TPHCM, tháng 3 năm 2024

TRƯỜNG ĐẠI KẾ
KHOA HỌC TÀI CHÍNH
TOÁN – KIỂM -MARKETING
TOÁN

KẾ TOÁN TÀI CHÍNH QUỐC TẾ 1

Đề tài nhóm: Công ty Cổ phần Clever Group

Giảng viên hướng dẫn : ThS. Nguyễn Minh Hằng

Nhóm trưởng : Nguyễn Thị Kim Hoa Lớp : CLC_21DKT03
Chuyên ngành : Kế toán doanh nghiệp Mã sinh viên : 2121011615
 BẢNG PHÂN CHIA CÔNG VIỆC

STT Họ và tên MSSV Nhiệm vụ

Trình bày báo
cáo, mục 1
1 Nguyễn Thị Kim Hoa 2121011615
(1,2,3,4,5),
mục 3
Mục 1
2121012030
2 Nguyễn Quỳnh Trang (6,7,8,9), mục
3
Mục 2 (a,b,c),
3 Bùi Ngọc Khánh Linh 2121013823
mục 3
Mục 2 (d,e),
4 Nguyễn Tân Phú 2121011585
mục 3
Mục 1
5 Nguyễn Trang Mỹ Tâm 2121012601 (10,11,12,13),
mục 3
I. Analyze and calculate these ratios
 2018 - 2022 :
1. Current ratio
2018 2019 2020 2021 2022
Curent
2,70922067 1,93035503 1,6370722 2,09010922 3,037974
ratio

Current ratio of each year > 1: High current payout ratio

=> short-term assets have enough to pay off short-term liabilities.
But in 2018 and 2022, too high an index is not a good sign because it shows that the
business is not using assets effectively.
2. Quick ratio
2018 2019 2020 2021 2022
Current
ratio 2,7092 1,9303 1,6370722 2,09010922 3,037974

Quick ratio
2,6898 1,9223 1,63036339 2,04636622 2,99836500

Quick ratio > 1: The company's solvency is still good, do not worry about liquidating
inventory to promptly pay the debts due.
The current ratio in 2020 is lower than in the remaining years and the quick ratio in
2020 is also lower than in previous years
 the solvency of short-term liabilities tends to decrease and illiquid assets such as
inventories increase again
 the solvency of short-term debts of the years is better than 2020 and those with
more liquidity
= > The company's ability to pay off short-term debts in the remaining years, have
enough highly liquid assets to cover payments, and those with low liquidity such as
not so much inventory.
3. Account receivable turnover
2018 2019 2020 2021 2022
Account
receivable 9 7 4 4 4
turnover
=> The higher the number of receivables turnover means the shorter the average time
to collect a debt. This proves the company's ability to effectively collect receivables
and reasonable sales policies.
4. Inventory turnover
2018 2019 2020 2021 2022
Inventory
349 1047 835 133 108
turnover
=> The higher the inventory turnover index, the more it shows that the business is
selling quickly and inventory is not stagnant in the business. This shows that
businesses will have less risk when reflected in financial statements, inventory items
have decreased value over the years.
5. Profit margin
2018 2019 2020 2021 2022
Profit
0,0599 0,1122 0,0869 0,066 0,0981
margin

Profit margin is very low, indicating that businesses need to reconsidercosts and find
ways to optimize profit margins to reduce risk. Besides, the profit that the product
brings is not enough guarantee, leading to a risk that sales will decrease.
The specific information of Clevergroup:
Clever's total revenue and profit will increase dramatically: Total net revenue is VND
335,125 billion, an increase of over 35% compared to 2017. The Company's pre-tax
profit reached VND 25,485 billion, up 21% compared to 2017.
6. Asset Turnover

ASSET TURNOVER

2018 2019 2020 2021 2022

2,88 2,19 1,39 1,31 1,25

Based on the provided asset turnover data for the company over the years, we can
observe several key points:
*Decreasing trend*: Asset turnover has declined from 2018 to 2022.
->This may indicate that the company is facing challenges in utilizing its assets to
generate revenue effectively.
*Sharp decline from 2018 to 2020*: There was a significant drop in asset turnover
from 2.88 in 2018 to 1.39 in 2020.
-> This could be a sign of operational issues or ineffective business strategies during
this period.
*Stability from 2020 to 2022*: From 2020 to 2022, asset turnover remained relatively
stable, with values fluctuating between 1.39 and 1.25.
-> This suggests that after the sharp decline, the company stabilized its business
operations.
In summary, the asset turnover data shows a decreasing trend in the utilization of
assets to generate revenue over the years, which may be an area of focus for improving
the company's operational efficiency.
7. Return On Assets

RETURN ON ASSETS

2018 2019 2020 2021 2022

0,17 0,25 0,12 0,09 0,12

Based on the return on assets (ROA) data of the company over the years, we can
observe several key points:
*ROA fluctuation*: ROA has experienced fluctuations from 2018 to 2022.
*Uneven increases and decreases*: ROA increased from 2018 to 2019, then decreased
significantly in 2020, followed by a slight decrease in 2021 and an increase again in
2022.
*Interpretation*: The fluctuation in ROA may reflect changes in the company's
business performance over the years. The increase in ROA may indicate improvement
in utilizing assets to generate profit, while the decrease may suggest challenges in
generating profit from its assets.
In summary, the ROA data shows a trend of fluctuation and uneven changes over the
years, providing insights into the company's financial performance.
8. Return On Common Stockholders' Equity

RETURN ON COMMON stockholders' equity

2018 2019 2020 2021 2022

0,232 0,317 0,165 0,143 0,162

Based on the return on common stockholders' equity (ROE) figures for the company
over the years:
*Fluctuating trend*: The return on common stockholders' equity (ROE) shows a
fluctuating trend from 0.232 to 0.162 over the years.
 2018: ROE stands at 0.232, indicating a relatively good profit generation from
shareholders' equity.
2019: ROE increases to 0.317, signaling a significant improvement in the company's
business performance.
From 2019 to 2021: ROE decreases from 0.317 to 0.143, suggesting some challenges
or difficulties the company may be facing.
2022: ROE slightly increases to 0.162 compared to the previous year. Although not
fully recovered, this could be a positive sign for an improvement in the company's
business operations.
In summary, while ROE shows fluctuations over the years, it remains relatively strong,
with values consistently above 0.1, indicating that the company is generating positive
returns for its common stockholders However, the decreasing trend in recent years
highlights the importance of monitoring and addressing factors affecting the
company's ability to generate returns on equity.
9. Earnings per share

Earnings per share

2018 2019 2020 2021 2022

4346 5788 2195 2084 2646

Industry average

2018 2019 2020 2021 2022

7936 2401 1649 2763 1322

2018:
EPS 2018 =4.346 < industry average 2018 = 7936 (difference 3590)
 The company may face difficulties in generating profits compared to its competitors.
- However, EPS still remains above 1,500, so it still attracts many investors.
2019:
EPS 2019 = 5,788> industry average 2019 = 2,4015 (difference 3.3865)
 Large stock value -> attracts many investors
- The company significantly improved its profitability compared to the industry.
2020:
EPS 2020 = 2,195 > industry average 2020 = 1,6495 (difference 0,5455)
 Although the ratio decreased a lot, it was still greater than the industry average ->
Large stock value -> still attract investors
2021:
EPS 2021 = 2,084 < industry average 2021 = 2,763 (difference 0,679)
 Stock value tends to decrease->Small stock value -> does not attract many investors
- The company struggled to maintain profitability.
2022:
EPS 2022 = 2,646 > industry average 2022 = 1,322 (difference 1,324)
 The ratio tends to increase and double compared to 2018 -> Large stock value ->
attracts many investors.
In summary, the company's EPS performance compared to the industry average
varies from year to year. While it outperformed the industry average in some years
(2019 and 2020), it fell below the average in others (2018, 2021), indicating
fluctuations in profitability relative to industry peers.
10. P/E
P/E
2018 2019 2020 2021 2022
0 17,07 20,41 26,52 9,62

P/E is a popular method used by most consultants in determining whether a

stockprice is discounted or cheap to get its actual value.
In 2018, the company was not listed on the accounting exchange. But from 2019 the
company began to be listed on the stock exchange. Reaching 17.07, looking at it, we
see that the stock has low risk, so it is rated highest by investors. The company has a
higher growth rate in the upcoming year.
In 2019 - 2021, the Company continuously increased the value of votes. The
peak is the highest. The peak in 2021 is the percentage of stocks reaching the highest
reporting level in the 4 years from 2018 - 2021. In 2020, it reached 26.52, which is
large compared to the average stock price of information technology. By 2022 the
stock value will decrease. Currently, the company is affected by the general economic
situation due to the Covid-19 epidemic.
11. Poyout Radio
PAYOUT RADIO
2018 2019 2020 2021 2022
0 0 125,168,978 0 0

The company does not pay dividends.

12. Debt To Assets Radio
DEBT TO ASSETS RADIO
2018 2019 2020 2021 2022
0,279251513 3,895,274,596 0,4642631957 0,4056690387 0,2070064207

Total debt over total company assets within 5 years 2018-2022. 2018 is the
year the company has low total debt over total assets. This means that the company
has little debt and total assets of large enterprises, showing good financial autonomy.
But this also shows that the company should use capital optimally, promoting
production and business. joint. However, in 2019, the total debt to total assets of the
company has a very high fluctuation trend compared to 2018, up to 3.89. The
company needs to consider carefully, this is a sign that the company has used Use
capital well but may also be under pressure to pay a lot of interest. But in 2020 - 2022,
the company tends to be stable without much fluctuation, showing that the company's
resources are gradually stabilizing.
13. Time Interest Earned
TIME INTEREST EARNED
2018 2019 2020 2021 2022
0 1,365,292,674 7,139,234,678 2,636,904,787 81,006,424,474

The period of interest collection from 2019 to 2022 is greater than 1, the profit
after tax is higher than the loan cost. The business earns quite high profits and the
overall financial situation is positive. But there are still many fluctuations between
years. The period of profit collection from 2019 to 2020 increased significantly
compared to the previous year. Entering 2021, the financial situation tends to fluctuate.
Interest collection time is slower than before. Caused by many factors. By 2022, the
company's profit collection time will increase significantly compared to the remaining
years. Thereby, it is estimated that the company has a very strong development trend
and the ability to control profit recovery is very high.
II. Calculate the following index:
a) Tangible Fixed Assets
Name of Years Cost of goods Average Tangible
company sold inventory fixed assets
2018 293.907.503.012 842.652.303 0.058804714
Công ty cổ 2019 290.002.414.499 276.975.791 0.027378431
phần
2020 374.428.155.037 448.196.392 0.01032362
Clever
2021 513.812.453.495 3.875.427.316 0.01204005
Group
2022 444.183.172.889 4.128.197.723 0.01505819
- The amount of tangible fixed assets in 2018 is the highest in 5 years, assets are quite
liquid in total assets and tend to decrease.
- The amount of tangible fixed assets 2019 and 2020 decreased significantly compared
to 2018.In which 2020 dropped to the least. However, from 2021-2022, the amount of
tangible assets began to gradually stabilize but with a very small difference.
b) Leverage Ratio
Name of Years Total debt Total equity Leverage ratio
company
2018 33531053628 120074742886 0.279251513
Công ty cổ
2019 80471865948 208782793573 0.385433419
phần Clever
2020 203042957704 445010182397 0.456265869
Group
2021 180148111893 449600789258 0.400684599
2022 84998068448 409722656773 0.207452693

- Leverage ratios are less than 1: the existing assets of the business are funded by
equity, the company has little external debt and is not under much financial
pressure=> The company does business effectively, besides, the stock will be higher
and attract more investors.
- 2022 is the year with the lowest leverage ratio, so the default level is the least out of
5 years=>The company is doing very well.
- In 2018,2019 and 2021, they were all in a safe location
- 2020 is the year with the highest leverage ratio in years, so the highest level of
default in a total of 5 years.

c) Investment Of Fixed Asset / Total Asset

Name of Years INVESTMENT OF TOTAL INVESTMENT
company FIXED ASSETS ASSET OF FIXED
ASSET /
TOTAL ASSET
2018 11975935755 120074742886 0.099737342
Công ty cổ 2019 15250694050 208782793573 0.073045742
phần Clever
2020 14804342907 445010182397 0.033267425
Group
2021 8326998894 449600789258 0.018520873
2022 102822045147 409722656773 0.250955234

- In 2018 Fixed asset investment/total assets =9% is quite a low rate, showing that
the company has not really invested much in purchasing fixed assets such as
building factories, buying machinery and equipment.
- In 2019, 2020 and 2021 Fixed asset investment/total assets = approximately only a
few percent due to the impact of the covid 19 epidemic, the company had an
economic shortage so it could not invest much in purchasing fixed assets.
- In 2022 Fixed asset investment/total assets = 25%, Money spent on purchasing and
constructing fixed assets accounts for 25% of total assets. A fairly large proportion
compared to 4 years ago shows that the company has invested in purchasing fixed
assets.

d) Cash divided by total assets

2018 2019 2020 2021 2022

Cash
divided by 0.1173 0.0782 0.0461 0.002355 0.0849
total assets

In 2018, Cash divided by total assets =11,7% => The company has cash and cash
equivalents accounting for 11.7% of total assets. The company has the ability to pay
short-term debts and still has cash=> This mean that the company has a relatively good
level of liquidity, it has the ability to repay debt, pay for new investment or other
spending more flexibly.
Also the same in 2019 2022
But in 2020 2021, Cash divided by total assets is vert low, just 4,61% and 2,3 % =>
The company has cash and cash equivalents accounting for 4.61% and in 2021 just
about 2,3 % of total assets=> Businesses are using their resources more efficiently to
generate profits from business activities or invest in growth opportunities. However, it
can also pose a range of risks related to solvency and financial stability.
e) Bussiness cycle

2018 2019 2020 2021 2022

Business
39.9839 49.1387 101.8482 102.0504 85.2181
cycle

2018 – Business Cycle = 39: It indicate that the economy is in a recession or unstable
phase. Causes may include a decline in production, low investment, or economic
policy problems.
2019 – Business Cycle = 49.1: This level signifies a slight recovery from the previous
year. There may have been stimulus measures or improvements in key economic
indicators.
2020 – Business Cycle = 101.8: This sharp increase can be explained by the strong
recovery of the economy after the recession in 2018 and 2019. There may have been
strong stimulus measures, large public investment, or positive external factors such as
global economic growth.
Năm 2021 - Business Cycle = 102: This level continues to be high, indicating that the
economy is still in a period of strong growth. Factors such as the recovery from the
COVID-19 pandemic, economic stimulus measures, and investment growth may have
contributed to this growth.
2022 - Business Cycle = 85.2: This decrease may reflect a slowdown in the economic
growth rate after a period of strong growth in previous years. There may be a decline
in investment, a decline in exports or unfavorable global economic factors.
III. comments for comparison between another competitor (a company) and
with average industry ratios.
1. Current ratio
2018 2019 2020 2021 2022
Clevergroup 2,709220 1,93035503 1,6370722 2,09010922 3,037974
Yeah1Group 4,207218 2,3391357 2,2583984 2,81161639 1,975172

From 2018 to 2021, Clevergroup's current ratio was always lower than Yeah1Group,
but in 2022 it was higher than Yeah1group.
 Although it is lower than Yeah1Group, in general, the company's index is still
stable, from which it will be able to repay all debts .
2. Quick ratio
2018 2019 2020 2021 2022
Clevergroup 2,6898 1,9223 1,63036339 2,04636622 2,99836500
Yeah1group 3,822878 2,1827986 2,559032 2,1772735 1,92600742
From 2018 to 2021, Clevergroup's current ratio was always lower than Yeah1Group,
but in 2022 it was higher than Yeah1group.
 The high quick ratio value means that both businesses are fully capable of
instant payment of short-term debts.

3. Account receivable turnover

2018 2019 2020 2021 2022
Clevergroup 9 7 4 4 4
Yeah1Group 30 84 8 2 -2
  Both businesses tend to decrease year by year. But Clevergroup is still more
stable than Yeah1group. In 2022, Yeah1Group's Acount receivable turnover
was too low indicating that the company had a poor withdrawal process, bad
credit policies, or that its customers were unable to pay.
4. Inventory turnover
2018 2019 2020 2021 2022
Clevergroup 349 1047 835 133 108
Yeah1Group 27 80 32 129 28

 Clevergroup's business has a higher coefficient than Yeah1group , proving that

goods are out of stock many times, meaning that the business sells goods. The
coefficient of the years tends to increase and decrease continuously, unstable
5. Profit margin
2018 2019 2020 2021 2022
Clevergroup 0,0599 0,1122 0,0869 0,066 0,0981
Yeah1group 0,12844 0,26612 0,091075 0,13766 0,092049

 In 5 years, both businesses generally do not have high profit margins, which
means that the business earns little profit. But Yeah1group is still higher.
6. Asset Turnover

Asset Turnover

2018 2019 2020 2021 2022

ADG 2,88 2,19 1,39 1,31 1,25

YEG 0,96 1,00 0,88 0,83 0,51

- The asset turnover ratio of ADG decreased from 2.88 in 2018 to 1.25 in 2022
- The asset turnover ratio of YEG decreased from 0.96 in 2018 to 0.51 in 2022 .
 This indicates that both companies are facing challenges in utilizing their assets
to generate revenue, but YEG seems to be experiencing more severe difficulties
compared to ADG.
7. Return On Assets

Return On Assets

2018 2019 2020 2021 2022

ADG 0,17 0,25 0,12 0,09 0,12

 YEG 0,09 -0,26 -0,13 0,02 0,04

- Company ADG has seen a gradual increase in return on assets from 2018 to 2019,
followed by a slight decrease in 2020 before recovering in 2022.
- YEG started with an ROA of 0.09 in 2018, indicating moderate profitability relative
to its assets. However, there was a significant decline in 2019, with an ROA of -
0.26.This negative trend continued into 2020 with an ROA of -0.13, indicating
ongoing challenges affecting profitability. But the situation got better in 2021 and
gradually increased in 2022 with a positive ROA of 0.04.
 In summary, ADG demonstrates a more stable and consistently positive
performance in utilizing its assets to generate profits compared to YEG. YEG, on
the other hand, faced significant challenges in 2019 and 2020 but managed to
recover and show improvement in subsequent years. Both companies need to
monitor their asset performance closely to ensure sustained growth and
profitability.
8. Return On Common Stockholders' Equity.

RETURN ON COMMON stockholders' equity

2018 2019 2020 2021 2022

ADG 0,232 0,317 0,165 0,143 0,162

YEG 0,105 -0,375 -0,204 0,034 0,027

- ADG's return on common stockholders' equity started relatively high in 2018 at

0.232 and gradually increased to 0.317 in 2019, followed by a sharp decrease in 2020
before a slight recovery in the following two years.
- YEG started with a lower return on common stockholders' equity in 2018 at
0.105.There was a significant decline in 2019 to -0.375.This negative trend continued
into 2020 with an ROE of -0.204, before showing improvement in 2021 with a
positive ROE of 0.034.However, the return decreased again in 2022 to 0.027
 In summary, ADG generally demonstrated higher and more stable returns on
common stockholders' equity compared to YEG over the years. While both
companies experienced fluctuations, ADG maintained a more consistent
performance, whereas YEG faced significant challenges, particularly in 2019,
which impacted its profitability relative to equity.
9. Earnings per share

Earnings per share

2018 2019 2020 2021 2022

 ADG 4346 5788 2195 2084 2646

YEG 4.690 -12,649 -6,103 633 349

- ADG's EPS generally followed a fluctuating trend, with an increase from 2018 to
2019, a notable decrease in 2020, a slight recovery in 2021, and a further improvement
in 2022.
- YEG's EPS was positive in 2018 but dramatically dropped into negative territory in
2019, indicating significant losses. There was a slight improvement in 2020 but still
negative. It turned positive again in 2021 and decreased further in 2022.
 In summary, ADG demonstrated more consistent profitability over the years
compared to the fluctuating and occasionally negative earnings of YEG.
10. P/E
P/E

2018 2019 2020 2021 2022

ADG 0 17,07 20,41 26,52 9,62

YEG 50.11 -2,94 -7,56 40,30 25,26

Compared to Clever Group company, the above indicators show that Yeah1
Company has many fluctuations. Clever Group company has more stable numbers.
The opposite can be done in 2019 - 2020. Clever Group companies have an increasing
number, showing future economic potential. Then Yeah 1 has sound stocks that have
been found when you are having financial problems. But by 2021, Yeah 1 Company
has solved its financial problem. At the same time Clever Group also has a vote index.
By 2022 both companies affected by the Covid-19 epidemic had their coupon indexes
reduced but remained at normal levels.
11. Poyout Radio

Poyout Radio

2018 2019 2020 2021 2022

125,168,97
ADG 0 0 0 0
8
YEG 0 0 0 0 0

The company does not pay dividends.

12. Debt To Assets Radio

Debt To Assets Radio

2018 2019 2020 2021 2022

AD 3,895,274,59 0,464263195 0,405669038 0,207006420

0,279251513
G 6 7 7 7
YE 0,190883255
0,3353728834 0,1078784582 0,3661912515 0,2704775662
G 5

In general, from 2018 to 2021, Clever Company has a higher index than Yeah1
Company. In 2019, Clever Group Company had the highest index. Shows that total
liabilities are greater than total assets. Clever Company is having financial problems or
using capitalfor business purposes.
In 2022, Yeah 1 has a higher index than Clever Group
13. Time Interest Earned
Time Interest Earned

2018 2019 2020 2021 2022

81,006,424,4
AD 1,365,292,6 7,139,234,6 2,636,904,7
0 74
G 74 78 87

YE 1,969,478,2 2,278,630,57 8,958,603,59 6,324,846,43

9,096,907781
G 98 1 8 9

In general, both above companies have a high index of 1, showing that profits
before taxes and interest are higher than lending costs. This tells us that the company
operatesaprofitablebusiness.

From 2018 - 2021, Yeah 1 Company has a higher index than Clever Group, which
shows that Yeah 1 company is having higher profits from loans. The company has an
optimal loan recovery policy. This evaluates Yeah 1's financial situation is more stable
and growing stronger than Clever Group. The year 2021 faces a general decline in the
overall global economy. Yeah 1 Company did a good job recovering the loan. But
Clever Group had a sharp decrease from 7,139,234 to 2,636,904,787. Clever Group
Company should have plans appropriate to the general economic situation.

In 2022, Yeah 1 Company has a slight performance index. But Clever Group
Company has a huge increase compared to the 5 years from 2018 - 2022.
a. Tangible Fixed assets divided by total assets.

Tangible Fixed assets divided by total assets

2018 2019 2020 2021 2022

EYG 0,0007173 0,0027962 0,0037658 0,0021287 0,0015431

ADG 0,0588047 0,0273784 0,0103236 0,01204 0,0150581

- The amount of fixed assets of Yeah1 company is smaller than the amount of fixed
assets of Clever company, however the amount of assets of Yeah1 company leveled
off and did not change much, but on Clever company's side there was a small change.
but not significantly.
b. Leverage Ratio
Leverage Ratio

2018 2019 2020 2021 2022

YEG 0,0545265 0,4840104 0,5732711 0,5634928 0,3479297

ADG 0,2792515 0,3854334 0,4562658 0,4006845 0,2074526

- Yeah1 company’s leverage ratio in 2018 is lower than Clever company's leverage
ratio in 2021, but in 2019, 2020, 2021 and 2022 Clever company's leverage ratio is
significantly lower than Yeah1 company's leverage ratio.
- Therefore, Yeah1’s company higher leverage ratio indicates that it offers higher
profit potential, but it is also important to consider that high leverage also carries
higher risk if the market moves in reverse.
c. Investment Of Fixed Asset / Total Asset
 Investment Of Fixed Asset / Total Asset

2018 2019 2020 2021 2022

YEG 0,1863756 0,0458996 0,0976009 0,0971673 0,1130942

ADG 0,0997373 0,0730457 0,0332674 0,0185208 0,2509552

-In 2018, 2020 and 2021, Yeah1 company (INVESTMENT OF FIXED ASSET / TOTAL
ASSET= 18% and 9%) has a higher ratio than Clever company (INVESTMENT OF FIXED
ASSET / TOTAL ASSET= 9%), showing that in 2018, 2020,2021 Yeah1 company spends
more on fixed assets such as building factories, procurement of equipment and machinery.
- In 2019 and 2022, Clever company (INVESTMENT OF FIXED ASSET / TOTAL ASSET=
7% and 25%) with a much larger amount of investment in fixed assets than Yeah1 company
(INVESTMENT OF FIXED ASSET / TOTAL ASSET=4% and 11%) in 2019 and 2022.
d) Cash divided by total asset
2018 2019 2020 2021 2022
Cash Clever 0.1173 0.0782 0.047172 0.0235 0.0849
divided
by total
asset Yeah1 0.0976 0.107 0.0262 0.0031 0.0213

Clever’s Trend: The cash to total assets ratio for Clever has been consistently
decreasing from 2018 to 2021, but there was an increase in 2022. This could indicate a
change in financial management strategy or fluctuations in business activities.
Yeah1’s Trend: The ratio for Yeah1 peaked in 2019 and then significantly decreased,
especially in 2021. This steep decline could be a sign of financial difficulties or a
change in asset structure.
Comparison Between the Two Companies: Clever maintained a higher ratio than
Yeah1 for most of the years, except for 2019. This might reflect better financial
stability or a different approach to risk management between the two companies.

e) Business cycle
2018 2019 2020 2021 2022
Clever
Business 39.9839 49.1387 101.8482 102.0504 85.2181
 Yeah1
Cycle 104.0897 127.0433 197.6307 323.9046 957.0222

For Clever Corporation, we observe a general trend of growth from 2018 to 2021,
with the business cycle index increasing steadily. This indicates that Clever
Corporation experienced expanding economic activity during this period. However, in
2022, there is a notable decline in the index value, dropping to 85.2181. This suggests
a downturn or contraction in Clever Corporation's economic activity in 2022
compared to the previous year.
In contrast, Yeah 1 Corporation's business cycle index shows a remarkable upward
trend over the same period. The index value increases substantially each year,
indicating significant growth in economic activity for Yeah 1 Corporation. Particularly
noteworthy is the substantial spike in the index value in 2022, soaring to 957.0222.
This suggests an exceptional surge in economic activity for Yeah 1 Corporation in
2022, likely indicating a period of rapid expansion or heightened business
performance.
Overall, while both Clever Corporation and Yeah 1 Corporation experienced
fluctuations in their business cycles over the years, Yeah 1 Corporation demonstrated
a much more pronounced growth trajectory, especially evident in the remarkable surge
in economic activity observed in 2022. This analysis provides insights into the varying
performance and dynamics of these two corporations over the specified period.