vietnam pulp and paper industry report q2/2018 · 2. the world pulp and paper industry 2.1 pulp...

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VIETNAM PULP AND PAPER INDUSTRY REPORT Q2/2018

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Table of contents

Content Page Content Page

Abbreviations 4 2.1.4. Price movement of some types of pulp 32

Summary 5 2.2. Paper 34

1. Business environment 7 2.2.1. Production 35

1.1. Macroeconomic situation 8 2.2.2. Consumption 40

1.2. Legal framework 12 2.2.3. Import - Export 43

1.3. Impact of trade agreements 19 2.2.4. Price movement of some types of paper 46

2. The world pulp and paper industry 26 2.3. The pulp and paper market in some countries 48

2.1. Pulp 26 3. The pulp and paper industry in Vietnam 62

2.1.1. Production 27 3.1. History of formation and development 63

2.1.2. Consumption 28 3.2. Value chain of the industry 65

2.1.3. Import - Export 30 3.3. Process of production 67

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Table of contents

Content Page Content Page

3.4. The scale and features of the industry 73 4. Overview of the industry 97

3.5. Pulp 78 4.1. Risk analysis 98

3.5.1. Input materials 79 4.2. Competitiveness analysis 101

3.5.2. Production 81 4.3. Planning 105

3.5.3. Consumption 82 4.4. Forecasts 111

3.5.4. Import 83 5. Enterprise analysis 115

3.6. Paper 84 5.1. Introduction of enterprises 116

3.6.1. Production 85 5.2. Indicators of business results 127

3.6.2. Consumption 87 5.3. Indicators of finance 134

3.6.3. Export 91 5.4. Indicators of performance efficiency 138

3.6.4. Import 94 6. Appendix 140

Abbreviations

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AEC ASEAN Economic Community GDVC General Department of Vietnam Customs

CAGR Compound Annual Growth Rate GSO General Statistics Office (of Vietnam)

CEPI Confederation of European Paper Industry JPA Japan Paper Association

CPA China Paper Association MFN Most Favored Nation

CPTPPThe Comprehensive and Progressive agreement

for Trans-Pacific PartnershipRISI

Resource Information Systems Inc. (an

information port of pulp and paper industry)

FAO Food and Agriculture Organization SBV State Bank of Vietnam

GDP Gross Domestic Product VPPA Vietnam Pulp and Paper Association

Abbreviations

Summary

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• Produced pulp volume in the world reached 156.8 million tons in 2017

• Produced paper volume in the world was nearly 432 million tons in 2017

• In the 1st quarter of 2018, export value of pulp and paper of Vietnam was 208.5 million USD

• In 2017, the number of consumed pulp increased by 11.2% to 171,319 tons in comparison with that in 2016,

• Pulp import is forecast to be the main trend of manufacturers in the paper industry

Content is intentionally removed for demo purpose

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Summary

• From 2011 to 2017, the production of paper grew at the CAGR of 6.62%. In the 1st quarter of 2018, the quantity of produced paper reached

approximately 889 thousand tons.

• Paper consumption in Vietnam market has been rapidly increasing at the average rate of 7.37% per year between 2011

and 2017

• The number of exported paper of Vietnam in Q1/2018 was about 51 thousand tons which

valued 208.5 million USD, increasing by 48.2% compared with the same period of 2017


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1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Impact of trade agreements

Table of contents

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•

gross domestic product in the 1st quarter of 2018 was estimated to

increase by 7.38% compared with the same period of 2017

• According to reports by General Statistics Office (GSO), the

production index of processing and manufacturing industry in

Q1/2018 increased by 113.8% in comparison with the same period of

2017

%

Source: VIRAC, GSO

Source: VIRAC, GSO

GDP growth, 2011 - Q1/2018

Production index of processing and manufacturing industry,

2012 - Q1/2018


9



• Average interest rate has tended to decrease since 2011

• Export value of Vietnam in Q1/2018 was estimated to reach 55 billion USD

• Import Export value of Vietnam in Q1/2018 was about 52.8 billion USD

Source: VIRAC collects

Proportion of the contribution of pulp and paper industry to

Vietnam’s export value, 2012- Q1/2018

Average interest rate, 2012- Q1/2018

Source: VIRAC, NFSCContent is intentionally removed for demo purpose

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• The VND/USD exchange rate is quite stable and still supported by a

plentiful supply of foreign currencies


Source: VIRAC, NHNN

The VND/USD exchange rate, 2015-Q1/2018

The VND/CNY exchange rate, 2016-Q1/2018


11



Report on socio-economic situation in 2017 by the General Statistics Office revealed that total revenue of services and goods retails was about 3,934.2

trillion VND

The current positive status of services and goods business has positively impacted the paper and pulp demand

The young population structure creates a potential environment for

the development of the paper industry

Source: VIRAC, GSO

million

people

Vietnam’s population and population structure in workforce,

2010-2017


12



1.2 Legal framework


Table of contents

13


1.2 Legal framework

Group of regulations on pulp and paper business and production

No. Scrap HS code


14


1.2 Legal framework


15


1.2 Legal framework


16


1.2 Legal framework

Allowable imported scrap Fee (thousand VND/ profile)


17


1.2 Legal framework

Energy rated consumption for paper products until the end of 2020

No Product Capacity (ton year)Rate

(MJ/ton)


18

Group of regulations on import taxes of pulp and paper industry


1.2 Legal framework


19

Table of contents



1.2 Legal framework


20



Commodity code Group/ Commodity MFN Tariff

(%)

Vietnam’s tariff commitments (%)

2015 2016 2017 2018

ASEAN-China Free Trade Agreement (ACFTA)

Vietnam’s average tariff (%) in ACFTA

Source: VIRAC, GDVC


21



World Trade Agreement (WTO)

Tariff commitments in WTO

No. CommodityMFN Tariff

(%)

Tariff commitments in WTO

2007 (%) Final (%) Implementation period (since2007)

Source: VIRAC, GDVC


22



Lưu ý: đối với AKFTA, mức thuế cam kết chính là mức thuế thực hiện

ASEAN-Korea Free Trade Agreement (AKFTA)

Commodity

code Group/ CommodityMFN tariff

(%)

Vietnam’s tariff

commitments (%)

2016 2017 2018

Vietnam’s average tariff (%) in AKFTA

Source: VIRAC, GDVC


23






The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

24


25



Challenges of integration to the paper industry:

• Unstable supply of raw materials and high production cost:

• Technical barriers:

• Fierce competitiveness, even in domestic market:

• Diversity of product packaging:


2. The world pulp and paper industry

2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade

2.1.4 Price movement of some types of pulp

2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade

2.2.4 Price movement of some types of paper

2.3 The pulp and paper market in some countries

Table of contents

26

27


2.1 Pulp – 2.1.1 Production

million tonsWorld pulp output quantity reached 156.8 million tons in 2017, increasing

by 3.1 million tons which was equal to 2.0% growth in comparison with the

year 2016

Source: VIRAC, FAO

Source: VIRAC, FAO

The United States has the world’s highest output quantity

World pulp output quantity, 2014-2020f

Structure of pulp production by country, 2017eContent is intentionally removed for demo purpose


2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Import - Export


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Import - Export



Table of contents

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29


2.1 Pulp – 2.1.2 Consumption

Source: VIRAC, CEPI

Asia is the world’s largest consumer of pulp with the consumption of

60.8 million tons (2016)

World pulp consumption by type, 2011 – 2017e

million tons

Source: VIRAC, CEPI

The number of pulp consumption over the world in 2017 was 178 million

tons, decreasing by 1 million ton which was equal to 0.6% decline in

comparison with the year 2016

Structure of world consumption by region, 2016e



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



Table of contents

30


2.1 Pulp – 2.1.3 Pulp trade

31

World pulp export - import, 2016 – 2017

Source: VIRAC, Trademap

The world pulp import value in 2017 experienced fairly marked growth

The world pulp import and export increased in 2017 thanks to 2

main reasons:

2016 2017 Growth

Source: VIRAC, Uncomtrade

Top 10 countries that have the highest pulp import, 2016-2017

Unit: million tons



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



Table of contents

32


2.1 Pulp – 2.1.4 Price movement of some types of pulp

33

Source: VIRAC, ALFRED

%

Monthly price index of pulp made from wood, 2008 - 3/2018



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



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35


2.2 Paper – 2.2.1 Production

million

tons

World paper output quantity experienced a continuous increase with CAGR

of 1.6% from 2012 to 2017

Source: VIRAC, RISI, CEPI


The world’s largest paper manufacturer is China with paper output of

108.5 million tons, followed by the United States with 77.7 million tons,

and next by Japan with 26.1 million tons (2016)

Top 10 leading countries in paper production output, 2016e

World paper output quantity, 2012-2017e


36



Source: VIRAC, RISI

Paperboard and packaging paper


Structure of world production of paperboard and packaging paper,

2016e

World output quantity of paperboard and packaging paper,

2012-2017e


37



Tissue paper


Global tissue paper output quantity, 2000 – 2017e

Global output quantity of tissue papers, by type,

2012 – 2016e



38



Market shares of the world supplies of tissue papers, 2016e

Source: VIRAC, PapnewsContent is intentionally removed for demo purpose

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Newspaper and printing paper



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



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41


2.2 Paper – 2.2.2 Consumption

The 5-year period between 2012 and 2016 witnessed a gradual growth

of the global paper consumption.

Paper consumption was nearly 414 million tons in 2016, increasing 3

million tons in comparison with the year 2015

Global paper consumption by region, 2012 - 2016e

Source: VIRAC, CEPI

Global revenue from paper consumption, 2012-2020f

Source: VIRAC, Statistic


42



Some trends in 2018 impact the world paper:

• Retails:

• The development of the Internet:

• Health consciousness:

• Environmentally friendly products



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



Table of contents

43


2.2 Paper – 2.2.3 Paper trade

44

• in 2017, total export value of paper in the world increased to

159.5 billion USD, by 5.3% compared to 2016



World export value of paper, 2010-2017ebillion USD

• In 2017, paperboard and packaging paper were the most exported

products, accounting for 52.5% of total paper export value over the

world.

Structure of global paper export by type, 2017eContent is intentionally removed for demo purpose


2.2 Paper – 2.2.3 Paper trade

45


Top 10 countries that have the highest paper export value, 2017e


2016 (billion USD) 2017 (billion USD) Growth2016 (billion

USD)

2017 (billion

USD)Growth

Top 10 countries that have the highest paper import value, 2017e



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



Table of contents

46



47

Global average price of tissue paper, 2010 – 2016e


%

Price index of paper, 2008-3/2018

Source: VIRAC, ALFRED

Paper prices has significantly fluctuated since the end of 2016, influenced by Chinese policies of scrap paper import and a sudden increase in demand.



2.1 Pulp

2.1.1 Production

2.1.2 Consumption

2.1.3 Pulp trade


2.2 Paper

2.2.1 Production

2.2.2 Consumption

2.2.3 Paper trade



Table of contents

48



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China

China

Area

Area of woods

Population (2016)

GDP (2016)Content is intentionally removed for demo purpose



50

Source: VIRAC, VPPA

Paper production and consumption in China, 2016e

Source: VIRAC, VPPA

China’s pulp output quantity by input materials, 2012 - 2016e




51

China’s pulp import-export, 2012 - 2017e


Structure of China‘s pulp import, 2017


billion USD

billion USDChina’s paper import-export, 2013 - 2017e

Source: VIRAC, Uncometrade




52

The United States

Area

Area of woods

Population (2016)

GDP (2016)

The United States ranked 2nd in terms of paper output quantity with 79.02

million tons




53

The US pulp production, 2010-2017e

Source: VIRAC, FAO

Source: VIRAC, FAO

The US paper output quantity, 2011 - 2017e

million

tons


The US import-export value of pulp, 2010 – 2017e




54

billion USD

Top 10 countries that have the highest pulp export value to the US,

2017e

Source: VIRAC, Uncomtrade Source: VIRAC, Uncomtrade

2016 2017 Growth

Unit: USDStructure of the US pulp export by value, 2017e




55

Paper trade in the US, 2016 – 2017e





56

Japan is the third largest paper producer and the 4th largest wood pulp

producer over the world

Source: VIRAC, JPA

Japan

Area

Area of woods

Population (2016)

GDP (2016)

Output quantity of paper and paperboard in Japan,

2012 – 2017e




57

Japan’s pulp import-export, 2010 – 2017e



billion USD

Japan’s recycled paper export-import,

2010-2017ethousand

USD




58

Source: VIRAC, JPA Source: VIRAC, JPA

Source: VIRAC, JPA

Japan’s trade of paper and paperboard, 2016 – 2017e

Structure of Japan’s paper import, 2017e Structure of Japan’s paper export, 2017e


59




Year of

EstablishmentHeadquarter

Revenue,2016

(billion USD)Logo

Top 10 largest paper companies over the world, 2016


60






61


Table of contents

3. The pulp and paper industry in Vietnam

3.1 History of formation and development 3.5.3 Consumption

3.2 Value chain of the industry 3.5.4 Import

3.3 Process of production 3.6 Paper

3.4 The scale and features of the industry 3.6.1 Production

3.5 Pulp 3.6.2 Consumption

3.5.1 Input materials 3.6.3 Export

3.5.2 Production 3.6.4 Import

62


3.1 History of formation and development

63

History of formation and development of paper industry



64


3.1 History of formation and development


Table of contents

65









66

Value chain of the paper industry


(*)

(*)

(*)


3.2 Value chain of the industry


Table of contents

67









68


3.3 Process of production


❖ Input materials

Conifers (softwood) Broadleaved trees (hardwood)

Some type of wood suitable for making paper


❖ Pulp production

Process of making pulp from wood

➔


69




Method Chemical treatment Efficiency(%)

Source: VIRAC collects.

70




❖ Paper pproduction from recycled paper

71


Paper production from recycled paper




❖ Paper Production:

❖ Problems of environmental pollution caused by process of paper production

72




Table of contents

73










3.4 The scale and features of the industry

Number of enterprises in paper industry, 2010 - 2016

Source: VIRAC, GSO

Source: VIRAC, GSO

Number of labors in paper industry , 2010 – 2016

The number of enterprises in paper industry has been increasing at the

rate of 5.96%

people

74


Source: VIRAC, GSO

Revenue of paper industry, 2010 - 2016

million VND

Contribution of paper industry to GDP, 2010 – 2016

In 2016, revenue of Vietnam paper industry reached 129,112 trillion VND, increasing by 15% compared to the year 2014

However, the contribution of paper industry to GDP accounts for a tiny proportion

75



Source: VIRAC, GSOContent is intentionally removed for demo purpose

No. Plant Capacity (tons/year) Address Products

Pulp Paper

Paper and pulp plants that have capacity of over 100,000 tons/year Distribution of paper plants (capacity of over

100,000 tons/year) and projects

Nhà máy công suất

trên 100,000

tons/năm

Dự án


76




No. Project Investors Country Capital of

investment

Capacity

(tons/year)

Address Status

Important investment projects in paper industry


77




Table of contents

78









Recycled paper, 2010 – 2017ethousand

tons

Source: VIRAC, ITC

Top 10 countries that have the highest volume of recycled

paper imported by Vietnam, 2016-2017e

Source: VIRAC, ITC

79


3.5 Pulp – 3.5.1 Input materials

2016 2017e Growth

Unit: tons


80

Woodchips


3.5 Pulp – 3.5.1 Input materials

Output quantity of woodchips, 2010 – 3M/2018ethousand tons

Source: VIRAC, GSO


81


3.5 Pulp– 3.5.2 Production

Output quantity of Pulp, 2010 – Q1/2018

Source: VIRAC, GSO

tons


Pulp consumption by volume, 2010 – Q1/2018 Revenue of pulp consumption, 2010 – Q1/2018

Domestic pulp consumption fluctuates depending on trend of pulp production.

million VND

82


3.5 Pulp– 3.5.3 Consumption

Source: VIRAC, GSO

tons

Source: VIRAC, GSO


83

Pulp import, 2011 - 2017

Source: VIRAC, ITC, TRADEMAP Top 10 countries that have the highest volume of pulp

imported by Vietnam, 2017

Source: VIRAC, UNCOMTRADE

Vietnam’s pulp import has continuously risen for 2 current years,

increasing to151,720 thousand USD (2017), by 18.6% compared to the year

2016.

In 2017, the US was the major pulp supplier for Vietnam market with

market share of 42.3%


3.5. Pulp – 3.5.4 Import

2016 2017 Growth

thousand USD


Table of contents

84











• Between 2011 and 2017, paper production grew at CAGR of 6.6.2% Structure of paper production by type, Q1/2018

85

Paper production by type, 2011 – Q1/2018

Source: VIRAC, VPPA

Source: VIRAC, VPPA

tons


• Packaging paper:

• Paper for printing and writing:

• Tissue paper:

• Joss paper:

• Paper for newspaper printing:

86




Domestically produced paper consumption,

2011 – Q1/2018

Source: paperonwebSource: VIRAC, VPPA

Average paper consumption per capita in Vietnam,

2011 – 2017 kg per capitaAverage paper consumption per capita in some countries,

2016kg per capita

87

Paper consumption in Vietnam market rapidly increases at the rate of 7.37% per

year from 2011 to 2017



tons

Source: VIRAC, VPPA


88

Revenue from paper industry, 2010 – Q1/2018

Source: VIRAC, GSO

million VND



Source: VIRAC, VPPA

Structure of paper consumption by type, Q1/2018


89

Structure of tissue paper consumption by type,

2016





90



Inventories of some paper products, 2010 – Q1/2018

Source: VIRAC, GSO

As a feature of paper industry, paper products should not be stored for a long time due to the risk of fire, mold and rottenness that reduce product

quality and enterprise’s activities

tons


Paper export, 2011 – Q1/2018

Source: VIRAC, VPPA, GDVC

tons million

USD

Vietnam’s paper export in Q1/2018 reached nearly 51 thousand tons,

which valued 208.5 million USD, increasing by 48.2% compared to

the same period in 2017.

Source: VIRAC, GDVC

Top 10 countries that are Vietnam’s major paper importers, by value

Q1/2018

In Q1/2018, China is still Vietnam’s major importer with value of 37.4 million

USD

91


3.6 Paper – 3.6.3 Export


92



Contribution of FDI businesses to paper export, 2013 – 2017

Source: VIRAC, GDVC


Export of some paper products, 2011 - 2016

tons

93





Paper import, 2011 – Q1/2018


Import of paper products, 2011 – Q1/2018


Structure of import paper and paper products by value,

Q1/2018

Source: VIRAC, GDVC

According to General Department of Vietnam Customs (GDVC), in Q1/2018,

Vietnam imported 480 thousand tons of papers, which value 437 million USD

China is the largest exporter of paper and paper products to

Vietnam

million USD

94


3.6 Paper – 3.6.4 Import


Structure of paper import by volume, 2017


95




96



Top largest paper import enterprises in Vietnam, Q1/2018

Source: VIRAC, GDVC

No. Enterprise


Table of contents

4. Overview of the industry

4.1 Risk analysis

4.2 Competitiveness analysis

4.3 Planning

4.4 Forecasts

97


4.1. Risk analysis

Economic risks

Legal risks

98


Risks of the industry’s specific features

Environmental risks

Risks of competitiveness

99


4.1. Risk analysis


Risks of human resource

Risks of interest rate

Risks of exchange rates

Other risks

100


4.1. Risk analysis


Table of contents


4.1 Risk analysis


4.3 Planning

4.4 Forecasts

101

5-force analysis


4.2. Competitiveness analysis

102


103




Strengths: Weaknesses:

Opportunities: Threats:

104




Table of contents


4.1 Risk analysis


4.3 Planning

4.4 Forecasts

105


4.3. Planning

Target of the paper industry development until 2025

Orientation of development

106


No. Project’s manager RegionDesigned capacity (tons/year)

PeriodPulp Paper

Portfolio of investment projects by period

107


4.3. Planning


No. Project’s manager RegionDesigned capacity (tons/year)

PeriodPulp Paper

Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025

108


4.3. Planning


Portfolio of investment projects by period

Criterion Unit 2015 2020 2025

Criteria of designed capacity

Criterion Unit 2015 2020 2025

Criteria of output quantity

109


4.3. Planning



Period

Regions (Unit: ha)

North-

westNortheast Central

Northern

CentralCentral Coast

Northern

Central

Highlands

Southern

Central

Highlands

Southwest

Regions of growing material trees for paper production

110


4.3. Planning



Table of contents


4.1 Risk analysis


4.3 Planning

4.4 Forecasts

111


4.4. Forecasts

112

Outlook and Forecasts of pulp industry

Forecast pulp consumption, 2014 – 2020f


tons


Outlook and Forecasts of paper industry

113


Forecast paper output quantity, 2015 – 2020ftons


4.4. Forecasts


114

Outlook and Forecasts of paper industry

1000 tons

Source: VIRAC, VPPA


4.4. Forecasts

Supply and Demand of testliner paper and wave layer paper, 2016 – 2019f


Table of contents

5. Enterprise analysis

5.1 Introduction of enterprises

5.2 Indicators of business results

5.3 Indicators of finance

5.4 Indicators of performance efficiency

115



Typical enterprises in paper and pulp industry, 2016

Enterprise Address Tax code

Net revenue

(million VND)Total assets

(million

VND)2015 2016

116


Diana Unicharm Joint Stock Company

117




An Hoa Paper Joint Stock Company

118




Viet Hung Packaging Ltd.

119




Bien Hoa Packaging JSC

120




Sabeco – Song Lam Packaging JSC

121




Viet Tri Paper JSC

122




An Binh Paper JSC

123




Hai Phong Stationery & Packaging Corporation

124




Dong Hai JSC of Ben Tre

125




Khatoco Printing and Packaging JSC

126




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127

128



Growth of net revenue, 2015 - 2016billion

VND

Source: VIRAC collectsContent is intentionally removed for demo purpose

129




130

Gross profit margin, 2015 - 2016





131




132

Sales expenses/ Net revenue, 2015 – 2016





133

Enterprise management expenses/ Net revenue, 2015 - 2016


Financial expenses /Net revenue, 2015 - 2016





Table of contents






134

135



Days of sales outstanding, 2015 - 2016days

Source: VIRAC collectsContent is intentionally removed for demo purpose

136

Liquidity, 2016



Days' sales in inventory, 2016

days




137

Structure of Assets and Total assets turnover, 2016



Structure of debts and Debt/Equity ratio2016




Table of contents






138

139



Ratios of profitability on assets and equity, 2016



6. Appendix

Table of contents

140

Appendix

Financial statement

Diana Unicharm

141

BALANCE SHEET

Unit: billion VND 2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivables

1. Receivables from customers

IV. Inventories

B. LONG-TERM ASSETS

I. Long-term receivables

II. Fixed assets

1. Tangible fixed assets

2. Intangible fixed assets

TOTAL ASSETS

A. LIABILITIES

I. Short-term Liabilities

1. Short-term Borrowings and Liabilities

2. Taxes and other payables to the State budget

II. Long-term liabilities

1. Long-term borrowings and liabilities

2. Long-term provisions for payables

B. OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY

INCOME STATEMENT


Net Revenue from Sales and services provided

Cost of goods sold and services provided

Gross Profit from sales and services provided

Financing income

Financial expenses

Interest expenses

Sales expenses

Administrative expenses

Net profit from operating activities

Total Accounting Profit Before Tax

Current Corporate Income Tax Expenses

Deferred Corporate Income Tax Expenses

Profit After Enterprise Income Tax

CASH FLOW STATEMENT


I. Cash Flow From Operating activities

Depreciation of fixed assets

Unrealized gain/loss from exchange rate differences

Net Cash Flow From Operating activities

II. Cash Flow From Investing activities

Expenditures on purchase and construction of fixed assets

and long-term assets

Net Cash Flow From Investing activities

III. Cash Flow From Financial activities

Net Cash Flow From Financial activities

Effect of exchange rate fluctuations

Net cash flow during the fiscal year


Appendix

Financial statement

An Hoa

142

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

Viet Hung

143

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

SVI

144

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

Sabeco - Song Lam

145

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

Viet Tri

146

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

An Binh

147

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

HPS

148

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

DHC

149

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















Appendix

Financial statement

Khatoco

150

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















151

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