VIETNAM CEMENT INDUSTRY REPORT Q2/2018 · 2018. 7. 20. · 2.3.2 SWOT analysis 88 2.3.3 5-forces...

VIETNAM CEMENT INDUSTRY REPORT Q2/2018

1

Content

Summary 5

1. Business environment 8

1.1 Macroeconomic situation 8

1.2 Legal framework 14

1.3 Trade agreements 23

2. Industry overview 26

2.1 World cement industry 26

2.1.1 Production 26

2.1.2 Consumption 29

2.1.3 Export 30

2.1.4 Import 32

2.1.5 Price movement 33

2.1.6Current status of consumption and production in some

typical countries34

2.1.7 Current status of consumption and production in ASEAN 36

2.1.8 Leading enterprises in the industry 37

2.2 Vietnam cement industry 39

2.2.1 History of Vietnam cement industry 39

2.2.2 Definition and Classification 40

2.2.3 Basic production process 41

2.2.4 Scale and market share 43

2.2.5 Input materials 45

2.2.6 Production technology 53

2.2.7 Supply-Demand 63

2.2.8 Production of Clinker and Cement 64

2.2.9 Consumption 66

2.2.10 Cement and clinker export 69

2

Content

2.2.11 Inventories 75

2.2.12 Price movement 76

2.2.13 Distribution method 79

2.2.14Transport method (logistic warehouse, seaport,

specialized ship, ...)80

2.3 Industry risk 82

2.3.1 Main risks 83

2.3.2 SWOT analysis 88

2.3.3 5-forces analysis 90

2.4 Industry planning 92

2.4.1 Cement industry planning 92

2.4.2 Construction and real estate industry planning 95

2.5 Outlook and forecast 100

2.5.1 Driving forces of industry development 101

2.5.2 Driving forces of output industry development 102

2.5.3 World forecast 103

2.5.4 Domestic forecast 105

3. Enterprise analysis 109

3.1 Profitability 121

3.2 Performance efficiency 124

3.3 Financial strength 127

3.4 Return on investment 130

4. Appendix 132

4.1 Update of projects invested in the period 2011-2030 132

4.2Portfolio of infrastructure projects in the period 2010-

2030137

4.3 Financial statements 144

3

4

ADB Asian Development Bank

BOT Build – Operate - Transfer

EVN Vietnam Electricity Corporation

FDI Foreign Direct Investment

FIA Foreign Investment Agency

ICR International Cement Review

Abbreviations

PPP Public – Private Partner

GDVC General Department of Vietnam Customs

GSO General Statistics Office of Vietnam

TKVVietnam National Coal and Mineral Industries Holding

Corporation Limited

VICEM Vietnam Cement Industry Corporation

VIRAC VIRAC Joint Stock Company

VNCA Vietnam National Cement Association

5

Summary

Content is intentionally removed for demo purpose

Vietnam cement market continues to have

excess supply

In Q1/2018, the number of produced

cement was estimated about 14.965 thousand

tons.

The quantity of exported cement and clinker

in Q1/2018 reached 8.61 million tons

6

Summary


Selling products directly to projects and

industrial customers will be a new trend in this

sector in few next years

.

Three groups of cement suppliers in Vietnam:

Sales strategy:

Production expenses:

7

Summary

Content is intentionally removed for demo purposeIn 2016, cement industry experienced

difficulties with decrease in revenue and high

inventory quantity.

The demand is projected to gradually increase

by 6-7% between 2016 and 2020

8

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Trade agreements

Content

9

Sources: VIRAC, GSO

Sources: VIRAC, GSO

gross domestic product in Q1/2018 is estimated to increase by 7.38%

compared to the same period in 2017

GDP per capita has increased strongly over the past few years.GDP by current price and GDP per capita, 2013-Q1/2018

GDP growth rate by quarter, 2015- Q1/2018





1.1. Macroeconomic situation

10

Source: VIRAC, SBV

Source: VIRAC, GSO

%

Industrial production index of the manufacturing, 2012 – Q1/2018

VND/USD exchange rate, 2013-Q1/2018


The VND/USD exchange rate was quite stable and still supported

by a plentiful supply of foreign currencies.

11

Source: VIRAC, GSO

Source: VIRAC, GSO

trillion VND

trillion VND



State revenues, Q1/2018

Government expenditures, Q1/2018

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, 2015 - 2018




13

Sources: VIRAC, FIA

Sources: VIRAC, FIA

FDI attraction by sector, Q1/2018

FDI capital, 2014 – Q1/2018Billion USD

Foreign direct investment




14



1.2 Legal framework


Content


1.2 Legal framework - Group of general regulations

15

Decision No.1488/QD-TTg established stricter conditions for new entrants by establishing different technical requirements:

Regulations on WHRPG (according to Decision No.1488/QĐ-TTg):



1.2 Legal framework - Group of general regulations

16

Advantages Disadvantages

WHRPG system:

WHRPG Funds:


17

Decree No. 177/2013 / ND-CP


1.2 Legal framework - Group of price regulations



1.2 Legal framework - Group of price regulations

18

Tax policy:



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 2016e

Global Cement Production, 2011 – 2017e


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

billion USD

Source: VIRAC, World’s top exports

Volume and value of global cement exports, 2012 -

6M/2017e

Export structure of cement worldwide by type, 2017



2.1 World cement industry – 2.1.3 Export

30

million USD

Source: VIRAC, World’s top exports

Source: VIRAC, World’s top exports Source: VIRAC, World’s top exports

Top largest cement exporting countries by value, 2017e Export structure of cement, 2017e

Export structure of cement by region, 2016



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 2017,

World's top largest cement importing countries, 2017

Global cement imports, 2010 – 2017e



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, 2012 - 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, 2012 - 2017


D

Sources:VIRAC, Cemtech

35


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


Sources:VIRAC, Cemtech

36


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

Countries Number of

factories

Production capacity

2015 (ton)

Production capacity

2016 - 2020 (ton)

Brunei

Cambodia

Indonesia

Laos

Malaysia

Myanmar

Philippines

Singapore

Thailand

Vietnam

Australia

New Zealand

Total

Production capacity of Southeast Asian countries and Oceanian countries,

2015 - 2020


37

Sources: VIRAC collects

No. Company nameRevenue in

2017

Profit in

2017

Capacity(mil

lion

tons/year)

Largest cement enterprises on the world, 2017Lafarge Holcim is a merger between two groups which are Holcim and

Lafarge


2.1 World cement industry – 2.1.8 Leading enterprises in the industry


38




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 ...)

39



2.2 Vietnam cement industry – 2.2.2 Definition and Classification

40

Definition:

Clinker

Cement

Classification

Vietnam commonly used standards on cement today:


41


2.2 Vietnam cement industry – 2.2.3 Basic production process



2.2 Vietnam cement industry – 2.2.3 Basic production process

42



2.2 Vietnam cement industry – 2.2.4 Scale and market share

Source: VIRAC, GSO

43

Manufacturing enterprises allocation by region, 2016e

Chain allocation by area, 2017



2.2 Vietnam cement industry – 2.2.4 Scale and market share

There are three main groups of cement suppliers in Vietnam:

Source: VIRAC, VNCA

44

Consumption market share of key enterprises, Q1/2018e



2.2 Vietnam cement industry – 2.2.5 Input materials

Original production expenses

Source: VIRAC

45

VND/ton


Current status of the electricity industry

Source: VIRAC, EVN

Billion kWh



46

Supply-Demand and Power loss, 2011 – Q1/2018e


Country Average electricity price (VND/kwh)

Source: VIRAC, Eurocham



47

(* Prices are in VND)

Source: VIRAC, EVN

Average electricity price, 7/2007 – 3/2018

Average electricity price in some countries, 2016

Electricity prices in Vietnam are quite low compared to those in other

countries in the Asia-Pacific region.




48

Source: VIRAC, EVN Source: VIRAC, EVN

Structure of electricity consumption, Q1/2018Structure of electricity consumption for 4 major industries,

2016


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.



49

Coal reserves by area, 2010 – Q1/2018e

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:



50


Type Unit 2010 2015 2020

Status of limestone resources in Vietnam



51

Source: VIRAC, TKV


Effect of limestone quality on clinker and cement quality

Mine

Content(%)



52

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

53

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



54


Notes:

55






56

Project

Time Origin of equipment Capacity

(million tons

of cement/

year)

Total fixed

investment

(million

USD)

Total fixed

investment

(billion

VND)

Total investment rate

per ton of cement at

the time of project

implementation

Year

VND/USD

exchange

rate

China,

Vietnam

G7 (EU,

Japan)

million

VNDUSD

Total investment rate for typical projects

Source: VIRAC(*) Direct investigation




57

Project

Time Origin of equipment Capacity

(million tons

of cement/

year)

Total fixed

investment

(million

USD)

Total fixed

investment

(billion

VND)

Total investment rate

per ton of cement at

the time of project

implementation

Year

VND/USD

exchange

rate

China,

Vietnam

G7 (EU,

Japan)

million

VNDUSD

Total investment rate for typical projects (continued)

Source: VIRAC(*) Direct investigation




58


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



59


• About investment rate

No Name of main equipmentInvestment rate on quipment of

G7 (thousand VND/ton)

Investment rate on quipment of

China (thousand VND/ton)

Source: VIRAC



60


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:



61


• About maintenance costs

No Name of main equipment G7 China

Source: VIRAC

Conclusion:



62

Unit: VNDComparison between maintenance costs of China and G7 devices



2.2 Vietnam cement industry – 2.2.7 Supply-Demand

63

Source: VIRAC, VNCA

million tons

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

Cement supply - demand, 2011 – Q1/2018e



2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement

million tons

Source: VIRAC, VNCA

64

Source: VIRAC

ProjectCity /

Province

Capacity

(million

tons/year)

Investment time Expected completion

Large cement projects since the beginning of 2017

Cement production volume, 2011 – Q1/2018e



2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement

65

Source: VIRAC

Group CompanyCapacity

(million tons)

Source: VIRAC

Group ConpanyCapacity

(million tons)

Large enterprises in the Central in 2017

Source: VIRAC

Group ConpanyCapacity

(million tons)

Large enterprises in the North in 2017Large enterprises in the South in 2017



2.2 Vietnam cement industry – 2.2.9 Consumption

66

Source: VIRAC, VNCA

million tons Consumption structure by region, 2011 - Q1/2018e


67

Source: VIRAC, VNCA

Source: VIRAC, VNCASource: VIRAC, VNCA

million tons

million tons

million tons



Production - Consumption of the North, 2011 - Q1/2018e

Production - Consumption of the South, 2011 -

Q1/2018eProduction - Consumption of the Central, 2011 -

Q1/2018e




Source: VIRAC, VNCA

68

million tons

Source: VIRAC, VNCA

%

Cement consumption growth by region, 2010 – Q1/2018Monthly cement consumption, 2015 - 2018e



2.2 Vietnam cement industry – 2.2.10 Cement and clinker export

69


World’s top largest cement exporting countries,

2016 – 2017e

Nguồn: VIRAC, Uncomtrade

Country 2016 2017e

Average cement export price of Vietnam to some markets,

Q1/2018e

Source: VIRAC, GDVC



70

million tons

Source: VIRAC, VNCA

Cement clinker exports, 2010 –Q1/2018e




71

Thousand tons

Source: VIRAC, GDVC

Cement clinker exports, 1/2015 – 3/2018e




72

Source: VIRAC, GDVC

In 2017, the main export markets for cement and clinker are Bangladesh and the Philippines.

million tons

Export markets for cement and clinker, 2015 -Q1/2018e


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

73

million

tons/year


In Q1/2018, for the export of cement directly, Vicem But Son, Nghi Son

and Vincem Bim Son are the three largest exporting enterprises,

Sourcces: VIRAC, VNCA

74

Sources: VIRAC, VNCA

The enterprises export cement directly, Q1/2018e

Exporters of clinker directly, Q1/2018e




2.2 Vietnam cement industry – 2.2.11 Inventories

75

Source: VIRAC, GSO, VNCA

million tons

Inventories in the period 2010 – 2017 increased sharply.

Stock of cement, 2010 – Q1/2018e



2.2 Vietnam cement industry – 2.2.12 Price movement

Generally in Q1/2018, cement price slightly increased

76

thousand VND/ton

Sale price of cement at some cement companies, Q1/2018

thousand VND/ton

Retail price of cement in the areas, Q1/2018




Cement price in Vietnam is much lower than that of other countries in the region and the world average price.

Source: VIRAC, ICR

77

USD/ton Cement price, 2012 – 2018e


Export price



Source: VIRAC, Department of

Price Management

78

USD/tonExport price of cement and clinker, 6/2015 – 3/2018



2.2 Vietnam cement industry – 2.2.13 Distribution method

Sales through the main distributor

Sales through the project distributor

Source: VIRAC

79



2.2 Vietnam cement industry – 2.2.14 Transport method

Source: VIRAC

80


List of seaports belonging to cement plants

No. Harbor Seaport Company Challenges:

Source: VIRAC, Bộ GTVT

81


2.2 Vietnam cement industry – 2.2.14 Transport method


82




2.3 Industry risk



Content


2.3 Industry risk – 2.3.1 Main risks

83

- Supply exceeds demand

- Input materials

- Cement industry planning is beyond the demanding ability of coal industry


- The government no longer provides loan guarantees to cement producers

- Tightening of road tonnage increases transportation costs



84


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

- Risk from debt structure

No Owner Plant

Capacity

(million

tons)



85

List of plants ceased and postponed from the master plan


- Impact from the progress of the construction industry in Vietnam



86

Progress structure of construction projects 2010 - 2015

Source: VIRAC


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



87


Strength:

Weakness:


2.3 Industry risk – 2.3.2 SWOT analysis

88


Opportunities:

Threats:


2.3 Industry risk – 2.3.2 SWOT analysis

89



2.3 Industry risk – 2.3.3 5-forces analysis

90


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

91


92




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.

93



2.4 Industry planning – 2.4.1 Cement industry planning

94


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

95


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



96




97


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



98


Outlook of the construction and real estate industry:



99


100




2.3 Industry risk



Content


2.5 Outlook and forecast – 2.5.1 Driving forces of industry development

101



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

102

Population growth, 2011 – 2017e

Forecast for value of construction and infrastructure,

2010 – 2022f

Source: VIRAC

Source: VIRAC, GSO



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

103



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

Market trend of the cement industry is determined by the development trend of the construction industry.

104

million USD

Source: VIRAC, IMARC

The value of the global cement industry, 2017e -

2022e



World cement production, 1990 - 2030f

million tons

Forecast for supply and demand, domestic prices


2.5 Outlook and forecast – 2.5.4 Domestic forecast

105




106

million tons

Source: VIRAC

Forecast for cement industry, 2017e - 2020e


Forecast for M&A trend:



107


M&A activities of cement industry in 2017:

108




Content

3. Enterprise analysis

3.1 Profitability

3.2 Performance efficiency

3.3 Financial strength

3.4 Return on investment

109


3.1 Typical enterprises in 2015

Name of enterprise Classification Address

Charter

capital

(million

VND)

Revenue in 2016

(million VND)

1 Ha Tien 1 Cement Joint Stock Company

2 The Vissai Cement Corporation

3 Nghi Son Cement Company

4 VICEM Hoang Thach Cement Company Limited

5 Bim Son Cement Joint Stock Company

6 VICEM But Son Cement Joint Stock Company

7 Thang Long Cement Joint Stock Company

8VICEM Hoang Mai Cement Joint Stock

Company

9Quang Ninh Cement and Construction Joint

Stock Company

10 Sai Son Cement Joint Stock Company

Top 10 cement enterprises with the highest revenue in 2016

Source: VIRAC

110



Ha Tien 1 Cement Joint Stock Company

111




The Vissai Cement Corporation

112

The Vissai Cement Corporation



Nghi Son Cement Company

113

Nghi Son Cement Company



VICEM Hoang Thach Cement Company Limited

114

VICEM Hoang Thach Cement Company Limited



Bim Son Cement Joint Stock Company

115

Bim Son Cement Joint Stock Company



VICEM But Son Cement Joint Stock Company

116

VICEM But Son Cement Joint Stock Company



Thang Long Cement Joint Stock Company

117

Thang Long Cement Joint Stock Company



VICEM Hoang Mai Cement Joint Stock Company

118

VICEM Hoang Mai Cement Joint Stock Company



Quang Ninh Cement and Construction Joint Stock Company

119

Quang Ninh Cement and Construction Joint Stock Company




120

Sai Son Cement Joint Stock Company


Content


3.1 Profitability




121


3.1. Profitability

122

Source: VIRAC

million VND Net revenue growth, 2015 - 2016



3.1. Profitability

123

Source: VIRAC

million VNDGross profit growth, 2015 - 2016


Content


3.1 Profitability




124



Source: VIRAC

125

Source: VIRAC

Unit: times Unit: times

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




126

Source: VIRAC

Unit: timesInventory turnover, 2015 - 2016


Content


3.1 Profitability




127


3.3. Financial strength

128

Source: VIRAC

Payment ratio, 2015 - 2016



3.3. Financial strength

129

Source: VIRAC

Solvency, 2015 - 2016


Content


3.1 Profitability




130



131

Source: VIRAC

%Profit ratio, 2015 - 2016


132

4. Appendix

4.1 Update of projects invested in the period 2011-2030

4.2 Portfolio of infrastructure projects in the period 2010-2030

4.3 Financial statements

Content

133

No Project Address Investor

Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



134


Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



135


Capacity

(ton/year) (only

rotary kiln)

Progress

4. Appendix



136

No Project Address InvestorCapacity (ton/year)

(only rotary kiln)Progress

4. Appendix



137

4. Appendix




Content

4. Appendix


No Seaport City / Province Economic zone

Value

(million

USD)

Status Period

138


No Power plant and transmission gridCity /

ProvinceEconomic zone

Value

(million

USD)

Status Period

139

4. Appendix



No RailwayCity /

ProvinceEconomic zone Status Status Period

140

4. Appendix



No Bridge and roadCity /


Value (million

USD)Status Period

141

4. Appendix



No Water supply and wastewater treatmentCity /


Value

(million USD)Status Period

142

4. Appendix



No Petroleum pipeline City / Province Economic zoneValue

(million USD)Status Period

143

4. Appendix



144

4. Appendix




Content

4. Appendix

4.3 Financial statements - Ha Tien 1 Cement Joint Stock Company

BALANCE SHEET

Unit: million VND 2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivables

1. Receivables from customers

IV. Inventories

B. LONG-TERM ASSETS

I. Long-term receivables

II. Fixed assets

1. Tangible fixed assets

2. Intangible fixed assets

TOTAL ASSETS

A. LIABILITIES

I. Short-term Liabilities

1. Short-term Borrowings and Liabilities

2. Taxes and other payables to the State budget

II. Long-term liabilities

1. Long-term borrowings and liabilities

2. Long-term provisions for payables

B. OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY

145

INCOME STATEMENT

Unit: billion VND 2015 2016

Net Revenue from Sales and services provided

Cost of goods sold and services provided

Gross Profit from sales and services provided

Financing income

Financial expenses

Interest expenses

Sales expenses

Administrative expenses

Net profit from operating activities

Total Accounting Profit Before Tax

Current Corporate Income Tax Expenses

Deferred Corporate Income Tax Expenses

Profit After Enterprise Income Tax

CASH FLOW STATEMENT


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: million VND

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 - 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


147

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


148

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


149

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


150

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


151

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


152

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


153

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


154

INCOME STATEMENT





Financing income

Financial expenses

Interest expenses

Sales expenses







CASH FLOW STATEMENT















REPORT DISCLAIMER

Report disclaimer

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