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VIETNAM PULP AND PAPER INDUSTRY REPORT Q3/2019
2
Table of contents
Content Page Content Page
Abbreviations 4 2.2. Paper 21
Summary 5 2.2.1. Production 21
1. Business environment 8 2.2.2. Consumption 25
1.1. Macroeconomic situation 9 2.2.3. Import - Export 27
1.2. Legal framework 11 2.3. The pulp and paper industry in some countries 29
2. The world pulp and paper industry 17 3. The pulp and paper industry in Vietnam 40
2.1. Pulp 18 3.1. History of formation and development 41
2.1.1. Production 18 3.2. Pulp 43
2.1.2. Consumption 19 3.2.1. Production 43
2.1.3. Import - Export 20 3.2.2. Consumption 45
3.2.3. Import 46
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Table of contents
Content Page Content Page
3.3. Paper 47 5. Enterprise analysis 63
3.3.1. Production 47 5.1. Introduction of enterprises 64
3.3.2. Consumption 49 5.2. Indicators of business results 67
3.3.3. Export - import 52 5.3. Indicators of finance 73
4. Overview of the industry 55 5.4. Indicators of performance efficiency 77
4.1. Competitiveness analysis 55
4.2. Planning 58
Abbreviations
4
Abbreviations
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
Summary
5
WORLD
Pulp:
• World pulp production reached x million tons in 2018, an increase of x
million tons, equivalent to x% compared to 2017.
Paper:
• In 2018, world paper production reached nearly x million tons, an
increase of x% compared to 2017's output of million tons.
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Summary
VIETNAM
❖ Pulp :
• Pulp production in the first 6 months of 2019 is estimated at nearly x
thousand tons.
❖ Paper:
• Following the positive growth in 2018, paper output in the first 6 months of
2019 reached more than x million tons.
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Summary
• 2018 is still considered a difficult year for businesses in the paper
industry, in the face of many challenges
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1. BUSINESS ENVIRONMENT
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1. Business environment
1.1 Macroeconomic situation
• Gross domestic product (GDP) in the second quarter of 2019 is
estimated to increase x.xx% compared to the same period last year
%
Source: VIRAC, GSO
Source: VIRAC, GSO
GDP growth, 2016 - 2019
Production index of processing and manufacturing industry,
2012 – 6/2019
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Growth of total retail sales of consumer goods and
services, 2011 - 6M / 2019 (excluding price factors)
10
1. Business environment
1.1 Macroeconomic situation
• In the first 6 months of 2019, CNY continued to devalue with USD
while VND has stabilized, making VND rise against CNY.
Source: VIRAC collects
Source: VIRAC, NHNN
The VND/USD exchange rate, 1/2013 – 6/2019
The VND/CNY exchange rate, 1/2016 - 6/2019
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1. Business environment
1.2 Legal framework
Group of regulations on pulp and paper business and production
No. Scrap HS code
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1. Business environment
1.2 Legal framework
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Circular No 20/2014 replaced by Circular No 23/2015/TT – BKHCN that regulate used machines, equipment and technology assemblies import.
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1. Business environment
1.2 Legal framework
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1. Business environment
1.2 Legal framework
Allowable imported scrap Fee (thousand VND/ profile)
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1. Business environment
1.2 Legal framework
Energy rated consumption for paper products until the end of 2020
No Product Capacity (ton year)Rate
(MJ/ton)
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Group of regulations on import taxes of pulp and paper industry
1. Business environment
1.2 Legal framework
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2. WORLD MARKET
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2. The world pulp and paper industry
2.1 Pulp – 2.1.1 Production
million tonsWorld pulp production reached xxx.x million tons in 2018, an increase of x.x
million tons, equivalent to x.x% compared to 2017
Source: VIRAC, FAO
Source: VIRAC, FAO
The United States has the world’s highest output quantity
World pulp output, 2014-2020f
Structure of pulp production by country, 2018e
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2. The world pulp and paper industry
2.1 Pulp – 2.1.2 Consumption
Source: VIRAC, CEPI
Asia is the world’s largest consumer of pulp with the consumption of
World pulp consumption by type, 2011 – 2018e
million tons
Source: VIRAC, CEPI
World pulp consumption in 2018 reached xxx million tons, up nearly x
million tons, equivalent to x.x% compared to 2017.
Structure of world consumption by region, 2018e
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x
Billion tons
2. The world pulp and paper industry
2.1 Pulp – 2.1.3 Pulp trade
20
World pulp export - import, 2017 - 2018
Source: VIRAC, Trademap
World pulp import and export increased again (exports increased by x% in volume and x% in value) in 2018 due to two main reasons:
Source: VIRAC, Uncomtrade
Pulp import structure by country, 2018e
Unit: million tons
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
million
tons
World paper output quantity experienced a continuous increase with CAGR
of x.x% from 2012 to 2018
Source: VIRAC, RISI, CEPI
Source: VIRAC collects
Top 10 leading countries in paper production output, 2016 - 2017
World paper output quantity, 2012-2018e
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2016 2017 Change (%)
22
2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Source: VIRAC, RISI
Paperboard and packaging paper
Source: VIRAC collects
Structure of world production of paperboard and packaging paper,
2018e
World output quantity of paperboard and packaging paper,
2012-2018e
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Tissue paper
Source: VIRAC collects
Global tissue paper output quantity, 2000 – 2018e
Production structure of global tissue paper by country, 2017
Source: VIRAC , FAD
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Newspaper and printing paper
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2. The world pulp and paper industry
2.2 Paper – 2.2.2 Consumption
From 2012 to 2017, there was a stable increase in the global paper
consumption.
Paper consumption was nearly xxx.x million tons in 2017, increasing x.x
million tons in comparison with the year 2016
Global paper consumption by region, 2012 - 2017e
Source: VIRAC, CEPI
Global revenue from paper consumption, 2012-2020f
Source: VIRAC, Statistic
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2. The world pulp and paper industry
2.2 Paper – 2.2.2 Consumption
Some trends in 2018 impact on the world paper demand:
• Retails:
• The development of the Internet:
• Health consciousness:
• Environmentally friendly products
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2. The world pulp and paper industry
2.2 Paper – 2.2.3 Paper trade
27
Source: VIRAC, Trademap
Source: VIRAC, Trademap
World export value of paper, 2010-2018billion USD
Structure of global paper export by type, 2018eContent is intentionally removed for demo purpose
2. The world pulp and paper industry
2.2 Paper – 2.2.3 Paper trade
28
Source: VIRAC, Uncomtrade
Top 10 countries that have the highest paper export value, 2018e
Source: VIRAC, Uncomtrade
2017 (billion USD) 2018 (billion USD) Growth 2017 (billion
USD)
2018 (billion
USD)Growth
Top 10 countries that have the highest paper import value, 2018e
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Source: VIRAC, VPPA
New paper capacity of China, 2012 - 2019f
Source: VIRAC, VPPA
China’s pulp output quantity, 2013 – 2018e
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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China’s pulp import-export, 2012 - 2018
Source: VIRAC, Trademap
Structure of China‘s pulp import, 2017 - 2018
Source: VIRAC, Trademap
billion USD
billion USDChina’s paper import-export, 2013 - 2018
Source: VIRAC, Uncomtrade
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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The US pulp production, 2010-2018e
Source: VIRAC, FAO
Source: VIRAC, FAO
The US paper production, 2011 - 2017e
million
tons
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The United States ranked 2nd in terms of paper output quantity
The US import-export value of pulp, 2010 – 2018
Source: VIRAC, Uncomtrade
2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
32
billion USD
Top 10 countries that have the highest pulp export value to the US,
2018
Source: VIRAC, Uncomtrade Source: VIRAC, Uncomtrade
2017 2018 Growth
Unit: USDStructure of the US pulp export by value, 2018
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Paper trade in the US, 2017 -2018
Source: VIRAC collects
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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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,
2013 – 2018
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Japan’s pulp import-export, 2010 – 2018
Source: VIRAC, Trademap
Source: VIRAC, Uncomtrade
billion USD
Japan’s recycled paper export-import,
2010-2018thousand
USD
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Source: VIRAC, JPA Source: VIRAC, JPA
Source: VIRAC, JPA
Japan’s trade of paper and paperboard, 2017 - 2018
Structure of Japan’s paper import, 2018 Structure of Japan’s paper export, 2018
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2018
RankCompany Founded year Headquater
Revenue 2018
(million dollars)Logo
37
Source: VIRAC collects
2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
Top 10 largest paper companies over the world, 2017
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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3. THỊ TRƯỜNG VIỆT NAM
3. The pulp and paper industry in Vietnam
3.1 History of formation and development
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History of formation and development of paper industry
Source: VIRAC collects
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3. The pulp and paper industry in Vietnam
3.1 History of formation and development
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3. The pulp and paper industry in Vietnam
3.2 Pulp – 3.2.1 Production
Output quantity of Pulp, 2013 – 6/2019
Source: VIRAC, GSO
tons
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3. The pulp and paper industry in Vietnam
3.2 Pulp – 3.2.1 Production
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Pulp consumption by volume, 2011 – 6/2019 Revenue of pulp consumption, 2010 – 6/2019
• Domestic pulp consumption fluctuates depending on trend of pulp production.
million VND
45
3. The pulp and paper industry in Vietnam
3.2 Pulp – 3.2.2 Consumption
Source: VIRAC, GSO
tons
Source: VIRAC, GSO
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Pulp import, 2011 – 2018e
Source: VIRAC, ITC, TRADEMAP
Import structure of Viet Nam pulp by value, 2018
Source: VIRAC, UNCOMTRADE
Vietnam’s pulp import has continuously risen for 2 current years,
In 2017, the US was the major pulp supplier for Vietnam market with
market share of xx.x%
3. The pulp and paper industry in Vietnam
3.2. Pulp – 3.2.3 Import
thousand USD
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3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.1 Production
Structure of paper production by type, 6M/2019e
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Paper production by type, 2011 – 6/2019
Source: VIRAC, VPPA
Source: VIRAC, VPPA
tons
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• Packaging paper:
• Paper for printing and writing:
• Tissue paper:
• Joss paper:
• Paper for newspaper printing:
48
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.1 Production
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Domestically produced paper consumption,
2011 – 6/2019e
Source: paperonwebSource: VIRAC, VPPA
Average paper consumption per capita in Vietnam, 2011 – 2018kg per capita
kg per capita
49
Paper consumption in Vietnam market rapidly increased at the rate of x.x% per
year from 2011 to 2018
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.2 Consumption
tons
Source: VIRAC, VPPA
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Revenue from paper industry, 2010 – 6/2019e
Source: VIRAC, GSO
million VND
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.2 Consumption
Source: VIRAC, VPPA
Structure of paper consumption by type, 6/2019e
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Structure of tissue paper consumption by type, 2018
Source: VIRAC collects
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.2 Consumption
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Paper export, 2011 – 6M/2019
Source: VIRAC, VPPA, GDVC
tons million
USD
Source: VIRAC, GDVC
Structure of countries importing Vietnamese paper and paper products
by value, Q1 / 2019
In 2018, China is still Vietnam’s major importer with value of xxx.xx million USD
52
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.3 Export
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Paper import, 2011 – 6/2019
Source: VIRAC, VPPA, GDVC
Import of paper products, 2011 – 6/2019
Source: VIRAC, VPPA, GDVC
Structure of import paper and paper products by value,
6/2019
Source: VIRAC, GDVC
China is the largest exporter of paper and paper products to
Vietnam
million USD
53
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.4 Import
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Structure of paper import by volume, 6M/2019e
Source: VIRAC, VPPA, GDVC
54
3. The pulp and paper industry in Vietnam
3.3 Paper – 3.3.4 Import
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5-force analysis
4. Overview of the industry
4.1. Competitiveness analysis
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4. Overview of the industry
4.1. Competitiveness analysis
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Strengths: Weaknesses:
Opportunities: Threats:
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4. Overview of the industry
4.1. Competitiveness analysis
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4. Overview of the industry
4.2. Planning
Target of the paper industry development until 2025
Orientation of development
58
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No. Project’s manager RegionDesigned capacity (tons/year)
PeriodPulp Paper
Portfolio of investment projects by period
59
4. Overview of the industry
4.2. Planning
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No. Project’s manager RegionDesigned capacity (tons/year)
PeriodPulp Paper
Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
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4. Overview of the industry
4.2. Planning
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Portfolio of investment projects by period
Criterion Unit 2015 2020 2025
Criteria of designed capacity
Criterion Unit 2015 2020 2025
Criteria of output quantity
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4. Overview of the industry
4.2. Planning
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Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
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
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4. Overview of the industry
4.2. Planning
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Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
5. ENTERPRISE ANALYSIS
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Enterprise Major brand Tax code Enterprise's profile
Diana Unicharm
Kimberly Clark
Kraft Vina paper Co,
Ltd
5. Enterprise analysis
5.1 Introduction of enterprises
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Enterprise Major brand Tax code Enterprise's profile
Saigon paper JSC
An Hoa paper JSC
5. Enterprise analysis
5.1 Introduction of enterprises
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Enterprise Major brand Tax code Enterprise's profile
Cheng yang paper
mill Co, Ltd
Box-Pak Viet Nam
Co, Ltd
Bien Hoa packaging
JSC
Sabeco- Song Lam
packaging JSC
5. Enterprise analysis
5.1 Introduction of enterprises
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5. Enterprise analysis
5.2 Indicators of business results
Growth of net revenue, 2017 - 2018billion
VND
Source: VIRAC collectsContent is intentionally removed for demo purpose
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5. Enterprise analysis
5.2 Indicators of business results
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Gross profit margin, 2017 - 2018
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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5. Enterprise analysis
5.2 Indicators of business results
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Sales expenses/ Net revenue, 2017 - 2018
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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Administrative expenses/ Net revenue, 2017 - 2018
Source: VIRAC collects
Financial expenses /Net revenue, 2017 - 20178
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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5. Enterprise analysis
5.3 Indicators of finance
Days of sales outstanding, 2018days
Source: VIRAC collectsContent is intentionally removed for demo purpose
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Solvency, 2017 - 2018
Source: VIRAC collects
5. Enterprise analysis
5.3 Indicators of finance
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Source: VIRAC collects
Days' sales in inventory, 2018
5. Enterprise analysis
5.3 Indicators of finance
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Structure of Assets and Total assets turnover, 2018
Source: VIRAC collects
Source: VIRAC collects
Structure of debts and Debt/Equity ratio, 2018
5. Enterprise analysis
5.3 Indicators of finance
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5. Enterprise analysis
5.2 Indicators of performance efficiency
Profit margin, 2018
Source: VIRAC collects
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6. Appendix
Table of contents
78
128
6. Appendix
Financial statement – Diana Unicham JSC
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS3,176,032,477,241 3,626,888,455,897
I. Cash and cash equivalents1,006,218,867,831 757,729,200,749
II. Short-term financial investments1,031,000,000,000 1,296,000,000,000
III. Short-term receivables312,997,887,939 414,803,365,145
1. Receivables from customers256,567,804,172 269,854,041,003
IV. Inventories756,359,577,714 1,090,098,743,213
B. LONG-TERM ASSETS1,649,018,347,153 1,659,520,600,866
I. Long-term receivables
10,416,548,504 6,192,185,300
II. Fixed assets1,306,799,817,876 1,214,169,274,038
1. Tangible fixed assets1,280,241,321,903 1,190,379,197,852
2. Intangible fixed assets26,558,495,973 23,790,076,186
TOTAL ASSETS4,825,050,824,394 5,286,409,056,763
A. LIABILITIES1,564,872,862,861 1,651,721,830,702
I. Short-term Liabilities1,564,872,862,861 1,651,721,830,702
II. Long-term liabilities
B. OWNER'S EQUITY3,260,177,961,533 3,634,687,226,061
TOTAL LIABILITIES AND OWNER'S EQUITY 4,825,050,824,394 5,286,409,056,763
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided6,114,712,940,713 7,481,732,271,972
Cost of goods sold and services provided3,520,909,444,124 4,267,248,262,543
Gross Profit from sales and services provided2,593,803,496,589 3,214,484,009,429
Financing income174,091,196,409 129,009,264,772
Financial expenses16,675,266,789 19,850,597,890
Interest expenses1,706,698,204 -
Sales expenses1,467,587,455,598 1,758,058,543,702
Administrative expenses199,561,614,219 189,805,357,226
Net profit from operating activities1,084,070,356,392 1,375,778,775,383
Total Accounting Profit Before Tax1,087,762,397,766 1,382,640,660,832
Current Corporate Income Tax Expenses243,471,856,641 282,106,550,538
Deferred Corporate Income Tax Expenses(23,129,999,461) (8,064,432,234)
Profit After Enterprise Income Tax867,420,540,586 1,108,598,542,528
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities 1,353,719,849,749 744,441,721,193
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities (778,382,344,661) (267,224,338,218)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities (696,721,241,249) (725,909,000,000)
Net cash flows during the fiscal year (121,383,736,161) (248,691,617,025)
Cash and cash equivalents at the beginning of
the fiscal year 1,127,184,041,762 1,006,218,867,831
Cash and cash equivalents at the end of the
fiscal year 1,006,218,867,831 757,729,200,749
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS1,755,024,996,204 1,793,344,990,760
I. Cash and cash equivalents820,687,884,094 842,493,697,404
II. Short-term financial investments- -
III. Short-term receivables340,657,772,374 376,660,238,678
1. Receivables from customers333,316,058,686 363,720,037,686
IV. Inventories556,075,400,330 551,367,781,842
B. LONG-TERM ASSETS1,535,579,642,962 1,490,423,366,523
I. Long-term receivables
5,323,987,894 3,083,705,394
II. Fixed assets1,339,649,727,053 1,406,823,972,338
1. Tangible fixed assets1,339,649,727,053 1,406,823,972,338
2. Intangible fixed assets- -
TOTAL ASSETS3,290,604,639,166 3,283,768,357,283
A. LIABILITIES2,442,095,536,440 2,584,978,184,136
I. Short-term Liabilities1,284,927,652,252 1,398,730,457,136
II. Long-term liabilities1,157,167,884,188 1,186,247,727,000
B. OWNER'S EQUITY848,509,102,726 698,790,173,147
TOTAL LIABILITIES AND OWNER'S EQUITY 3,290,604,639,166 3,283,768,357,283
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided5,078,073,198,416 5,430,483,943,595
Cost of goods sold and services provided2,683,059,997,036 3,091,327,659,371
Gross Profit from sales and services provided2,395,013,201,380 2,339,156,284,224
Financing income27,218,088,827 15,409,632,069
Financial expenses92,186,970,508 130,675,202,077
Interest expenses45,492,236,042 54,820,336,704
Sales expenses1,300,655,068,828 1,252,394,139,234
Administrative expenses322,523,324,719 492,736,208,421
Net profit from operating activities706,865,926,152 478,760,366,561
Total Accounting Profit Before Tax703,719,216,695 511,010,011,012
Current Corporate Income Tax Expenses109,293,152,605 84,500,490,577
Deferred Corporate Income Tax Expenses6,902,861,448 1,228,450,014
Profit After Enterprise Income Tax587,523,202,642 425,281,070,421
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities410,508,577,286 955,519,137,088
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(136,619,935,309) (358,326,441,622)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities(529,000,000,000) (575,000,000,000)
Net cash flows during the fiscal year (255,111,358,023) 22,192,695,466
Cash and cash equivalents at the beginning of
the fiscal year 1,075,743,884,679 820,687,884,094
Cash and cash equivalents at the end of the
fiscal year 820,687,884,094 842,493,697,404
Financial statement – Kimberly-Clark Viet Nam Co, Ltd
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS2,010,934,531,223 2,206,114,399,062
I. Cash and cash equivalents138,540,188,302 192,698,850,409
II. Short-term financial investments- -
III. Short-term receivables906,468,704,511 918,239,283,731
1. Receivables from customers894,699,236,116 883,942,165,699
IV. Inventories805,262,300,223 938,426,036,736
B. LONG-TERM ASSETS3,782,979,607,274 3,495,757,299,204
I. Long-term receivables
- -
II. Fixed assets3,652,365,772,421 3,439,006,822,251
1. Tangible fixed assets3,571,985,706,256 3,355,219,408,185
2. Intangible fixed assets80,380,066,165 83,787,414,066
TOTAL ASSETS5,793,914,138,497 5,701,871,698,266
A. LIABILITIES1,745,398,526,177 922,046,122,498
I. Short-term Liabilities1,153,326,619,439 921,669,058,338
II. Long-term liabilities592,071,906,738 377,064,160
B. OWNER'S EQUITY4,048,515,612,320 4,779,825,575,768
TOTAL LIABILITIES AND OWNER'S EQUITY 5,793,914,138,497 5,701,871,698,266
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided5,425,211,502,831 6,171,259,892,341
Cost of goods sold and services provided4,867,777,432,027 4,926,254,454,820
Gross Profit from sales and services provided557,434,070,804 1,245,005,437,521
Financing income6,479,713,555 19,988,420,421
Financial expenses63,726,727,139 43,377,435,505
Interest expenses50,510,071,285 33,718,778,356
Sales expenses147,628,782,657 174,460,970,373
Administrative expenses204,474,012,575 234,682,391,847
Net profit from operating activities148,084,261,988 812,473,060,217
Total Accounting Profit Before Tax149,215,178,416 803,915,048,721
Current Corporate Income Tax Expenses9,927,976,824 36,933,365,085
Deferred Corporate Income Tax Expenses- (28,279,812)
Profit After Enterprise Income Tax139,287,201,592 767,009,963,448
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities (190,728,093,790) 1,110,331,223,578
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities (201,424,121,191) (132,362,997,560)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities 368,304,456,326 (923,809,456,326)
Net cash flows during the fiscal year (23,847,758,655) 54,158,769,692
Cash and cash equivalents at the beginning of
the fiscal year 162,390,795,374 138,540,188,302
Cash and cash equivalents at the end of the
fiscal year 138,540,188,302 192,698,850,409
Financial statement – Kraft Vina paper Co, Ltd
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS849,947,597,449 873,511,827,821
I. Cash and cash equivalents59,428,720,676 218,252,648,395
II. Short-term financial investments4,472,000,000 5,087,000,000
III. Short-term receivables418,113,672,964 301,859,555,793
1. Receivables from customers350,208,970,696 258,450,131,891
IV. Inventories357,726,635,108 328,026,569,469
B. LONG-TERM ASSETS2,716,507,091,728 2,676,074,244,720
I. Long-term receivables
1,975,783,260 5,682,327,520
II. Fixed assets2,633,850,760,066 2,522,215,166,083
1. Tangible fixed assets2,557,733,444,288 2,451,554,544,222
2. Intangible fixed assets76,117,315,778 70,660,621,861
TOTAL ASSETS3,566,454,689,177 3,549,586,072,541
A. LIABILITIES2,706,671,607,239 2,609,148,307,239
I. Short-term Liabilities1,045,109,030,677 967,135,281,912
II. Long-term liabilities1,661,562,576,562 1,642,013,025,327
B. OWNER'S EQUITY859,783,081,938 940,437,765,302
TOTAL LIABILITIES AND OWNER'S EQUITY3,566,454,689,177 3,549,586,072,541
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided 2,876,014,276,531 2,749,643,501,638
Cost of goods sold and services provided 2,498,745,601,027 2,177,024,746,888
Gross Profit from sales and services provided 377,268,675,504 572,618,754,750
Financing income 9,693,075,397 5,102,470,235
Financial expenses 172,881,529,503 203,767,384,599
Interest expenses 162,694,659,178 162,292,265,774
Sales expenses 221,663,412,272 238,624,540,504
Administrative expenses 41,494,629,980 47,671,375,058
Net profit from operating activities (49,077,820,854) 87,657,924,824
Total Accounting Profit Before Tax (60,486,962,636) (46,545,478,804)
Current Corporate Income Tax Expenses- 1,212,035,175
Deferred Corporate Income Tax Expenses 7,324,107,372 3,578,462,657
Profit After Enterprise Income Tax (67,811,070,008) (51,335,976,636)
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities100,936,131,352 231,861,255,527
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(80,089,090,579) (162,906,674,228)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities25,322,585,325 89,869,346,420
Net cash flows during the fiscal year 46,169,626,098 158,823,927,719
Cash and cash equivalents at the beginning of
the fiscal year 13,259,094,578 59,428,720,676
Cash and cash equivalents at the end of the
fiscal year 59,428,720,676 218,252,648,395
Financial statement – Saigon paper JSC
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS855,337,716,071 821,058,828,864
I. Cash and cash equivalents251,202,666,570 52,508,254,554
II. Short-term financial investments- -
III. Short-term receivables186,637,492,578 158,524,494,955
1. Receivables from customers38,993,809,833 104,240,307,425
IV. Inventories402,717,774,278 586,957,889,130
B. LONG-TERM ASSETS6,975,923,088,350 6,442,521,016,596
I. Long-term receivables
- -
II. Fixed assets6,901,425,070,442 6,348,696,970,539
1. Tangible fixed assets6,901,283,563,498 6,348,534,214,675
2. Intangible fixed assets141,506,944 162,755,864
TOTAL ASSETS7,831,260,804,421 7,263,579,845,460
A. LIABILITIES5,676,709,818,472 4,827,183,833,563
I. Short-term Liabilities2,030,324,940,915 1,800,461,682,238
II. Long-term liabilities3,646,384,877,557 3,026,722,151,325
B. OWNER'S EQUITY2,154,550,985,949 2,436,396,011,897
TOTAL LIABILITIES AND OWNER'S EQUITY7,831,260,804,421 7,263,579,845,460
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided 2,645,248,309,042 3,058,187,890,528
Cost of goods sold and services provided 2,359,659,476,321 2,260,819,380,799
Gross Profit from sales and services provided 285,588,832,721 797,368,509,729
Financing income 15,161,899,318 3,408,220,661
Financial expenses 382,520,473,251 407,372,066,218
Interest expenses 374,195,716,660 357,578,516,447
Sales expenses 44,938,467,589 47,546,039,664
Administrative expenses 53,534,778,141 62,410,232,962
Net profit from operating activities (180,242,986,942) 283,448,391,546
Total Accounting Profit Before Tax 158,024,119,126 281,845,025,948
Current Corporate Income Tax Expenses- -
Deferred Corporate Income Tax Expenses- -
Profit After Enterprise Income Tax 158,024,119,126 281,845,025,948 CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities733,680,984,631 883,969,392,418
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(62,277,438,926) (48,925,231,634)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities(560,508,428,308) (1,033,742,445,858)
Net cash flows during the fiscal year 110,895,117,397 (198,698,285,074)
Cash and cash equivalents at the beginning of
the fiscal year 140,330,688,880 251,202,666,570
Cash and cash equivalents at the end of the
fiscal year 251,202,666,570 52,508,254,554
Financial statement – An Hoa paper JSC
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS2,128,988,728,357 2,459,294,961,940
I. Cash and cash equivalents442,765,353,977 433,358,689,401
II. Short-term financial investments2,800,000,000 -
III. Short-term receivables605,372,449,311 672,409,848,243
1. Receivables from customers509,203,969,434 596,520,948,985
IV. Inventories540,957,934,803 716,476,808,662
B. LONG-TERM ASSETS5,824,864,350,709 5,826,559,120,817
I. Long-term receivables
- -
II. Fixed assets4,826,947,865,760 5,742,702,025,966
1. Tangible fixed assets4,781,969,245,728 5,696,850,852,851
2. Intangible fixed assets44,978,620,032 45,851,173,115
TOTAL ASSETS7,953,853,079,066 8,285,854,082,757
A. LIABILITIES5,855,708,842,117 5,780,720,861,442
I. Short-term Liabilities1,997,698,144,920 2,431,156,051,341
II. Long-term liabilities66,441,410,508 47,184,488,885
B. OWNER'S EQUITY2,098,144,236,949 2,505,133,221,315
TOTAL LIABILITIES AND OWNER'S EQUITY7,953,853,079,066 8,285,854,082,757
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided 2,110,731,531,847 5,310,129,978,296
Cost of goods sold and services provided 1,891,713,754,036 4,238,792,154,790
Gross Profit from sales and services provided 219,017,777,811 1,071,337,823,506
Financing income 110,119,300,417 6,468,229,559
Financial expenses 208,766,525,742 370,400,951,514
Interest expenses 103,437,577,803 285,237,098,732
Sales expenses 18,519,611,296 123,502,159,123
Administrative expenses 44,310,123,446 127,942,682,626
Net profit from operating activities 57,540,817,744 455,960,259,802
Total Accounting Profit Before Tax 72,441,804,195 432,088,464,225
Current Corporate Income Tax Expenses 7,024,273,663 25,099,479,859
Deferred Corporate Income Tax Expenses- -
Profit After Enterprise Income Tax 65,417,530,532 406,988,984,366
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities(366,095,038,121) 1,029,856,419,655
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(2,939,282,105,069) (683,001,790,564)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities3,240,376,478,820 (356,310,196,819)
Net cash flows during the fiscal year (65,000,664,370) (9,455,567,728)
Cash and cash equivalents at the beginning of
the fiscal year 514,181,446,945 442,765,353,977
Cash and cash equivalents at the end of the
fiscal year 442,765,353,977 433,358,689,401
Financial statement – Cheng yang paper mill Co, Ltd
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS832,898,123,713 1,035,971,986,464
I. Cash and cash equivalents58,216,901,744 52,094,674,546
II. Short-term financial investments- -
III. Short-term receivables481,787,170,793 654,054,550,912
1. Receivables from customers461,264,444,023 538,716,174,740
IV. Inventories244,732,917,018 273,770,631,281
B. LONG-TERM ASSETS851,432,509,051 826,899,409,008
I. Long-term receivables
181,877,150,968 91,623,150,968
II. Fixed assets478,822,492,398 455,662,150,019
1. Tangible fixed assets478,822,492,398 455,662,150,019
2. Intangible fixed assets- -
TOTAL ASSETS1,684,330,632,764 1,862,871,395,472
A. LIABILITIES943,484,959,146 1,094,561,663,624
I. Short-term Liabilities727,402,523,166 931,038,493,297
II. Long-term liabilities216,082,435,980 163,523,170,327
B. OWNER'S EQUITY740,845,673,618 768,309,731,848
TOTAL LIABILITIES AND OWNER'S EQUITY1,684,330,632,764 1,862,871,395,472
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided 1,978,730,664,992 2,297,136,918,627
Cost of goods sold and services provided 1,698,082,543,408 2,007,048,002,667
Gross Profit from sales and services provided 280,648,121,584 290,088,915,960
Financing income 8,254,727,222 5,853,763,567
Financial expenses 26,340,715,582 33,582,884,231
Interest expenses 24,004,806,329 29,632,541,307
Sales expenses 144,420,743,273 156,272,754,219
Administrative expenses 61,529,693,319 70,421,737,132
Net profit from operating activities 56,611,696,632 35,665,303,945
Total Accounting Profit Before Tax 56,651,361,690 34,977,662,780
Current Corporate Income Tax Expenses 10,227,217,918 7,513,604,550
Deferred Corporate Income Tax Expenses- -
Profit After Enterprise Income Tax 46,424,143,772 27,464,058,230
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities(39,751,322,017) 36,093,647,194
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(99,981,129,643) (43,296,778,463)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities149,001,706,941 1,199,356,762
Net cash flows during the fiscal year 9,269,255,281 (6,003,774,507)
Cash and cash equivalents at the beginning of
the fiscal year 48,870,473,383 58,216,901,744
Cash and cash equivalents at the end of the
fiscal year 58,216,901,744 52,094,674,546
Financial statement – Box-Pak Viet Nam Co, Ltd
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS689,927,270,935 641,050,259,838
I. Cash and cash equivalents58,470,278,531 41,131,339,908
II. Short-term financial investments50,000,000,000 -
III. Short-term receivables365,582,564,211 378,153,565,536
1. Receivables from customers336,648,158,697 361,942,799,625
IV. Inventories214,075,965,915 220,487,320,988
B. LONG-TERM ASSETS247,035,057,650 281,875,033,014
I. Long-term receivables
1,287,095,000 328,510,000
II. Fixed assets202,016,261,880 178,869,029,057
1. Tangible fixed assets193,065,932,048 177,559,261,397
2. Intangible fixed assets465,792,700 241,805,300
TOTAL ASSETS936,962,328,585 922,925,292,852
A. LIABILITIES583,372,123,902 583,215,268,919
I. Short-term Liabilities533,970,660,254 541,501,153,484
II. Long-term liabilities49,401,463,648 41,714,115,435
B. OWNER'S EQUITY353,590,204,683 339,710,023,933
TOTAL LIABILITIES AND OWNER'S EQUITY936,962,328,585 922,925,292,852
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided 1,554,385,537,034 1,780,171,220,267
Cost of goods sold and services provided 1,370,666,112,740 1,594,683,039,471
Gross Profit from sales and services provided 183,719,424,294 185,488,180,796
Financing income 4,422,215,330 2,621,434,481
Financial expenses 11,564,688,046 13,861,792,236
Interest expenses 11,526,672,209 13,805,720,036
Sales expenses 78,403,613,282 81,460,335,295
Administrative expenses 17,446,712,099 17,770,582,664
Net profit from operating activities 80,726,626,197 75,016,905,082
Total Accounting Profit Before Tax 83,006,931,107 77,433,449,696
Current Corporate Income Tax Expenses 16,212,638,596 16,140,870,343
Deferred Corporate Income Tax Expenses534,678,381 85,809,894
Profit After Enterprise Income Tax 66,259,614,130 61,206,769,459
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities67,298,308,147 57,795,440,874
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(57,233,654,524) (6,623,099,532)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities6,065,174,704 (68,512,716,649)
Net cash flows during the fiscal year 16,129,828,327 (17,340,375,307)
Cash and cash equivalents at the beginning of
the fiscal year 42,335,967,916 58,470,278,531
Cash and cash equivalents at the end of the
fiscal year 58,470,278,531 41,131,339,908
Financial statement – Bien Hoa packaging JSC
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS517,841,822,080 554,280,612,300
I. Cash and cash equivalents100,315,689,200 49,239,444,690
II. Short-term financial investments5,993,374,000 5,993,514,990
III. Short-term receivables300,034,924,640 336,116,162,430
1. Receivables from customers298,019,942,000 334,681,038,450
IV. Inventories109,696,799,600 152,839,755,540
B. LONG-TERM ASSETS341,560,714,560 401,153,165,820
I. Long-term receivables
1,632,004,400 1,630,595,610
II. Fixed assets176,424,350,800 232,705,008,720
1. Tangible fixed assets176,424,350,800 232,705,008,720
2. Intangible fixed assets- -
TOTAL ASSETS859,402,536,640 955,433,778,120
A. LIABILITIES360,843,436,690 474,485,976,500
I. Short-term Liabilities360,843,436,690 474,485,976,500
II. Long-term liabilities- -
B. OWNER'S EQUITY498,559,099,950 480,947,801,620
TOTAL LIABILITIES AND OWNER'S EQUITY859,402,536,640 955,433,778,120
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided1,342,107,161,492 1,499,358,154,612
Cost of goods sold and services provided1,195,033,646,992 1,348,819,569,586
Gross Profit from sales and services provided147,073,514,500 150,538,585,026
Financing income49,717,042,316 42,176,808,027
Financial expenses17,464,969,240 32,992,733,214
Interest expenses5,886,334,780 4,677,953,471
Sales expenses44,069,817,612 48,452,021,852
Administrative expenses17,050,084,860 16,383,779,018
Net profit from operating activities118,205,685,104 94,886,858,969
Total Accounting Profit Before Tax118,150,427,528 94,897,284,171
Current Corporate Income Tax Expenses14,869,447,128 23,398,056,998
Deferred Corporate Income Tax Expenses(1,056,071,388) (1,221,241,229)
Profit After Enterprise Income Tax104,337,051,788 72,720,468,402
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities136,387,667,780 (80,353,691,084)
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities59,990,086,432 (5,732,506,283)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities(180,487,650,916) 53,146,410,633
Net cash flows during the fiscal year 15,890,103,296 (32,939,786,734)
Cash and cash equivalents at the beginning of
the fiscal year 95,466,765,240 100,315,689,200
Cash and cash equivalents at the end of the
fiscal year 100,315,689,200 49,239,444,690
Financial statement – Yeun Foong Yu Viet Nam paper JSC
128
6. Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. CURRENT ASSETS425,353,301,120 685,070,757,568
I. Cash and cash equivalents40,707,020,257 53,792,956,784
II. Short-term financial investments- -
III. Short-term receivables170,716,312,239 311,109,522,842
1. Receivables from customers167,117,996,293 270,202,742,956
IV. Inventories210,811,937,218 311,047,297,588
B. LONG-TERM ASSETS620,259,517,851 1,605,126,828,415
I. Long-term receivables
- -
II. Fixed assets576,440,179,354 1,486,527,752,398
1. Tangible fixed assets557,222,387,514 1,410,025,897,982
2. Intangible fixed assets
TOTAL ASSETS1,045,612,818,971 2,290,197,585,983
A. LIABILITIES313,674,727,654 1,235,473,126,165
I. Short-term Liabilities313,674,727,654 670,721,988,916
II. Long-term liabilities- 564,751,137,249
B. OWNER'S EQUITY731,938,091,317 1,054,724,459,818
TOTAL LIABILITIES AND OWNER'S EQUITY1,045,612,818,971 2,290,197,585,983
INCOME STATEMENT
Unit: VND 2017 2018
Net Revenue from Sales and services provided1,210,135,338,471 1,308,944,199,167
Cost of goods sold and services provided992,798,130,937 1,122,311,893,193
Gross Profit from sales and services provided217,337,207,534 186,632,305,974
Financing income59,385,726 377,283,942
Financial expenses15,432,619,121 24,698,273,693
Interest expenses15,287,633,074 20,563,691,788
Sales expenses22,815,644,361 23,156,085,701
Administrative expenses26,574,218,464 30,740,348,458
Net profit from operating activities152,574,111,314 108,414,882,064
Total Accounting Profit Before Tax157,186,777,476 113,953,745,890
Current Corporate Income Tax Expenses13,001,146,644 10,157,729,364
Deferred Corporate Income Tax Expenses- -
Profit After Enterprise Income Tax144,185,630,832 103,796,016,526
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash Flow From Operating activities
Net cash Flow From Operating activities151,312,098,391 106,228,113,002
II. Cash Flow From Investing activities
Net Cash Flow From Investing activities(49,953,407,243) (108,213,648,388)
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities(96,705,316,849) 15,067,547,278
Net cash flows during the fiscal year 4,653,374,299 13,082,011,892
Cash and cash equivalents at the beginning of
the fiscal year 36,053,645,958 40,707,020,257
Cash and cash equivalents at the end of the
fiscal year 40,707,020,257 53,792,956,784
Financial statement – Sabeco- Song Lam packaging JSC
89
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