected, business is at a loss The immediate solution is to negotiate and apply for debt extension and debt rescheduling Direct negotiations to restructure debt and have more reasonable repayment plans At the same time, the company still needs to create a source of money to repay the debt, possibly through debt trading companies to reduce the debt.

3.2.2 Improve fixed capital use efficiency

In the coming time, the company needs to continue to implement the following solutions to improve the efficiency of exploiting and using fixed capital such as:

- Plan specific activities for each period, from there, determine the demand for fixed assets, plan new and more modern fixed asset procurement; liquidation, assignment and resale of old and unused fixed assets.

Conditions for implementing the solution

In order to implement the above recommendations, in order to improve the financial situation of the company, state support is essential.

- The government should soon complete the economic legal system in order to create a legal corridor for business activities of enterprises in the direction of fair competition.

- In the current difficult economic situation, in order for financial activities of enterprises to achieve good results, the government needs to strengthen the political situation, stabilize the macro economy as well as in terms of financial, monetary and socio-economic policies.

- When businesses still need to rely on imported raw materials, the government needs to keep the economy stable and have policies to help businesses cope with the risk of exchange rate fluctuations.

- The State needs to renew the lending mechanism for businesses, simplify borrowing procedures, as well as strengthen payment, guarantee and advisory services for businesses At the same time combining credit policy with microeconomic policies.

The global economic situation has changed every day A small change of the economy also provides businesses with both challenges and opportunities In order to survive and grow in a fiercely competitive market, it is essential for a company to know clearly its strengths and weaknesses That explains why more and more economic entities are interested in financial analysis nowaday and the importance of financial analysis is increasingly understood.

On the basis of general theories about corporate finance and corporate financial analysis, actual data and intensive internship at the company, and through project: “Financial situation of An Vinh packaging Joint Stock

Company.” I have learnt the financial position of An Vinh packaging Joint Stock

Company in the period of 2019 and 2021 During its operation since its inception, the company has been constantly innovating, the company has constantly made efforts to improve the financial situation, overcome the difficult period of the industry and have achieved certain achievements However, there are still some limitations that need to be overcome Through the real-life experience and analysis of actual data, I boldly made some recommendations for the company to overcome existing difficulties and at the same time promote current strengths, with the hope that the company will develop and grow sustainably in the future.

Due to the lack of cognitive limitations, and due to time constraints, the analysis is mainly based on the data on the financial statements of the past year, so my dissertation topic is inevitable, solutions need to be studied and supplemented more I look forward to receiving additional comments from teachers and readers so that my thesis topic is more complete.

Once again, I would like to sincerely thank to Associate Prof Dr. Nguyen Truong Giang, the Board of Directors and the staff of the Finance - Accounting Department in An Vinh Packaging Joint Stock Company for devotedly instructing, guiding and facilitating help me during the period of internship and writing this thesis Their precious help makes my graduation thesis more complete.

Hanoi, March 2023 Author of the thesis

1 Assoc Bui Van Van, Associate Prof Dr Vu Van Ninh (co-editor)

(2015), "Corporate Finance Curriculum", Finance Publishing House.

2 Prof Dr Ngo The Chi, Assoc Prof Dr Nguyen Trong Co (co-editor)

(2015), "Textbook of Corporate Finance Analysis", Financial Publishing House.

3 Financial report of An Vinh packaging Joint Stock Company in 2020 and 2021.

4 Other documents of Finance – Acounting Department.

5 Website: Cafef.vn, cophieu68.com, vnexpress.net,…

BALANCE SHEET AND INCOME STATEMENT OF AN VINH PACKAGING JOINT STOCK COMPANY FROM 2019 TO 2021

1 FINANCIAL STATEMENTS OF AN VINH PACKAGING JOINT

Công ty Cổ phần Nhựa Bao bì An Vinh

BẢNG CÂN ĐỐI KẾ TOÁN HỢP NHẤT

B01-DN/HN Đơn vị tính: VND

I Tiền và các khoản tương đương tiền 110 5 175.004.814.591 387.284.906.054

2 Các khoản tương đương tiền 112 34.995.293.670 256.703.756.428

II Đầu tư tài chính ngắn hạn 120 750.693.261.315 432.543.876.164

2 Đầu tư nắm giữ đến ngày đáo hạn 123 6.2 715.891.249.315 432.543.876.164

III Các khoản phải thu ngắn hạn 130 1.246.505.410.23

1 Phải thu ngắn hạn của khách hàng 131 7.1 434.963.242.737 414.964.174.060

2 Trả trước cho người bán ngắn hạn 132 7.2 381.374.808.353 318.939.238.494

3 Phải thu về cho vay ngắn hạn 135 8 321.997.780.149 176.218.901.801

4 Phải thu ngắn hạn khác 136 9 108.169.578.993 57.548.754.868

5 Dự phòng phải thu ngắn hạn khó đòi (*)

2 Dự phòng giảm giá hàng tồn kho (*) 149 (211.481.822) (1.650.310.518)

V Tài sản ngắn hạn khác 150 76.250.973.012 88.472.278.586

1 Chi phí trả trước ngắn hạn 151 17 17.007.165.813 12.649.113.894

2 Thuế GTGT được khấu trừ 152 58.442.655.262 74.199.651.417

3 Thuế và các khoản khác phải thu Nhà nước 153 19 801.151.937 1.623.513.275

I Các khoản phải thu dài hạn 210 57.820.282.182 12.830.611.480

1 Phải thu dài hạn của khách hàng 215 8

2 Phải thu về cho vay dài hạn 216 9 45.420.000.000

3 Phải thu dài hạn khác 12.400.282.182 12.830.611.480

II Tài sản cố định 220 1.248.422.391.05

1 Tài sản cố định hữu hình 221 11 1.199.551.859.89

- Giá trị hao mòn luỹ kế (*) 223 (590.015.901.103) (446.730.362.884)

2 Tài sản cố định vô hình 227 12 48.870.531.155 50.991.557.233

III Bất động sản đầu tư 230 13 133.585.866.784

- Giá trị hao mòn luỹ kế (*) 232 (3.432.214.224)

IV Tài sản dở dang dài hạn 240 165.135.569.881 724.805.222.338

1 Chi phí xây dựng cơ bản dở dang 242 15 165.135.569.881 724.805.222.338

V Đầu tư tài chính dài hạn 250 74.135.069.881 29.028.000.000

1 Đầu tư vào công ty liên doanh, liên kết 255 16.1 9.107.069.881

2 Đầu tư góp vốn vào đơn vị khác 16.2

3 Dự phòng đầu tư tài chính dài hạn (*)

4 Đầu tư nắm giữ đến ngày đáo hạn 255 65.028.000.000 29.028.000.000

VI Tài sản dài hạn khác 260 119.078.376.616 37.930.051.890

1 Chi phí trả trước dài hạn 261 17 118.964.436.266 37.504.356.805

2 Tài sản thuế thu nhập hoãn lại 262 30.3 113.940.350 425.695.085

1 Phải trả người bán ngắn hạn 311 18.1 362.667.103.245 373.667.198.324

2 Người mua trả tiền trước ngắn hạn 312 18.2 59.217.933.381 26.325.927.505

3 Thuế và các khoản phải nộp Nhà nước 313 19 16.169.093.835 8.450.998.848

4 Phải trả người lao động 314 13.573.170.315 11.760.896.261

5 Chi phí phải trả ngắn hạn 315 20 21.871.650.292 5.391.155.271

6 Doanh thu chưa thực hiện ngắn hạn 318 21 25.125.562.546 271.885.090

7 Phải trả ngắn hạn khác 319 2.841.289.230 1.975.320.922

8 Vay và nợ ngắn hạn 320 22 1.440.051.944.76

9 Quỹ khen thưởng, phúc lợi 322 23 469.589.997 374.645.530

1 Phải trả người bán dài hạn 336 21

2 Doanh thu chưa thực hiện dài hạn 337 46.464.911.301

3 Phải trả dài hạn khác 338 22 14.539.276.008

4 Vay và nợ dài hạn 341 30.3 822.906.074.729 805.682.333.893

5 Thuế thu nhập hoãn lại phải trả 5.566.899

1 Vốn cổ phần đã phát hành 411 1.027.199.856.00

- Cổ phiếu phổ thông có quyền biểu quyết 411a 1.027.199.856.00

2 Thặng dư vốn cổ phần 412 319.267.613.597 319.267.613.597

3 Vốn khác của chủ sở hữu

4 Chênh lệch tỷ giá hối đoái 417 (202.666.841) (23.829.146)

5 Quỹ đầu tư phát triển 418 40.345.615.430 34.665.229.886

6 Quỹ khác thuộc vốn chủ sở hữu 420 7.909.432.593 7.906.442.593

7 Lợi nhuận sau thuế chưa phân phối 421 361.311.525.677 159.516.080.798

- LNST chưa phân phối đến cuối năm trước 421a 85.031.979.810 51.359.795.798

- LNST chưa phân phối năm nay 421b 276.279.545.867 108.156.285.000

8 Lợi ích cổ đông không kiểm soát 429 197.804.819.444 239.618.695.486

BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH HỢP NHẤT

1 Doanh thu bán hàng và cung cấp dịch vụ 1 25.1 5.566.951.036.445 4.811.296.287.501

2 Các khoản giảm trừ doanh thu 2 25.1 (12.107.068.041) (7.254.532.446)

3 Doanh thu thuần về bán hàng và cung cấp dịch vụ (10= 01-02) 10 25.1 5.554.843.968.404 4.804.041.755.055

4 Giá vốn hàng bán và dvu cung cấp 11 26 (4.929.560.341.264) (4.403.181.924.119)

5 Lợi nhuận gộp về bán hàng và cung cấp dịch vụ (20 - 11) 20 2 625.283.627.140 400.859.830.936

6 Doanh thu hoạt động tài chính 21 25.2 107.805.273.691 36.910.561.045

- Trong đó: Chi phí lãi vay 23 (135.252.963.243) (75.170.987.318)

8 Phần lỗ trong công ty liên doanh, liên kết 24 (33.930.119)

10 Chi phí quản lý doanh nghiệp 26 28 (89.412.492.861) (74.170.987.318)

11 Lợi nhuận thuần từ hoạt động kinh doanh 30 354.240.930.947 147.411.189.160

15 Tổng lợi nhuận kế toán trước thuế 50 358.436.023.874 152.390.593.910

16 Chi phí thuế TNDN hiện hành 51 30.1 (50.080.332.996) (25.663.216.756)

17 Chi phí thuế TNDN hoãn lại 52 30.3 (13.738.367.277) 561.970.982

18 Lợi nhuận sau thuế thu nhập doanh nghiệp (60P – 51 - 52) 60 294.617.323.601 127.289.348.136

19 Lợi nhuận sau thuế của công ty mẹ 61 276.279.545.867 108.156.285.000

20 Lợi nhuận sau thuế của cổ đông không kiểm soát 62 18.337.777.734 19.133.063.136

21 Lãi cơ bản trên cổ phiếu (*) 70 32 987 788

22 Lãi suy giảm trên cổ phiếu (*) 71 32 987 788

BÁO CÁO LƯU CHUYỂN TIỀN TỆ HỢP NHẤT

CHỈ TIÊU Mã số Thuyế t minh 2019 2018

I Lưu chuyển tiền từ hoạt động kinh doanh

2 Điều chỉnh cho các khoản

- Khấu hao TSCĐ và BĐSĐT 02 155.180.573.078 1.469.730.768.529

- Lãi, lỗ chênh lệch tỷ giá hối đoái do đánh giá lại các khoản mục tiền tệ có gốc ngoại tệ 04 4.429.960.709 1.145.965.087

- Lãi, lỗ từ hoạt động đầu tư 05 (85.034.870.182)

3 Lợi nhuận từ hoạt động kinh doanh trước thay đổi vốn lưu động 08 569.787.040.206

- Tăng, giảm các khoản phải thu 09 (252.788.549.453) (31.344.034.692)

- Tăng, giảm hàng tồn kho 10 102.617.894.509 (197.618.598.106)

- Tăng, giảm các khoản phải trả (Không kể lãi vay phải trả, thuế thu nhập doanh nghiệp phải nộp)

- Tăng, giảm chi phí trả trước 12 (13.312.572.822) 17.426.543.873

- Tăng, giảm chứng khoán kinh doanh 13 (35.802.012.000)

- Tiền lãi vay đã trả 14 (136.662.525.227) 74.457.329.159

- Thuế thu nhập doanh nghiệp đã nộp 15 (41.855.254.649) (27.685.642.513)

- Tiền thu khác từ hoạt động kinh doanh 16 - 42.000.000.000

- Tiền chi khác cho hoạt động kinh doanh 17 23 (24.819.186.702) (30.540.560.736)

Lưu chuyển tiền thuần từ hoạt động kinh doanh 20 293.604.546.285 23.124.466.766

II Lưu chuyển tiền từ hoạt động đầu tư

1 Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác 21 (302.336.972.048) (1.019.111.072.028)

2 Tiền thu từ thanh lý, nhượng bán

TSCĐ và các tài sản dài hạn khác 22 4.957.817.782 -

3 Tiền chi cho vay, mua các công cụ nợ của đơn vị khác 23 (1.196.337.430.338) (736.177.237.786)

4 Tiền thu hồi cho vay, bán lại các công cụ nợ của đơn vị khác 24 926.340.154.879 206.223.859.820

5 Tiền chi đầu tư góp vốn vào đơn vị khác 25 (49.792.008.000) (52.985.405.968)

6 Tiền thu hồi đầu tư góp vốn vào đơn vị khác 26 53.424.025.541 10.995.431.130

7 Tiền thu lãi cho vay, cổ tức và lợi nhuận được chia 27 47.833.140.273 14.117.828.235

Lưu chuyển tiền thuần từ hoạt động đầu tư 30 (515.911.271.910) (1.576.936.596.596)

III Lưu chuyển tiền từ hoạt động tài chính

1 Tiền thu từ phát hành cổ phiếu, nhận vốn góp của chủ sở hữu 31 850.945.081.200

2 Tiền thu từ đi vay 33 4.802.217.317.875 4.704.867.377.983

3 Tiền trả nợ gốc vay 34 (4.733.432.170.245) (3.838.678.724.700)

4 Cổ tức, lợi nhuận đã trả cho chủ sở hữu 36 (58.399.147.800) (81.679.124.700)

Lưu chuyển tiền thuần từ hoạt động tài chính 40 10.385.999.830 1.635.455.093.438

Lưu chuyển tiền thuần trong năm

Tiền và tương đương tiền đầu năm 60 387.284.906.055 305.746.581.920 Ảnh hưởng của thay đổi tỷ giá hối đoái quy đổi ngoại tệ 61 (359.371.667) (104.639.473)

Tiền và tương đương tiền cuối kỳ

Ngày 31 tháng 12 năm 2020 Đơn vị tính: VND

I Tiền và các khoản tương đương tiền 110 5 578.230.273.230 175.004.814.591

II Đầu tư tài chính ngắn hạn 120 6 455.160.000.000 750.693.261.315

2 Đầu tư nắm giữ đến ngày đáo hạn 123 715.891.249.315

5 Dự phòng phải thu ngắn hạn khó đòi

2 Dự phòng giảm giá hàng tồn kho (*) 149 (235.186.923) (211.481.822)

3 Thuế và các khoản khác phải thu Nhà nước 153 655.787.359 801.151.937

1 Phải thu dài hạn của khách hàng 211 7.1 25.635.361.080

2 Phải thu về cho vay dài hạn 215 8 68.433.000.000 45.420.000.000

3 Phải thu dài hạn khác 216 9 10.277.977.600 12.400.282.182

II Tài sản cố định 220 1.395.015.967.92

III Bất động sản đầu tư 230 14 268.649.210.625 133.585.866.784

V Đầu tư tài chính dài hạn 250 17 292.906.975.305 74.135.069.881

1 Đầu tư vào công ty liên doanh, liên kết 252 240.781.975.306 9.107.069.881

2 Đầu tư góp vốn vào đơn vị khác 253 10.411.856.494

3 Dự phòng đầu tư tài chính dài hạn (*) 254 (286.856.495)

2 Tài sản thuế thu nhập hoãn lại 262 34.3 138.215.718 113.940.350

6 Doanh thu chưa thực hiện ngắn hạn 318 23 52.980.388.018 25.125.562.546

7 Phải trả ngắn hạn khác 319 24 10.257.356.076 2.841.289.230

8 Vay và nợ ngắn hạn 320 25 1.766.015.561.77

9 Quỹ khen thưởng, phúc lợi 322 26 520.473.762 469.589.997

1 Phải trả người bán dài hạn 331 20.1 15.152.398.351

2 Doanh thu chưa thực hiện dài hạn 336 23 61.144.749.417 46.464.911.301

3 Phải trả dài hạn khác 337 24 3.667.081.570 14.539.276.008

4 Vay và nợ dài hạn 338 25 370.288.108.705 822.906.074.729

5 Thuế thu nhập hoãn lại phải trả 341 34.3 13.317.910.578

3 Vốn khác của chủ sở hữu 414 15.926.958.000

4 Chênh lệch tỷ giá hối đoái 417 (604.376.602) (202.666.841)

5 Lợi nhuận gộp về bán hàng và cung cấp dịch vụ (20 - 11) 20 466.161.132.818 625.283.627.140

8 Phần lãi trong công ty liên doanh, liên kết 24 17.1 10.022.577.687 (33.930.119)

17 Chi phí thuế TNDN hoãn lại 52 34.4 138.544.230 (13.738.367.277)

20 Lợi nhuận sau thuế của cổ đông không kiểm soát 62 12.559.195.165 18.337.777.734

- Khấu hao TSCĐ và BĐSĐT 2 172.277.445.168 155.180.573.078

- Lãi, lỗ chênh lệch tỷ giá hối đoái do đánh giá lại các khoản mục tiền tệ có gốc ngoại tệ

- Lãi, lỗ từ hoạt động đầu tư 05 (87.981.041.771) (85.034.870.182)

3 Lợi nhuận từ hoạt động kinh doanh trước thay đổi vốn lưu động 8 407.022.871.727 569.787.040.206

- Tăng, giảm các khoản phải thu 09 7.464.615.912 (252.788.549.453)

- Tăng, giảm hàng tồn kho 10 154.287.905.425 102.617.894.509

- Tăng, giảm các khoản phải trả (Không kể lãi vay phải trả, thuế thu nhập doanh nghiệp phải nộp) 11 (55.450.563.298) 126.439.712.423

- Tăng, giảm chi phí trả trước 12 (6.441.032.621) (13.312.572.822)

- Tăng, giảm chứng khoán kinh doanh 13 35.802.012.000 (35.802.012.000)

- Tiền lãi vay đã trả 14 (119.602.828.236) (136.662.525.227)

- Thuế thu nhập doanh nghiệp đã nộp 15 21 (29.756.977.451) (41.855.254.649)

1 Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác 21 (162.860.149.687) (302.336.972.048)

TSCĐ và các tài sản dài hạn khác 22 2.467.636.364 4.957.817.782 3.Tiền chi cho vay, mua các công cụ nợ của đơn vị khác 23 (1.057.860.749.945) (1.196.337.430.338)

4 Tiền thu hồi cho vay, bán lại các công cụ nợ của đơn vị khác 24 1.610.318.645.033 926.340.154.879

7 Tiền thu lãi cho vay, cổ tức và lợi nhuận được chia 27 81.555.349.545 47.833.140.273

Lưu chuyển tiền thuần từ hoạt động đầu tư 30 20.820.648.830 (515.911.271.910)

1 Tiền thu từ phát hành cổ phiếu, nhận vốn góp của chủ sở hữu 31 27.1 341.976.900.000

2 Tiền thu từ đi vay 33 4.157.728.295.403 4.802.217.317.875

Lưu chuyển tiền thuần từ hoạt động tài chính 40 15.353.316.438 10.385.999.830

Tiền và tương đương tiền đầu năm 60 175.004.808.591 387.284.906.055 Ảnh hưởng của thay đổi tỷ giá hối đoái quy đổi ngoại tệ 61 (471.731.552) (359.371.667)

TÀI SẢN Mã Thuyế 31/12/2021 01/01/2021 số t minh

I Tiền và các khoản tương đương tiền 110 5 1.192.902.444.10

II Đầu tư tài chính ngắn hạn 120 6 261.693.600.000 455.160.000.000

5 Dự phòng phải thu ngắn hạn khó đòi

2 Dự phòng giảm giá hàng tồn kho (*) 149 (235.186.923)

3 Thuế và các khoản khác phải thu Nhà nước 153 655.787.359

1 Phải thu dài hạn của khách hàng 211 7.1 130.697.279.206 25.635.361.080

2 Phải thu về cho vay dài hạn 215 8 26.819.753.040 68.433.000.000

3 Phải thu dài hạn khác 216 9 9.862.827.676 10.277.977.600

II Tài sản cố định 220 1.260.503.767.17

III Bất động sản đầu tư 230 14 315.808.482.128 268.649.210.625

V Đầu tư tài chính dài hạn 250 17 341.945.562.042 292.906.975.305

1 Đầu tư vào công ty liên doanh, liên kết 252 313.148.562.042 240.781.975.306

2 Đầu tư góp vốn vào đơn vị khác 253 10.797.000.000 10.411.856.494

3 Dự phòng đầu tư tài chính dài hạn (*) 254 (286.856.495)

2 Tài sản thuế thu nhập hoãn lại 262 34.3 1.267.206.177 138.215.718

6 Doanh thu chưa thực hiện ngắn hạn 318 23 39.639.586.506 52.980.388.018

7 Phải trả ngắn hạn khác 319 24 97.773.064.439 10.257.356.076

8 Vay và nợ ngắn hạn 320 25 1.309.908.658.87

9 Quỹ khen thưởng, phúc lợi 322 26 4.330.796.599 520.473.762

1 Phải trả người bán dài hạn 331 20.1 532.387.296 15.152.398.351

2 Doanh thu chưa thực hiện dài hạn 336 23 53.666.110.841 61.144.749.417

3 Phải trả dài hạn khác 337 24 3.886.081.573 3.667.081.570

4 Vay và nợ dài hạn 338 25 705.598.707.499 370.288.108.705

5 Thuế thu nhập hoãn lại phải trả 341 34.3 13.317.910.578

3 Vốn khác của chủ sở hữu 414 15.926.958.000 15.926.958.000

4 Chênh lệch tỷ giá hối đoái 417 (5.485.484.667) (604.376.602)

Ngày 31 tháng 12 năm 2021 Đơn vị tính: VND

5 Lợi nhuận gộp về bán hàng và cung cấp dịch vụ (20 - 11) 20 780.825.230.078 466.161.132.818

8 Phần lãi trong công ty liên doanh, liên kết 24 17.1 13.723.884.922 10.022.577.687

17 Chi phí thuế TNDN hoãn lại 52 34.4 14.446.901.034 138.544.230

20 Lợi nhuận sau thuế của cổ đông 62 20.341.207.273 12.559.195.165 không kiểm soát

CHỈ TIÊU Mã số Thuyế t minh 2021 2020

- Khấu hao TSCĐ và BĐSĐT 2 189.560.995.854 172.277.445.168

- Lãi, lỗ chênh lệch tỷ giá hối đoái do đánh giá lại các khoản mục tiền tệ có gốc ngoại tệ 04 3.133.636.362 318.204.769

- Lãi, lỗ từ hoạt động đầu tư 05 (81.809.455.014) (87.981.041.771)

3 Lợi nhuận từ hoạt động kinh doanh trước thay đổi vốn lưu động 8 445.125.752.240 407.022.871.727

- Tăng, giảm các khoản phải thu 09 7.128.421.708 7.464.615.912

- Tăng, giảm hàng tồn kho 10 33.034.828.596 154.287.905.425

- Tăng, giảm các khoản phải trả (Không kể lãi vay phải trả, thuế thu nhập doanh nghiệp phải nộp)

- Tăng, giảm chi phí trả trước 12 (13.594.601.025) (6.441.032.621)

- Tăng, giảm chứng khoán kinh doanh 13 35.802.012.000

- Tiền lãi vay đã trả 14 (90.726.536.700) (119.602.828.236)

- Thuế thu nhập doanh nghiệp đã nộp 15 21 (55.197.114.908) (29.756.977.451)

1 Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác 21 (401.166.738.320) (162.860.149.687)

TSCĐ và các tài sản dài hạn khác 22 3.870.406.569 2.467.636.364

3 Tiền chi cho vay, mua các công cụ nợ của đơn vị khác 23 (972.635.927.040) (1.057.860.749.945)

4 Tiền thu hồi cho vay, bán lại các công cụ nợ của đơn vị khác 24 1.223.573.593.816 1.610.318.645.033

7.Tiền thu lãi cho vay, cổ tức và lợi nhuận được chia 27 87.628.644.384 81.555.349.545

Lưu chuyển tiền thuần từ hoạt động đầu tư 30 (90.234.119.923) 20.820.648.830

1 Tiền thu từ phát hành cổ phiếu, nhận vốn góp của chủ sở hữu 31 27.1 687.427.292.692 341.976.900.000

2 Tiền thu từ đi vay 33 5.344.897.437.629 4.157.728.295.403

Lưu chuyển tiền thuần từ hoạt động tài chính 40 443.546.889.243 15.353.316.438

Tiền và tương đương tiền đầu năm 60 578.230.273.231 175.004.808.591 Ảnh hưởng của thay đổi tỷ giá hối đoái quy đổi ngoại tệ 61 (4.812.768.106) (471.731.552)

NHẬN XÉT CỦA NGƯỜI HƯỚNG DẪN KHOA HỌC

Họ và tên người hướng dẫn khoa học:

Nhận xét quá trình thực tập tốt nghiệp của sinh viên:

1 Về tinh thần thái độ thực tập của sinh viên

2 Về chất lượng và nội dung của luận văn

Hà Nội, ngày ….tháng năm 2023 Điểm: - Bằng số Người nhận xét

NHẬN XÉT CỦA NGƯỜI PHẢN BIỆN

Họ và tên người phản biện:

Nhận xét quá trình thực tập tốt nghiệp của sinh viên:

Điểm: - Bằng số: Người nhận xét

XÁC NHẬN CỦA GIÁO VIÊN HƯỚNG DẪN THỰC TẬP

Giảng viên hướng dẫn thực tập tốt nghiệp……… Xác nhận sinh viện: ……… ……… Lớp CQ57/11 ….CLC Chuyên ngành: Tài chính Doanh nghiệp

Trong thời gian thực tập tốt nghiệp, sinh viên ……… đã hoàn thành nội dung thực tập và chấp hành nghiêm chỉnh quy định của Học Viện và

Bộ môn về thời gian báo cáo thực tập, cụ thể như sau:

Lần báo cáo Thời gian về báo cáo Xác nhận của giáo viên hướng dẫn

Tiêu đề	Financial Situation Of An Vinh Packaging Joint Stock Company (Period: 2019 – 2022)
Tác giả	Vũ Thảo Phương
Người hướng dẫn	Dr. Nguyen Truong Giang
Trường học	Academy of Finance
Chuyên ngành	Corporate Finance
Thể loại	graduation thesis
Năm xuất bản	2023
Thành phố	Ha Noi

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