FPT UNIVERSITY - CAN THO CAMPUS

★★★★★

INDIVIDUAL ASSIGNMENT [FIN202]

FINANCIAL STATEMENT ANALYSIS

SABECO BREWERY

Student name: Nguyễn Huỳnh Khánh Vy

Student code: CS170495

Class: IB1703

Email: VyNHKCS170495@fpt.edu.vn

Supervisor: Nguyễn Vũ Thái Anh

 TABLE OF CONTENTS

I. INTRODUCTION ................................................................................................... 3
1. ABOUT SABECO (SAB) .................................................................................. 3
2. COMPETITOR – HABECO (BHN) ................................................................. 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

SABECO FINANCIAL STATEMENT ANALYSIS

CS1703_IB1703 2
INTRODUCTION
ABOUT SABECO
Sabeco, also known as Saigon Beer Alcohol
Beverage Corporation (VN: Tổng Công ty Cổ
phần Bia – Rượu – Nước 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 FINANCIAL STATEMENT ANALYSIS

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.

CS1703_IB1703 3
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.
SABECO FINANCIAL STATEMENT ANALYSIS

CS1703_IB1703 4
 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
SABECO FINANCIAL STATEMENT ANALYSIS

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
EQUITY

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

CS1703_IB1703 5
 COMMON-SIZE BALANCE SHEETS FOR HABECO
ITEMS 2020 % 2021 % 2022 %

ASSETS
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
SABECO FINANCIAL STATEMENT ANALYSIS

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
EQUITY

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

CS1703_IB1703 6
 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
other entities 0,00 0,00 0,00 0,00
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
EPS 7.145,00 0,00 5.502,00 0,00 7.983,00 0,00
SABECO FINANCIAL STATEMENT ANALYSIS

EPS diluted 0,00 0,00 0,00 0,00 0,00 0,00

CS1703_IB1703 7
 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
other entities 0,00 0,00 0,00 0,00 0,00
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
SABECO FINANCIAL STATEMENT ANALYSIS
EPS 2.793,00 0,00 1.353,00 0,00 2.009,00 0,00
EPS diluted 2.793,00 0,00 1.353,00 0,00 2.009,00 0,00

CS1703_IB1703 8
 FINANCIAL STATEMENT ANALYSIS
RATIO ANALYSIS

SABECO HABECO PEER GROUP

2020 2021 2022 2020 2021 2022 2020 2021 2022
LIQUID RATIOS

Current ratio 3,77 3,15 2,92 2,58 1,99 2,68 3,17 2,57 2,80

Quick Ratio 3,49 2,92 2,68 2,24 1,74 2,28 2,86 2,33 2,48
EFFICIENTCY RATIOS
Inventory
Turnover 13,45 11,25 11,04 9,16 9,51 8,43 11,31 10,38 9,73
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
outstading 7,87 6,65 9,76 18,83 19,78 19,96 13,35 13,22 14,86
Total asset
turnover 1,02 0,87 1,01 0,97 0,98 1,16 1,00 0,92 1,09
Fixed asset
turnover 5,74 5,99 7,85 2,92 3,19 4,57 4,33 4,59 6,21
LEVERAGE RATIOS
Total debt ratio 0,23 0,26 0,29 0,25 0,33 0,27 0,24 0,29 0,28
Debt-to-equity
ratio 0,29 0,35 0,40 0,34 0,49 0,36 0,32 0,42 0,38
Equity
Multiplier 1,29 1,35 1,40 1,34 1,49 1,36 1,32 1,42 1,38
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
PROFITABILITY RATIOS
Gross profit
margin 1,69 1,71 1,69 1,73 1,75 1,71 1,71 1,73 1,70
Operating profit
margin 0,22 0,18 0,19 0,10 0,10 0,06 0,16 0,14 0,13
Net profit
margin 0,18 0,15 0,16 0,09 0,05 0,06 0,13 0,10 0,11
SABECO FINANCIAL STATEMENT ANALYSIS
EBIT return on
assets 0,22 0,16 0,20 0,10 0,06 0,09 0,16 0,11 0,14
Return on assets 0,18 0,13 0,16 0,09 0,05 0,07 0,13 0,09 0,12
Return on
equity 0,23 0,17 0,22 0,12 0,07 0,10 0,17 0,12 0,16
MARKET VALUE RATIOS
Price-earning
ratio 23,96 29,14 23,08 22,91 43,49 21,33 23,43 36,32 22,21
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

CS1703_IB1703 9
 FINANCIAL STATEMENT ANALYSIS
SABECO DUPONT ANALYSIS

SABECO 2020 DUPONT

NET SALES
27.961.323.837.011,00
NET OPERATING PROFIT
COGS 6.076.410.836.146,00
NET PROFIT
-19.460.229.052.562,00 MARGIN
NET SALES 0,18
OPERATING EXPENSE 27.961.323.837.011,00
-3.666.491.503.164,00

INTEREST AND TAXES ROA

-1.238.653.682.184,00 0,18

CURRENT ASSETS NET SALES

19.513.381.452.440,00 27.961.323.837.011,00
TOTAL ASSET
TURNOVER

FIXED ASSETS TOTAL ASSETS 1,02 ROE

4.874.503.649.521,00 27.374.972.775.358,00 0,23

TOTAL
CURRENT LIABILITIES TOTAL LIABILITIES ASSETS
SABECO FINANCIAL STATEMENT ANALYSIS

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

1,29
TOTAL
LONG-TERM LIABILITIES TOTAL EQUITY EQUITY
21.215.276.3
986.653.164.558,00 21.215.276.390.928,00 90.928,00

CS1703_IB1703 10
 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

SABECO FINANCIAL STATEMENT ANALYSIS
EQUITY
7.258.020.535.153,00 7.892.238.669.264,00 30.487.024.372.425,00 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

CS1703_IB1703 11
 SABECO 2022 DUPONT
NET SALES
34.979.083.993.835,00
NET OPERATING
PROFIT
COGS 6.829.660.000.370,00
-24.208.377.066.751,00 NET PROFIT MARGIN
NET SALES 0,16
OPERATING EXPENSE 34.979.083.993.835,00
-5.354.727.050.637,00

INTEREST AND TAXES ROA

-1.359.136.638.678,00 0,16

CURRENT ASSETS NET SALES

26.860.224.573.663,00 34.979.083.993.835,00
TOTAL ASSET
TURNOVER

FIXED ASSETS TOTAL ASSETS 1,01 ROE

4.454.982.147.731,00 34.465.075.615.756,00 0,22

CURRENT LIABILITIES TOTAL LIABILITIES TOTAL ASSETS

EQUITY
9.213.862.412.096,00 9.874.229.696.363,00 34.465.075.615.756,00 MULTIPLIER

1,40
LONG-TERM LIABILITIES TOTAL EQUITY TOTAL EQUITY
660.367.284.267,00 24.590.845.919.393,00 24.590.845.919.393,00
SABECO FINANCIAL STATEMENT ANALYSIS

CS1703_IB1703 12
 HABECO 2020 DUPONT
NET SALES
7.452.592.109.444,00
NET OPERATING
PROFIT
COGS 485.109.488.927,00
-5.473.064.507.898,00 NET PROFIT MARGIN
NET SALES 0,09
OPERATING EXPENSE 7.452.592.109.444,00
-1.614.300.911.971,00

INTEREST AND TAXES ROA

-129.387.387.082,00 0,09

CURRENT ASSETS NET SALES

4.500.763.443.175,00 7.452.592.109.444,00
TOTAL ASSET
TURNOVER

FIXED ASSETS TOTAL ASSETS 0,97 ROE

2.556.020.619.257,00 7.684.082.600.975,00 0,12

CURRENT LIABILITIES TOTAL LIABILITIES TOTAL ASSETS

EQUITY
1.746.185.904.092,00 1.948.544.585.402,00 7.684.082.600.975,00 MULTIPLIER

1,34
SABECO FINANCIAL STATEMENT ANALYSIS

LONG-TERM LIABILITIES TOTAL EQUITY TOTAL EQUITY

202.358.681.310,00 5.735.538.015.573,00 5.735.538.015.573,00

CS1703_IB1703 13
 HABECO 2021 DUPONT
NET SALES
6.962.853.552.670,00
NET OPERATING PROFIT
COGS 402.086.143.552,00
-5.264.955.240.086,00 NET PROFIT MARGIN
NET SALES 0,05
OPERATING EXPENSE 6.962.853.552.670,00
-1.429.239.742.829,00

INTEREST AND TAXES ROA

-101.142.305.549,00 0,05

CURRENT ASSETS NET SALES

4.342.027.681.112,00 6.962.853.552.670,00
TOTAL ASSET
TURNOVER

FIXED ASSETS TOTAL ASSETS 0,98 ROE

2.184.962.823.659,00 7.087.013.612.418,00 0,07

CURRENT LIABILITIES TOTAL LIABILITIES TOTAL ASSETS

EQUITY
2.181.447.804.081,00 2.329.311.540.711,00 7.087.013.612.418,00 MULTIPLIER

1,49
LONG-TERM LIABILITIES TOTAL EQUITY TOTAL EQUITY
SABECO FINANCIAL STATEMENT ANALYSIS

147.863.736.630,00 4.757.702.071.707,00 4.757.702.071.707,00

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 HABECO 2022 DUPONT
NET SALES
8.397.785.893.728,00
NET OPERATING
PROFIT
COGS 609.548.940.341,00
-6.091.646.063.245,00 NET PROFIT MARGIN
NET SALES 0,06
OPERATING EXPENSE 8.397.785.893.728,00
-1.429.239.742.829,00

INTEREST AND TAXES ROA

-137.351.449.675,00 0,07

CURRENT ASSETS NET SALES

4.868.201.238.605,00 8.397.785.893.728,00
TOTAL ASSET
TURNOVER

FIXED ASSETS TOTAL ASSETS 1,16 ROE

1.838.489.757.013,00 7.256.255.187.949,00 0,10

CURRENT LIABILITIES TOTAL LIABILITIES TOTAL ASSETS

EQUITY
1.814.341.051.591,00 1.927.157.622.701,00 7.256.255.187.949,00 MULTIPLIER

1,36
LONG-TERM
LIABILITIES TOTAL EQUITY TOTAL EQUITY
112.816.571.110,00 5.329.097.565.248,00 5.329.097.565.248,00 SABECO FINANCIAL STATEMENT ANALYSIS

CS1703_IB1703 15
CONCLUSION
In the last three years, SABECO has experienced both successes and challenges. In terms of financial
performance, SABECO has seen steady growth in revenue and profits. However, the COVID-19
pandemic has had a significant impact on SABECO's operations. The company's beer sales decreased
due to lockdowns and restrictions on social gatherings, leading to a decline in revenue in the first
half of 2020. In response, SABECO focused on promoting its non-alcoholic beverage products and
expanding its distribution channels to reach more customers.

In addition, SABECO has faced increased competition in the Vietnamese market. Despite Sabeco's
dominant position in the Vietnamese beer market, the company faces competition from other major
beer producers such as Hanoi Beer Alcohol and Beverage Corporation (Habeco) and Heineken.
These companies have also established a strong presence in Vietnam, and they offer similar products
and services to Sabeco. However, Sabeco has managed to maintain its market share by focusing on
quality, innovation, and customer satisfaction.

Overall, while SABECO has faced challenges in the last three years, it has continued to grow its
business and adapt to changing market conditions.

SABECO FINANCIAL STATEMENT ANALYSIS

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REFERENCES

SSI Securities Joint Stock Company - Fundamental Analysis

Sabeco Brewery - Wikipedia

Habeco - Wikipedia

SABECO FINANCIAL STATEMENT ANALYSIS

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