Individual Assignment Sabeco Brewery.pdf

INTRODUCTION ABOUT SABECO Sabeco, also known as Saigon Beer Alcohol Beverage Corporation VN: Tổng Công ty Cổ phần Bia – Rư ợu – Nư ớc giải khát Sài Gòn, is a leading Vietnamese comp

FPT UNIVERSITY - CAN THO CAMPUS

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INDIVIDUAL ASSIGNMENT [FIN202]

F I N A N C I A L S T A T E M E N T A N A L Y S I S

S A B E CO B R E WE RY

Student code: CS171022

Class: BA1701

TABLE OF CONTENTS

I INTRODUCTION 3

1 ABOUT SABECO (SAB) 3

2 COMPETITOR – HABECO (B HN) 4

II FINANCIAL STATEMENT ANALYSIS 5

1 COMMON-SIZE ANALYSIS 5

a Balance Sheet 6

b Income Statement 7

2 RATIO ANALYSIS 9

3 DUPONT ANALYSIS 10

III CONCLUSION 16

IV REFERENCE 17

INTRODUCTION

ABOUT SABECO

Sabeco, also known as Saigon Beer Alcohol

Beverage Corporation (VN: Tổng Công ty Cổ

phần Bia – Rư ợu – Nư ớc giải khát Sài Gòn),

is a leading Vietnamese company in the

alcoholic beverage industry The company

was founded in 1875 and is headquartered in

Ho Chi Minh City, Vietnam Recently, it has

become a subsidiary of ThaiBev SABECO is

a public company and traded as SAB (HOSE)

MARKET SHARE

Sabeco holds a significant market share of approximately 40% in the Vietnamese beer market, making it the largest beer producer in the country The company's main business is the production, distribution, and sale of alcoholic beverages, including beer, wine, and spirits Sabeco's popular brands include Saigon Beer, 333 Beer, and Saigon Special Beer In addition to its local brands, Sabeco also produces and distributes international beer brands such as Heineken and Tiger Beer through a licensing agreement with their respective owners

IMPORTANT PROJECTS

Sabeco has implemented several important projects to support its business growth and expansion One such project is the modernization of its production facilities, including the construction of new breweries and the upgrade of existing ones The company has also invested in new product development and marketing initiatives to increase its market share and expand its customer base Sabeco has been successful in these initiatives, and its products are sold throughout Vietnam and in many international markets

INTRODUCTION

COMPETITOR-HABECO

Habeco, or Hanoi Beer Alcohol And Beverage

Joint Stock Corporation, is a Vietnamese

company that operates in the alcoholic

beverage industry The company was

established in 1962 and is headquartered in

Hanoi, Vietnam HABECO is a state-owned

company and traded as BHN (HOSE)

MARKET SHARE

Habeco is one of the leading beer producers in Vietnam, holding a significant market share of approximately 18% The production, distribution, and sale of alcoholic beverages, including beer, wine, and spirits is the company’s main business Habeco's popular beer brands include Hanoi Beer, Truc Bach Beer, and Halida Beer

IMPORTANT PROJECTS

One of Habeco's important projects is the expansion of its production facilities, which includes the construction of new breweries and the modernization of existing ones The company has also been investing in new product development and marketing initiatives to increase its market share In addition to its core business activities, Habeco is also involved in corporate social responsibility initiatives The company has implemented various programs to support local communities and protect the environment For example, Habeco has implemented a program to reduce its environmental impact by recycling waste materials and reducing energy consumption

FINANCIAL STATEMENT ANALYSIS

COMMON-SIZE BALANCE SHEETS

COMMON-SIZE BALANCE SHEETS FOR SABECO

ITEMS 2020 % 2021 % 2022 %

ASSETS

CURRENT

ASSETS 19.513.381.452.440,00 71,28 22.877.033.322.264,00 75,04 26.860.224.573.663,00 77,93 Cash and cash

equivalents 2.726.137.088.387,00 9,96 3.606.454.403.209,00 11,83 4.069.464.160.642,00 11,81 Short-term

investments 14.547.419.432.877,00 53,14 16.991.239.000.000,00 55,73 19.411.469.500.000,00 56,32 Short-term

receivable 590.846.416.109,00 2,16 467.956.130.071,00 1,53 897.692.694.315,00 2,60 Inventories

1.446.832.994.933,00 5,29 1.668.001.734.209,00 5,47 2.193.521.139.336,00 6,36 Other current

assets 202.145.520.134,00 0,74 143.382.054.775,00 0,47 288.077.079.370,00 0,84

LONG-TERM

ASSETS 7.861.591.322.918,00 28,72 7.609.991.050.161,00 24,96 7.604.851.042.093,00 22,07 Long-term

receivables 11.958.390.566,00 0,04 12.640.850.386,00 0,04 37.720.028.871,00 0,11 Fixed assets

4.874.503.649.521,00 17,81 4.401.799.818.086,00 14,44 4.454.982.147.731,00 12,93 Investment

properties 65.173.748.670,00 0,24 41.270.248.842,00 0,14 153.128.987.010,00 0,44 Long-term

incomplete

assets 28.138.829.026,00 0,10 551.470.893.844,00 1,81 133.548.179.000,00 0,39 Long-term

investments 2.351.285.997.476,00 8,59 2.125.162.874.416,00 6,97 2.214.115.381.757,00 6,42 Other long-term

assets 530.530.707.659,00 1,94 477.646.364.587,00 1,57 611.356.317.724,00 1,77 TOTAL ASSETS

27.374.972.775.358,00 100,00 30.487.024.372.425,00 100,00 34.465.075.615.756,00 100,00 LIABILITIES

Current

liabilities 5.173.043.219.872,00 18,90 7.258.020.535.153,00 23,81 9.213.862.412.096,00 26,73 Long-term

liabilities 986.653.164.558,00 3,60 634.218.134.111,00 2,08 660.367.284.267,00 1,92 TOTAL

LIABILITIES 6.159.696.384.430,00 22,50 7.892.238.669.264,00 25,89 9.874.229.696.363,00 28,65

TOTAL EQUITY

21.215.276.390.928,00 77,50 22.594.785.703.161,00 74,11 24.590.845.919.393,00 71,35 TOTAL LIABILITIES &

EQUITY 27.374.972.775.358,00 100,00 30.487.024.372.425,00 100,00 34.465.075.615.756,00 100,00

COMMON-SIZE BALANCE SHEETS FOR HABECO

ITEMS 2020 % 2021 % 2022 %

CURRENT ASSETS 4.500.763.443.175,00 58,57 4.342.027.681.112,00 61,27 4.868.201.238.605,00 67,09

Cash and cash

equivalents 818.705.165.651,00 10,65 762.415.449.399,00 10,76 519.934.563.320,00 7,17

Short-term

investments 2.386.211.000.000,00 31,05 2.404.009.000.000,00 33,92 2.964.442.500.000,00 40,85

Short-term

receivable 384.457.518.077,00 5,00 377.360.736.669,00 5,32 459.144.047.244,00 6,33 Inventories 597.223.915.582,00 7,77 553.520.389.155,00 7,81 722.594.487.553,00 9,96

Other current

assets 314.165.843.865,00 4,09 244.722.105.889,00 3,45 202.085.640.488,00 2,78

LONG-TERM

ASSETS 3.183.319.157.800,00 41,43 2.744.985.931.306,00 38,73 2.388.053.949.344,00 32,91

Long-term

receivables 10.000.000,00 0,00 10.000.000,00 0,00 130.000.000,00 0,00 Fixed assets 2.556.020.619.257,00 33,26 2.184.962.823.659,00 30,83 1.838.489.757.013,00 25,34

Investment

properties 5.887.518.056,00 0,08 5.062.712.696,00 0,07 4.237.907.336,00 0,06

Long-term

incomplete

assets 47.359.180.340,00 0,62 35.635.024.928,00 0,50 15.259.432.815,00 0,21 Long-term investments 265.201.627.502,00 3,45 266.012.763.904,00 3,75 316.550.473.711,00 4,36

Other long-term

assets 308.840.212.645,00 4,02 253.302.606.119,00 3,57 213.386.378.469,00 2,94 TOTAL ASSETS

7.684.082.600.975,00 100,00 7.087.013.612.418,00 100,00 7.256.255.187.949,00 100,00 LIABILITIES

Current liabilities 1.746.185.904.092,00 22,72 2.181.447.804.081,00 30,78 1.814.341.051.591,00 25,00

Long-term

liabilities 202.358.681.310,00 2,63 147.863.736.630,00 2,09 112.816.571.110,00 1,55

TOTAL

LIABILITIES 1.948.544.585.402,00 25,36 2.329.311.540.711,00 32,87 1.927.157.622.701,00 26,56

TOTAL EQUITY 5.735.538.015.573,00 74,64 4.757.702.071.707,00 67,13 5.329.097.565.248,00 73,44 TOTAL LIABILITIES

EQUITY 7.684.082.600.975,00 100,00 7.087.013.612.418,00 100,00 7.256.255.187.949,00 100,00

FINANCIAL STATEMENT ANALYSIS

COMMON-SIZE INCOME STATEMENT

COMMON-SIZE INCOME STATEMENT FOR SABECO

ITEMS 2020 % 2021 % 2022 %

Sales 28.135.622.624.299,00 100,00 26.578.007.393.513,00 100,00 35.235.899.123.781,00 100,00 Sales deductions -174.298.787.288,00 -0,62 -204.261.099.655,00 -0,77 -256.815.129.946,00 -0,73 Net sales 27.961.323.837.011,00 99,38 26.373.746.293.858,00 99,23 34.979.083.993.835,00 99,27 Cost of sales -19.460.229.052.562,00 -69,17 -18.765.181.482.365,00 -70,60 -24.208.377.066.751,00 -68,70 Gross Profit 8.501.094.784.449,00 30,21 7.608.564.811.493,00 28,63 10.770.706.927.084,00 30,57 Financial income 974.401.634.870,00 3,46 1.119.597.121.857,00 4,21 1.090.560.762.647,00 3,10 Financial expenses -105.449.377.566,00 -0,37 -22.784.167.607,00 -0,09 -81.993.117.030,00 -0,23

of which: interest expenses -63.681.326.473,00 -0,23 -48.739.800.374,00 -0,18 -45.517.297.000,00 -0,13

Gain/(loss) from joint

ventures 267.405.919.991,00 0,95 172.939.963.562,00 0,65 323.119.361.276,00 0,92 Selling expenses -2.859.036.781.083,00 -10,16 -3.500.368.629.369,00 -13,17 -4.532.068.273.139,00 -12,86 General and admin expenses -702.005.344.515,00 -2,50 -597.716.255.412,00 -2,25 -740.665.660.468,00 -2,10 Operating profit/(loss) 6.076.410.836.146,00 21,60 4.780.232.844.524,00 17,99 6.829.660.000.370,00 19,38 Other incomes 55.952.250.986,00 0,20 95.929.356.826,00 0,36 20.990.166.318,00 0,06 Other expenses -20.544.761.167,00 -0,07 -19.267.951.607,00 -0,07 -37.232.847.726,00 -0,11 35.407.489.819,00 0,13 76.661.405.219,00 0,29 -16.242.681.408,00 -0,05

Income from investments in

Net accounting profit/(loss)

before tax (EBIT) 6.111.818.325.965,00 21,72 4.856.894.249.743,00 18,27 6.813.417.318.962,00 19,34

Corporate income tax -

current -1.124.942.822.470,00 -4,00 -954.964.248.596,00 -3,59 -1.323.982.218.726,00 -3,76

Corporate income tax -

deferred -50.029.533.241,00 -0,18 27.375.546.091,00 0,10 10.362.877.048,00 0,03

Corporate income tax

expenses -1.174.972.355.711,00 -4,18 -927.588.702.505,00 -3,49 -1.313.619.341.678,00 -3,73 Net profit/(loss) after tax 4.936.845.970.254,00 17,55 3.929.305.547.238,00 14,78 5.499.797.977.284,00 15,61 Minority interest 213.349.110.064,00 0,76 252.053.205.934,00 0,95 275.946.550.189,00 0,78

Attributable to parent

company 4.723.496.860.190,00 16,79 3.677.252.341.304,00 13,84 5.223.851.427.095,00 14,83

COMMON-SIZE INCOME STATEMENT FOR HABECO

ITEMS 2020 % 2021 % 2022 %

Sales 7.514.370.576.606,00 100,00 7.066.647.175.099,00 100,00 8.524.879.015.255,00 100,00 Sales deductions -61.778.467.162,00 -0,82 -103.793.622.429,00 -1,47 -127.093.121.527,00 -1,49 Net sales 7.452.592.109.444,00 99,18 6.962.853.552.670,00 98,53 8.397.785.893.728,00 98,51 Cost of sales -5.473.064.507.898,00 -72,83 -5.264.955.240.086,00 -74,50 -6.091.646.063.245,00 -71,46 Gross Profit 1.979.527.601.546,00 26,34 1.697.898.312.584,00 24,03 2.306.139.830.483,00 27,05 Financial income 120.704.137.745,00 1,61 123.362.469.675,00 1,75 144.557.348.859,00 1,70 Financial expenses -24.321.027.003,00 -0,32 -14.875.738.548,00 -0,21 -10.466.366.436,00 -0,12

of which: interest expenses -22.728.804.045,00 -0,30 -11.064.398.634,00 -0,16 -8.706.896.393,00 -0,10

Gain/(loss) from joint

ventures -821.338.393,00 -0,01 10.065.104.122,00 0,14 7.490.550.681,00 0,09 Selling expenses -1.074.390.462.145,00 -14,30 -985.316.041.564,00 -13,94 -1.290.853.644.690,00 -15,14 General and admin expenses -515.589.422.823,00 -6,86 -429.047.962.717,00 -6,07 -547.318.778.556,00 -6,42 Operating profit/(loss) 485.109.488.927,00 6,46 402.086.143.552,00 5,69 609.548.940.341,00 7,15 Other incomes 299.215.281.908,00 3,98 34.879.120.565,00 0,49 52.382.657.764,00 0,61 Other expenses -17.077.447.662,00 -0,23 -9.226.121.990,00 -0,13 -6.573.659.075,00 -0,08 282.137.834.246,00 3,75 25.652.998.575,00 0,36 45.808.998.689,00 0,54

Income from investments in

Net accounting profit/(loss)

before tax (EBIT) 767.247.323.173,00 10,21 427.739.142.127,00 6,05 655.357.939.030,00 7,69

Corporate income tax -

current -110.304.477.699,00 -1,47 -89.817.903.408,00 -1,27 -129.487.325.555,00 -1,52

Corporate income tax -

deferred 3.645.894.662,00 0,05 -260.003.507,00 0,00 842.772.273,00 0,01 Corporate income tax expenses -106.658.583.037,00 -1,42 -90.077.906.915,00 -1,27 -128.644.553.282,00 -1,51 Net profit/(loss) after tax 660.588.740.136,00 8,79 337.661.235.212,00 4,78 526.713.385.748,00 6,18 Minority interest 4.240.552.322,00 0,06 20.557.662.349,00 0,29 37.720.626.609,00 0,44 Attributable to parent company 656.348.187.814,00 8,73 317.103.572.863,00 4,49 488.992.759.139,00 5,74

EPS diluted 2.793,00 0,00 1.353,00 0,00 2.009,00 0,00

FINANCIAL STATEMENT ANALYSIS

RATIO ANALYSIS

Inventory

Day's sales in

inventory 27,14 32,44 33,07 39,83 38,37 43,30 33,48 35,41 38,18 Account

receivable

turnover 46,39 54,88 37,39 19,38 18,45 18,28 32,88 36,66 27,84 Day's sales

Total asset

Fixed asset

Total debt ratio 0,23 0,26 0,29 0,25 0,33 0,27 0,24 0,29 0,28 Debt-to-equity

Equity

Times interest

earned 95,98 99,65 149,69 33,76 38,66 75,27 64,87 69,15 112,48 Cash coverage 42,81 73,99 89,40 36,02 68,91 59,72 39,41 71,45 74,56

Gross profit

Operating profit

Net profit

EBIT return on

Return on assets 0,18 0,13 0,16 0,09 0,05 0,07 0,13 0,09 0,12 Return on

Price-earning

Earnings per

share 7.365,72 5.734,23 8.145,96 3.099,56 1.368,01 2.109,55 5.232,64 3.551,12 5.127,75

FINANCIAL STATEMENT ANALYSIS

SABECO DUPONT ANALYSIS

SABECO 2020 DUPONT

NET PROFIT

TOTAL ASSET

TOTAL

5.173.043.219.872,00 6.159.696.384.430,00 27.374.972.7 75.358,00 EQUITY MULTIPLIER

TOTAL

21.215.276.3

SABECO 2021 DUPONT

NET SALES

26.373.746.293.858,00

NET OPERATING PROFIT

COGS 4.780.232.844.524,00

18.765.181.482.365,00 - NET PROFIT MARGIN

NET SALES 0,15

OPERATING EXPENSE 26.373.746.293.858,00

-4.120.869.052.388,00

INTEREST AND TAXES ROA

-976.328.502.879,00 0,13

CURRENT ASSETS NET SALES

22.877.033.322.264,00 26.373.746.293.858,00

TOTAL ASSET TURNOVER

FIXED ASSETS TOTAL ASSETS 0,87 ROE

4.401.799.818.086,00 30.487.024.372.425,00 0,17

CURRENT LIABILITIES TOTAL LIABILITIES TOTAL ASSETS

7.258.020.535.153,00 7.892.238.669.264,00 30.487.024.372.425,00 EQUITY MULTIPLIER

1,35

LONG-TERM LIABILITIES TOTAL EQUITY TOTAL EQUITY

634.218.134.111,00 22.594.785.703.161,00 22.594.785.703.161,00