L/O/G/O

Financial Management

Giant Alcohol & Beverage Company in Vietnam Habeco vs Sabeco

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Members of Group 5 - Ben 8

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Name ID Name ID

CHÂU DIỆU HẢI NAM 2218211 NGUYỄN THỊ THANH THỦY 2214627

VI THỊ HỒNG MINH 2214452 VŨ LÊ PHONG 2218222

NGUYỄN MINH QUÂN 2216856 NGUYỄN THỊ MINH HƯỜNG 2220783

VŨ PHƯƠNG TRÀ 2218198NGUYỄN HỒNG PHÚC 2198417

PHAN ANH QUANG 2214606 DƯƠNG TRỌNG TRUNG 2218209

CHÂU QUANG ĐẠI 2218226LÊ HẢI PHÚ 2216702

Contents

CASE STUDY

HABECO & SABECO

MBA 651: FINANCIAL MANAGEMENT

Executive Summary

Recommendation

Analysis on Financial report

Comparison of ratios

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History of Company

Habeco Sabeco

Transaction name Hanoi Beer - Alcohol-Beverage Corporation

Saigon Beer - Alcohol-Beverage Corporation

Establishment 1958 1977

Subsidary & Ventures 23 23 subsidiaries and 22 ventures

IPO 2008 2008

Number of Empoyees 900 2645

Production capacity 650 mil litter/year 1.04 bil litter/year

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Executive summary

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Analysis Financial Report - Habeco

INCOME STATEMENT 2008 2009 2010 2011 2012

1 Revenue from Sales of goods 1,919.44 4,009.25 5,026.58 5,601.53 6,544.77

YoY - 108.9% 25.4% 11.4% 16.8%

2 Deductions 453.61 869.67 997.71 1,054.20 1,146.03

YoY - 91.7% 14.7% 5.7% 8.7%

3 Net sales 1,465.83 3,139.59 4,028.87 4,547.33 5,398.74

YoY - 114.2% 28.3% 12.9% 18.7%

4 Costs of goods sold 1,157.64 2,396.96 2,965.33 3,478.03 4,277.70

YoY - 107.1% 23.7% 17.3% 23.0%

5 Gross profit/ (loss) 308.18 742.63 1,063.54 1,069.30 1,121.04

YoY - 141.0% 43.2% 0.5% 4.8%

6 Financial income 163.95 116.42 296.39 361.61 427.92

YoY - -29.0% 154.6% 22.0% 18.3%

7 Financial expenses 9.23 89.31 72.45 90.77 32.96

In which: Loan interest expenses - 9.64 17.81 13.32 5.94

8 Selling expenses 198.76 339.32 358.99 512.68 565.64

YoY - 70.7% 5.8% 42.8% 10.3%

9 Administrative overheads 36.27 86.13 91.01 97.32 131.80

YoY - 137.5% 5.7% 6.9% 35.4%

10Profit/(loss) after tax (net

income)182.00 293.05 771.44 658.64 694.64

YoY 61.0% 163.2% -14.6% 5.5%

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Analysis Financial Report - Habeco

HABECO                   

  BALANCE SHEET 2008 % 2009 % 2010 % 2011 % 2012 %

  CURRENT ASSETS 847.16 24% 389.17 10% 843.83 19% 911.40 22%

1,368.70 30%

I. Cash and cash equivalents 52.60 2% 56.72 1% 339.18 8% 170.67 4%

802.24 18%

II. Short-term investments 46.00 1% 1.65 0% 1.65 0% 138.65 3%

41.65 1%

III. Accounts receivable 561.04 16% 98.58 2% 169.26 4% 350.57 8%

284.85 6%

IV. Inventories 183.70 5% 214.84 5% 332.42 8% 234.00 6%

213.61 5%

V. Other current assets 3.82 0% 17.38 0% 1.33 0% 17.51 0%

26.34 1%

  LONG-TERM ASSETS 2,648.71 76% 3,693.22 90% 3,494.44 81% 3,266.05 78%

3,190.58 70%

I. Fixed assets 1,380.57 39% 2,459.01 60% 2,253.86 52% 1,932.65 46%

1,660.81 36%

II. Long-term investments 1,064.16 30% 1,060.51 26% 990.60 23% 1,087.21 26%

1,353.16 30%

III. Other long-term assets 203.13 6% 173.70 4% 249.98 6% 246.19 6%

176.61 4%

A - TOTAL ASSETS 3,495.87 100% 4,082.38 100% 4,338.28 100% 4,177.45 100%

4,559.28 100%

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Analysis Financial Report - HabecoHABECO                    

  BALANCE SHEET 2008 % 2009 % 2010 % 2011 % 2012 %

B - TOTAL LIABILITIES 997.99 29% 1,494.39 37% 1,218.06 28% 781.31 19% 842.57 18%

I. Current liabilities 433.43 12% 971.81 24% 674.94 16% 376.43 9% 547.87 12%

1 Short-term debts and loans -

112.57 3% - 0%

-

54.75 1%

2 Payable to suppliers 33.80 1% 423.48 10% 263.18 6% 168.74 4% 110.54 2%

II. Long-term liabilities 564.56 16% 522.57 13% 543.12 13% 404.88 10% 294.70 6%

1Long-term accounts payable to suppliers

-

- 103.40 2% 203.76 5% 226.81 5%

2 Long-term debts and loans 545.48 16% 510.26 12% 188.90 4% 189.69 5% 67.89 1%

C - TOTAL OWNER'S EQUITY 2,497.87 71% 2,588.00 63% 3,120.21 72% 3,396.14 81% 3,716.71 82%

I. Owner's equity 2,500.00 72% 2,585.58 63% 3,117.80 72% 3,396.14 81% 3,716.71 82%

1 Capital 2,318.00 66% 2,318.00 57% 2,318.00 53% 2,318.00 55% 2,318.00 51%

2Investment and development fund

-

2.64 0% 13.04 0% 302.84 7% 518.10 11%

3 Financial reserved fund -

16.14 0% 45.35 1% 118.79 3% 183.08 4%

4 Retained earnings 182.00 5% 248.79 6% 741.41 17% 656.51 16% 697.53 15%

II. Other sources and funds (2.12) 0% 2.42 0% 2.41 0%

-

-  

D -TOTAL LIABILITIES AND OWNER'S EQUITY

3,495.87 100% 4,082.38 100% 4,338.28 100% 4,177.45 100% 4,559.28 100%

Comparision of Liquidity

(unit: $)

Quick ratio Current ratio

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Comparision of Efficiency ratios

(unit: $)

Total assets Total assets turnover

Comparision of Efficiency ratios

(unit: $)

Account Receivable Turnover

Days’ in Accounts Receivable

(unit: $)

Inventories turnover Days Sales Inventories

Comparision of Efficiency ratios

Comparision of Profitability

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Comparision of Profitability

(unit: $)

Return on AssetReturn on Equity

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Comparision of Debt & Financial Leverage

(unit: $)

Debt to AssetsDebt to Equity ratio

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Comparision of Market value

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Recommendations

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L/O/G/O

Group 5 Ben 8 – K4

Thank You!

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