Financial

FR
Statement Analysis
Of Vinamilk
FABRIKAM RESIDENCES
 1. Overview of Vinamilk

2. The Balance Sheet of Vinamilk

Main
3. The Income Statement of Vinamilk

Content 4. The CAP table of Vinamilk

5 The Cash Flow of Vinamilk

6. Financial Ratio Analysis of Vinamilk

 1. Overview of
Vinamilk

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 FR
Product

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 2. The Balance Sheet
of Vinamilk

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 The Balance Sheet of Vinamilk 2019 – 2020 FR
ASSET 2019 2020
A. SHORT-TERM ASSETS 24,721,565,376,552 29,665,725,805,058
I. Cash and cash equivalents 2,665,194,638,452 2,111,242,815,581
II. Short-term financial assets 12,435,744,328,964 17,313,679,774,893
III. Short-term receivables 4,503,154,728,959 5,187,253,172,150
IV. Inventory 4,983,044,403,917 4,905,068,613,616
V. Other short-term assets 134,427,276,260 148,481,428,818
B. LONG-TERM ASSETS 19,978,308,009,482 18,766,754,868,571
I. Long-term receivables 21,169,968,995 19,974,111,715
II. Fixed assets 14,893,540,216,703 13,853,807,867,036
III. Real estate investment 62,018,116,736 59,996,974,041
IV. Commercial advantage 2,366,060,103,995 2,058,548,005,612
V. Long-term financial investment
986,676,290,429 973,440,912,476
VI. Other long-term assets 3,071,057,864,716 2,796,901,483,346
Add a footer TOTAL ASSETS 44,699,873,386,034 48,432,480,673,629 6
 CAPITAL 2019 2020 FR
A. LIABILITIES 14,968,618,181,670 14,785,358,443,807
I. Short-term debt 14,442,851,833,360 14,212,646,285,475

II. Long-term liabilities 525,766,348,310 572,712,158,332

B. OWNERS 'EQUITY 29,731,255,204,364 33,647,122,229,822
I. Equity 29,731,255,204,364 33,647,122,229,822

II. Other funding and

funds
C. BENEFITS OF
MINIMUM
SHAREHOLDERS
TOTAL FUNDING 44,699,873,386,034 48,432,480,673,629

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 3. The Income
Statement of
Vinamilk

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 FR
2019 2020
Sales 56,400,229,726,717 59,722,908,393,236
Cost of Goods Sold (COGS) 29,745,906,112,717 31,967,662,837,839
Gross Profit 12,797,090,115,372 13,539,380,824,416
Depreciation 82,106,963,973 86,622,167,689
Earnings Before Interest & 26,572,216,650,627 27,668,623,387,708
Taxes (EBIT)

Interest 1,380,476,815 20,884,737,392

Earnings Before Taxes (EBT) 12,795,709,638,557 13,518,536,087,024

Taxes 2,238,365,796,113 2,310,674,009,890

Net Income (Profit) 10,554,331,880,891 11,235,732,234,125

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 4. The CAP table of
Vinamilk
We can see that if equity accounts for a high
proportion of the total capital sources, the
enterprise is capable of making sure finance, if
liabilities account for the majority of the total
capital, the financial security of the business
will be low.
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 31/12/2019 31 /12/2020
Liabilities 12 870,779,480,737 12 911,012,291,043FR
Current liabilities 12 870,779,480,737 12 911,012,291,043
Accounts payable to suppliers 3,223,078,473,685 2,679,418,875,070
Advances from customers 55,509,701,261 73,056,041,052
Taxes payable to State Treasury 559,157,184,017 648,560,717,153
Payables to employees 174,859,917,864 213,466,744,323
Accrued expenses 1,859,775,971,235 1,782,095,501,876
Short-term unearned revenue 2,111,168,658 15,927,234,779
Other short-term payables 1,778,358,243,046 48,155,864,364
Short-term borrowings 4,875,100,000,000 6,960,,536,000,000
Provision short-term 6,334,876,472 4,378,163,013
Bonus and welfare fund 566,493,944,499 485,417,149,413
Long term liabilities 525,766,348,310 572,712,158,332
Other long-term payables 27,418,,573,520 59,731,299,502
Long-term borrowings 122,992,,982,893 167,421,748,884
Deferred tax liabilities 345,559,109,946 374,926,875,377
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31/12/2019 31/12/2020
Equity 29,731,255,204,364 33,647,122,229,822
Owner’s equity 29,731,255,204,364 33,647,122,229,822
Share capital 17,416,877,930,000 20,899,554,450,000
Treasury shares (11,644,956,120) (11,644,956,120)
Foreign exchange differences 23,174,494,894 10,647,239,612
Investment and development fund 2,200,188,373,195 3,286,241,911,090
Retained profits:
• Retained profits brought forward 4,543,346,786,755 1,578,060,922,710
• Profit for the current year 3,332,115,615,169 5,331,664,745,743

Non-controlling interest 2,227,196,960,471 2,349,939,498,572

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Capital structure
2019 2020

16% 15%
41% 43%
23% 22%

20% 19%

Equity/Total assets Total liabilities Equity/Total assets Total liabilities

ROE ROA ROE ROA
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We can see that:
Equity in 2020 will increase to about 3600 billion compared to 2019.
Liabilities are almost unchanged from 2019 to 2020.
Total resources from 2019 is 39415 billion, increasing to 43016 billion by
2020, an increase of about 3,600 billion.
For the company, the sharp increase in the equity account, along with the
nearly insignificant increase in liabilities, is a good thing for the company.
 5. The Cash Flow of
Vinamilk

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II-CASH FLOWS FROM OPERATING ACTIVITIES 2019 2020
Profit before tax 12,795,709,638,557
FR
13,518,536,087,024
Adjustment for the clause
Depreciations and mortisation 67,951,918 2,817,015,196,725
Allowances and provisions 7,332,833,362 49,503,861,013
Exchange (gains)/losses arising from revaluation of monetary items 6,458,209,509 637,221,447
denominated in foreign currencies
Losses on disposals of fixed assets and construction in progress (762,467,904,760) (4,139,172,121,638)
Interest expense 108,824,893,987 143,818,465,177
Operating profit (loss) prior to change in working capital 14,255,869,808,076 15,090,338,709,748
Change in receivables 373,595,051,949 (714,954,818,416)
Change in stock (4,480,040,000) 23,448,016
Change in inventories 401,995,429,191 (270,075,299,427)
Change in payables and other liabilities (399,803,073,537) (212,797,659,741)
Change in prepaid expense 16,409,131,564 23,640,914,247
Interest paid (227,916,555,489) (212,768,515,107)
Income tax payments (2,033,592,165,968) (2,286,330,907,427)
Other payments for operating activities (972,149,944,096) (1,236,906,523,665)
Net cash flows from operating activities 11,409,928,541,690 10,180,169,388,288
II_ CASH FLOWS FORM INVESTING ACTIVITIES 2019 2020

Payments for additions to fixed assets & other long-term assets

Collection on disposals on fixed assets & other long-term assets
(2,158,249,206,676)
114,089,987,662
FR
1,264,816,995,703
150,342,752,442
Collections of loan (3,215,379,727,631) (4,881,270,877,530)
Receipts from sales of debt instruments of other entities - 31,565,648,327
Payments for investments in other entities 1,513,217,385 (8,134,000)
Collection from investments in other entities 665,791,014,375 21,631,584,086
Receipts of interest and dividends (2,158,238,334,831) 1,140,545,861,067
Net cash flows from investing activities (6,747,874,852,168) 4,802,010,161,311
III- CASH FLOWS FROM FINANCING ACTIVITIES

Payments for repurchase of treasury shares (1,159,248,760) (14,364,328,733)

Short-term & long-term loans received 10,426,775,268,658 7,769,144,505,494
Payments to settle loan principles (6,233,112,646,051) (5,723,602,224,085)
Payments of dividends (7,836,250,770,500) (7,927,711,544,061)
Net cash flows from financing activities (3,515,978,671,653) (5,926,533,591,385)
Net cash flows during the year 1,146,075,017,869 (548,374,364,468)
Cash & cash equivalents at the beginning of the year 1,522,610,167671 2,665,194,638,452
Effect of exchange rate fluctuations on cash & cash equivalent (1,895,678,528) (5,577,458,403)
Cash & cash equivalents at the end of the year 2,665,194,638,452 2,111,242,815,581
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Overall:
 Positive net cash flows from operating activities is a sign of healthy business
activity
 Profit before tax is high, but the nature in the cash flow table, in 2020, the
enterprise does not have money because the cash in circulation during the
year has a negative value, the enterprise has a deficit, so even though the
company is making a profit, but still may fall into bankruptcy because the
debt is too much
• For a company, the cash flow must go up for the good, but for a bad one.
 6. Financial Ratio
Analysis of Vinamilk

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Ratio 2019 2020
Liquidity Ratios FR
Current Ratio 1.71 2.09
Quick Ratio 1.37 1,74
Asset Management Ratios
Receivables Turnover 12.52 11.51
Average Collection Period 29 days 31 days
Inventory Turnover Ratio 11.32 12.18
Fixed Asset Turnover Ratio 3.79 4.31
Total Asset Turnover Ratio 1.26 1.23
Debt Management Ratios
Debt to Assets Ratio 33.49% 30.53%
Times Interest Earned Ratio
Fixed Charge Coverage Ratio
Profitability Ratios
Net Profit Margin 18.71% 18.81%
Return on Assets (ROA) 23.61% 23.2%
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Return on Equity (ROE)