VIETNAM CEMENT INDUSTRY REPORT Q2/2018
1
Content
Summary 5
1. Business environment 8
1.1 Macroeconomic situation 8
1.2 Legal framework 14
1.3 Trade agreements 23
2. Industry overview 26
2.1 World cement industry 26
2.1.1 Production 26
2.1.2 Consumption 29
2.1.3 Export 30
2.1.4 Import 32
2.1.5 Price movement 33
2.1.6Current status of consumption and production in some
typical countries34
2.1.7 Current status of consumption and production in ASEAN 36
2.1.8 Leading enterprises in the industry 37
2.2 Vietnam cement industry 39
2.2.1 History of Vietnam cement industry 39
2.2.2 Definition and Classification 40
2.2.3 Basic production process 41
2.2.4 Scale and market share 43
2.2.5 Input materials 45
2.2.6 Production technology 53
2.2.7 Supply-Demand 63
2.2.8 Production of Clinker and Cement 64
2.2.9 Consumption 66
2.2.10 Cement and clinker export 69
2
Content
2.2.11 Inventories 75
2.2.12 Price movement 76
2.2.13 Distribution method 79
2.2.14Transport method (logistic warehouse, seaport,
specialized ship, ...)80
2.3 Industry risk 82
2.3.1 Main risks 83
2.3.2 SWOT analysis 88
2.3.3 5-forces analysis 90
2.4 Industry planning 92
2.4.1 Cement industry planning 92
2.4.2 Construction and real estate industry planning 95
2.5 Outlook and forecast 100
2.5.1 Driving forces of industry development 101
2.5.2 Driving forces of output industry development 102
2.5.3 World forecast 103
2.5.4 Domestic forecast 105
3. Enterprise analysis 109
3.1 Profitability 121
3.2 Performance efficiency 124
3.3 Financial strength 127
3.4 Return on investment 130
4. Appendix 132
4.1 Update of projects invested in the period 2011-2030 132
4.2Portfolio of infrastructure projects in the period 2010-
2030137
4.3 Financial statements 144
3
4
ADB Asian Development Bank
BOT Build – Operate - Transfer
EVN Vietnam Electricity Corporation
FDI Foreign Direct Investment
FIA Foreign Investment Agency
ICR International Cement Review
Abbreviations
PPP Public – Private Partner
GDVC General Department of Vietnam Customs
GSO General Statistics Office of Vietnam
TKVVietnam National Coal and Mineral Industries Holding
Corporation Limited
VICEM Vietnam Cement Industry Corporation
VIRAC VIRAC Joint Stock Company
VNCA Vietnam National Cement Association
5
Summary
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Vietnam cement market continues to have
excess supply
In Q1/2018, the number of produced
cement was estimated about 14.965 thousand
tons.
The quantity of exported cement and clinker
in Q1/2018 reached 8.61 million tons
6
Summary
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Selling products directly to projects and
industrial customers will be a new trend in this
sector in few next years
.
Three groups of cement suppliers in Vietnam:
Sales strategy:
Production expenses:
7
Summary
Content is intentionally removed for demo purposeIn 2016, cement industry experienced
difficulties with decrease in revenue and high
inventory quantity.
The demand is projected to gradually increase
by 6-7% between 2016 and 2020
8
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
9
Sources: VIRAC, GSO
Sources: VIRAC, GSO
gross domestic product in Q1/2018 is estimated to increase by 7.38%
compared to the same period in 2017
GDP per capita has increased strongly over the past few years.GDP by current price and GDP per capita, 2013-Q1/2018
GDP growth rate by quarter, 2015- Q1/2018
1. Business environment
1.1 Macroeconomic situation
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1. Business environment
1.1. Macroeconomic situation
10
Source: VIRAC, SBV
Source: VIRAC, GSO
%
Industrial production index of the manufacturing, 2012 – Q1/2018
VND/USD exchange rate, 2013-Q1/2018
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The VND/USD exchange rate was quite stable and still supported
by a plentiful supply of foreign currencies.
11
Source: VIRAC, GSO
Source: VIRAC, GSO
trillion VND
trillion VND
1. Business environment
1.1 Macroeconomic situation
State revenues, Q1/2018
Government expenditures, Q1/2018
State revenues and expenditures
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Sources: VIRAC, GSO
11
The investment capital for society development by current
prices for economic sectors, 2010 – 2016e
The rate of development of social investment capital increasing
at current prices, 2015 - 2018
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1. Business environment
1.1 Macroeconomic situation
13
Sources: VIRAC, FIA
Sources: VIRAC, FIA
FDI attraction by sector, Q1/2018
FDI capital, 2014 – Q1/2018Billion USD
Foreign direct investment
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1. Business environment
1.1 Macroeconomic situation
14
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
1. Business environment
1.2 Legal framework - Group of general regulations
15
Decision No.1488/QD-TTg established stricter conditions for new entrants by establishing different technical requirements:
Regulations on WHRPG (according to Decision No.1488/QĐ-TTg):
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1. Business environment
1.2 Legal framework - Group of general regulations
16
Advantages Disadvantages
WHRPG system:
WHRPG Funds:
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17
Decree No. 177/2013 / ND-CP
1. Business environment
1.2 Legal framework - Group of price regulations
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1. Business environment
1.2 Legal framework - Group of price regulations
18
Tax policy:
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1. Business environment
1.2 Legal framework - Group of environmental and resources regulations
No Parameter
Concentration C (mg/m³)
A B1 B2
Type of resourceTaxation
(%)
Applicable tax
rate (%)
Taxable
Items
Unit Tax rate raised by
National Assembly
(VND/unit)
Tax rate raised
by the Standing
Committee
Environmental Protection Tax (EPT)
Natural Resources Tax (NRT)
Environmental Protection Tax applied since 1/2012
Natural Resources Tax applied since 2/1/2014
19
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However, the tax rate on the resources has been reacted strongly by the business
20
1. Business environment
1.2 Legal framework - Group of environmental and resources regulations
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1. Business environment
1.2 Legal framework - Group of Export Tax Regulations
The Ministry of Finance issued Decree No.122/2016/ND/CP dated 1 September 2016
Materials:
Clinker and cement:
No Item Export tax rate (%) Import tax rate (%)
Decree No.122/2016/ND/CP
Import and Export Tariffs applied since 2016
21
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22
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
1. Business environment
1.3 Trade agreements
23
Impact from the WTO
EVFTA - Vietnam EU Free Trade Agreement signed in early 2016
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24
1. Business environment
1.3 Trade agreements
RCEP - Regional Comprehensive Economic Partnership
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25
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.1 World cement industry – 2.1.1 Production
26
Source: VIRAC, Statista
Cement production in Asia is leading the world,
Cement production by region 2016e
Global Cement Production, 2011 – 2017e
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Million tons
China is currently the largest cement producer in the world,
No CountryProduction volume
(million tons)
27
Cement production output of some countries, 2017
Sources: VIRAC, Statista
Sources: VIRAC, Statista
Top largest cement producing countries, 2017e
2. Industry overview
2.1 World cement industry – 2.1.1 Production
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2. Industry overview
2.1 World cement industry – 2.1.2 Consumption
Source: VIRAC, Global Cement
28
Source: VIRAC, International Cement Review
Global Cement Consumption, 2010 – 2018e
Consumption structure of cement worldwide, 2016
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Million tons
2. Industry overview
2.1 World cement industry – 2.1.3 Export
Cement exports in the world in recent years have grown relatively
slowly and fluctuated much over the years.
29
million tons
Source: VIRAC, Uncomtrade, ITC
billion USD
Source: VIRAC, World’s top exports
Volume and value of global cement exports, 2012 -
6M/2017e
Export structure of cement worldwide by type, 2017
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2. Industry overview
2.1 World cement industry – 2.1.3 Export
30
million USD
Source: VIRAC, World’s top exports
Source: VIRAC, World’s top exports Source: VIRAC, World’s top exports
Top largest cement exporting countries by value, 2017e Export structure of cement, 2017e
Export structure of cement by region, 2016
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2. Industry overview
2.1 World cement industry – 2.1.4 Import
Source: VIRAC, Un Comtrade
Source: VIRAC, Statista
31
million tons
America is the largest importer of cement in the world in 2017,
World's top largest cement importing countries, 2017
Global cement imports, 2010 – 2017e
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2. Industry overview
2.1 World cement industry – 2.1.5 Price movement
32
USD/ton
Source: VIRAC, Bloomberg
Average cement price movement worldwide, 2000 - 2016e
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2. Industry overview
2.1 World cement industry – 2.1.6 Current status of consumption and production in some typical countries
33
China:
million tons
Source: VIRAC, Statista
The United States:
Source: VIRAC, USGS
Thousand tons
Cement and clinker production volume in the US, 2012 -
2017e
China's cement production volume, 2012 - 2017
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2. Industry overview
2.1 World cement industry – 2.1.6 Current status of consumption and production in some typical countries
34
Thousand tons
Source: VIRAC, Tradingeconomics.com
Source: VIRAC, Tradingeconomics.com
Thousand tons
India:
Thailand:
Taiwan: Cement production volume in Thailand, 7/2016 - 6/2017
Cement production volume in India, 2012 - 2017
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D
Sources:VIRAC, Cemtech
35
2. Industry overview
2.1 World cement industry – 2.1.7 Current status of consumption and production in ASEAN
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Sources:VIRAC, Cemtech
36
2. Industry overview
2.1 World cement industry – 2.1.7 Current status of consumption and production in ASEAN
Countries Number of
factories
Production capacity
2015 (ton)
Production capacity
2016 - 2020 (ton)
Brunei
Cambodia
Indonesia
Laos
Malaysia
Myanmar
Philippines
Singapore
Thailand
Vietnam
Australia
New Zealand
Total
Production capacity of Southeast Asian countries and Oceanian countries,
2015 - 2020
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37
Sources: VIRAC collects
No. Company nameRevenue in
2017
Profit in
2017
Capacity(mil
lion
tons/year)
Largest cement enterprises on the world, 2017Lafarge Holcim is a merger between two groups which are Holcim and
Lafarge
2. Industry overview
2.1 World cement industry – 2.1.8 Leading enterprises in the industry
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38
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.2 Vietnam cement industry – 2.2.1 History of Vietnam cement industry
Cement industry is one of the earliest established industries in
Vietnam (along with coal, textile, railway ...)
39
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2. Industry overview
2.2 Vietnam cement industry – 2.2.2 Definition and Classification
40
Definition:
Clinker
Cement
Classification
Vietnam commonly used standards on cement today:
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41
2. Industry overview
2.2 Vietnam cement industry – 2.2.3 Basic production process
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2. Industry overview
2.2 Vietnam cement industry – 2.2.3 Basic production process
42
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2. Industry overview
2.2 Vietnam cement industry – 2.2.4 Scale and market share
Source: VIRAC, GSO
43
Manufacturing enterprises allocation by region, 2016e
Chain allocation by area, 2017
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2. Industry overview
2.2 Vietnam cement industry – 2.2.4 Scale and market share
There are three main groups of cement suppliers in Vietnam:
Source: VIRAC, VNCA
44
Consumption market share of key enterprises, Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
Original production expenses
Source: VIRAC
45
VND/ton
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Current status of the electricity industry
Source: VIRAC, EVN
Billion kWh
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
46
Supply-Demand and Power loss, 2011 – Q1/2018e
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Country Average electricity price (VND/kwh)
Source: VIRAC, Eurocham
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
47
(* Prices are in VND)
Source: VIRAC, EVN
Average electricity price, 7/2007 – 3/2018
Average electricity price in some countries, 2016
Electricity prices in Vietnam are quite low compared to those in other
countries in the Asia-Pacific region.
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2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
48
Source: VIRAC, EVN Source: VIRAC, EVN
Structure of electricity consumption, Q1/2018Structure of electricity consumption for 4 major industries,
2016
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The status of the coal industry
Since being a coal exporting country many years ago, in 2014, Vietnam had to
import to serve domestic production needs.
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
49
Coal reserves by area, 2010 – Q1/2018e
million tons
Forecast for coal supply-demand in the period 2015-2030f
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Coal reserves are becoming less and more difficult to exploit :
Industry profit declines:
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
50
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Type Unit 2010 2015 2020
Status of limestone resources in Vietnam
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
51
Source: VIRAC, TKV
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Effect of limestone quality on clinker and cement quality
Mine
Content(%)
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
52
Some good limestone areas in the North and Central
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Comparison between rotary kiln and vertical kiln technology when producing 1,000 tons of cement
About raw materials and fuel:
Indicator
Rotary kiln
Vertical kiln (ton)Dry method (ton)
Wet method
(ton)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
53
Indicator
Rotary kilnVertical kiln
(ton)Dry method (ton) Wet method (ton)
(*) – Counts for all dust blowers not workingSource: VIRAC
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Total investment rate in machinery and equipment of cement production line
General introduction
Investment rate
In which
Construction
expensesEquipment expenses
Source: VIRAC, Ministry of Construction
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
54
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Notes:
55
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
56
Project
Time Origin of equipment Capacity
(million tons
of cement/
year)
Total fixed
investment
(million
USD)
Total fixed
investment
(billion
VND)
Total investment rate
per ton of cement at
the time of project
implementation
Year
VND/USD
exchange
rate
China,
Vietnam
G7 (EU,
Japan)
million
VNDUSD
Total investment rate for typical projects
Source: VIRAC(*) Direct investigation
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
57
Project
Time Origin of equipment Capacity
(million tons
of cement/
year)
Total fixed
investment
(million
USD)
Total fixed
investment
(billion
VND)
Total investment rate
per ton of cement at
the time of project
implementation
Year
VND/USD
exchange
rate
China,
Vietnam
G7 (EU,
Japan)
million
VNDUSD
Total investment rate for typical projects (continued)
Source: VIRAC(*) Direct investigation
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
58
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Comparison between the investment rate of machinery and equipment derived from G7 and from China
• About capacity
No Name of main equipment
G7 China
Design capacity
(ton/hour)
Actual capacity
(ton/hour)
Design capacity
(ton/hour)
Actual capacity
(ton/hour)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
59
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• About investment rate
No Name of main equipmentInvestment rate on quipment of
G7 (thousand VND/ton)
Investment rate on quipment of
China (thousand VND/ton)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
60
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Causes:
For raw grinding system:
For kiln:
For clinker cooling system & transportation:
Comparison of free lime (Fr.Cao) in clinker fired from Chinese kiln
and G7 kiln
Measurement
time
Fr.CoO level in clinker fired
from G7's kiln (%)
Fr.CoO level in clinker fired
from Chinese kiln (%)
Source: VIRAC
For coal grinding system:
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
61
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• About maintenance costs
No Name of main equipment G7 China
Source: VIRAC
Conclusion:
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
62
Unit: VNDComparison between maintenance costs of China and G7 devices
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2. Industry overview
2.2 Vietnam cement industry – 2.2.7 Supply-Demand
63
Source: VIRAC, VNCA
million tons
* Supply = total output of cement production; Demand = domestic cement consumption + export output of cement, clinker
Cement supply - demand, 2011 – Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement
million tons
Source: VIRAC, VNCA
64
Source: VIRAC
ProjectCity /
Province
Capacity
(million
tons/year)
Investment time Expected completion
Large cement projects since the beginning of 2017
Cement production volume, 2011 – Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement
65
Source: VIRAC
Group CompanyCapacity
(million tons)
Source: VIRAC
Group ConpanyCapacity
(million tons)
Large enterprises in the Central in 2017
Source: VIRAC
Group ConpanyCapacity
(million tons)
Large enterprises in the North in 2017Large enterprises in the South in 2017
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2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
66
Source: VIRAC, VNCA
million tons Consumption structure by region, 2011 - Q1/2018e
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67
Source: VIRAC, VNCA
Source: VIRAC, VNCASource: VIRAC, VNCA
million tons
million tons
million tons
2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
Production - Consumption of the North, 2011 - Q1/2018e
Production - Consumption of the South, 2011 -
Q1/2018eProduction - Consumption of the Central, 2011 -
Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
Source: VIRAC, VNCA
68
million tons
Source: VIRAC, VNCA
%
Cement consumption growth by region, 2010 – Q1/2018Monthly cement consumption, 2015 - 2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
69
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World’s top largest cement exporting countries,
2016 – 2017e
Nguồn: VIRAC, Uncomtrade
Country 2016 2017e
Average cement export price of Vietnam to some markets,
Q1/2018e
Source: VIRAC, GDVC
2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
70
million tons
Source: VIRAC, VNCA
Cement clinker exports, 2010 –Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
71
Thousand tons
Source: VIRAC, GDVC
Cement clinker exports, 1/2015 – 3/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
72
Source: VIRAC, GDVC
In 2017, the main export markets for cement and clinker are Bangladesh and the Philippines.
million tons
Export markets for cement and clinker, 2015 -Q1/2018e
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The cement exporters of Vietnam are divided into 2 types:
Cement manufacturers:
Trading company :
Capacity of cement manufacturers for export in 2016
2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
Source: VIRAC, VNCA
73
million
tons/year
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In Q1/2018, for the export of cement directly, Vicem But Son, Nghi Son
and Vincem Bim Son are the three largest exporting enterprises,
Sourcces: VIRAC, VNCA
74
Sources: VIRAC, VNCA
The enterprises export cement directly, Q1/2018e
Exporters of clinker directly, Q1/2018e
2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
2. Industry overview
2.2 Vietnam cement industry – 2.2.11 Inventories
75
Source: VIRAC, GSO, VNCA
million tons
Inventories in the period 2010 – 2017 increased sharply.
Stock of cement, 2010 – Q1/2018e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Generally in Q1/2018, cement price slightly increased
76
thousand VND/ton
Sale price of cement at some cement companies, Q1/2018
thousand VND/ton
Retail price of cement in the areas, Q1/2018
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2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Cement price in Vietnam is much lower than that of other countries in the region and the world average price.
Source: VIRAC, ICR
77
USD/ton Cement price, 2012 – 2018e
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Export price
2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Source: VIRAC, Department of
Price Management
78
USD/tonExport price of cement and clinker, 6/2015 – 3/2018
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2. Industry overview
2.2 Vietnam cement industry – 2.2.13 Distribution method
Sales through the main distributor
Sales through the project distributor
Source: VIRAC
79
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2. Industry overview
2.2 Vietnam cement industry – 2.2.14 Transport method
Source: VIRAC
80
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List of seaports belonging to cement plants
No. Harbor Seaport Company Challenges:
Source: VIRAC, Bộ GTVT
81
2. Industry overview
2.2 Vietnam cement industry – 2.2.14 Transport method
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82
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
83
- Supply exceeds demand
- Input materials
- Cement industry planning is beyond the demanding ability of coal industry
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- The government no longer provides loan guarantees to cement producers
- Tightening of road tonnage increases transportation costs
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
84
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The master plan is adjusted to ensure the future of the Vietnamese cement industry
- Risk from debt structure
No Owner Plant
Capacity
(million
tons)
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
85
List of plants ceased and postponed from the master plan
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- Impact from the progress of the construction industry in Vietnam
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
86
Progress structure of construction projects 2010 - 2015
Source: VIRAC
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Internal causes of construction industry: Delay and increasing costs in construction works in Vietnam
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
87
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Strength:
Weakness:
2. Industry overview
2.3 Industry risk – 2.3.2 SWOT analysis
88
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Opportunities:
Threats:
2. Industry overview
2.3 Industry risk – 2.3.2 SWOT analysis
89
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2. Industry overview
2.3 Industry risk – 2.3.3 5-forces analysis
90
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No Main
enterpri
ses
Product
distinguish
Valuation Target
markets
Distribution channel Supply Ability The intention of the sales strategy
2. Industry overview
2.3 Industry risk – 2.3.3 5-forces analysis
91
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92
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.4 Industry planning – 2.4.1 Cement industry planning
Decision No. 1488/QD-TTg of the Prime Minister approving the planning on development of Vietnam cement industry.
93
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2. Industry overview
2.4 Industry planning – 2.4.1 Cement industry planning
94
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Decision No:356/QD-TTg planning on development of Vietnam's land road transport till 2020 and orientation to 2030
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
95
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Decision No. 445 / QD-TTg approving the adjustment of orientations for master planning for development of Vietnam's urban system up to 2025 with a vision to
2050
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
96
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2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
97
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Decision No. 2127/QD-TTg approving National housing development strategy up to 2020 with vision to 2030:
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
98
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Outlook of the construction and real estate industry:
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
99
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100
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.5 Outlook and forecast – 2.5.1 Driving forces of industry development
101
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2. Industry overview
2.5 Outlook and forecast – 2.5.2 Driving forces of output industry development
102
Population growth, 2011 – 2017e
Forecast for value of construction and infrastructure,
2010 – 2022f
Source: VIRAC
Source: VIRAC, GSO
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2. Industry overview
2.5 Outlook and forecast – 2.5.3 World forecast – Ministry of Industry and Trade
103
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2. Industry overview
2.5 Outlook and forecast – 2.5.3 World forecast – Ministry of Industry and Trade
Market trend of the cement industry is determined by the development trend of the construction industry.
104
million USD
Source: VIRAC, IMARC
The value of the global cement industry, 2017e -
2022e
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Source: VIRAC, Statista
World cement production, 1990 - 2030f
million tons
Forecast for supply and demand, domestic prices
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
105
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2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
106
million tons
Source: VIRAC
Forecast for cement industry, 2017e - 2020e
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Forecast for M&A trend:
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
107
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M&A activities of cement industry in 2017:
108
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
109
3. Enterprise analysis
3.1 Typical enterprises in 2015
Name of enterprise Classification Address
Charter
capital
(million
VND)
Revenue in 2016
(million VND)
1 Ha Tien 1 Cement Joint Stock Company
2 The Vissai Cement Corporation
3 Nghi Son Cement Company
4 VICEM Hoang Thach Cement Company Limited
5 Bim Son Cement Joint Stock Company
6 VICEM But Son Cement Joint Stock Company
7 Thang Long Cement Joint Stock Company
8VICEM Hoang Mai Cement Joint Stock
Company
9Quang Ninh Cement and Construction Joint
Stock Company
10 Sai Son Cement Joint Stock Company
Top 10 cement enterprises with the highest revenue in 2016
Source: VIRAC
110
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3. Enterprise analysis
Ha Tien 1 Cement Joint Stock Company
111
Ha Tien 1 Cement Joint Stock Company
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3. Enterprise analysis
The Vissai Cement Corporation
112
The Vissai Cement Corporation
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3. Enterprise analysis
Nghi Son Cement Company
113
Nghi Son Cement Company
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3. Enterprise analysis
VICEM Hoang Thach Cement Company Limited
114
VICEM Hoang Thach Cement Company Limited
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3. Enterprise analysis
Bim Son Cement Joint Stock Company
115
Bim Son Cement Joint Stock Company
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3. Enterprise analysis
VICEM But Son Cement Joint Stock Company
116
VICEM But Son Cement Joint Stock Company
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3. Enterprise analysis
Thang Long Cement Joint Stock Company
117
Thang Long Cement Joint Stock Company
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3. Enterprise analysis
VICEM Hoang Mai Cement Joint Stock Company
118
VICEM Hoang Mai Cement Joint Stock Company
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3. Enterprise analysis
Quang Ninh Cement and Construction Joint Stock Company
119
Quang Ninh Cement and Construction Joint Stock Company
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3. Enterprise analysis
Ha Tien 1 Cement Joint Stock Company
120
Sai Son Cement Joint Stock Company
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
121
3. Enterprise analysis
3.1. Profitability
122
Source: VIRAC
million VND Net revenue growth, 2015 - 2016
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3. Enterprise analysis
3.1. Profitability
123
Source: VIRAC
million VNDGross profit growth, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
124
3. Enterprise analysis
3.2 Performance efficiency
Source: VIRAC
125
Source: VIRAC
Unit: times Unit: times
Fixed asset turnover, 2015 - 2016Total asset turnover, 2015 - 2016
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3. Enterprise analysis
3.2 Performance efficiency
126
Source: VIRAC
Unit: timesInventory turnover, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
127
3. Enterprise analysis
3.3. Financial strength
128
Source: VIRAC
Payment ratio, 2015 - 2016
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3. Enterprise analysis
3.3. Financial strength
129
Source: VIRAC
Solvency, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
130
3. Enterprise analysis
3.4 Return on investment
131
Source: VIRAC
%Profit ratio, 2015 - 2016
Content is intentionally removed for demo purpose
132
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
133
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
Content is intentionally removed for demo purpose
134
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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135
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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136
No Project Address InvestorCapacity (ton/year)
(only rotary kiln)Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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137
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
No Seaport City / Province Economic zone
Value
(million
USD)
Status Period
138
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No Power plant and transmission gridCity /
ProvinceEconomic zone
Value
(million
USD)
Status Period
139
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No RailwayCity /
ProvinceEconomic zone Status Status Period
140
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Bridge and roadCity /
ProvinceEconomic zone
Value (million
USD)Status Period
141
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Water supply and wastewater treatmentCity /
ProvinceEconomic zone
Value
(million USD)Status Period
142
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Petroleum pipeline City / Province Economic zoneValue
(million USD)Status Period
143
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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144
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
4. Appendix
4.3 Financial statements - Ha Tien 1 Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
145
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements – Vissai Ninh Binh Cement Corporation
BALANCE SHEET
Unit: million VND
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
146
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - Nghi Son Cement Company
BALANCE SHEET
Unit: million 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
147
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - VICEM Hoang Thach Cement Company
BALANCE SHEET
Unit: million 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
148
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - Bim Son Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
149
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - VICEM But Son Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
150
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements – Thang Long Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
151
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - VICEM Hoang Mai Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
152
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - Quang Ninh Cement and Construction Joint Stock Company
BALANCE SHEET
Unit: million 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
153
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - Sai Son Cement Joint Stock Company
BALANCE SHEET
Unit: million 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
154
INCOME STATEMENT
Unit: billion VND 2015 2016
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
Unit: billion VND 2015 2016
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
Content is intentionally removed for demo purpose
REPORT DISCLAIMER
Report disclaimer
This document has been prepared in good faith on the basis of information available at the date of publication without any
independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and
statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of
the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no
representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and
materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.
You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it
outside your organization, or place it on a website for public access without the express written permission of VIRAC.
SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:
VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)
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Website: http://virac.com.vn/
Email: [email protected] | Tel: +84 463289520
Thank you !
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