vietnam coffee market report q2/2018 - virac · vietnam coffee market report q2/2018. 2 content...

VIETNAM COFFEE MARKET REPORT Q2/2018

2

Content

Abbreviations 3 3. Vietnam coffee market 49

Summary 4 3.1 Classification of coffee produced in Vietnam 49

1. Business environment 6 3.2 Process and production technology 52

1.1 Macroeconomic situation 6 3.3 Production 60

1.2 Legal framework 11 3.4 Consumption 65

1.3 Impact of trade agreements 19 3.5 Export Import 69

2. World market 23 3.6 Inventory 75

2.1 Industry value chain 23 3.7 Price 77

2.2 Production 25 3.8 Distribution system and payment methods 80

2.3 Consumption 29 3.9 Competitive Analysis 82

2.4 Export - Import 32 4. Risk of Vietnam coffee market 86

2.5 Inventory 37 5. Planning 88

2.6 Price movement 39 6. Prospects and forecasts 91

2.7 Current situation in some typical countries 42 7. Enterprise Analysis 95

Financial statement appendix 117

3

Abbreviations

ICO International Coffee Organization

MARD Ministry of Agriculture and Rural Development

SBV State Bank of Vietnam

GDVC General Department of Vietnam Customs

GSO General Statistics Office of Vietnam

USDA United States Department of Agriculture

Vicofa Vietnam Coffee - Cocoa Association

Vinastas Vietnam Standards and Consumers Association

VIRAC Vietnam Industry Research And Consultancy

4

Summary

World coffee production in the 2014/2015

season decreased by 2.29% over the

2013/2014 season

Arabica is the most widely grown seed in the

world, accounting for over 60% of the total

world coffee production.

The world coffee demand has been increasing.

Vietnam currently grows two main types of

coffee: Arabica and Robusta.

Domestic consumption of

coffee in the period 2012 - 2018e with CARG

of 7.9%, in which consumption of ground

roasted coffee accounts for about two thirds

of output, the remaining one third is instant

coffee.

THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

5

Summary

In 2017/18 season, total quantity of imported

coffee was estimated of Vietnam at 1.06 million

bags.

In the first quarter of 2018, quantity of

exported coffee was estimated at 529

thoudsand tons.

The purchase of coffee from the farmers is

mainly done by local traders,

In general, revenue and profit ratio of large

businesses in the coffee sector have been

growing, compared with 2015.


PURPOSE

Content

6

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Free trade agreements


1.1. Macroeconomic situation

7

Source: VIRAC, GSO

Source: VIRAC, GSO

Gross domestic product (GDP) in Q1/2018 is estimated to increase

by 7.38% compared to the same period last year.

Coffee is one of the main agricultural products of Vietnam in the

world market.

GDP growth rate, by quarter, 2015 – Q1/2018

Structure of GDP at current price, Q1/2018e


PURPOSE

1. Business Environment


8

Source: VIRAC, GSO

Disposable income and household expenditure, 2008 - 2017fMillion VND

Increased tendency of disposable income is a positive factor

driving demand for eating.

Vietnam is currently the

country with the fastest growing rate of middle and upper class in

Southeast Asia and is expected to reach 33 millions of people by 2020.

Structure of population by stratification (expenditure), 2013 - 2020f

Source: VIRAC, BCG

Million

peoplle


PURPOSE



9

Source: VIRAC, MARD

Source: VIRAC, MARD

Export structure of major agricultural products of

Vietnam, Q1/2018e

Value and proportion of coffee in main agricultural exports, 2010-Q1/2018e


PURPOSE



10

Source: VIRAC, SBV

Vietnamese coffee is mainly for export purpose. The United States is

the largest coffee importer of Vietnam.

Source: VIRAC, Nielsen

• Consumer confidence index in Vietnam in Q4/2017 decreased by 1

point to 116 points, in comparison with the previous quarter.

• It showed that Vietnamese consumers

have become more and more willing to pay for bigger expenses in

order to improve their life quality.

Consumer confidence index, 2014 – Q4/2017

VND/USD Exchange rate, 2013-3/2018


PURPOSE

Content

11


1.1 Macroeconomic Situation

1.2 Legal Framework

1.3 Free Trade Agreements


1.2. Legal Framework

12

On 9 April 2012, the Ministry of Finance issued Circular 55/2012 / TT-BTC guiding the valuation of coffee gardens, tea gardens associated with

processing establishments when equitization took effect from May 25, 2012.


PURPOSE



13

On May 31st, the Ministry of Agriculture and Rural Development issued Decision No. 2085 / QD-BNN-TT promulgating the process of replanting

Robusta coffee


PURPOSE



14

National standard for green coffee


PURPOSE



15

National standard for roasted coffee


PURPOSE



16

National standard for ground coffee


PURPOSE


1.2. Legel Framework

17

Import and export taxes applicable to the coffee industry


PURPOSE



18

Special Consumption Tax


PURPOSE

Content

19


1.1 Macroeconomic Situation

1.2 Legal Framework


20

Vietnam trade integration process from 1995 to present

Until the end of first quarter of 2018, Vietnam has signed, implemented, and is negotiating a total of 17 FTAs. Accession to international trade

agreements brings opportunities and challenges for domestic firms.




PURPOSE

21

CPTPP - Comprehensive and Progressive Agreement for Trans-Pacific Partnership




PURPOSE



22

RCEP


PURPOSE

Content

23

2. World Coffee Industry

2.1 Production Value Chain

2.2 Production

2.3 Consumption

2.4 Export - Import

2.5 Inventory

2.6 Price Movement of World Coffee

2.7 Current Situation in Some Typical Countries



24

Production value chain

Activities


PURPOSE

Content

25



2.2 Production

2.3 Consumption

2.4 Export Import

2.5 Inventory




2.2 Production

26

Source: VIRAC, ICO

World coffee production in the 2014/2015 season decreased by 2.29% over the 2013/2014 season,

World coffee production in the 2016/2017 season reached at 153.87 millions of bags, equivalent to 9.23 million tons, increase 1.52% over the 2015/2016

season.

World coffee production I the 2017/2018 season was 159.66 million bags, increasing 1.2% compared to the 2016/2017 season.

Thousand

bags

World production of coffee by season, 2007/2008-2017/2018e


PURPOSE


2.2 Production

27

Source: VIRAC, ICO

Source: VIRAC, ICO

Brazil is the largest Arabica producer in the world.

Colombia is the world's second-largest Arabica producer with production of

Colombian Milds was 14 million bags in 2017/2018 season, decreasing by

4.3% in comparison with the previous season.

Arabica production structure, 2016/2017

Structure of coffee production by types of nut,

2016/2017


PURPOSE


2.2 Production

28

Source: VIRAC, ICO

Source: VIRAC, ICO

Structure of coffee production by region, 2017/2018e

Production structure by country, 2017/2018eTHE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

Content

29



2.2 Production

2.3 Consumption

2.4 Export Import

2.5 Inventory




2.3 Consumption

30

Source: VIRAC, USDA

World coffee consumption by season, 2012/2013 – 2017/2018e


PURPOSEThe world coffee demand is getting higher and higher. Total quantity of consumed coffee is estimated to be 158.47 million bags in the season

2017/2018 season.

According to International Coffee Organisation (ICO), people have consumed more and more coffee. The demand is projected to increase by 25%

within next 5 years.


2.3 Consumption

31

Source: VIRAC, USDA

Source: VIRAC, USDA

Structure of world coffee consumption by region,

2017/2018e

Structure of coffee consumption by country, territory,

2017/2018e


PURPOSE

Content

32



2.2 Production

2.3 Consumption

2.4 Export - Import

2.5 Inventory




2.4 Export Import– Export

33

Source: VIRAC, USDA

Source: VIRAC, USDA

World coffee export output by season, 2012/2013

– 2017/2018e

Export structure of coffee by type, 2017/2018e


PURPOSE


2.4 Export Import– Export

34

Source: VIRAC, USDA

Source: VIRAC, USDA Source: VIRAC, USDA

Export structure of coffee beans by country and territory,

2017/2018e

Export structure of roasted ground coffee by country and

territory, 2017/2018e

Export structure of instant coffee by country and territory,

2017/2018e


PURPOSE


2.4 Export Import– Import

35

Source: VIRAC, USDA

Source: VIRAC, USDA

Thousand bags

World coffee import by season, 2012/2013 – 2017/2018e

Import structure of coffee by type, 2017/2018e


PURPOSE


2.4 Export Import– Import

36

Source: VIRAC, USDA

Source: VIRAC, USDA Source: VIRAC, USDA

Import structure of coffee beans by country and


Import structure of ground roasted coffee by country and


Structure of instant coffee import by country and territory,

2017/2018e


PURPOSE

Content

37



2.2 Production

2.3 Consumption

2.4 Export Import

2.5 Inventory




2.5 Inventory

38

Source: VIRAC, USDA

Source: VIRAC, ICO

The world inventory in 2017/2018 season was 29.26 million bags,

decreasing by 8.61%, compared to the previous season.Thousand bags

Thousand bags

World coffee inventories by season, 2012/2013 –

2017/2018e

Inventories of world green coffee by year, 2007-2017e


PURPOSE

Content

39



2.2 Production

2.3 Consumption

2.4 Export Import

2.5 Inventory





40

Source: VIRAC, ICO

Source: VIRAC, ICO

UScent/lb

USSD/lb

Price of raw coffee beans in some countries, 2007-2016

Retail price of roasted coffee in some largest importers,

2007-2016


PURPOSE



41

UScent/lb

Source: VIRAC, ICO

The coffee price since the beginning of 2016 has always remained stable and tends to decrease slightly.

The world Robusta coffee price has fluctuated around 100 US cent/lb.

World coffee price by type, 8/2016 – 3/2018


PURPOSE

Content

42



2.2 Production

2.3 Consumption

2.4 Export Import

2.5 Inventory





43

Brazil

Thousand bags

Source: VIRAC, ICO, USDA

Total coffee production of Brazil in 2017/2018 season is

51.2 million bags. Brazil is the world’s biggest coffee

producer.

It is estimated that Brazil has about 3.5 million people

working in the coffee industry, mainly in rural areas.

Coffee production, consumption and export of Brazil, 2012/2013 –

2017/2018e


PURPOSE



44

Colombia


PURPOSE



45

Thousand bags


Colombia is the third largest coffee grower in the world,Coffee production, consumption and export of Colombia,

2012/2013-2017/2018e


PURPOSE



46

Indonesia


PURPOSE



47

Thousand

bags


Indonesia is the second largest producer of coffee in

Asia, after Vietnam.

Indonesia's production, consumption and export of coffee,

2012/2013-2017/2018e


PURPOSE



48

Ethiopia

Over the years, Ethiopia has always been Africa's largest

coffee producer.

Thousand

bags


Ethiopian production, consumption and export of coffee, 2012/2013 –

2017/2018e


PURPOSE

Content

50

3 Vietnam coffee market

3.1 Classification of coffee produced in Vietnam

3.2 Process and production technology

3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price

3.8 Distribution system and payment methods

3.9 Competitive Analysis

50

3. Vietnamese Coffee Market

3.1 Coffee Classification

Currently, Vietnam cultivates two main types of coffee: Arabica and Robusta.

Arabica

Moka:

Catimor:

Robusta


PURPOSE

51

Characteristics Arabica coffee Robusta coffee

Comparison between Arabica coffee and Robusta coffee


PURPOSE

3. Vietnamese Coffee Market

3.1 Coffee Classification




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



Content

53

53

3. Vietnam coffee market


Coffee beans production process Roasted coffee production process

Instant coffee production process


PURPOSE

54



Coffee beans production process

Step 1:

Coffee sorting machineTHE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

55



Step 2: Shelling machine

Raoeng milling machineTHE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

56



Step 3:

Step 4:

Step 5:

Hand-drying ovenRotary dryer


PURPOSE

57



Step 6:

Step 7:

Step 8:

Step 9:

Engelber Dry Milling Equipment

Smout polishing machine


PURPOSE

58



Production process of roasted coffee beans

Step 1:

Step 2:

Standing roasterStep 3:

Step 4:


PURPOSE

59



Production process of instant coffee from roasted coffee powder

Extraction

Condensation

Drying

Repatriation technology


PURPOSE

Content

61




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



61


3.3 Production

According to the Ministry of Agriculture and Rural Development, the country now has 22

provinces and cities with 105 districts growing coffee,

Source: VIRAC

Thousand hectares

Source: VIRAC

Planting coffee area in some provinces, 2014/15 – 2017/18f

Structure of coffee growing area in Vietnam, 2016/17


PURPOSE

62


3.3 Production

Dak Lak, Lam Dong, Dak Nong, Gia Lai are currently the key coffee growing

areas of the country.

Source: VIRAC

Suitable altitude for growing Robusta and Arabica coffee

Some provinces of Vietnam growing coffee


PURPOSE

63


3.3 Production

Source: VIRAC, Processing Department

Thousand tons / year

Source: VIRAC, Processing Department

Thousand tons / year

Dak Lak is the largest coffee producing area in Vietnam

Ground roasted coffee processing factories and

capacity, 2017

Instant coffee processing facilities and capacity, 2017THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

64


3.3 Production

The coffee production output of Vietnam in the past years has many

changes.

Source: VIRAC, USDA

Thousand bags 60kgs

Source: VIRAC, USDA

Coffee production output of Vietnam, 2012/13 -

2017 / 18e

Coffee production structure of Vietnam, 2017/2018e


PURPOSE

Content

66




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



66


3.4 Consumption

Source: VIRAC, USDA

Thousand bags 60kg

Domestic consumption of coffee in the period 2012 - 2018e

However, compared to the average consumption of coffee in the region

and in the world, the consumption of domestic coffee in Vietnam is very

low,

Domestic coffee consumption in Vietnam, 2012/13 -

2017/18e


PURPOSE

67


3.4 Consumption

Source: VIRAC, Euromonitor

Thousand tons


Billions VND

In the period 2011 - 2016, retail coffee output in the domestic market of

Vietnam

Coffee retail sales in Vietnam, 2011 - 2017

Retail value of coffee in the market, 2011 - 2017


PURPOSE

68


3.4 Consumption

• According to Market Intello's coffee consumption survey,

Source: VIRAC, Marketintello

Source: VIRAC, MarketintelloSource: VIRAC, Marketintello

Using habits of instant coffee, 2016

The habit of using roasted coffee, 2016

Types of coffee used at home, 2016


PURPOSE

Content

70




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



70


3.5 Export Import – 3.5.1 Import

Source: VIRAC, USDA

Thousand bags 60kg

Source: VIRAC, GDVC

Vietnam is currently importing small quantities of fresh and roasted coffee

beans and ready-made coffee from China, Laos, Indonesia, Brazil, USA ...

Source: VIRAC, USDA

Import of ground roasted coffee in Vietnam, 2012/13

- 2017 / 18e

Vietnam's coffee import market by value, 2016/2017 Import structure of coffee in Vietnam, 2016 / 2017e


PURPOSE

71


3.5 Export Import – 3.5.1 Import

Source: VIRAC, GDVC

Some of the largest coffee importing enterprises, 2016/2017

Top coffee importing enterprises, 2016 / 2017e


PURPOSE

72


3.5 Export Import – 3.5.2 Export

Millions USD

Source: VIRAC, GDVC

Thousand tons

Source: VIRAC, , Ministry of Industry and Trade

Export structure of coffee by type, Q1/2018

Volume and value of Vietnamese coffee exports,

2013 – Q1/2018e


PURPOSE

73

In 2017, coffee exports reached 1.4 million tons,

Sources: VIRAC, MARD

Million USD

Sources: VIRAC, GDVC

Thousand tonsUSD./tonAverage export price and export volume of coffee by month, 2017 – Q1/2018

Monthly coffee exports, 2016 - 2018




PURPOSE

74



Source: VIRAC, GDVC

In the 2016/2017 season, Germany is the largest coffee importer of Vietnam, Structure of coffee export market by output,

2016 / 2017e


PURPOSE Export market structure of coffee, Q1/2018

Source: VIRAC, GDVC

75



Source: VIRAC, GDVC

Source: VIRAC, GDVC

Some of the largest coffee exporting enterprises, 2016/2017

Top Coffee Exporting Enterprises, 2016 / 2017e


PURPOSE

Content

76




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



77


3.6 Inventory

Source: VIRAC, USDA

Thousand bags 60kgs

Coffeee inventories in Vietnam, 2012/13 - 2017/18e


PURPOSE

Content

76




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



Domestic price:

79

VND/kg

Sources VIRAC collects

Price of domestic Robusta raw coffee, 10/2016 – 3/2018


3.7 Price


PURPOSE

Generally in 2017, coffee export price increased slightly in the first eight months and increased sharply in September, then fell sharply in the last three

months of the year.

Coffee export price in Q1/2018:

80

USD/ton

Sources: VIRAC collects


3.7 Price


PURPOSE

FOB Coffee export price in Ho Chi Minh City, 10/2016 - 3/2018

81

The average export price of coffee to 10 markets reached the highest level in Q1/2018

Sources: VIRAC, GDVC

Markets Average export price in

Q1/2018 (USD/ton)

Compared to 2017(%) Average export price of Mar/2018 (USD/ton)

Compared to Feb/2018 (%) Compared to Mar/2017 (%)


3.7 Price


PURPOSE

Vietnam is the world's second largest coffee exporter with international quality standards, but its export price is only 65-85% of the coffee export price

of other countries as the coffee enterprises in the country have not identified long-term business plan, and coffee is mainly sold at the beginning of the

season,

82


3.7 Price


PURPOSE

83


3.7 Price


PURPOSE

Content

76




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



85



The purchase of coffee from farmers is

mainly done by local traders,


PURPOSE

86

Methods of purchase and payment by farmers, purchasing agents and coffee processing factories:




PURPOSE

87

Pros Cons




PURPOSE

88

Pros and cons of purchasing suppliers for the company

Pros Cons




PURPOSE

89

Method of purchase and payment of coffee farmers, purchasing agents, processing enterprises for foreign enterprises




PURPOSE

90




PURPOSE

Content

76




3.3 Production

3.4 Consumption

3.5 Export Import

3.6 Inventory

3.7 Price



92





The market shares of coffee retails are equally divided between foreign companies

and domestic ones.

Share of retail sales of some large companies in the

market, 2017

Share of retail sales of some brands in the market, 2017THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

According to Euromonitor, coffee chain store-shop is the type that has developed the most rapidly.

93



New brandTraditional brand


PURPOSE

94




PURPOSE

Even though there are few FDI businesses that invest in coffee sector, they account for an overwhelming percentage

4 Risk of Vietnam coffee market

Content

95

Risk in production :

Risk in coffee price:

Currency risk:

Competitive risk coming from quality requirements :

Risk coming from competitors :

96

4. Risk of Vietnam coffee industry


PURPOSE

5 Planning

Content

7

On February 2, 2012, the Prime Minister issued Decision No. 124 / QD-TTg approving the overall planning for agricultural production development to

2020 with a vision to 2030. Accordingly, the coffee plant planning as following details:

.

On August 21, 2012, the Ministry of Agriculture and Rural Development issued Decision No. 1987 / QD-BNN-NT approving of planning for developing

Vietnam's coffee industry up to 2020 with a vision to 2030.

Development Goals :

Planning Orientation:

98

5. Planning


PURPOSE

99


PURPOSE

5. Planning

6 Prospects and forecasts

Content

7

101

6. Prospects and forecasts

Prospects


PURPOSE


Forecasts

102

Source: VIRAC, USDA

Thousand bags World Coffee Production, 2012/2013 - 2017/2018e


PURPOSE

The world coffee output is projected to be sharply increase in the 2017/2018 season

The 2017/2018 season

Forecasts to 2021

103


Forecasts


PURPOSE

Content

104

7. Enterprise Analysis

105

Enterprises' Overview

Name Address Total assets in

2016 (Billion

VND)

net revenue in

2016 (Billion

VND)

Top coffee producing enterprises of Vietnam


PURPOSE

INTIMEX GROUP JOINT STOCK COMPANY

106



PURPOSE

OLAM VIETNAM COMPANY LIMITED

107



PURPOSE

NESTLÉ VIET NAM COMPANY LIMITED

108



PURPOSE

PHUC SINH JOINT STOCK COMPANY

109



PURPOSE

2 -9 DAK LAK IMPORT EXPORT COMPANY LIMITED (Simexco DakLak)

110



PURPOSE

JOINT STOCK COMPANY - TIN NGHIA CORPORATION

111



PURPOSE

TRUNG NGUYEN GROUP JOINT STOCK COMPANY

112



PURPOSE

Vinacafé Bien Hoa Joint Stock Company

113



PURPOSE

Vinh Hiep Co., Ltd

114

Minh Tien Coffee Export Import Co., Ltd



PURPOSE

Content

115


7.1 Profitability

7.2 Operability

7.3 Performance efficiency

7.4 Profit Ratio

The net revenue of companies in 2016 was higher than those in 2015 and the average growth rate is 20% because of the high growth of Vietnam coffee

industry in the last 3 years.

Billion VND

116


7.1 Profitability

Net revenue ,2015 - 2016

Source: VIRAC


PURPOSE

Billion VND

117

Source: VIRAC

In 2016, companies in the industry have gross profit growth compared to that in 2015. Therein, Trung Nguyen has the highest gross profit margin in the

industry with 41.3% in 2016.


7.1 Profitability

Gross profit margin, 2015 - 2016


PURPOSE

Content

118


7.1 Profitability

7.2 Operability


7.4 Profit Ratio

119

Source: VIRAC


7.2 Operability

The repayment capacity of enterprises, 2015 - 2016


PURPOSE

Generally, most businesses in coffee sector mobilize capital through loans.

120

Source: VIRAC

Vinacafe Bien Hoa and Trung Nguyen are two enterprises with the highest pay ratios in the sector because they are the two enterprises that have the least

loan of the top coffee businesses, they mainly use equity capital. These are also two main businesses with domestic production and supply.


7.2 Operability

Pay Ratio, 2015 - 2016


PURPOSE

Content

121


7.1 Profitability

7.2 Operability


7.4 Profit Ratio


7.3. Performance efficiency

122

Source: VIRAC

Source: VIRAC

Phuc Sinh JSC has the largest total asset turnover

with 6.22 rounds.

Total asset turnover, 2016

Fixed asset turnover, 2016


PURPOSE


7.3. Performance efficiency

123

Billion VND

Billion VND

Source: VIRAC

Source: VIRAC

Financial Cost, 2016

Enterprise Cost Management, 2016


PURPOSE

Content

124


7.1 Profitability

7.2 Operability


7.4 Profit Ratio


7.4. Profit Ratio

125

Source: VIRAC

Profit Ratio, 2016


PURPOSE

Content

126

Financial statement appendix

Appendix

Financial Statement

127

INTIMEX GROUP JOINT STOCK COMPANY

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS

I. Cash and petty cash

II. Temporary investments

III. Accounts receivable

1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS

A. CURRENT LIABILITIES

I. Current liabilities

1. Loan and Current liabilities

2. Taxes and accounts payable to the state

II. Long-term liabilities

1. Loan and Long-term liabilities

2. Long-term accounts payable

B. OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY

BUSINESS RESULTS REPORT

Unit: VND 2015 2016

Net revenue from sales and services

Cost of goods sold and services

Gross profit of goods sold and services

Profit from financial activities

Financial cost

Interest expense

Cost of goods sold

Administration cost

Net profit from business activities

Gross profit before tax

Current corporate income tax expense

Deferred corporate income tax expense

Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016

I. Cash flow from operations

Depreciation of fixed assets

Gain (Loss) from unrealized exchange rate differences

Net Cash flow from operations

II. Cash flow from investing

Shopping, building fixed assets and other long-term

assets

Net Cash flow from investing

III. Cash flow from financing

Net cash flow from financing

Net cash flow during the year


PURPOSE

Appendix

Financial Statement

128

OLAM VIETNAM COMPANY LIMITED

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost

Profit from business activities




Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016




Net cash flow from operations


Shopping, building fixed assets and other long-term assets






PURPOSE

Appendix

Financial Statement

129

NESTLÉ VIET NAM COMPANY LIMITED

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

130

PHUC SINH JOINT STOCK COMPANY

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016

Net net revenue from sales and services




Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

131

2-9 DAK LAK IMPORT EXPORT ONE MEMBER CO., LTD

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

132

JOINT STOCK COMPANY - TIN NGHIA CORPORATION

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

133

TRUNG NGUYEN GROUP JOINT STOCK COMPANY

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

134

VINACAFÉ BIEN HOA JOINT STOCK COMPANY

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

135

VINH HIEP CO., LTD

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

Appendix

Financial Statement

136

MINH TIEN COFFEE IMPORT EXPORT CO., LTD

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016












PURPOSE

REPORT DISCLAIMER

137

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 organisation, 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 CONSULTANT (VIRAC JSC.,)

6 th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam

Website: http://virac.com.vn/

Email: [email protected] | Tel: +84 463289520

Thank you !

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