FINAL ESSAY FM

SAIGON BEER -ALCOHOL – BEVERAGE SOCIALIST REPUBLIC OF VIET NAM
CORPORATION

Independence - Freedom – Happiness

SO/N0.: 738 /BSG-PQHCD

Ho Chi Minh City, November 2021

ANALYZE BUSINESS STATEMENT IN
SABECO JOINT STOCK COMPANY FROM
QUARTER 1-2020 TO QUARTER 3-2021

Boss: Nguyen Thi Lan Anh
Staff Implement:
Pham Tuan Hung-19124001
Ho Quoc Lap-19124075
Le Thi Ngoc Bich-19124045
Nguyen Hoang Thuy Dung-19124062



INTRODUCTION

Business Field
-Producing, trading in beer ,wine,
soft drink, alcohol and mineral
water.

General Information

Legal Name

-Purchase and sale of supplies raw
materials and equipment for the
beer-alcohol-beverage industry.
Tổng Công ty Cổ phần Bia - Rượu -Currently investing in Finance,
Nước giải khát Sài Gòn

Real Estate.

International Name

Saigon Beer – Alcohol – Beverage
Corporation

Brief Name

SABECO

HeadQuarter

187 Nguyễn Chí Thanh Street, Ward
12, District 5, Hồ Chí Minh City,
Việt Nam

Phone

+84 (28) 38296342

Fax

+84 (28) 38296856

Website

www.sabeco.com.vn

Security Code

SAB

1


Analysis Beer Sector- Business Environment in Viet Nam

2. Business environment:

1. Economic factors:

 Competitors.

Beer – wine is not an essential item.
Alcoholic beverages are products restricted
from use by the State and subject to special
consumption tax.

Vietnam beer market is attracting a lot of
new investors in beer sector.
Vietnam is a WTO member, a member of

ASIAN - expanding trading foreign.

 Social factors:

 Human Resources.

Vietnam is a country with oriental culture

The team of business staff, leading experts in

The population of Vietnam is large.

technology is still lacking compared to the

People's standard of living is increasing.

requirements.

 Natural factors:

The State removed the support policy for

The environment is increasingly polluted,

investment in beer production and

requiring environmental protection.

implemented the WTO commitments on tax
exemption and reduction for beer products

 Technology factor.

from abroad, increasing domestic

Technology and inputs are decisive for

competition.

product quality.

2


1.1. Analysis of balance sheet
1.1.1.1.

Analysis of asset movements

1.1.1.2. Horizontal analysis

Unit: Billion VND
Quarter 3/2021

Quarter 2/2021

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

20.870

20.950

-80

-0,38%

Cash and cash equivalents

3.293

3.150

143

4,54%

Short-term investments

15.359

15.291

68

0,44%

Short-term receivables

689

646

43

6,66%

Inventories

1.376

1.644

-268

-16,30%

Others short-term assets

152

220

-68

-30,91%

B. LONG-TERM ASSETS

7.558

7.611

-53

-0,70%

Long-term receivables

13

13

0

0,00%

Fixed-assets

4.517

4.644

-127

-2,73%

Investment properties

63

64

-1

-1,56%

Long-term assets in progress

481

368

113

30,71%

Long-term investments

2.060

2.056

4

0,19%

Others long-term assets

423

466

-43

-9,23%

TOTAL ASSETS

28.428

28.561

-133

-0,47%

Table 1.1: Changes in assets in the quarter 3/2021 compared to the quarter 2/2021
Source: Dstock
In the quarter 3/2021, the company’s total assets was 28,428 billion VND, down
0.47% (equivalent to 133 billion VND) compared to the quarter 2/2021. This was
mainly due to a 16.30% decrease in Inventories and a 2.73% decrease in Fixed-assets
compared to Q2. In addition, Cash and cash equivalents, Long-term assets in progress
both increased by 4.54% and 30.71% respectively.

3


Unit: Billion VND
Quarter 2/2021

Quarter 1/2021

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

20.950

19.225

1.725

8,97%

Cash and cash equivalents

3.150

2.780

370

13,31%

Short-term investments

15.291

13.571

1.720

12,67%

Short-term receivables

646

595

51

8,57%

Inventories

1.644

2.047

-403

-19,69%

Others short-term assets

220

232

-12

-5,17%

B. LONG-TERM ASSETS

7.611

7.764

-153

-1,97%

Long-term receivables

13

13

0

0,00%

Fixed-assets

4.644

4.740

-96

-2,03%

Investment properties

64

65

-1

-1,54%

Long-term assets in progress

368

253

115

45,45%

Long-term investments

2.056

2.187

-131

-5,99%

Others long-term assets

466

507

-41

-8,09%

TOTAL ASSETS

28.561

26.989

1.572

5,82%

Table 1.2: Changes in assets in the quarter 2/2021 compared to the quarter 1/2021
Source: Dstock
In the quarter 2/2021, the company’s total assets increased sharply at a rate of
5.82% (equivalent to 1,572 billion VND) compared to the quarter 1/2021. Mainly due
to the strong growth of Short-term assets and Short-term investments of 1,725 billion
VND and 1,720 billion VND, respectively. In addition, the company’s Inventories
decreased by 403 billion, down quite a lot compared to the quarter 1/2021.

Unit: Billion VND
Quarter 1/2021

Quarter 4/2020

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

19.225

19.513

-288

-1,48%

Cash and cash equivalents

2.780

2.726

54

1,98%

Short-term investments

13.571

14.547

-976

-6,71%

4


Short-term receivables

595

591

4

0,68%

Inventories

2.047

1.447

600

41,47%

Others short-term assets

232

202

30

14,85%

B. LONG-TERM ASSETS

7.764

7.862

-98

-1,25%

Long-term receivables

13

12

1

8,33%

Fixed-assets

4.740

4.875

-135

-2,77%

Investment properties

65

65

0

0,00%

Long-term assets in progress

253

28

225

803,57%

Long-term investments

2.187

2.351

-164

-6,98%

Others long-term assets

507

531

-24

-4,52%

TOTAL ASSETS

26.989

27.357

-386

-1.41%

Table 1.3: Changes in assets in the quarter 1/2021 compared to the quarter of 4/2020
Source: Dstock
In the quarter 1/2021, Short-term investments and Short-term assets had a
marked difference compared to the quarter 4/2020, both of which fell sharply by
6.71% and 1.48% respectively. However, the company’s Inventories were up at
41.47%.
Unit: Billion VND
Quarter 4/2020

Quarter 3/2020

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

19.513

19.988

-475

-2,38%

Cash and cash equivalents

2.726

3.173

-447

-14,09%

Short-term investments

14.547

14.321

226

1,58%

Short-term receivables

591

683

-92

-13,47%

Inventories

1.447

1.704

-257

-15,08%

Others short-term assets

202

106

96

90,57%

B. LONG-TERM ASSETS

7.862

7.699

163

2,12%

Long-term receivables

12

6

6

100,00%

Fixed-assets

4.875

4.826

49

1,02%

Investment properties

65

66

-1

-1,52%

Long-term assets in progress

28

21

7

33,33%

Long-term investments

2.351

2.276

75

3,30%

Others long-term assets

531

504

27

5,36%

TOTAL ASSETS

27.375

27.686

-311

-1,12%

Table 1.4: Changes in assets in the quarter 4/2020 compared to the quarter of 3/2020
Source: Dstock
5

Sabeco’s total assets in the quarter 4/2020 was 27,375 billion VND, a sharp
decrease compared to the quarter of 3/2020 by about 1.12% (equivalent to 311 billion
VND). Mainly due to the sharp decrease of Short-term assets with 475 billion VND,
Cash and cash equivalents with 447 billion VND. Besides, Short-term investments
also increased significantly with 226 billion.
Unit: Billion VND
Quarter 3/2020

Quarter 2/2020

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

19.988

18.414

1.574

8,55%

Cash and cash equivalents

3.173

4.865

-1.692

-34,78%

Short-term investments

14.321

11.165

3.156

28,27%

Short-term receivables

683

696

-13

-1,87%

Inventories

1.704

1.563

141

9,02%

Others short-term assets

106

124

-18

-14,52%

B. LONG-TERM ASSETS

7.699

7.745

-46

-0,59%

Long-term receivables

6

7

-1

-14,29%

Fixed-assets

4.826

4.916

-90

-1,83%

Investment properties

66

67

-1

-1,49%

Long-term assets in progress

21

53

-32

-60,38%

Long-term investments

2.276

2.204

72

3,27%

Others long-term assets

504

501

3

0,60%

TOTAL ASSETS

27.686

26.159

1.527

5,84%

Table 1.5: Changes in assets in the quarter of 3/2020 compared to the quarter of 2/2020
Source: Dstock
Total assets in the quarter 3/2021 increased sharply by 5.84% (equivalent to
1,527 billion VND) compared to the quarter 2/2020. Thanks to the sudden increase of
Short-term investment with 3,156 billion VND, making a big difference compared to
the quarter of 2/2020. However, Cash and cash equivalents also decreased significantly
by 34.78% (equivalent to 1,692 billion VND).
Unit: Billion VND
Quarter 2/2020

Quarter 1/2020

ASSETS

Difference
Value

%

A. SHORT-TERM ASSETS

18.414

16.347

2.067

12,64%

Cash and cash equivalents

4.865

2.447

2.418

98,81%

6


Short-term investments

11.165

10.825

340

3,14%

Short-term receivables

696

643

53

8,24%

Inventories

1.563

2.257

-694

-30,75%

Others short-term assets

124

175

-51

-29,14%

B. LONG-TERM ASSETS

7.745

7.840

-95

-1,21%

Long-term receivables

7

8

-1

-12,50%

Fixed-assets

4.916

4.649

267

5,74%

Investment properties

67

67

0

0,00%

Long-term assets in progress

53

396

-343

-86,62%

Long-term investments

2.204

2.157

47

2,18%

Others long-term assets

501

563

-62

-11,01%

TOTAL ASSETS

26.159

24.187

1.972

8,15%

Table 1.6: Changes in assets in the quarter 2/2020 compared to the quarter 1/2020
Source: Dstock
Short-term assets, Cash and cash equivalents in the quarter 2/2020 all increased
sharply by 2,067 billion VND and 2,418 billion VND, respectively. In addition, the
company’s Inventories was 1,563 billion VND, down 694 billion VND compared to
the quarter 1/2020. However, this does not have a major impact on the company’s total
assets.
Unit: Billion VND

Object 3

Graph 1.1: Movement of total assets in the period
7


from the quarter 1/2020 to the quarter 3/2021
According to graph 1.1: “Changes in total assets in the period of the quarter
1/2020 - the quarter 3/2021”, we see that the total assets of the company from the
quarter 1/2020 to the quarter 3/2020 have increased sharply, but from the quarter
3/2020 - quarter 1/2021 saw a slight decrease. However, from the quarter 1/2021 to the
quarter 3/2021, the company's total assets had a positive fluctuation when increasing
continuously.
Specifically, based on Table 1.1: “The volatility of assets in the quarter 3/2021 quarter 1/2020” shows that the company’s total assets in the quarter 3/2021 decreased
by 133 billion VND, or 0.47 % compared to the quarter 2/2021, mainly due to the
decrease in Inventories and Fixed-assets with the rate of 16.30% and 2.73%
respectively (equivalent to 268 billion and 127 billion)
Besides, in the quarter 2/2021 has the highest total assets of all other quarters with
28,561 billion VND, which is higher than quarter 1/2021 with a difference of 1,572
billion VND (equivalent to 5.82%), the relative growth of total assets. In which, Shortterm investment increased by 1,720 billion, equivalent to 12.67% and Short-term
assets increased by 1,725 billion, equivalent to 8.97%. This proves that in the quarter
2/2021, businesses have focused on investing in bonds used for short-term purposes to
recover capital quickly.


Short-term assets
Unit: Billion VND

8

Object 5

Graph 1.2: Movement of short-term assets in the period from the first quarter
of 2020 to the third quarter of 2021
With the data that the graph shows, it is easy to see the volatility of short-term
assets, from the first quarter of 2020 to the third quarter of 2020, the Short-term assets
gradually increased, then gradually decreased until the first quarter of 2020. The
highest peak is 20,950 billion VND, 1,725 billion higher than in the first quarter of
2021, equivalent to 8.97%. However, there was a slight decrease in the third quarter of
2021, a decrease of 80 billion compared to the second quarter of 2021.
In order to understand the reasons for such a fluctuation, many other influencing
factors must be considered, mainly the following:
 Cash and cash equivalents
Unit: Billion VND

9


Object 7

Graph 1.3: Movements of cash and cash equivalents in the period from
the first quarter of 2020 to the third quarter of 2021
In the Cash and cash equivalents account, we see a clear fluctuation in the first
quarter of 2020 - the third quarter of 2020, but then it is more stable and begins to
gradually increase in the fourth quarter of 2020 - the third quarter of 2021. In the
second quarter of 2020, a rapid growth can be seen with 4,865 billion VND, 2,418
billion higher (equivalent to 98.81%) compared to the first quarter of 2020, but in the
fourth quarter of 2020, the amount is halved. There are many factors contributing to
this rapid decline. The first is because at the end of the year the company has to pay

debts and some unexpected expenses. In addition, due to the heavy impact of the
Covid-19 pandemic, Decree 100 as well as natural disasters such as storms and floods.
However, by the beginning of 2021, due to the improvement of the Covid-19 epidemic
situation, the indexes began to gradually increase, although the number was not large,
but partly saw the recovery after the pandemic of enterprises.
 Short-term receivables
Unit: Billion VND
10


Object 9

Graph 1.4: Movements of short-term receivables
from the first quarter of 2020 to the third quarter of 2021
Based on the graph 1.4 “Variations of short-term receivables in the period of the
first quarter of 2020 - the third quarter of 2021”, we can see whether the short-term
receivables in the first quarter of 2020 - January 2021 has an unstable increase and
decrease, but not stopping there, the numbers continued to increase rapidly in the
period of Q1/2021 - Q3/2021. In which, short-term receivables in the fourth quarter of
2020 accounted for the lowest receivables in all seven quarters, but then gradually
increased until the third quarter of 2021. That shows that the business has well handled
receivables from customers and prepayments to sellers, which are receivables that
account for a large proportion of the company's asset structure.
 Inventories
Unit: Billion VND

11


Object 11

Graph 1.5: Movement of inventories in the period from
the first quarter of 2020 to the third quarter of 2021
Looking at the line chart, we can see that the volatility is unstable in the period
from Q1/2020 - Q1/2021. In the period of Q1/2021 - Q3/2021, the indexes started to
be more stable but gradually decreased. The first quarter of 2020 had the highest
number compared to the remaining quarters with 2,257 billion, more than half
(equivalent to 694 billion) compared to the second quarter of 2020.
Sabeco is a company in the beverage industry, its main products include: beer, wine,
soft drinks, ... are popular with many people. With the large demand for beer and soft
drinks by customers, the demand for raw materials and inventory plays an important
role in the company’s assets. Therefore, the company should well manage its raw
materials as well as its inventory to avoid shortages or excesses of inventory, which
will greatly affect the company’s revenue.


Long-term assets
Unit: Billion VND

12


Object 13

Graph 1.6: Movement of long-term assets in the period
from the first quarter of 2020 to the third quarter of 2021
In 2020, we see the unstable increase and decrease of the quarters. During the first
quarter of 2020 - the third quarter of 2020, there was a gradual decrease over the
quarters, but by the fourth quarter of 2020, the indexes began to increase rapidly,
increasing by 2.12% (equivalent to 163 billion) compared to the third quarter of 2020.

However, entering 2021, the company’s long-term assets began to decline sharply in
the period of the first quarter of 2021 - the third quarter of 2021. Quarter 1 of 2021 is
98 billion lower (equivalent to 1.25%) compared to the fourth quarter of 2020, which
is the highest in the graph. In the third quarter of 2021, the indexes fell to the lowest
level, down 53 billion compared to the second quarter of 2021.
 Fixed-assets
Unit: Billion VND

13


Object 15

Graph 1.7: Movement of fixed assets in the period
from the first quarter of 2020 to the third quarter of 2021
Based on the graph, we see that in 2020 Fixed-assets of the company continued
to increase and decrease unevenly over the quarters. In the period of the fourth quarter
of 2020 - the third quarter of 2021, it began to gradually decrease each quarter.
Holding the highest position in the graph is the second quarter of 2020 with 4,916
billion, 90 billion higher (equivalent to 1.83%) compared to the third quarter of 2020.
Although in the fourth quarter of 2020 we saw a slight increase of 1.02% (equivalent
to 49 billion) compared to the third quarter of 2020, but then the company’s fixedassets began to decrease gradually and were the lowest in the third quarter 2021 with
4,517 billion, 127 billion lower (equivalent to 2.73%) compared to the second quarter
of 2021. Since the company’s tangible Fixed-assets decreased by 123 billion VND, the
company’s Fixed-assets in the third quarter of 2021 also decreased.

14


1.1.1.2. Vertical analysis

Unit: Billion VND

Table 1.7: Longitudinal movement of assets
from the first quarter of 2020 to the third quarter of 2021

Object 17

15


Graph 1.8: Changes in asset structure from
the first quarter of 2020 to the third quarter of 2021.
Based on the data of Table 1.7 “Variety of asset structure in the period of the
first quarter of 2020 - the third quarter of 2021” and graph 1.8 “The situation of
fluctuations in the structure of assets in the period of the first quarter of 2020 - the
third quarter of 2021”, we see that the proportion of long-term assets and the
proportion of short-term assets increased and decreased unevenly over the quarters,
specifically the proportion of Short-term assets in the first quarter of 2020 was 67.59%
and gradually increased until the third quarter 2020 is 72.2%. Then in the period of the
fourth quarter of 2020 - the first quarter of 2021, the proportion remained stable, but
then continued to increase until the third quarter of 2021 with the rate of 73.41%.
Although Inventories decreased by 16.30% (equivalent to 268 billion VND), but Cash
and cash equivalents increased quite a lot to 143 billion VND (4.54%).
The cause of the decrease in Long-term assets in the quarters in 2021 is due to
the increasingly complicated and prolonged Covid-19 epidemic, which has had a
heavy impact on the economy. Therefore, the company came up with an appropriate
solution is to change the structure of Long-term assets to short-term assets, in order to
ensure a stable proportion of the company’s short-term assets as well as ensure the
company’s ability to pay its debts.

1.1.2. Analysis of capital fluctuations
1.1.2.1. Horizontal analysis

16


Unit: Billion VND

Table 1.8: Liabilities and Equity fluctuations in the period of the third quarter of 2021 the first quarter of 2020
Source: Dstock
Because Total Liabilities and Equity is equal to total assets, the volatility of Total
Liabilities and Equity is the same as that of total assets. Therefore, we only analyze the
items affecting Liabilities and Equity.
 Liabilities
Unit: Billion VND

Object 20

17


Graph 1.9: Changes in liabilities in the period of the first quarter of 2020 - the third
quarter of 2021
Looking at the graph, we see that the company’s Liabilities increase and decrease
unevenly. Specifically, in the period of Q1/2020 - Q3/2020 Liabilities increased
sharply, the highest in the graph was the third quarter of 2020 with 6,641 billion VND.
However, after that, Liabilities started to fluctuate and fell sharply with a value in the
first quarter of 2021 of 5,808 billion VND. In the period of Q1/2021 - Q3/2021, the
indexes fluctuated continuously. In the third quarter of 2021, the value was 5,861
billion VND, 539 billion VND (8.42%) lower than in the second quarter of 2021. The

reason for the variation in Liabilities is due to the following items:
 Short-term liabilities
Unit: Billion VND

Object 23

Graph 1.10: Movement of short-term debt in the period of the first quarter of 2020 the third quarter of 2021
From the second quarter of 2020 short-term debt showed signs of gradually
increasing to 5,573 billion in the third quarter of 2020, this number has increased to
5,837 billion, but with good control of the debt payment situation, this number has
gradually decreased to 4,846 billion VND in Q1 2021, this is a good sign for the
18


company despite the complicated epidemic situation because in this period of the end
of 2020, Sabeco has launched a product line in the high-end segment and limited
edition, loved by consumers, thanks to which the financial situation becomes more
stable.
At the same time, the company maintains financial prudence and acts with agility.
Focus your spending on the essentials and constantly look for high-performance
opportunities.

 Long-term liabilities
Unit: Billion VND

Object 25

Graph 1.11: Movement of long-term debt in the period from the first quarter of 2020 to
the third quarter of 2021
Sabeco’s long-term debt fluctuates and tends to decrease at the end of the cycle,

looking at the chart, we see that from the first quarter of 2020 long-term debt was
recorded at 883 billion VND but then tended to decrease gradually 804 billion in the
third quarter of 2020, this proves that the company has managed its financial well,
which is a good sign, but from the third quarter of 2020 to the fourth quarter of 2020,
the company recorded a long increase in debt record term up to 987 billion, 163 billion
19


higher (2.12%), this is the time when the company has promoted the most activities
after experiencing a difficult first half of the year because of the epidemic, this is the
debt of the business businesses for sellers of materials, goods, services... They are
investing in launching new product lines, so they need a large amount of raw
materials, so long-term debt increases. After the fourth quarter of 2020, this number
has started to decline until now, reaching 835 billion VND in the third quarter of 2021,
proving that this is an extremely good sign for Sabeco in its ability to pay its debts
debt and manage their finances.
1.1.2.2. Vertical analysis

Table 1.9: The situation of vertical capital fluctuations in the period of the third quarter of
2021 - the first quarter of 2020

Source: Dstock

20


Object 27

Graph 1.12: Changes in capital structure from the first quarter of 2020 to the third
quarter of 2021

Debt tends to decrease from the first quarter of 2020 to the third quarter of
2021. Reduced from 23.57% in the first quarter of 2020 to only 20.62% in the third
quarter of 2021. This is equivalent to a decrease of 2.95% within seven quarters. In
contrast, equity tends to increase from 76.43% in the first quarter of 2020 to 79.38% in
the third quarter of 2021. That proves the company has gradually reduced debt and
equity is more than 3 times higher than debt. This proves that this is a company with
good financial health and higher liquidity than the industry average.

21


1.2. ANALYSIS INCOME STATEMENT
1.2.1. The Income Statement from Quarter 1-2020 to Quarter 3-2021

1.2.2. Analyze the Movement Turnover and Profit after Tax

 The Grow of Turnover increased in 2020, but deceased dramatically in 2021.
Especially in Quarter 3-2021, the turnover decreased by 40.57% compared to
Quarter 2-2021.
 The profit after tax of SABECO gradually increased from 700 billion in quarter
1 to 1,466 billion VND quarter 4 in 2020. This thing proved in 2020 the
company run very good with high profit. But, in 2021 profit continuous
22


decreased. Especially which decreased from 999 billion in quarter 2 to 444
billion in quarter 3, by 40.57% profit.
 Generally, the turnover and profit in SABECO have strong fluctuation. Because
The 4th wave of the Covid-19 epidemic and the effects of Decree 100 on the
government's ban on the use of alcohol when traveling in traffic have greatly

affected Sabeco’s distribution channels, leading to a decrease in Turnover and
Profit.
Figure 2.1: Movement of Sabeco's revenue and profit after tax from quarter 1 -2020 to the quarter
3 - 2021

Object 30

 Turnover increased by 2,225 billion from Quarter 1-2020 to Quarter 2-2020,
while in 2021 the turnover of Quarter 3 decreased significantly by 40.6%
compared with Quarter 3.
 The turnover of Sabeco is impacted seriously by Covid-19 Pandemic and
Degree 100 Policy from Government.
1.2.3. Analyze the movement structure of profit in Sabeco during period Quarter
1-2020 to quarter 3-2021.

23