market research vietnam - vietnam pulp and paper ......world output quantity of paperboard and...

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VIETNAM PULP AND PAPER INDUSTRY REPORT Q3/2019

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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.

Content is intentionally removed for demo purpose

6

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.


7

Summary

• 2018 is still considered a difficult year for businesses in the paper

industry, in the face of many challenges


1. BUSINESS ENVIRONMENT

9

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


Growth of total retail sales of consumer goods and

services, 2011 - 6M / 2019 (excluding price factors)

10


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


11


1.2 Legal framework

Group of regulations on pulp and paper business and production

No. Scrap HS code


12


1.2 Legal framework


Circular No 20/2014 replaced by Circular No 23/2015/TT – BKHCN that regulate used machines, equipment and technology assemblies import.

13


1.2 Legal framework


14


1.2 Legal framework

Allowable imported scrap Fee (thousand VND/ profile)


15


1.2 Legal framework

Energy rated consumption for paper products until the end of 2020

No Product Capacity (ton year)Rate

(MJ/ton)


16

Group of regulations on import taxes of pulp and paper industry


1.2 Legal framework


17

2. WORLD MARKET

18

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


19


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


x

Billion tons


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


21


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


Top 10 leading countries in paper production output, 2016 - 2017

World paper output quantity, 2012-2018e


2016 2017 Change (%)

22



Source: VIRAC, RISI

Paperboard and packaging paper


Structure of world production of paperboard and packaging paper,

2018e

World output quantity of paperboard and packaging paper,

2012-2018e


23



Tissue paper


Global tissue paper output quantity, 2000 – 2018e

Production structure of global tissue paper by country, 2017

Source: VIRAC , FAD


24



Newspaper and printing paper


25


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


26



Some trends in 2018 impact on the world paper demand:

• Retails:

• The development of the Internet:

• Health consciousness:

• Environmentally friendly products



2.2 Paper – 2.2.3 Paper trade

27



World export value of paper, 2010-2018billion USD

Structure of global paper export by type, 2018eContent is intentionally removed for demo purpose


2.2 Paper – 2.2.3 Paper trade

28


Top 10 countries that have the highest paper export value, 2018e


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



2.3 The pulp and paper market in some countries

29

Source: VIRAC, VPPA

New paper capacity of China, 2012 - 2019f

Source: VIRAC, VPPA

China’s pulp output quantity, 2013 – 2018e




30

China’s pulp import-export, 2012 - 2018


Structure of China‘s pulp import, 2017 - 2018


billion USD

billion USDChina’s paper import-export, 2013 - 2018





31

The US pulp production, 2010-2018e

Source: VIRAC, FAO

Source: VIRAC, FAO

The US paper production, 2011 - 2017e

million

tons


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

The US import-export value of pulp, 2010 – 2018




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




33

Paper trade in the US, 2017 -2018





34

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




35

Japan’s pulp import-export, 2010 – 2018



billion USD

Japan’s recycled paper export-import,

2010-2018thousand

USD




36

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


2018

RankCompany Founded year Headquater

Revenue 2018

(million dollars)Logo

37




Top 10 largest paper companies over the world, 2017


38






39


40

3. THỊ TRƯỜNG VIỆT NAM

3. The pulp and paper industry in Vietnam

3.1 History of formation and development

41

History of formation and development of paper industry



42


3.1 History of formation and development


43



Output quantity of Pulp, 2013 – 6/2019

Source: VIRAC, GSO

tons


44




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


3.2 Pulp – 3.2.2 Consumption

Source: VIRAC, GSO

tons

Source: VIRAC, GSO


46

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%


3.2. Pulp – 3.2.3 Import

thousand USD




Structure of paper production by type, 6M/2019e

47

Paper production by type, 2011 – 6/2019

Source: VIRAC, VPPA

Source: VIRAC, VPPA

tons


• Packaging paper:

• Paper for printing and writing:

• Tissue paper:

• Joss paper:

• Paper for newspaper printing:

48




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



tons

Source: VIRAC, VPPA


50

Revenue from paper industry, 2010 – 6/2019e

Source: VIRAC, GSO

million VND



Source: VIRAC, VPPA

Structure of paper consumption by type, 6/2019e


51

Structure of tissue paper consumption by type, 2018





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


3.3 Paper – 3.3.3 Export


Paper import, 2011 – 6/2019


Import of paper products, 2011 – 6/2019


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


3.3 Paper – 3.3.4 Import


Structure of paper import by volume, 6M/2019e


54


3.3 Paper – 3.3.4 Import


5-force analysis

4. Overview of the industry

4.1. Competitiveness analysis

55


56




Strengths: Weaknesses:

Opportunities: Threats:

57





4.2. Planning

Target of the paper industry development until 2025

Orientation of development

58


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

PeriodPulp Paper

Portfolio of investment projects by period

59


4.2. Planning


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

PeriodPulp Paper

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

60


4.2. Planning


Portfolio of investment projects by period

Criterion Unit 2015 2020 2025

Criteria of designed capacity

Criterion Unit 2015 2020 2025

Criteria of output quantity

61


4.2. Planning



Period

Regions (Unit: ha)

North-

westNortheast Central

Northern

CentralCentral Coast

Northern

Central

Highlands

Southern

Central

Highlands

Southwest

Regions of growing material trees for paper production

62


4.2. Planning



5. ENTERPRISE ANALYSIS

64

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


65


Saigon paper JSC

An Hoa paper JSC




66


Cheng yang paper

mill Co, Ltd

Box-Pak Viet Nam

Co, Ltd

Bien Hoa packaging

JSC

Sabeco- Song Lam

packaging JSC




67


5.2 Indicators of business results

Growth of net revenue, 2017 - 2018billion

VND

Source: VIRAC collectsContent is intentionally removed for demo purpose

68




69

Gross profit margin, 2017 - 2018





70




71

Sales expenses/ Net revenue, 2017 - 2018





72

Administrative expenses/ Net revenue, 2017 - 2018


Financial expenses /Net revenue, 2017 - 20178





73


5.3 Indicators of finance

Days of sales outstanding, 2018days

Source: VIRAC collectsContent is intentionally removed for demo purpose

74

Solvency, 2017 - 2018





75


Days' sales in inventory, 2018




76

Structure of Assets and Total assets turnover, 2018



Structure of debts and Debt/Equity ratio, 2018




77


5.2 Indicators of performance efficiency

Profit margin, 2018



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- -



IV. Inventories556,075,400,330 551,367,781,842



5,323,987,894 3,083,705,394

II. 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


II. Long-term liabilities1,157,167,884,188 1,186,247,727,000

B. OWNER'S EQUITY848,509,102,726 698,790,173,147


INCOME STATEMENT

Unit: VND 2017 2018



Gross Profit from sales and services provided2,395,013,201,380 2,339,156,284,224



Interest expenses45,492,236,042 54,820,336,704

Sales expenses1,300,655,068,828 1,252,394,139,234


Net profit from operating activities706,865,926,152 478,760,366,561

Total Accounting Profit Before Tax703,719,216,695 511,010,011,012


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


Net cash Flow From Operating activities410,508,577,286 955,519,137,088


Net Cash Flow From Investing activities(136,619,935,309) (358,326,441,622)


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


the fiscal year 1,075,743,884,679 820,687,884,094


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





IV. Inventories805,262,300,223 938,426,036,736



- -

II. Fixed assets3,652,365,772,421 3,439,006,822,251



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


INCOME STATEMENT

Unit: VND 2017 2018



Gross Profit from sales and services provided557,434,070,804 1,245,005,437,521




Sales expenses147,628,782,657 174,460,970,373





Deferred Corporate Income Tax Expenses- (28,279,812)


CASH FLOW STATEMENT

Unit: VND 2017 2018


Net cash Flow From Operating activities (190,728,093,790) 1,110,331,223,578


Net Cash Flow From Investing activities (201,424,121,191) (132,362,997,560)


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


the fiscal year 162,390,795,374 138,540,188,302


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


II. Short-term financial investments4,472,000,000 5,087,000,000



IV. Inventories357,726,635,108 328,026,569,469



1,975,783,260 5,682,327,520

II. Fixed assets2,633,850,760,066 2,522,215,166,083



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


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






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


the fiscal year 13,259,094,578 59,428,720,676


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





IV. Inventories402,717,774,278 586,957,889,130



- -

II. Fixed assets6,901,425,070,442 6,348,696,970,539


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



B. OWNER'S EQUITY2,154,550,985,949 2,436,396,011,897


INCOME STATEMENT

Unit: VND 2017 2018







Sales expenses 44,938,467,589 47,546,039,664


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






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)


the fiscal year 140,330,688,880 251,202,666,570


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


II. Short-term financial investments2,800,000,000 -



IV. Inventories540,957,934,803 716,476,808,662



- -

II. Fixed assets4,826,947,865,760 5,742,702,025,966



TOTAL ASSETS7,953,853,079,066 8,285,854,082,757

A. LIABILITIES5,855,708,842,117 5,780,720,861,442


II. Long-term liabilities66,441,410,508 47,184,488,885

B. OWNER'S EQUITY2,098,144,236,949 2,505,133,221,315


INCOME STATEMENT

Unit: VND 2017 2018



Gross Profit from sales and services provided 219,017,777,811 1,071,337,823,506




Sales expenses 18,519,611,296 123,502,159,123


Net profit from operating activities 57,540,817,744 455,960,259,802


Current Corporate Income Tax Expenses 7,024,273,663 25,099,479,859


Profit After Enterprise Income Tax 65,417,530,532 406,988,984,366

CASH FLOW STATEMENT

Unit: VND 2017 2018


Net cash Flow From Operating activities(366,095,038,121) 1,029,856,419,655


Net Cash Flow From Investing activities(2,939,282,105,069) (683,001,790,564)


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)


the fiscal year 514,181,446,945 442,765,353,977


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





IV. Inventories244,732,917,018 273,770,631,281

B. LONG-TERM ASSETS851,432,509,051 826,899,409,008


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


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


B. OWNER'S EQUITY740,845,673,618 768,309,731,848


INCOME STATEMENT

Unit: VND 2017 2018







Sales expenses 144,420,743,273 156,272,754,219







CASH FLOW STATEMENT

Unit: VND 2017 2018


Net cash Flow From Operating activities(39,751,322,017) 36,093,647,194




Net Cash Flow From Financial activities149,001,706,941 1,199,356,762



the fiscal year 48,870,473,383 58,216,901,744


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


II. Short-term financial investments50,000,000,000 -



IV. Inventories214,075,965,915 220,487,320,988



1,287,095,000 328,510,000

II. Fixed assets202,016,261,880 178,869,029,057


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



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







Sales expenses 78,403,613,282 81,460,335,295





Deferred Corporate Income Tax Expenses534,678,381 85,809,894


CASH FLOW STATEMENT

Unit: VND 2017 2018






Net Cash Flow From Financial activities6,065,174,704 (68,512,716,649)



the fiscal year 42,335,967,916 58,470,278,531


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


II. Short-term financial investments5,993,374,000 5,993,514,990



IV. Inventories109,696,799,600 152,839,755,540



1,632,004,400 1,630,595,610

II. Fixed assets176,424,350,800 232,705,008,720



TOTAL ASSETS859,402,536,640 955,433,778,120

A. 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



Gross Profit from sales and services provided147,073,514,500 150,538,585,026




Sales expenses44,069,817,612 48,452,021,852





Deferred Corporate Income Tax Expenses(1,056,071,388) (1,221,241,229)


CASH FLOW STATEMENT

Unit: VND 2017 2018


Net cash Flow From Operating activities136,387,667,780 (80,353,691,084)


Net Cash Flow From Investing activities59,990,086,432 (5,732,506,283)


Net Cash Flow From Financial activities(180,487,650,916) 53,146,410,633



the fiscal year 95,466,765,240 100,315,689,200


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





IV. Inventories210,811,937,218 311,047,297,588

B. LONG-TERM ASSETS620,259,517,851 1,605,126,828,415


- -

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


II. Long-term liabilities- 564,751,137,249

B. OWNER'S EQUITY731,938,091,317 1,054,724,459,818


INCOME STATEMENT

Unit: VND 2017 2018


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



Sales expenses22,815,644,361 23,156,085,701







CASH FLOW STATEMENT

Unit: VND 2017 2018






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


the fiscal year 36,053,645,958 40,707,020,257


fiscal year 40,707,020,257 53,792,956,784

Financial statement – Sabeco- Song Lam packaging JSC

89

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