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VIETNAM CEMENT INDUSTRY REPORT Q1/2018

1

Content

Summary 5

1. Business environment 7

1.1 Macroeconomic situation 7

1.2 Legal framework 13

1.3 Trade agreements 22

2. Industry overview 25

2.1 World cement industry 25

2.1.1 Production 25

2.1.2 Consumption 28

2.1.3 Export 29

2.1.4 Import 31

2.1.5 Price movement 32

2.1.6Current status of consumption and production in some

typical countries33

2.1.7 Current status of consumption and production in ASEAN 35

2.1.8 Leading enterprises in the industry 36

2.2 Vietnam cement industry 38

2.2.1 History of Vietnam cement industry 38

2.2.2 Definition and Classification 39

2.2.3 Basic production process 40

2.2.4 Scale and market share 42

2.2.5 Input materials 44

2.2.6 Production technology 52

2.2.7 Supply-Demand 62

2.2.8 Production of Clinker and Cement 63

2.2.9 Consumption 65

2.2.10 Cement and clinker export 68

2

Content

2.2.11 Inventories 74

2.2.12 Price movement 75

2.2.13 Distribution method 78

2.2.14Transport method (logistic warehouse, seaport,

specialized ship, ...)79

2.3 Industry risk 81

2.3.1 Main risks 82

2.3.2 SWOT analysis 87

2.3.3 5-forces analysis 89

2.4 Industry planning 91

2.4.1 Cement industry planning 91

2.4.2 Construction and real estate industry planning 94

2.5 Outlook and forecast 99

2.5.1 Driving forces of industry development 100

2.5.2 Driving forces of output industry development 101

2.5.3 World forecast 102

2.5.4 Domestic forecast 104

3. Enterprise analysis 108

3.1 Profitability 120

3.2 Performance efficiency 123

3.3 Financial strength 126

3.4 Return on investment 129

4. Appendix 131

4.1 Update of projects invested in the period 2011-2030 131

4.2Portfolio of infrastructure projects in the period 2010-

2030136

4.3 Financial statements 143

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

Vietnam cement market continues to have

excess supply

The perspective of cement demand can vary

significantly based on the development of

infrastructure projects and real estate cycles.

Cement quality is determined by two main

factors: limestone materials and technology,

equipment.

Logistic is still the weak point of the cement

companies in Vietnam.

Summary

Content is intentionally removed for demo purpose

6

Summary

Three groups of cement suppliers in Vietnam:

Sales strategy:

Cement prices in the country are stable over

the years, the lowest in the North, and the

highest in the South

Production expenses:

Because of the competition within the industry

with large cement companies joining the

market, small cement firms are forced into

bankruptcy or merger because they are not

competitive enough.


7

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Trade agreements

Content

8

Sources: VIRAC, GSO

Sources: VIRAC, GSO

Gross domestic product in 2017 is estimated to increase by 6.81% compared to

2016,

GDP per capita has increased strongly over the past few years.GDP by current price and GDP per capita, 2013-2017

GDP growth rate by quarter, 2015-2017





1.1. Macroeconomic situation

9

Source: VIRAC, SBV

Source: VIRAC, GSO

%

Industrial production index of the manufacturing, 2012 - 2017

VND/USD exchange rate, 2013-2017


In 2017, the VND / USD exchange rate was quite stable around

VND 22,400.

10

.

Source: VIRAC, GSO

Source: VIRAC, GSO

VND trillion

VND trillion



State revenues, 2017

Government expenditures, 2017

State revenues and expenditures


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, 2013-2017




12

Sources: VIRAC, FIA

Sources: VIRAC, FIA

FDI attraction by sector, 2017

FDI capital, 2015-2017Billion USD

Foreign direct investment




13



1.2 Legal framework


Content


1.2 Legal framework - Group of general regulations

14

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):



1.2 Legal framework - Group of general regulations

15

Advantages Disadvantages

WHRPG system:

WHRPG Funds:


16

Decree No. 177/2013 / ND-CP


1.2 Legal framework - Group of price regulations




17

Tax policy:




18



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


However, the tax rate on the resources has been reacted strongly by the business

20


1.2 Legal framework - Group of environmental and resources regulations



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


22



1.2 Legal framework


Content



23

Impact from the WTO

EVFTA - Vietnam EU Free Trade Agreement signed in early 2016


24



RCEP - Regional Comprehensive Economic Partnership


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


2.1 World cement industry – 2.1.1 Production

26

Source: VIRAC, Statista

Cement production in Asia is leading the world,

Cement production by region 2015e

Global Cement Production, 2011 – 2076e


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


2.1 World cement industry – 2.1.1 Production



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


Million tons


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

USD billion

Source: VIRAC, World’s top exports

Volume and value of global cement exports, 2012 -

6M/2017e

Export structure of cement worldwide by type, 2016



2.1 World cement industry – 2.1.3 Export

30

USD million

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, 2016e Export structure of cement, 2016e

Export structure of cement by region, 2016



2.1 World cement industry – 2.1.4 Import

Source: VIRAC, Un Comtrade


31

million tons

America is the largest importer of cement in the world in 2016,

World's top largest cement importing countries, 2016

Global cement imports, 2010 – 2016e



2.1 World cement industry – 2.1.5 Price movement

32

USD/ton

Source: VIRAC, Bloomberg

Average cement price movement worldwide, 2000 - 2016e



2.1 World cement industry – 2.1.6 Current status of consumption and production in some typical countries

33

China:

million tons


The United States:

Source: VIRAC, USGS

Thousand tons

Cement and clinker production volume in the US, 2012 -

2017e

China's cement production volume, 6/2016 - 6/2017



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, 7/2016 - 6/2017e


D

Sources:VIRAC, Cemtech

35


2.1 World cement industry – 2.1.7 Current status of consumption and production in ASEAN


36

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

(Switzerland) and Lafarge


2.1 World cement industry – 2.1.8 Leading enterprises in the industry


37




2.3 Industry risk



Content


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 ...)

38



2.2 Vietnam cement industry – 2.2.2 Definition and Classification

39

Definition:

Clinker

Cement

Classification

Vietnam commonly used standards on cement today:


40


2.2 Vietnam cement industry – 2.2.3 Basic production process



2.2 Vietnam cement industry – 2.2.3 Basic production process

41



2.2 Vietnam cement industry – 2.2.4 Scale and market share

Source: VIRAC, GSO

42

Manufacturing enterprises allocation by region, 2016e

Chain allocation by area, 2016



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

43

Consumption market share of key enterprises, 2017e



2.2 Vietnam cement industry – 2.2.5 Input materials

Original production expenses (This division is based on clinker price structure of some leading companies)

Source: VIRAC

44

VND/ton


Current status of the electricity industry

Source: VIRAC, EVN

Billion kWh



45

Supply-Demand and Power loss, 2011 - 2017e




46

Source: VIRAC, EVN Source: VIRAC, EVN

Structure of electricity consumption 8/2017eStructure of electricity consumption for 4 major industries,

2016


Country Average electricity price (VND/kwh)

Source: VIRAC, Eurocham



47

(* Prices are in VND)

Source: VIRAC, EVN

Average electricity price, 1/2007 – 12/2017

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.


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.



48

Coal reserves by area, 2016

million tons

Forecast for coal supply-demand in the period 2015-2030f


Coal reserves are becoming less and more difficult to exploit :

Industry profit declines:



49


Type Unit 2010 2015 2020

Status of limestone resources in Vietnam



50

Source: VIRAC, TKV


Effect of limestone quality on clinker and cement quality

Mine

Content(%)



51

Some good limestone areas in the North and Central


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


2.2 Vietnam cement industry – 2.2.6 Production technology

52

Indicator

Rotary kilnVertical kiln

(ton)Dry method (ton) Wet method (ton)

(*) – Counts for all dust blowers not workingSource: VIRAC


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



53


Notes:

54






55

Project

Time Origin of equipment Capacity

(million tons

of

cement/year

)

Total fixed

investment

(USD

million)

Total fixed

investment

(VND

billion)

Total investment rate

per ton of cement at

the time of project

implementation

Year

VND/USD

exchange

rate

China,

Vietnam

G7 (EU,

Japan)

VND

millionUSD

Total investment rate for typical projects

Source: VIRAC(*) Direct investigation




56

Project

Time Origin of equipment Capacity

(million tons

of

cement/year

)

Total fixed

investment

(USD

million)

Total fixed

investment

(VND

billion)

Total investment rate

per ton of cement at

the time of project

implementation

Year

VND/USD

exchange

rate

China,

Vietnam

G7 (EU,

Japan)

VND

millionUSD

Total investment rate for typical projects (continued)

Source: VIRAC(*) Direct investigation




57


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



58


• About investment rate

No Name of main equipmentInvestment rate on quipment of

G7 (VND thousand/ton)

Investment rate on quipment of

China (VND thousand/ton)

Source: VIRAC



59


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:



60


• About maintenance costs

No Name of main equipment G7 China

Source: VIRAC

Conclusion:



61

Unit: VNDComparison between maintenance costs of China and G7 devices



2.2 Vietnam cement industry – 2.2.7 Supply-Demand

62

Source: VIRAC, VNCA

million tons

* Supply = total output of cement production; Demand = domestic cement consumption + export output of cement, clinker

Cement supply - demand, 2011 - 2017e



2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement

million tons

Source: VIRAC, VNCA

63

Source: VIRAC

ProjectCity /

Province

Capacity

(million

tons/year)

Investment time Expected completion

Large cement projects since the beginning of 2017

Cement production volume, 2011 - 2017e



2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement

64

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 2017

Large enterprises in the South in 2017



2.2 Vietnam cement industry – 2.2.9 Consumption

65

Source: VIRAC, VNCA

million tons Consumption structure by region, 2011 - 2017e


66

Source: VIRAC, VNCA

Source: VIRAC, VNCASource: VIRAC, VNCA

million tons

million tons

million tons



Production - Consumption of the North, 2011 - 2017e

Production - Consumption of the South, 2011 -

2017eProduction - Consumption of the Central, 2011 -

2017e




Source: VIRAC, VNCA

67

million tons

Source: VIRAC, VNCA

%

Cement consumption growth by region, 2010 - 2017Monthly cement consumption, 1/2016 - 12/2017



2.2 Vietnam cement industry – 2.2.10 Cement and clinker export

68

World’s top 6 largest cement exporting countries 2016e

million tons

Source: VIRAC, VNCA, Uncomtrade




69

million tons

Source: VIRAC, VNCA

Cement clinker exports, 2010 - 2017e




70

The situation of cement export in the upcoming time is forecasted to be more difficult as China's excess cement production and export prices are low,

thus creating fierce competition for Vietnamese export cement.

Thousand tons

Source: VIRAC, GDVC

Cement clinker exports, 1/2015 - 12/2017e




71

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 - 2017e


The cement exporters of Vietnam are divided into 2 types:

Cement manufacturers:

Trading company :

Capacity of cement manufacturers for export in 2016



Source: VIRAC, VNCA

72

million

tons/year


In 2017, for the export of cement directly, Vicem Ha Long, Nghi Son and

Thang Long are the three largest exporting enterprises,

Sourcces: VIRAC, VNCA

73

Sources: VIRAC, VNCA

The enterprises export cement directly

, 2017

Exporters of clinker directly, 2017




2.2 Vietnam cement industry – 2.2.11 Inventories

74

Source: VIRAC, GSO, VNCA

million tons

Inventories in the period 2010 – 2017 increased sharply.

Stock of cement, 2010 - 2017e



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

75

USD/ton Cement price, 2016




Generally in 2017, cement prices are stable compared to 2016 because the price of raw materials and inputs, production costs are stable so the cement

manufacturing factories hold cement price stably.

76

Source: VIRAC, Department of Price

Management

VND thousand/ton

Cement price, 2016

Sale price of cement at some cement companies, 2017

VND thousand/ton

Source: VIRAC, Department of Price

Management

Retail price of cement in the areas, 2017


Export price



Source: VIRAC, Department of

Price Management

77

USD/tonExport price of cement and clinker, 6/2015 - 12/2017



2.2 Vietnam cement industry – 2.2.13 Distribution method

Sales through the main distributor

Sales through the project distributor

Source: VIRAC

78



2.2 Vietnam cement industry – 2.2.14 Transport method

Source: VIRAC

79


List of seaports belonging to cement plants

No. Harbor Seaport Company Challenges:

Source: VIRAC, Bộ GTVT

80


2.2 Vietnam cement industry – 2.2.14 Transport method


81




2.3 Industry risk



Content


2.3 Industry risk – 2.3.1 Main risks

82

- Supply exceeds demand

- Input materials

- Coal subsidies no longer have preferential prices


- The government no longer provides loan guarantees to cement producers

- Tightening of road tonnage increases transportation costs



83


The master plan is adjusted to ensure the future of the Vietnamese cement industry

- Risk from debt structure

No Owner Plant

Capacity

(million

tons)



84

List of plants ceased and postponed from the master plan


- Impact from the progress of the construction industry in Vietnam



85

Progress structure of construction projects 2010 - 2015

Source: VIRAC


Internal causes of construction industry: Delay and increase costs in construction works in Vietnam



86


Advantage:

Limitation:


2.3 Industry risk – 2.3.2 SWOT analysis

87


Opportunities:

Challenges:


2.3 Industry risk – 2.3.2 SWOT analysis

88



2.3 Industry risk – 2.3.3 5-forces analysis

89


No Main

enterpri

ses

Product

distinguish

Valuation Target

markets

Distribution channel Supply Ability The intention of the sales strategy


2.3 Industry risk – 2.3.3 5-forces analysis

90


91




2.3 Industry risk



Content


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.

92


Year Cement demand

(million tons)


2.4 Industry planning – 2.4.1 Cement industry planning

93


Decision No:356/QD-TTg planning on development of Vietnam's land road transport till 2020 and orientation to 2030


2.4 Industry planning – 2.4.2 Construction and real estate industry planning

94


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



95




96


Decision No. 2127/QD-TTg approving National housing development strategy up to 2020 with vision to 2030:



97


Outlook of the construction and real estate industry:



98


99




2.3 Industry risk



Content


2.5 Outlook and forecast – 2.5.1 Driving forces of industry development

100



2.5 Outlook and forecast – 2.5.2 Driving forces of output industry development

101

Population growth, 2011 – 2017e

Forecast for value of construction and infrastructure,

2010 – 2022f

Source: VIRAC

Source: VIRAC, GSO



2.5 Outlook and forecast – 2.5.3 World forecast – Ministry of Industry and Trade

102



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.

103

USD million

Source: VIRAC, IMARC

The value of the global cement industry, 2017e -

2022e


Forecast for supply and demand, domestic prices


2.5 Outlook and forecast – 2.5.4 Domestic forecast

104




105

million tons

Source: VIRAC

Forecast for cement industry, 2017e - 2020e


Forecast for M&A trend:



106


M&A activities of cement industry in 2017:

107




Content

3. Enterprise analysis

3.1 Profitability

3.2 Performance efficiency

3.3 Financial strength

3.4 Return on investment

108


3.1 Typical enterprises in 2015

Name of enterprise Classification Address

Charter

capital

(VND

million)

Revenue in 2016

(VND million)

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

109



Ha Tien 1 Cement Joint Stock Company

110




The Vissai Cement Corporation

111

The Vissai Cement Corporation



Nghi Son Cement Company

112

Nghi Son Cement Company



VICEM Hoang Thach Cement Company Limited

113

VICEM Hoang Thach Cement Company Limited



Bim Son Cement Joint Stock Company

114

Bim Son Cement Joint Stock Company



VICEM But Son Cement Joint Stock Company

115

VICEM But Son Cement Joint Stock Company



Thang Long Cement Joint Stock Company

116

Thang Long Cement Joint Stock Company



VICEM Hoang Mai Cement Joint Stock Company

117

VICEM Hoang Mai Cement Joint Stock Company



Quang Ninh Cement and Construction Joint Stock Company

118

Quang Ninh Cement and Construction Joint Stock Company




119

Sai Son Cement Joint Stock Company


Content


3.1 Profitability




120


3.1. Profitability

121

Source: VIRAC

VND million Net revenue growth, 2015 - 2016



3.1. Profitability

122

Source: VIRAC

VND millionGross profit growth, 2015 - 2016


Content


3.1 Profitability




123



Source: VIRAC

124

Source: VIRAC

Unit: times Unit: times

Fixed asset turnover, 2015 - 2016Total asset turnover, 2015 - 2016




125

Source: VIRAC

Unit: timesInventory turnover, 2015 - 2016


Content


3.1 Profitability




126


3.3. Financial strength

127

Source: VIRAC

Payment ratio, 2015 - 2016



3.3. Financial strength

128

Source: VIRAC

Solvency, 2015 - 2016


Content


3.1 Profitability




129



130

Source: VIRAC

%Profit ratio, 2015 - 2016


131

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

132

No Project Address Investor

Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



133


Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



134


Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



135

No Project Address InvestorCapacity (ton/year)

(only rotary kiln)Progress

4. Appendix



136

4. Appendix




Content

4. Appendix


No Seaport City / Province Economic zoneValue (USD

million)Status Period

137


No Power plant and transmission gridCity /

ProvinceEconomic zone

Value

(USD

million)

Status Period

138

4. Appendix



No RailwayCity /

ProvinceEconomic zone Status Status Period

139

4. Appendix



No Bridge and roadCity /


Value (USD

million)Status Period

140

4. Appendix



No Water supply and wastewater treatmentCity /


Value

(USD million)Status Period

141

4. Appendix



No Petroleum pipeline City / Province Economic zoneValue

(USD million)Status Period

142

4. Appendix



143

4. Appendix




Content

4. Appendix

4.3 Financial statements - Ha Tien 1 Cement Joint Stock Company

BALANCE SHEET

Unit: VND million 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

144

INCOME STATEMENT

Unit: VND billion 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


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


4. Appendix

4.3 Financial statements – Vissai Ninh Binh Cement Corporation

BALANCE SHEET

Unit: VND million

A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


145

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - Nghi Son Cement Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


146

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - VICEM Hoang Thach Cement Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


147

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - Bim Son Cement Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


148

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - VICEM But Son Cement Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


149

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements – Thang Long Cement Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


150

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - VICEM Hoang Mai Cement Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


151

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - Quang Ninh Cement and Construction Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


152

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















4. Appendix

4.3 Financial statements - Sai Son Cement Joint Stock Company

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets



TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY


153

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















REPORT DISCLAIMER

Report disclaimer

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statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of

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materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.

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