THÔNG TIN TÀI LIỆU
HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY School of Industrial Management Analyse Khang Dien’s financial statements Student list: Duong Tram Anh 2052834 Trinh Tran Phu An 2052367 Cao Anh Hao 2052976 Nguyen Thi Hien 2052998 Nguyen Hoang Bao Ngoc 2052614 Financial statement| KHANG DIEN HOUSE TRADING AND INVESTMENT JOINT STOCK COMPANY Consolidated financial statements For the year ended 31 December 2020 CONTENTS Pages Introduction General information about company Analyze consolidated income statement Analyze consolidated balance sheet Analyze consolidated cash flow statement 13 Notes to the consolidated financial statements 16 Accounting standards in financial statement note 18 Compare to competitor’ company 22 Reference and appendix 23 Financial statement| INTRODUCTION Financial statement analysis is the process of analyzing a company's financial statements for decision-making purposes External stakeholders use it to understand the overall health of an organization as well as to evaluate financial performance and business value Internal constituents use it as a monitoring tool for managing the finances Financial accounting calls for all companies to create a balance sheet, income statement, and cash flow statement which form the basis for financial statement analysis THE COMPANY Khang Dien House Trading and Investment Joint Stock Company, together with its subsidiaries, operates as a real estate investment and development company in Vietnam The company trades in and leases houses and warehouses; constructs house for sale and lease; invests in the construction of infrastructure projects; undertakes engineering and industrial construction works; and provides real-estate consulting and brokerage services The Company’s shares were listed on the Ho Chi Minh City Stock Exchange (“HOSE”) with code KDH in accordance with Decision No 11/QD-SGDHCM issued by HOSE on 21 January 2010 The Company’s registered head office is located at Room and 2, 11th Floor, Saigon Centre, 67 Le Loi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam Financial statement| I, Analyze consolidated the income statement that investors have to pay a close attention to Why? Discuss whether the company’s performance related to these items appeared to be improving, deteriorating, or remaining stable Financial statement| These are four important items that investors should pay attention on income statement as follow: 1, Gross profit: This section shows the profit of company after subtracting the direct cost of earning that commonly named cost of good sold (COGS) or the cost associated with providing its services from revenue (sales) Most important measure to determine the financial performance of a company It assess business’s efficiency by using its labor, raw material and other supplies Thus, its increasing or decreasing over the time helps company to find out the reasons causing a fluctuation This helps the business in taking corrective actions whenever pricing the products or giving too much discounts 2, Net profit after tax This financial term used to indicate a company’ s profit or earnings after all tax and expenses have been paid It used to provide an indication of the profitability of a company by after-tax profit margin The higher after-tax margin is, the more effective the company runs Which determine the firm can provides its investors and shareholders though dividends and share buyback When this performance combines with other measure, it can accurately depict the overall health of a company Net profit represents the number of sales dollars remaining after deducting the following: All operating expenses, Interest, Taxes, Preferred stock dividends (but not common stock dividends) These are deducted from the company's total revenue and provide net profit [Companies that increase net income have more cash to invest in the company's future, pay dividends, and buyback stock.] Financial statement| 3, Earning per share (EPS) Which is an absolute important financial measure, which assess the profitability of the business It is calculated by dividing the company net income with its total common stock EPS index shows how much money a company makes for each share It is also necessary for a company to adjust for extraordinary items The higher a company’s EPS, the more profitable it would be Thus, investor will pay more for a company’s shares if the company has higher profits per its share Beside that, investors should consider EPS of a company to other competitors in order to make a more informed and prudent investment decision 4, Gross revenue and net revenue Gross revenue is the total amount of sales recognized for a reporting period before deducting all expenses This figure shows businesses’ ability to generate sales and potential for growth Gross revenue demonstrates a company’s value to external stakeholders Since gross revenue is a pure calculation of all the income the business earned, investors or other stakeholders can see how much money the company has earned Gross revenue can then determine if the company is a worthy investment Gross revenue and net revenue are often used to assess a company’s financial health Neither gross revenue and net revenue alone illustrate a company’s performance well These metrics are best used together Financial statement| EVALUATE THE COMPANY PERFORMANCE A common size on income statement is to express each item as a percentage of total sales in order to standardize the income statement It helps investor have a overview of company performance that they are improving, deteriorating or remaining stable Items Khang Dien House (KDH) Corporation Standardized Income statement in 2020 Commo Common-size n-base income year (billions income VNĐ) 2019 vs 2020 1, Revenue from sale 3, Net revenue from 5, Gross profit from sale 17, Net profit after tax 20, Basic earnings per share (VND’000/share) 2019 vs 2020 Combin ed Commo n-size and base income 2019 vs 2020 2,844 4,616 100% 100% 1.62 1.0 2,813 4,532 98.91% 98.18% 1.61 0.99 1,500 1,963 52.74% 42.53% 1.31 0.81 916 1154 32.21% 25% 1.25 0.77 1.48 2.06 1.39 Profitability ratios are financial metrics used by analysts and investors to measure and evaluate the ability of a company to generate income (profit) relative to revenue, balance sheet assets, operating costs, and shareholders’ equity during a specific period of time They show how well a company utilizes its assets to produce profit and value to shareholders Khang Dien House (KDH) Corporation Profitability ratios Gross profit margin Net profit margin EBIT margin 2019 Financial ratio (%) 2020 53.3 32.2 42.3 43.3 25.4 34.2 In general, Khang Dien revenue in 2020 is 4,616 billions VNĐ, while the common-base revenue is thus 1.62 It can show that the business is Financial statement| expanding and representing a 62 percent increase Despite revenue increase greatly, all expense also increase Thus net revenue decrease by 0.73% 32.21% is a profit margin of the company in 2019 compared to 25% in 2020 While the revenue increased times, there is a significant decline on net profit It illustrates that the company isn’t able to effectively provide its products at a price s higher than its cost and mismanaged expenses There is not much profit generating capacity of a business It is noticeable that the company experience the downward trend in EBIT margin over years EBIT margin falls by 8.1% from 42.3% in 2019 to 34.2% in 2020 It shows that, as mention above, the company ineffectively manage all operating costs, including cost of goods sold, selling and administrative expenses of the business Conclusion: 2020 marked the company’s success thanks to a 61% increase in revenue Beside that, there are also mistakes in controlling the expenses Overall, they are deteriorating in company performance but not significantly Financial statement| II, Analyze consolidated balance sheet that investors have to pay a close attention to Why? Discuss whether the company’s performance related to these items appeared to be improving, deteriorating, or remaining stable Financial statement| Total asset In general, the total assets of Khang Dien Group in 2020 compared to 2019 increased to VND 697147167, accounting for 5% Total assets increased although short-term assets decreased 363721390 accounting for 8.6% but long-term assets increased 193807 accounting for 0.2% Despite the difference, the increase in total assets shows that Khang Dien Group is developing and expanding in scale Total assets increased mainly due to the cash and cash equivalents increased by 56%, Inventory increased by 4%, and other revenues increased slightly Conclusion: The asset structure of enterprises tends to decrease shortterm assets and increase long-term assets Liabilites In general, the liabilities of Khang Dien Group in 2020 compared to 2019 increased to VND 20340732, accounting for 3.5% Liabilities increased because Non-Current-Liabilities increased sharply by approximately 500 million VND, accounting for 50%, although Current-Liabilities decreased slightly by 363721390 VND, accounting for 8.6% Liabilities increased compared to the previous year, but Khang Dien's economic situation is still growing, showing that this debt is for investment Financial statement| 10 III Analyze the firm’s investing and financing activities in cash flows statement Discuss whether you agree or disagree with the investing and financing strategies that your company appears to be employing 3.1 Cash flows from investing activities 3.1a General comment about 2020: In 2020, the company had positive net cash flows from investing activities, about 11B VND Cash was received by collection term deposits, sale of fixed assets and interest received Although 47 percent of receipt of cash came from collection of term deposits (which was a factor that created unsustainable capital growth), 53 percent of receipt of cash came from interest received (which was a factor that created safe capital growth) The amount of interest received was not greater than that of purchase and construction of fixed assets and other long-term assets but it accounted for about 77 percent of cash spent on these assets In sum, it was impossible to infer whether the company had unsafe or safe capital growth partly because the expenditure on fixed assets and other long-term assets decreased, with 48B (compared with 200B in previous year) 3.1b Analysis changes from 2019 to 2020 Net cash flows used in 2019 was at 200B VND but the situation changes in 2020 About 11B VND of net cash flows received from investing activities in 2020 The significant change was likely attributable to the two critical activities that were purchase and construction of fixed assets and other longterm assets and payment of term deposits Spending on fixed and long-term assets decreased dramatically from 234B VND in previous year to 48B VND in current year, by nearly 80 percent In addition, the company did not send Financial statement| 13 money to the bank in 2020, therefore, there was a hundred percent decline in payment of term deposits (from 92B VND to VND) In general, the company spent slightly on investing in other entities (at about 9.6B VND) while reduced remarkably in expenditure on long-term assets In our opinion, the company can rise investment in long-term assets or payment of deposits even if the net cash flow is negative It shows that the production capacity and business capacity of the enterprise are on the trend of development It is also necessary to analyze in detail the business status of the investee to make a reasonable assessment of the possibility of profit and loss in the following year Items CASH FLOW FROM INVESTING ACTIVITIES Previous year Current year Change Change (%) -80% Purchase and construction of fixed assets and other long-term assets (48,030,51 1) (234,743,6 60) 186,713,1 49 Proceeds from disposal of fixed assets 102,000 - 102,000 - (92,490,64 1) 92,490,64 -100% 60,000,000 (27,509,35 9) -46% - (9,600,000 ) Payment of term deposits Collection of term deposits Payment for investments in other entities 32,490,641 (9,600,000) Interest received 36,854,149 66,422,658 (29,568,50 9) Net cash flows from (used in) investing activities 11,816,27 (200,811, 643) 212,627, 922 -45% 3.2 Cash flows from financing activities Financial statement| 14 3.2a General comment about 2020: In 2020, the company had positive cash flow from financing activities, about 486B VND Majority of cash flow in was from drawdown of borrowings, at 2,019B VND This amount was much greater than the amount of repayment of borrowings and payment of dividend The company increased its equity and borrowed from banks to expand its scale, and at the same time proactively paid off the loan principal at 956B VND to reduce the proportion and value of loans However, the borrowed amount was more than the repayment amount, so the solvency risk was also worth paying attention to 3.2b Analysis changes from 2019 to 2020 Items CASH FLOW FROM FINANCING ACTIVITIES Current year Previous year Change Change (%) 104,000,00 96,500,000 7,500,000 1,020,000 - 1,020,000 Repurchase of issued shares (419,064,7 94) - (419,064,7 94) Drawdown of borrowings 2,019,565, 003 534,764,08 1,484,800, 923 278% Repayment of borrowings (956,905,1 52) (720,624,7 57) (236,280,3 95) 33% Dividend paid (262,289,2 35) (207,011,6 76) (55,277,55 9) 27% Net cash flows from (used in) financing activities 486,325,8 22 (296,372, 353) 782,698,1 75 Issuance of new shares Capital contribution from non-controlling interests 8% About 296B VND of net cash flows used in financing activities in 2019, however, in 2020, net cash flows received was at 486B VND The noticeable change was likely attributable to the two critical activities that were drawdown of borrowings and repurchase of issued shares Drawdown of borrowings increased substantially by about 278 percent, with a range from 534B VND to 2,019B VND In terms of repurchase of issued shares, cash spent on it increased to 419B VND corresponding to nearly a quarter of cash received from drawdown of borrowings In addition, cash using in repayment of borrowings rose by 236B VND corresponding to 33 percent Meanwhile, there was a slight growth the payment of dividend and the receipt of issuance of new share, about 27 percent and percent respectively Financial statement| 15 In general, the company mainly generated capital growth in terms of cash borrowed from financial institutions or bank while most uses of cash was in payment borrowings and repurchase of issued shares In our opinion, we partly disagree with repurchase of issued share This activity can bring benefits to company’s stockholders, however, it also can reduce the amount of cash on hand and the value of the company Financial statement| 16 IV Analyze note in the financial statement that investors have to pay a close attention to The reason for believing that these two items about the company would be important in making an investment decision Times interest earned – TIE The formula for TIE is calculated as earnings before interest and taxes (EBIT) divided by total interest payable on debt Billions VNĐ EBIT Interest expense 2017A 2018A 2019A 2020A 2021E 729 1,076 1,190 1,458 1,468 2017A 2018A 2019A 2020A Billions VNĐ 2021E -125 -89 -42 -84 -160 The result is a number that shows how many times a company could cover its interest charges with its pretax earnings To have calculated, the value of times interest earned is 17.357 (2020) and 9.175 (2021) The larger the ratio of the times interest earned proves that the TIE shows good signs This means that the TIE ratio for Khang Điền Company is 9.175, or 9.175 times the annual interest expense in 2021 The reason to think that this item would be important in making investment decision The times interest earned ratio measures a company’s ability to pay its interest expenses Help investors understand more about past business activities and potential future directions of the business regarding time interest earned The ratio of the times interest earned is very important, the higher the times interest earned, the greater the ability of the enterprise to pay interest to creditors Price-earning ratio – PE Financial statement| 17 The price earnings ratio, often called the P/E ratio or price to earnings ratio, is a market prospect ratio that calculates the market value of a stock relative to its earnings by comparing the market price per share by the earnings per share In other words, the price earnings ratio shows what the market is willing to pay for a stock based on its current earnings The PE ratio helps investors analyze how much they should pay for a stock based on its current earnings This is why the price to earnings ratio is often called a price multiple or earnings multiple Investors use this ratio to decide what multiple of earnings a share is worth In other words, how many times earnings they are willing to pay According to financial ratios, P/E of Khang Đien illustrates in from 2017 to 2021 2017A 2018A 2019A 2020A 2021E 11,341 12,443 13,791 14,982 17,973 P/E 24.6 16.4 16.2 15.1 18.6 P/B 2.4 2.2 2.0 2.1 2.2 BV (VND) In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E A low P/E can indicate either that a company may currently be undervalued or that the company is doing exceptionally well relative to its past trends When a company has no earnings or is posting losses, in both cases P/E will be expressed as “N/A.” Though it is possible to calculate a negative P/E, this is not the common convention The reason to think that this item would be important in making investment decision: The P/E ratio is one of the important indicators, which determines the choice of the investor's stock code The price-to-earnings ratio or P/E is one of the most widely-used stock analysis tools used by investors and analysts for determining the stock valuation Financial statement| 18 In theory, by taking the median of P/E ratios over a period of several years, one could formulate something of a standardized P/E ratio, which could then be seen as a benchmark and used to indicate whether or not a stock is worth buying Financial statement| 19 V Accounting Standards in Financial Statement Note I The Important of High Quality Accounting Standards Accounting Standards have close relationship with the quality of financial picture, investors confidence and so on The higher the quality of Accounting Standards, the more confidence of investors in capital market and the less capital costs they incur Success of capital markets is directly dependent on the quality of the accounting and disclosure system Disclosure systems that are founded on high quality standards give investors confidence in the credibility of financial reporting, and without investor confidence, markets cannot thrive Vietnam Accounting Standards Unlike the International Financial Reporting Standards (IFRS), the standardsetting body of the VAS is the Ministry of Finance (MOF) Vietnam’s government currently has 26 VAS based primarily on the IFRS but with certain customizations to fit Vietnam’s circumstances Accounting Standards adopted in KDH Financial Statement It is clearly that KDH Financial Statement have fully adopted 26 VAS, which are issued by the Ministry of Finance II Two important VAS that investors should pay attention to Because numbers on the Financial Statements totally depend on which Accounting Standards the accountant adopt Sometimes, companies use this and not the other Accounting Standards to beautify their performance when Financial statement| 20 they are going to IPO So, investors rely heavily on the interpretation of accounting standards Here some Accounting Standards in VAS system I highly recommend : AS 14 Revenue and other income and AS 18 Provisions, Asset and Contingent Liabilities Accounting Standard 14 Revenues and other incomes 1.1 Purpose The purpose of this standard is to prescribe and guide the principles and methods of accounting for revenue and other types of income including: Types of revenue, time of revenue recognition and other income accounting methods as the basis bookkeeping and financial statement preparation 1.2 Knowing transaction The transaction identification criteria in this standard is applied separately each transaction In some cases, transaction identification standards need apply separately to each part of a single transaction to reflect the nature that transaction Transaction Recognition Criteria are also applied to two more concurrently commercially related transactions to to of or 1.3 Principle of recognition This Standard applies to the accounting of sales and other income arising from the following transactions: Sales: selling products produced by firms and selling purchased goods Service supplying: Perform the work agreed upon under the contract in one or more accounting periods Profits, royalties and dividends are distributed 1.4 Why investor should pay attention to this item ? The application of Accounting Standard 14 in financial accounting indicates that this report is truly reflect the revenue and income of the company Investor can feel save for having read factual information Being used Accounting Standard 14 and examined by the E&Y’s auditors, KDH financial statement make a strong assurance for its investors, creditors, to continue going together, build strong companionship The development of Accounting Standards is part of a long-term process and commitment, the product of a continuous dialogue between regulators and the private sector High quality accounting standards result in greater investor confidence, which improves liquidity, reduces capital costs, and makes fair market prices possible Accounting Standard 18 Provisions, Asset and Contingent Liabilities 2.1 Purpose Financial statement| 21 For risk management require a strong foundation, high quality management capacity and large provisions in order to protect investors’ capital For that purpose, Accounting Standard 18 is built which aims at constructing the investors’ confidence when investing in the company (Illustrations, excerpts from KDH financial statements) 2.2 Principle of recognition A provision is recognized only when the following conditions are satisfied: a The company has a present obligation as a result of a past event b It is probable that an outflow of economic benefits will result in the payment of the debt obligation c A reliable estimate of the amount of the obligation can be obtained 2.3 Provisions and Contingent Liabilities A provision is usually an amount which is set aside from a company's profits It's usually used to cover a business loss or an expected liability Provisions should not be interpret as a form of savings Instead, it is a prerecognition of an upcoming liability Or can be understood, a provision is a liability that the business is not sure about the value or time Contingent liabilities is a type of debt that probable depends on the outcome of an uncertain future event It can be recorded on the books if the probability is high, and the amount can be estimated Financial statement| 22 2.4 Why investor should pay attention to this item? Provisions must be fully and accurately recorded in accordance with Accounting Standard 18 If there is a problem in the future, these provisions will play an extremely important role in limiting risks for investors A recession can knock any company off guard Provisions, properly recognized by Accounting Standard 18, are a solid foundation for investors to protect their capital from unexpected risks Financial statement| 23 VI Compare with competitor company Competitor: Phat Dat Corporation Phat Dat Real Estate Development Corporation (PDR) is known as one of the leading real estate developers in Vietnam with the objective of bringing new experiences to living spaces of urban residents Comparing financial statements of KDH and PDR KDH Items Net revenue Profit before tax Profit after tax ROA ROE ROS Change (compar 2020 ed to 2019) 4.532 61% 1.458 23% 1.152 8,27% 14,13% 25,42% 26% 19,68% 18,34% -21,86% PDR Items Net revenue Profit before tax Profit after tax ROA ROE ROS Change (compar 2020 ed to 2019) 3.911 15% 1.540 1.220,2 7,81% 23,49% 31,20% 39,30% 39,60% 24,76% 17,39% 21,35% Look at some specific items of two company KDH and PDR : Net revenue: of KDH was 4.532 in 2020 compared with 3.911 of PDR, respectively KDH has increased by 61% over the same period last year, while a smaller growth rate was seen in the data of PDR, only 15% Profit before and after tax: Profit before tax of KDH and PDR were recorded as 1,458 and 1,540 billion VND, respectively Contradictory to the growth rate of net revenue, change in percentage of KDH’s profit before tax is 23%, smaller than the rate of PDR, 39,3% Similarly, profits after tax of KDH and PDR were 1,152 and 1,220 billion VND ROS, which shows how much profit will be generated by dollar (VND in this case) of net revenue (in percentage) The higher the ROS, the greater the company's profit ROS of KDH and PDR are 25,42% and 31,2% Although net revenue of PDR was lower than that of KDH, its profit was approximately 68 billion VND higher than KDH, result in KDH’s ROS 22,74% lower than PDR This indicates that PDR have competitive advantage in cost managing In other word, PDR generates more profit than KDH with less sale expenses Another disadvantage of KDH is that, its ROS index in 2020 is lower than the same period 2019, indicated by -21,86% change of rate ROA shows how much profit is generated for dollars of current assets of the company In the financial statements of two company, calculating KDH’s ROA and ROE are 8% and 7,81% respectively PDR of ROA, 14% and 23,49% of ROE, respectively We can deduce that PDR has more sustainable competitive advantage than KDH, due to its higher ROE Financial statement| 24 According to Accounting equation: Asset = Liability + Owners’ Equity, if the company has more liability and uses lots of financial leverages, its ROE will higher when comparing with its ROA Now let’s move to the recognition of Liability and Owners’ Equity of this two companies KDH 13.934,4 PDR 15.617, 49 Total asset Total asset 4.386,2 Short-term Short-term 4.207,93 liability liability 10.423, 5.776,37 21 Total liability Total liability 5.194,2 8.158,10 Owners' equity Owners' equity From the above table, we can see that the amount of PDR’s liabilities is higher than that of KDH, 10,423.21 with 5,776.37 in billion VND, respectively The large gap between liability of this two companies is due to the higher amount of PDR’s long-term liability Company Items CAPITAL STRUCTURE Debt/total asset ratio Debt/owners’ equity ratio KDH PDR In 2020 0.4 0.7 0.67 0.39 Total debt-to-asset: The higher the ratio, the higher the degree of leverage and, consequently, the higher the risk of investing in that company In this case, the ratio for PDR’s total debt-to-asset is 0,67, for KDH is 0,41 Although PDR uses more financial leverage to generate profit (and the fact that its profit is higher than KDH’s), the risk level of this company is also higher than its competitor Therefore, despite the higher the ROE index, PDR is more risky than KDH Company Items Basic earning per share KDH PDR 2.06 2.93 In 2020 EPS measures the amount of a company’s profit on a per-share basis Beside, EPS is always accompanied by P/E ratio The price-to-earnings ratio is the ratio for valuing a company that measures its current share Although P/E ratio is especially important for investors when comparing the stock codes, it will not be discussed in this report because it relates to the current stock price Let get back to the EPS of KDH and PDR, they are recorded as 2,060 and 2,926 VND at the time 2020, respectively In simple way, we can choose the company that has bigger price, it definitely is PDR Financial statement| 25 Conclusion After analysing some special items from financial statements of two stock codes KDH and PDR, we can draw a conclusion that investing in PDR will get more profit than KDH However, everything has its price, high profit comes great risk In real world, even though the choice of which stock to invest in depends on many reasons outside the financial statements, I strongly believe that the analysis I have made above is the basis for selecting the right choices in the future If I was deciding to invest in one of two stock codes KDH and PDR, my selection is PDR Partly because of its high profit as well as the risk ratio of this company is within my tolerance But if ignoring the profit aspect, PDR still has more competitive advantage than its rival, KDH, due to the use of capital rationally, well cost managing, And finally, this company has depicted a future picture of sustainable development, ensuring fully benefits for its investors Financial statement| 26 References [1] W Steve Albrecht, Earl K.Stice, James D.Stice (2011) Financial Accounting: concepts & applications Chap 14: Analyzing Financial Statements Cengage Learning (11th edition) 663-691 [2] Stephen A Ross, Randolph W Westerfield, Bradford D Jordan (2008) Fundamental of corporate finance Chap 3: Working with financial statements (8th edition) [3] James Chen (2020) Times interest earned (TIE) ratio Times Interest Earned (TIE) Ratio (investopedia.com) [4] Jason Fernando Price-to-earnings (P/E) ratio Price-to-Earnings (P/E) Ratio Definition and Examples (investopedia.com) [5] Marshall Hargrave (2021) Debt-to-capital ratio Debt-To-Capital Ratio Definition (investopedia.com) [6] Marshall Hargrave (2021) Return on Assets( ROA) Return on Assets (ROA) Definition (investopedia.com) [7] Ryan Furhmann (2020) The common size analysis of financial Statements The Common Size Analysis of Financial Statements (investopedia.com) [8] Chris B Murphy (Jan 16, 2021) Understanding the Cash Flow statement Cash Flow Statement: What It Is + Examples (investopedia.com) [9] Glenn Wilkins (May 14, 2020) Basic financial ratios and what they reveal Basic Financial Ratios and What They Reveal (investopedia.com) [10] Khang Dien annual report: 20210416_kdh_ar2020_en.pdf (khangdien.com.vn) [11] Phat Dat annual report: 3-BCTN-VN-2020.pdf (phatdat.com.vn) Financial statement| 27
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