SAB - Saigon Beer - Alcohol - Beverage Corporation (HOSE| Consumer Goods | Brewers )

Balance Sheet Unit: x 1000000000 VND

2018 2019 2020
CURRENT ASSETS 14,690.17 19,164.60 19,513.38
Cash and cash equivalents 4,467.39 4,115.88 2,726.14
Net Short-term investment 7,544.19 12,393.23 14,547.42
Accounts Receivables 765.63 568.61 590.85
Net Inventories 1,813.75 1,967.14 1,446.83
Other current assets 99.2 119.75 202.15
NON-CURRENT ASSETS 7,676.57 7,797.87 7,861.59
Long-term receivables 5.86 9.11 11.96
Fixed assets 4,567.09 4,685.44 4,874.50
Investment in properties 54.57 58.43 65.17
Long-term investment 2,119.04 2,162.74 2,351.29
Goodwill - - -
Other non-current assets 785.63 574.38 530.53
TOTAL ASSETS 22,366.74 26,962.48 27,374.97
LIABILITIES 6,254.84 6,886.23 6,159.70
Current liabilities 5,925.70 6,087.83 5,173.04
Long-term liabilities 329.14 798.40 986.65
OWNER'S EQUITY 16,111.91 20,076.25 21,215.28
Capital and Reserves 16,111.87 20,076.25 21,215.28
Other Reserves 5.33 - -
Undistributed earnings 7,473.78 11,231.60 12,374.50
Budget sources and other funds 0.04 - -
MINORITY INTERESTS - - -
TOTAL OWNER'S EQUITY AND LIABILITIES 22,366.74 26,962.48 27,374.97

Income Statement
2018 2019 2020
Net Sales 35,948.55 37,899.06 27,961.32
Cost of Sales -27,864.41 -28,348.43 -19,460.23
Gross Profit 8,084.14 9,550.63 8,501.09
Financial Income 630.35 889.85 974.4
Financial Expenses -74.63 -93.01 -105.45
Of which: Interest Expenses -35.24 -37.37 -63.68
Selling Expenses -2,731.09 -3,003.29 -2,859.04
General & Admin Expenses -912.71 -1,047.84 -702.01
Operating Profit/Loss 5,351.02 6,674.61 6,076.41
Net income from associated companies - - -
Other Income/Expenses 39.42 11.57 35.41
Net Profit/Loss before tax 5,390.44 6,686.18 6,111.82
Current Income Tax -1,021.13 -1,347.17 -1,124.94
Deferred Income Tax 33.44 31.14 -50.03
Profit/Loss after tax 4,402.75 5,370.15 4,936.85
Minority Interests 225.32 316.78 213.35
Profit to parent company 4,177.43 5,053.36 4,723.50

Cash Flow
2018 2019 2020
Net Profit/Loss before tax 5,390.44 6,686.18 6,111.82
Depreciation & Amortization 634.59 647.25 593.45
Provisions 241.18 358.15 -78.46
Unrealized foreign exchange gain/loss -0.07 0.79 10.99
Profit/Loss from disposal of fixed assets - - -
Profit/Loss from investing activities -628.67 -862.16 -1,200.92
Interest Expense 35.24 37.37 63.68
Interest income and dividends -354.97 -378.27 -
Operating Profit/Loss before changes in WC 5,347.49 6,489.62 5,500.57
Increase/Decrease in receivables 119.83 95.62 59.24
Increase/Decrease in inventories 36.22 -109.3 611.13
Increase/Decrease in payables 324.26 11.24 -584.63
Increase/Decrease in prepaid expenses 203.65 218.12 -44.42
Interest paid -35.96 -36.84 -72.03
Business Income Tax paid -1,140.99 -1,398.56 -1,038.63
Other receipts from operating activities - - -
Other payments on operating activities -339.72 -264.9 -237.15
Net cash inflows/outflows from operating activities 4,514.79 5,005.01 4,194.08
Purchase of fixed assets and other long-term assets -290.44 -269 -445.88
Proceeds from disposal of fixed assets 2.01 4.84 1.44
Loans granted, purchases of debt instruments -10,860.59 -14,261.68 -16,247.32
Collection of loans, proceeds from sales of debts
instruments 9,875.20 9,379.64 14,066.13
Investment in other entities - - -
Proceeds from divestment in other entities 28.34 - -
Dividends and interest received 934.23 1,037.15 1,024.21
Net cash inflows/outflows from investing activities -311.25 -4,109.04 -1,601.42
Proceeds from shares issue - - -
Payments for share repurchases - - -
Proceeds from borrowings 3,255.66 3,235.97 3,061.08
Repayment of borrowings -3,371.65 -3,346.48 -3,309.44
Finance lease principal payments - - -
Dividends paid -3,888.75 -1,136.97 -3,734.03
Dividends received - - -
Net cash inflows/outflows from financing activities -4,004.73 -1,247.48 -3,982.39
Net increase/decrease in cash and cash equivalents 198.8 -351.51 -1,389.73
Cash and cash equivalents at the beginning of period 4,268.60 4,467.39 4,115.88
Foreign exchange differences Adjustment -0.01 - -0.01
Cash and Cash Equivalents at the end of period 4,467.39 4,115.88 2,726.14
rs )

2018
CURRENT ASSETS 100%
Cash and cash equivalents 100%
Net Short-term investment 100%
Accounts Receivables 100%
Net Inventories 100%
NON-CURRENT ASSETS 100%
Fixed assets 100%
Long-term investment 100%
TOTAL ASSETS 100%

2018
LIABILITIES 100%
Current liabilities 100%
Long-term liabilities 100%
OWNER'S EQUITY 100%

2018
Net Sales 100%
Cost of Sales 100%
Profit/Loss after tax 100%
 2019 2020
130.46% 132.83%
92.13% 61.02%
164.28% 192.83%
74.27% 77.17%
108.46% 79.77%
101.58% 102.41%
102.59% 106.73%
107.07% 119.42%
120.55% 122.39%

2019 2020
110.1% 98.5%
102.7% 87.3%
242.6% 299.8%
124.6% 131.7%

2019 2020
105.4% 77.8% 22.219%
101.7% 69.8%
122.0% 112.1%
Balance Sheet
2018 2019
CURRENT ASSETS 65.68% 71.08%
Cash and cash equivalents 19.97% 15.27%
Net Short-term investment 33.73% 45.96%
Accounts Receivables 3.42% 2.11%
Net Inventories 8.11% 7.30%
Other current assets 0.44% 0.44%
NON-CURRENT ASSETS 34.32% 28.92%
Long-term receivables 0.03% 0.03%
Fixed assets 20.42% 17.38%
Investment in properties 0.24% 0.22%
Long-term investment 9.47% 8.02%
Goodwill #VALUE! #VALUE!
Other non-current assets 3.51% 2.13%
TOTAL ASSETS 100.00% 100.00%
LIABILITIES 27.96% 25.54%
Current liabilities 26.49% 22.58%
Long-term liabilities 1.47% 2.96%
OWNER'S EQUITY 72.04% 74.46%
Capital and Reserves 72.03% 74.46%
Other Reserves 0.02% #VALUE!
Undistributed earnings 33.41% 41.66%
Budget sources and other funds 0.00% #VALUE!
MINORITY INTERESTS #VALUE! #VALUE!
TOTAL OWNER'S EQUITY AND LIABILITIES 100.00% 100.00%

Income Statement
2018 2019
Net Sales 100.00% 100.00%
Cost of Sales 77.51% 74.80%
Gross Profit 22.49% 25.20%
Financial Income 1.75% 2.35%
Financial Expenses 0.21% 0.25%
Of which: Interest Expenses -0.10% -0.10%
Selling Expenses 7.60% 7.92%
General & Admin Expenses 2.54% 2.76%
Operating Profit/Loss 14.89% 17.61%
Net income from associated companies #VALUE! #VALUE!
Other Income/Expenses 0.11% 0.03%
Net Profit/Loss before tax 14.99% 17.64%
Current Income Tax 2.84% 3.55%
Deferred Income Tax 0.09% 0.08%
Profit/Loss after tax 12.25% 14.17%
Minority Interests 0.63% 0.84%
Profit to parent company 11.62% 13.33%
 2020 Asset structure
71.28% 100%
9.96%
90%
53.14%
2.16% 80%

5.29% 70%
0.74% 60%
28.72%
50%
0.04%
17.81% 40%

0.24% 30%
8.59% 20%
#VALUE!
10%
1.94%
100.00% 0%
2018 2019 2020
22.50%
Cash and cash equivalents Net Short-term investment Accounts Receivables
18.90% Net Inventories Other current assets NON-CURRENT ASSETS
3.60%
77.50%
77.50%
#VALUE! Capital structure
45.20% 100%
#VALUE! 90%
#VALUE! 80%
100.00% 70%
60%
50%
2020
40%
100.00%
30%
69.60%
20%
30.40%
10%
3.48%
0%
-0.38% 2018 2019 2020
-0.23% Current liabilities Long-term liabilities OWNER'S EQUITY
10.22%
2.51%
21.73%
#VALUE!
0.13%
21.86%
4.02%
-0.18%
17.66%
0.76%
16.89%
 2020

eceivables
ENT ASSETS
Financial Ratios
Liquidity
Current ratio
Quick ratio (Acid ratio)
Cash ratio
Efficiency
Inventory turnover
Receivables turnover
Days' sales in inventory
Days' sales outstanding
Total asset turnover
Fixed asset turnover
Leverage
Total debt ratio
debt-to-equity ratio
Equity multiplier
times interest earned
Cash coverage ratio
Short term reatio
Long term ratio
Profitability
gross profit margin
operating profit margin
net profit margin
EROA
Return on assets (ROA)
Return on equity (ROE)
Market
EPS
P/E
MB
Formula 2018 2019

current assets/current liablities 2.48 3.15

(current assets-inventory)/current liabilities 2.17 2.82
Cash and cash equivelents/current liabilities 0.75 0.68

COGS/inventory 15.36 14.41

Net sales/account receivables 46.95 66.65
365/inventory turnover 23.76 25.33
365/receivables turnover 7.77 5.48
net sales/total assets 1.61 1.41
net sales/fixed assets 7.87 8.09

total debts/total assets 0.28 0.26

total debts/total equity 0.39 0.34
total assets/total equity 1.39 1.34
EBIT/Interest expenses 153.96 179.92
EBITDA/Interest expenses 171.97 197.24
ST debt/ total asset 0.26 0.23
LT debt/ total asset 0.05 0.12

(Net sales-COGS)/Net sales 0.22 0.25

EBIT/Net sales 0.15 0.18
Net income/net sales 0.12 0.14
EBIT/total assets 0.24 0.25
net income/total assets 0.20 0.20
net income/total equity 0.27 0.27

Net income/shares outstanding 6.51 7.88

Price per share/EPS 41.06 28.93
Market value of equity per share/Book value of equity per share 10.65 7.28
 2020

3.77
3.49
0.53

13.45
47.32
27.14
7.71
1.02
5.74

0.23
0.29
1.29
96.98
106.30
0.19
0.16

0.30
0.22
0.18
0.23
0.18
0.23

7.37
26.47
5.89