VIETNAM ANIMAL FEED INDUSTRY REPORT...

1

VIETNAM ANIMAL FEED INDUSTRY REPORT Q2/2018

TABLE OF CONTENTS

2

Content Page Content Page

Abbreviations 4 4. Materials 29

Summary 5 5. Production 37

I. Business environment 7 6. Consumption 41

1. Macroeconomic situation 7 7. Import export 43

2. Legal framework 11 8. Animal feed price 45

3. Trade agreements 18 9. Production situation in some regions 47

II. World market 21 10. Production situation in typical countries 40

1. Definition and classification 22 11. Top animal feed manufacturers 54

2. Production process 23 III. Vietnam market 56

3. Production technology 26 1. History and development of the industry 58

TABLE OF CONTENTS

3

Content Page Content Page

2. Value chain of cattle breeding industry 60 V. Industry development planning 104

3. Input materials 61 1. Cattle breeding industry planning 105

4. Production 75 2. Animal feed industry planning 107

5. Consumption 81 VI. Outlook and forecast 102

6. Import export 84 1. Driving forces of the industry 109

7. Inventory 88 2. Forecast for Vietnam animal feed industry 114

8. Animal feed price 90 VII. Enterprise analysis 117

9. Distribution system 93 1. Enterprise introduction 118

10. Competitive analysis in the industry 96 2. Financial analysis 124

IV. Industry risk 100 VIII. Appendix of financial statements doanh nghiệp 132

4

Abbreviations

MARD Ministry of Agriculture and Rural Development SBV State Bank of Vietnam

JSC Joint Stock Company AF Animal Feed

FAO Food and Agriculture Organization of the United Nations GDVC General Department of Vietnam Customs

FDI Foreign Direct Investment GSO General Statistics Office of Vietnam

GDP Gross Domestic Product CO., LTD Company Limited

VA Value Added TPP Trans-Pacific Partnership Agreement

BOD Board of Directors USGC U.S. Grains Council

IZ Industrial Zone

Executive summary

5

• Growth of the industry has been driven by an increase in pig and

chicken feedstuff production in Europe and pig and poultry feedstuff

production in the Asia-Pacific region.

• Animal feed production in Vietnam reached 5,106 thousand tons in

Q1/2018

• Animal feed consumption in Q1/2018 reached VND 38,182 billion,

equivalent to 4,989 thousand tons, a slight increase compared to the

same period in 2017

Content is intentionally removed for demo purpose

Executive summary

6

• Currently, there are 2 main distribution channels in animal feed

industry:

• According to forecast made by USDA, total demand for animal feed in

Vietnam in 2018 will increase by 2% compared to that in 2017.

• In general, in 2016, almost all big enterprises in the industry had a

growth in revenue and net profit compared to those in 2015.


7

Content

Part I. Business environment

1. Macroeconomic situation

2. Legal framework

3. Impacts of trade agreements

8



Source: VIRAC, GSO

Source: VIRAC, GDVC

GDP growth rate by quarter, 2015 - Q1/2018

Share of animal feed exports in the total export turnover, 2014 -

Q1/2018


9



Source: VIRAC, SBV

Source: VIRAC, SBV

VND/USD exchange rate, 2013-3/2018

Average interest rates, 2012 – Q1/2018


10

Source: VIRAC, FIA, GSO

Source: VIRAC, FIA

USD billion

Foreign Direct Investment, 2014 - Q1/2018

FDI attraction by field, Q1/2018

Foreign Direct Investment




11

Content



2. Legal framework


1.2.1. Regulation group on production


2. Legal framework

12



2. Legal framework

13



2. Legal framework

1.2.2. Regulation group on consumption:

14



2. Legal framework

1.2.3. Other regulation groups:

15



2. Legal framework

15



2. Legal framework

1.2.4. Impact of legal framework on animal feed industry

16


18

Content



2. Legal framework


19

1.3.1. AEC - ASEAN Economic Community was officially established on December 31, 2015




20

1.3.2. CPTPP - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership




21

Content

Part II. World market

1. Definition and classification 7. Import export

2. Production process 8. Animal feed price

3. Production technology 9. Production situation in some regions

4. Materials 10. Production situation in typical countries

5. Production 11. Top animal feed manufacturers

6. Consumption


1. Definition and classification

22

Animal feed classification by processing method

Source: VIRAC


23

Content







6. Consumption

24


2. Production process


25


2. Production process


26

Content







6. Consumption

27

• Some advantages and disadvantages of the two above technologies

Advantages Disadvantages


3. Production technology


28

Machines for animal feed production include some basic types: grinding, mixing, conveying and conveying equipment, pelletizing machines, spraying

units, boilers, drying, cooling and packaging systems.


3. Production technology


29

Content







6. Consumption

China has been the largest feed additive producer in the world since 2011 and

has grown rapidly in recent years, with the largest growth in feed additives for

pigs and fishery.

Source: VIRAC, IHS


4. Materials

29

Feed additives consumption by type, 2016

Feed additives consumption by region, 2016



4. Materials

30



4. Materials

Source: VIRAC, IGC

Million tons

Million tons

Source: VIRAC, IGC

Demand for maize, wheat, soybean in 2016/2017 season is

forecasted to increase compared to previous crop, of which

soybean has the strongest growth,

31

Production volume of maize, wheat, soybean 2010/2011

– 2017/2018e

Consumption of raw materials for animal feed,

2014/2015 - 2017/2018e



4. Materials

Million tons

Million tons

Source: VIRAC, IGC

Source: VIRAC, IGC

In the 2016-2017 season, maize exports tended to decrease slightly while

wheat, soybean tended to increase over the previous crop.

In the 2016-2017 season, imports of maize, wheat, and soybean

tended to increase over the previous crop

32

Imports of raw materials for animal feed, 2015/2016 –

2017/2018e

Exports of raw materials for animal feed, 2015/2016 –

2017/2018e


Source: VIRAC, Indexmundi


4. Materials

USD/ton

Source: VIRAC, Department of Price Management

33

Global price fluctuations in raw materials for animal feed, 9/2016 - 3/2018


2017/18

Openi

ng

stockpi

le

Supply Consumption Closing

stockpi

leVolume Import Grinding Domestic Export

Forecast for global maize supply and demand in 3/2018 Unit: Million tons

Source: VIRAC, USDA

Forecast for global wheat supply and demand in 3/2018 Unit: Million tons

2017/18

Openi

ng

stockp

ile

Supply Consumption Closin

g

stockp

ileVolume Import Grinding Domestic Export

Source: VIRAC, USDA


4. Materials

34


2017/18

Openin

g

stockpi

le

Supply ConsumptionClosing

stockpil

eVolume Import Grinding Domestic Export

Forecast for global soybean supply and demand in 3/2018Unit: Million tons

Source: VIRAC, USDA


4. Materials

35


37

Content







6. Consumption

Global production volume of animal feed, 2011-2016

Source: VIRAC, ALLTECH

Million tons

In 2017, Global animal feed production reached 1,060.38 billion tons, increasing by 2.75% compared to 2016, valued USD 430 billion. During past 5

years, global animal feed production has been increasing by 10.4% with a CAGR of 3.4%.


5. Production

37



Production volume of animal feed by species, 2011 - 2017

Million tons


5. Production

Animal feed production structure by species, 2017


38




5. Production

38

Production volume of animal feed by species, 2011 – 2016 (continued)


41

Content







6. Consumption

42

Global animal feed consumption 2011 - 2017

Unit: USD billion



6. Consumption

The global production and consumption of animal feed is influenced by

the demand for meat.

Share of animal feed consumption by region 2015


43

Content







6. Consumption

USD billion

Global export value of animal feed has been on upward trend during the

period 2010 – 2017, in which, Netherland accounted for the largest

proportion.

Source: VIRAC, UN COMTRADE

Thousand tons


7. Import export


42


Global export value of animal feed, 2010 - 2017e

Top 10 largest animal feed exporting countries, 2017

Global exports of animal feed, 2010 - 2017e


45

Content







6. Consumption

46

Average price of complete feed ration of some species 2014 - 2017



8. Animal feed price

Kind of food

Average price of a complete feed

ration (USD/ton)Compa

red to

2017/2

0162014 2015 2016 2017


47

Content







6. Consumption

North America:

Latin America:

Europe along with the Asia-Pacific region

37

Million tons



9. Production situation in some regions


Animal feed production by region, 2017Animal feed production structure by region, 2017


Asia Pacific

Africa

37


9. Production situation in some regions


50

Content







6. Consumption

1. China

2. The United States



10. Production situation in typical countries

49

Million tons Number of crushers

Top largest animal feed producing countries, 2017


3. Brazil

4. Russia

5. Mexico

6. India

7. Spain


10. Production situation in typical countries

50


53

Content







6. Consumption

World's leading manufacturing companies in 2016


Source: VIRAC, Feed International


11. Top animal feed manufacturers

No Company Country

Production

volume

(Thousand tons)

53

Top Animal Feed Companies by Region, 2015


55

Content

Part III. Vietnam market

1. History of formation and development of the industry 6. Import export

2. Value chain of cattle breeding industry 7. Inventory

3. Input materials 8. Animal feed price

4. Production 9. Distribution system

5. Consumption 10. Competitive analysis in the industry

56


1. History of formation and development of the industry


Content

57







58

Value chain of cattle breeding industryThe 3F model in the cattle breeding industry

is considered as a standard model for feed

mills.


2. Value chain of cattle breeding industry


59

Content







60

Source: VIRAC

Thousand tons


3. Input materials – 3.1 Domestic material sources

Source: VIRAC, MARD

Production volume of some main feedstuffs, 2010-2017Composition of feedstuffs, 2015


Key feedstuff raw materials

61

Source: VIRAC, MARD

Thousand hectares



Source: VIRAC, MARD

Area structure of major agricultural land, 2017Area of major agricultural land, 2010 - 2017


62

Maize

Cassava




63

Soybean

Wheat




64

Source: VIRAC, GrandView Research


3. Input materials – 3.2 Imported material sources

USD million

Sales of Vietnam feed additive industry, 2012 - 2018e


65

Source: VIRAC, GDVC



Item

Q1/2017 Q1/2018 % compare between 2018/2017

Quantity (1,000 tons)Value (USD

thousand)Quantity (1,000 tons)

Value (USD

thousand)Quantity Value

Import of feed ingredients 2017 and 2018


66

Maize import price is lower than that of domestically produced maize so

animal feed manufacturers tend to find import supplies.

Source: VIRAC, GDVC



USD millionThousand tons

Source: VIRAC, GDVC

Volume and maize import value, 2010 - Q1/2018

Vietnam's maize import markets, Q1/2018


67



Source: VIRAC

Source: VIRAC, GDVC

Million tons

Real maize import prices and port trading prices, 2016 – 2/2018

VND/kg

Maize import volume by month, 2016 - 2018

68

Source: VIRAC, GDVC



USD millionThousand tons

Source: VIRAC, GDVC

Import market structure of wheat in Vietnam, Q1/2018

Wheat import, 2012 - Q1/2018


Wheat purchasing prices at southern and northern ports, 2016 – 2/2018

Source: VIRAC, Agromonitor

69

Source: VIRAC, MARD, GDVC

Thousand tons



USD million

Source: VIRAC, GDVC

Import market structure of soybean, Q1/2018

Vietnam's soybean production volume and import value,

Q1/2018


Raw soybean import volume by month, 2016 – 2/2018

Source: VIRAC, GDVC

70



VND/kg

Source: VIRAC

Soybean price offer at Northern and Southern ports, 2016 – 2/2018

71

• Currently, prices of feed ingredients in the country can not compete with those of other powerful countries in agriculture such as America,

Argentina, India...

• Many agricultural products and animal feed ingredients from several markets have been temporarily suspended from import by MARD.




72

Feedstuff purchasing methods among farmers, traders, agents and manufacturers.

Payment methods for ex-importing of feedstuff raw materials


3. Input materials – 3.3 Feedstuff purchasing and payment methods

73


3. Input materials – 3.3 Feedstuff purchasing and payment methods

74

Content







75

Source: VIRAC, GSO

• Currently, the number of animal feed producing, processing and

trading enterprises of Vietnam is very large

Source: VIRAC, GSO


4. Production

Animal feed manufacturers by region,

2010 - 2016

Number of enterprises and workers in the industry,

2010 - 2016


76

Source: VIRAC, GSO

• Revenues of animal feed manufacturers have been increasing steadily over the

years, however, their profits have been unstable and relatively low.

Source: VIRAC, GSO


4. Production

Investment capital and fixed assets of the animal feed

industry, 2010 - 2016

Revenue and profit of the industry, 2010 - 2016

VND billion

VND billion


77

Source: VIRAC,


4. Production

Livestock feed production capacity of some large companies

by 2017Thousand tons/year


78

• Foreign companies are constantly opening more feed mills

Source: VIRAC, GSO


4. Production

Thousand tons

Source: VIRAC, GSO

Production structure of animal feed, Q1/2018

Production volume of animal feed, 2010 - Q1/2018


79


4. Production

80

Content







81

Source: VIRAC, GSO

Source: VIRAC, GSO


5. Consumption

VND billion

Thousand tons

Consumption volume of animal feed, 2010 - Q1/2018e

Consumption value of animal feed, 2010 - Q1/2018e


82

Source: VIRAC, GSO

• In Q1/2018, cattle feed consumption accounted for the largest share


5. Consumption

Pork, chicken and duck prices in the southern provinces, 7/2016-

7/2017 VND/kg

Source: VIRAC, Channuoivietnam.com

Consumption structure of animal feed, Q1/2018


83

Content







84

Source: VIRAC, GDVC

Source: VIRAC, GDVC


6. Import export – 6.1 Import

USD million

Import market structure of feedstuffs and feed ingredients in

Vietnam, Q1/2018

Import value of feedstuffs and feed ingredients, 2010 -

Q1/2018


85

Source: VIRAC


6. Import export – 6.1 Import

Structure of imported feedstuffs and feed ingredients, 2016


86

Source: VIRAC, GDVC

Source: VIRAC, GDVC


6. Import export – 6.2 Export

USD million

Export value of feedstuffs and feed ingredients,

2010 - Q1/2018

Export market structure of feedstuffs and feed ingredients in

Vietnam, Q1/2018


87

Content







88

Source: VIRAC, GSO

Feed inventory has fluctuated over the years.


7. Inventory

Thousand

tons

Animal feed inventory, 2010 - 2017e


89

Content







90

MonthMixed feed for pigs

(VND/kg)

Mixed feed for chicken

(VND/kg)

Animal feed price fluctuations, 9/2016- 12/2017

Source: VIRAC, Department of Price Management


8. Animal feed price


91

Content







92

• There are currently two main types of feed distribution in the

livestock feed industry:Distribution system in the animal feed industry


9. Distribution system


93

• In the difficult situation of the whole industry, the distribution agent system is also facing many difficulties


9. Distribution system


94

Content







95

Source: VIRAC, MNS

Company name Pig Poultry Cattle Fishery

Leading companies in each segment


10. Competitive analysis in the industry

Market share of animal feed 2016


96



Competition in the animal feed industry is becoming more and more fierce, FDI enterprises have many advantages in the industry.

Domestic manufacturers still have lots of limitations


97

NoCompany

name

% minus

directly

from

contract

Support at the end of

the month Monthly

discount

Quarte

rYear

Sale

mode

Transp

ort

Indebtedne

ssAfter sales

Total discount

after invoiceMixed Eat

Conde

nsed

Dealer discount table of some animal feed companies, 2015

Source: VIRAC.




Part IV. Industry risk

98

Content

99

Risk of raw materials

Part IV. Industry risk


100

Market risk

Legal risk

Part IV Industry risk


101

Risk of replacements

Competitive risk

Part IV Industry risk


102

Part V. Industry planning

1. Cattle breeding industry planning

2. Vietnam animal feed industry planning

Content

103

Feed industry growth depends on two factors: the growth of the livestock market and the supply of input materials.

Animal Unit

Year

2015 2016 2020

Cattle Poultry Industry Development Plan until 2020

Source: VIRAC, Animal Husbandry Association of Vietnam




104

No Fishery

2015 2016 2020

Volume

(Thousand

tons)

Area

(Thousand

hectares)

Volume

(Thousand

tons)

Feed demand

(Thousand

tons)

Area

(Thousand

hectares)

Volume

(Thousand

tons)

Feed demand

(Thousand

tons)

Fishery farming orientation to 2020

Source: VIRAC, Animal Husbandry Association of Vietnam




105



2. Animal feed industry planning

Content

106

According to Decision No.124/QĐ-TTg of the Prime Minister

According to Decision No.10/2008/QD-TTg of the Prime Minister


2. Animal feed industry planning


Part VI. Outlook and forecast

1. Driving forces of the industry

2. Forecast for Vietnam animal feed industry

107

Content

108

• Demand for meat in Vietnam is on the upward trend,

Source: VIRAC



Pork consumption per capita of Vietnam, 2000 – 2015

Kg/person

Source: VIRAC

Meat consumption per capita of Vietnam, 2000 – 2016

Kg/person


Animal breeding situation in the whole country, 2010 – 2017

Source: VIRAC, GSO, MARD

109

2010 2011 2012 2013 2014 2015 2016 9/2017e

Total

(thous

and

heads)

Meat

produ

ction(

Thous

and

tons)



Source: VIRAC, MARD

Meat production structure by species, 2017


110



Country Chicken

(thousand heads)

Duck

(thousand heads)Buffalo (head) Cow (head) Pig (head)

Number of flocks of cattle and poultry of ASEAN countries, 2014

Source: VIRAC, GSO, FAOSTAT


Vietnamese livestock supply-demand, 2013 – 2018f

Source: VIRAC, gappingworld

111



Million ton

112




Content

113

Thousand tons

Source: VIRAC, USDA Post Source: VIRAC, USDA Post



Structure of industrial feed production in total feedstuff

demand in Vietnam 2015 - 2018e

Demand for animal feed in Vietnam 2015 - 2018e


114



Feedstuff market for aquaculture 2018

Source: VIRAC, VASEP

Triệu USD

Vietnam seafood export turnover, 2010 – 2018f

Part VII. Enterprise analysis

1. Enterprise introduction

2. Financial analysis

115

Content

No EnterpriseSales in 2016

(VND billion)

Owner’s equity

(VND billion)

Total assets

(VND billion)

Source: VIRAC

116




117



C.P VIETNAM LIVESTOCK JSC

CARGILL VIETNAM CO., LTD


118



DE HEUS VIETNAM


119



GREENFEED VIETNAM JSC

PROCONCO VIETNAM FRANCE CATTLE FEED MANUFACTURING JSC


120



UNI-PRESIDENT VIETNAM CO., LTD

DABACO VIETNAM CORORATION - JSC


121



VIET THANG FEED JSC

RURAL TECHNOLOGY DEVELOPMENT JSC - RTD


122



ASIAN NUTRITION TECHNOLOGIES GROUP (VN)


123




Content



124

VND billion

Source: VIRAC

Revenue from goods sold and service provided, 2015 - 2016


125

Source: VIRAC



VND billion% Net profit and net profit margin, 2015 - 2016


126



Source: VIRAC

Days in inventory, 2015 - 2016


127



Round

Source: VIRAC

Asset turnover and fixed asset turnover, 2015-2016

Gross profit margin, 2015 - 2016


128

Source: VIRAC



Times Solvency


129

Source: VIRAC



Payment ratio, 2015 - 2016


130

Source: VIRAC



%Profit margin, 2015 - 2016


Part VIII. Appendix of financial statements

131

Content

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

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

I. Owner's equity

II. Other funding sources

TOTAL LIABILITIES AND OWNER'S EQUITY

138

INCOME STATEMENT


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

VIII. Appendix

Financial statements - C.P Vietnam Livestock 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

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements - Cargill Vietnam Company Limited


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements - De Heus Vietnam


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Greenfeed Vietnam JSC


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements - Viet - France Livestock Feed Joint Stock Company (Proconco)


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Uni-President Vietnam Company Limited


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Dabaco Vietnam Corporation - JSC


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Rural Technology Development JSC


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Viet Thang Feed JSC


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER'S EQUITY

I. Owner's equity



138

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT














VIII. Appendix

Financial statements – Asia Nutrition Company Limited (Vietnam)


REPORT DISCLAIMER

142

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.,)

6th 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

http://virac.com.vn/

mailto:[email protected]

Thank you !

Date post:	21-Sep-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	2 times

VIETNAM ANIMAL FEED INDUSTRY REPORT...

Documents