VIETNAM FERTILIZER INDUSTRY REPORT Q3/2018
Content Executive summary 4 1. Business environment 6 1.1 Macroeconomic situation 7 1.2 Legal framework 10 1.3 Trade agreements 18 2. Industry overview 21 2.1 Situation of fertilizer industry in the world 21 2.1.1 Supply demand 22 2.1.2 Import export 23 2.1.3 Price movement 25 2.1.4 Production and consumption situation in some typical countries 2.2 Vietnam fertilizer industry situation 33 2.2.1 History of Vietnam fertilizer industry 34 2.2.2 Definition and Classification 35 2.2.3 Scale and Characteristics of market 38 2.2.4 Main activities 39 2.2.5 Input materials 41 27 2.2.6 Production technology 45 2.2.7 Supply demand 48 2.2.8 Import export 55 2.2.9 Inventory 62 2.2.10 Price movement 63 2.2.11 Transport and distribution 65 2.3 Industry risks 67 2.4 Planning and forecast 76 2.4.1 Planning 77 2.4.2 Global forecast 80 2.4.3 Domestic forecast 82 3. Enterprise analysis 84 3.1 Top 10 enterprises 84 3.2 Target group of business results 94 3.3 Target group of finance 100 3.4 Target group of cash flow 105 4. Appendix of financial statements 107 2
Abbreviation ADB Asia Development Bank GSO General Statistics Office EVN Vietnam Electricity MOT Ministry of Transport FAO Food and Agriculture Organization MARD Ministry of Agriculture and Rural Development FAV Fertilizer Association Vietnam Vinacomin Vietnam National Coal and Mineral Industries Holding Corporation Limited FDI Foreign Direct Investment UN comtrade United Nations Database of Trade Statistics FIA Foreign Investment Agency VIRAC Vietnam Industry Research and Consultancy GDVC General Department of Vietnam Custom 3
Executive summary Fertilizer market continues to oversupply, estimated supply of nutrition by fertilizer ingredients increased to 3.4% while demand increased slightly by 0.6% Average supply exceeds the demand. Vietnam fertilizer production has focused on the single and mixed market for NPK and DAP Fertilizer imports have fluctuated continuously over the years Asia and the Americas are the largest fertilizer consuming regions in the world, Fertilizer prices tend to rise again due to high demand while supply is scarce and the impact of raw material costs and transportation (due to rising oil, gas and coal prices). Fertilizer consumption tends to decrease over the years Asian countries continue to be the main export markets of Vietnam. 4
Executive summary In particular, Cambodia continues to be the main export market, Fertilizers are in a saturated state, domestic firms have to compete fiercely with imports, while demand tends to fall, leading to downward pressure in the 2016-2020 period. Fertilizer inventories tend to increase over the years, but the growth rate has been decreasing. 5
Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 6
1. Business environment 1.1 Macroeconomic situation GDP in the first 6 months of 2018 is estimated to increase 7.08% over the same period last year, the highest increase of 6 months since 2011. GDP growth, 2012 6M/2018 Source: VIRAC, GSO Monthly CPI fluctuation, 2014 6/2018 Source: VIRAC, GSO 7
1. Business environment 1.1 Macroeconomic situation VND/CNY exchange rate, 2016-6/2018 Source: VIRAC VND/USD exchange rate, 3/2015-6/2018 Source: VIRAC, SBV 8
1. Business environment 1.1 Macroeconomic situation Export- Import by quarter, Q1/2015 Q2/2018 USD million Structure of export commodities, 6M/2018 Source: VIRAC, GDVC Source: VIRAC, GDVC 9
Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 10
1. Business environment 1.2 Legal framework - Group of regulations on production, trading and use of fertilizers Circular No. 36/2010/TT-BNNPTNT Decree No. 163/2013/ND-CP 11
1. Business environment 1.2 Legal framework - Group of regulations on production, trading and use of fertilizers Decree No. 202/2013/ND-CP 12
1. Business environment 1.2 Legal framework - Group of regulations on production, trading and use of fertilizers 13
1. Business environment 1.2 Legal framework - Group of regulations on taxes of fertilizer import and export 14
1. Business environment 1.2 Legal framework - Group of regulations on taxes of fertilizer import and export 15
1. Business environment 1.2 Legal framework - Group of regulations on taxes of fertilizer import and export 16
1. Business environment 1.2 Legal framework - Group of regulations on taxes of fertilizer import and export On June 2, 2018, the Ministry of Finance said that in the draft law to amend and supplement some articles of the 6 Laws on tax, fertilizer will be subject to VAT at the preferential tax rate of 5%. 17
Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 18
1. Business environment 1.3 Trade agreements As of Q2/2018, Vietnam had signed, implemented, and has been negotiating a total of 17 free trade agreements (FTAs). Accession to international trade agreements brings opportunities and challenges for domestic firms. Vietnam's integration process since 1995 to date 19
1. Business environment 1.3 Trade agreements Tariffs under the Vietnam-EU trade agreement Export taxes in 2016 Export taxes applied since 10/5/2016 20
Content 2. Industry overview 2.1 Situation of fertilizer industry in the world 2.2 Vietnam fertilizer industry situation 2.3 Industry risks 2.4 Planning and forecast 21
2. Industry overview 2.1 World fertilizer market 2.1.1 Fertilizer supply-demand Million tons Demand by nutrient and nutrient supply, 2015 2017e Source: VIRAC, FAO 22
2. Industry overview 2.1 World fertilizer market 2.1.2 Import export USD billion Fertilizer exports, 2012-2017e Over the years, urea exports have been steadily increasing, mainly from countries in West Asia and East Asia. Source: VIRAC, Trademap 23
2. Industry overview 2.1 World fertilizer market 2.1.2 Import export China is a country in the top import and export countries Top fertilizer exporting countries, 2016-2017 Top fertilizer importing countries, 2016-2017 Country 2016e 2017e Growth Country 2016e 2017e Growth Source: VIRAC, UN comtrade Source: VIRAC, UN comtrade 24
2. Industry overview 2.1 World fertilizer market 2.1.3 Price movement Fertilizer prices tend to rise again due to high demand but supply scarcity and the impact of raw material and transportation costs (due to rising oil, gas and coal prices). USD/ton Price movement of main fertilizers in the world, 1/2012 6/2018 Source: VIRAC, Worldbank 25
2. Industry overview 2.1 World fertilizer market 2.1.3 Price movement 26
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries China - world leader in fertilizer production Fertilizer production in China continues to grow low USD billion Top largest fertilizer enterprises in China, 2017 Source: VIRAC, The Wall Street Journal 27
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries Fertilizer exports in China are forecasted to continue to fall in the coming years. Import and export of fertilizers from China, 2010-2017 USD thousand Source: VIRAC, Trademap Change in fertilizer export tax rate, 2017-2018 Export 2017 2018 Source: VIRAC, Fert 28
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries The impact of the environmental tax on the Chinese fertilizer industry in 2018. Environmental taxes in China, 2018 High Medium Low Air pollution Water pollution Source: VIRAC, Integer Research Environmental tariffs are expected to continue to increase in the future. 29
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries India Fertilizer demand is increasing Million tons Imports of fertilizers by type in India, 2015-2017 Source: VIRAC, Centre for Monitoring Indian Economy 30
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries Impact of cost of production on fertilizer industry in India Perspectives on India fertilizer industry Structure of fertilizer production in India by type, 2012-2017 Source: VIRAC, Fertilizer Association of India 31
2. Industry overview 2.1 World fertilizer market 2.1.4 Situation of fertilizer industry in countries There are also other countries that also have large-scale fertilizer production: United States Russia Canada Germany Brazil 32
Content 2. Industry overview 2.1 Situation of fertilizer industry in the world 2.2 Vietnam fertilizer industry situation 2.3 Industry risks 2.4 Planning and forecast 33
2. Industry overview 2.2 Vietnam Fertilizer Industry 2.2.1 History of Industry Development 34
2. Industry overview 2.2 Vietnam Fertilizer Industry 2.2.2 Definition and Specification Classified according to the nutrient requirements of plants Classified according to source Structure of major fertilizers 2014 35
2. Industry overview 2.2 Vietnam Fertilizer Industry 2.2.2 Definition and Specification Name of fertilizer Chemical composition Characteristic Type of suitable land 36
2. Industry overview 2.2 Vietnam Fertilizer Industry 2.2.2 Definition and Specification Name of fertilizer Chemical composition Characteristic Type of suitable land 37
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.3 Scale and characteristic of market Fertilizer industry revenue, 2010-2016 VND billion Share by revenue, 2016 Source: VIRAC, GSO Source: VIRAC, GSO 38
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.4 Main activities 39
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.4 Main activities 40
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.5 Input material Coal reserves are concentrated in the Red River Delta coal basin and the coal used in fertilizer production accounts for 4% of the coal consumption market. Coal reserves by area Market segment of coal consumption Source: VIRAC,Vinacomin Source: VIRAC,Vinacomin 41
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.5 Input material Million tonnes Forecast for coal supply and demand in the period 2015-2030 42
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.5 Input material The reserves of apatite ore are plentiful and meet the demand Exploration ore reserves in 2014 Forecast for ore demand for fertilizer, 2015-2030 Thousand tonnes Thousand tonnes Source: VIRAC, Vietnam Chemical Group Source: VIRAC, Vietnam Chemical Group 43
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.5 Input material Domestic gas production will meet demand until 2076, the annual plant consumption of 1 billion m³ to produce 1.6 million tonnes of Urea Market segment of natural gas consumption Source: VIRAC, Vietnam Gas Corporation 44
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.6 Production technology Production technology of NPK Technology Advantage Disadvantage Using businesses 45
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.6 Production technology Production technology of Urea 46
2. Industry overview 2.2 Vietnam Fertilizer industry 2.2.6 Production technology Production technology of DAP Production technology of Phosphate 47
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand Million tons Supply - Demand, 2012 6M/2018e Million tons Production and consumption of domestic producers, 2012 6M/2018e Source: VIRAC, GSO, MARD, GDVC Source: VIRAC, GSO, MARD, GDVC 48
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand Million tons Fertilizer production, 2012 6M/2018e Source: VIRAC, GSO 49
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand The impact of tax policies on domestic production 50
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand On June 2, 2018, the Ministry of Finance said that in the draft law to amend and supplement some articles of the 6 Laws on tax, fertilizer will be subject to VAT at the preferential tax rate of 5%. 51
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand Fertilizer production capacity of big domestic enterprises, 6/2018 Source: VIRAC 52
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand Factory Capacity Source: VIRAC 53
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.7 Supply demand Million tons Demand and consumption of fertilizer, 2012-6M/2018e Source: VIRAC, GSO, MARD 54
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Fertilizer imports have fluctuated continuously over the years as a result of domestic demand - supply and import and export tax policies as well as major import markets. Thousand tons Fertilizer imports, 2012 6M/2018e Source: VIRAC, GDVC, MARD 55
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Thousand tons Fertilizer imports, 6M/2017 / 6M/2018e Source: VIRAC, MARD, GDVC Fertilizer imports by type, 6M/2018e Source: VIRAC, MARD, GDVC 56
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Import structure of fertilizer by countries, 6M/2018 Source: VIRAC, MARD, GDVC 57
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Prices of some types of imported fertilizer 6M/2018 Unit: USD Type of fertilizer Average unit price 6M/2018 Content is intentionally Source: GDVC removed for demo purpose Structure of importing fertilizer enterprises, 6M/2018 Source: GDVC 58
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Million tons Fertilizer exports, 2012 6M/2018e Source: VIRAC, MARD, GDVC 59
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Fertilizer exports by country, 6M/2018e Fertilizer exports by country, 6M/2017-6M/2018e Thousand tons Source: VIRAC, GDVC Source: VIRAC, GDVC 60
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.8 Import export Vietnam fertilizer exports by type, 6M/2017 Temporary import for export by type, 6M/2017 Type of fertilizer Share Type of fertilizer Share Source: VIRAC, GDVC Fertilizer exports by origin, 6M/2018 Source: VIRAC, GDVC 61
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.9 Inventory Fertilizer inventories tend to increase over the years, causes are: Million tons Fertilizer inventories, 2010-2017e Source: VIRAC, GSO 62
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.10 Price movement Ure and DAP prices have been fluctuating much in the first three months of 2018, specifically: VND Price movement, 2014-6/2018 * Price movements of main products (highest price) from Tran Xuan Soan market Source: VIRAC, VIETRADE- MOIT 63
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.10 Price movement 64
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.11 Transport and distribution Key seaports in Vietnam 65
2. Industry overview 2.2 Vietnam Fertilizer Market 2.2.11 Transport and distribution 66
Content 2. Industry overview 2.1 Situation of fertilizer industry in the world 2.2 Vietnam fertilizer industry situation 2.3 Industry risks 2.4 Planning and forecast 67
2. Industry overview 2.3 Industry risks Risk of input material prices Coal, oil prices, 7/2011 5/2018 USD/ton Coal prices in Australia Average oil prices of Dated Brent, West Texas Intermediate and Dubai Fateh Source: VIRAC, Worldbank 68
2. Industry overview 2.3 Industry risks Weather influences the direction of impact and efficiency of fertilizer. 69
2. Industry overview 2.3 Industry risks Risk of output sector Structure of cultivation area, 2017 Area of paddy land for years, 2010-2014 Thousand ha Source: VIRAC, MARD Source: MNRE 70
2. Industry overview 2.3 Industry risks Demand for fertilizer by crop Main agricultural products exports, 6M/2017 6M/2018 Thousand tons USD million Source: VIRAC, MARD 2013 Source: VIRAC, MARD 71
2. Industry overview 2.3 Industry risks Area of rice cultivation by season, 2017 Area of rice cultivation by region, 2012-2017 Thousand ha Source: VIRAC, MARD Thousand tons Rice output by season, 2012-2017 Source: VIRAC, MARD Source: VIRAC, MARD 72
2. Industry overview 2.3 Industry risks 73
2. Industry overview 2.3 Industry risks 74
2. Industry overview 2.3 Industry risks 5-forces analysis 75
Content 2. Industry overview 2.1 Situation of fertilizer industry in the world 2.2 Vietnam fertilizer industry situation 2.3 Industry risks 2.4 Planning and forecast 76
2. Industry overview 2.4 Planning and forecast 2.4.1 Planning Decision No. 6868/QD-BTC approving the master plan for the development of the fertilizer production system and distribution system in the 2011-2020 period, with a view to 2025. 1. Planning the fertilizer production system 77
2. Industry overview 2.4 Planning and forecast 2.4.1 Planning 2. Planning the fertilizer distribution system 3. Group of support solutions 78
2. Industry overview 2.4 Planning and forecast 2.4.1 Planning 79
2. Industry overview 2.4 Planning and forecast 2.4.2 Global forecast Million tons Forecast supply and demand of fertilizer by nutrients, 2017e - 2020f Source: VIRAC, FAO, IFA 80
2. Industry overview 2.4 Planning and forecast 2.4.2 Global forecast Fertilizer prices tend to decrease over the years mainly due to oversupply, which is caused by oversupply and falling prices of raw materials. 81
2. Industry overview 2.4 Planning and forecast 2.4.3 Domestic forecast Million tons Forecast of supply and demand, 2010-2020f Source: VIRAC 82
2. Industry overview 2.4 Planning and forecast 2.4.3 Domestic forecast The trend of developing high quality mixed fertilizers, organic fertilizers, replacing for low-tech fertilizers. 83
Content 3. Enterprise analysis 3.1 Top 10 enterprises 3.2 Target group of business results 3.3 Target group of finance 3.4 Target group of cash flow 84
3. Enterprise analysis 3.1 Top 10 enterprises Top 10 businesses with largest revenue in 2017 Enterprise name Address Chartered capital (VND million) Total assets (VND million) Net revenue (VND million) 1 2 3 4 5 6 7 8 9 Source: VIRAC 85
3. Enterprise analysis 3.1 Top 10 enterprises Phu My Fertilizer Plant - PetroVietnam Fertilizer and Chemicals Corporation 86
3. Enterprise analysis 3.1 Top 10 enterprises Binh Dien Fertilizer Joint Stock Company BFC s fertilizer plants Source: VIRAC 87
3. Enterprise analysis 3.1 Top 10 enterprises Ca Mau Petroleum Fertilizer Joint Stock Company 88
3. Enterprise analysis 3.1 Top 10 enterprises Lam Thao Fertilizers and Chemicals Joint Stock Company 89
3. Enterprise analysis 3.1 Top 10 enterprises Ha Bac Nitrogenous Fertilizer & Chemicals Joint Stock Company 90
3. Enterprise analysis 3.1 Top 10 enterprises DAP VINACHEM Joint Stock Company 91
3. Enterprise analysis 3.1 Top 10 enterprises Quảng Bình Import Export Company 92
3. Business analysis 3.1 Top 10 businesses Southwest Petrovietnam Fertilizer and Chemicals Corporation Southeast Petrovietnam Fertilizer and Chemicals Corporation Central Petrovietnam Fertilizer and Chemicals Corporation North Petrovietnam Fertilizer and Chemicals Corporation 93
Content 3. Enterprise analysis 3.1 Top 10 enterprises 3.2 Target group of business results 3.3 Target group of finance 3.4 Target group of cash flow 94
3. Enterprise analysis 3.2 Target group of business results VND billion Net revenue Source: VIRAC 95
3. Enterprise analysis 3.2 Target group of business results 96
3. Enterprise analysis 3.2 Target group of business results VND billion Gross profit margin, 2016-2017 Source: VIRAC 97
3. Enterprise analysis 3.2 Target group of business results Self-financing rate, 2016-2017 Source: VIRAC 98
3. Enterprise analysis 3.2 Target group of business results Selling expenses, 2016-2017 Source: VIRAC Administrative expenses, 2016-2017 Source: VIRAC 99
Content 3. Enterprise analysis 3.1 Top 10 enterprises 3.2 Target group of business results 3.3 Target group of finance 3.4 Target group of cash flow 100
3. Enterprise analysis 3.3 Target group of finance Fixed asset turnover, 2016-2017 Source: VIRAC 101
3. Enterprise analysis 3.3 Target group of finance Day Days in inventory, 2016-2017 Producing enterprises Trading enterprises Source: VIRAC 102
3. Enterprise analysis 3.3 Target group of finance Day Days of sales outstanding, 2016-2017 Source: VIRAC 103
3. Enterprise analysis 3.3 Target group of finance Profit Ratio, 2016-2017 Source: VIRAC 104
Content 3. Enterprise analysis 3.1 Top 10 enterprises 3.2 Target group of business results 3.3 Target group of finance 3.4 Target group of payment 105
3. Enterprise analysis 3.4 Target group of payment Index of payment, 2016-2017 Source: VIRAC 106
Content 4. Appendix 107
4. Appendix Financial statements INCOME STATEMENT Phu My Fertilizer Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables 2. Fixed assets Costs of deferred corporate income tax Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 108
4. Appendix Financial statements INCOME STATEMENT Binh Dien Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 109
4. Appendix Financial statements INCOME STATEMENT Ca Mau Fertilizer Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 110
4. Appendix Financial statements INCOME STATEMENT Lam Thao Chemicals Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 111
4. Appendix Financial statements INCOME STATEMENT Ha Bac Fertilizer Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 112
4. Appendix Financial statements INCOME STATEMENT Dinh Vu DAP Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 113
4. Appendix Financial statements INCOME STATEMENT Quang Binh Import Export Unit: VND 2016 2017 Net revenue from goods sold and services provided BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 114
4. Appendix Financial statements INCOME STATEMENT Southwest Petroleum Chemicals Unit: VND Net revenue from goods sold and services provided 2016 2017 BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 115
4. Appendix Financial statements INCOME STATEMENT Southeast Petroleum Chemicals Unit: VND Net revenue from goods sold and services provided 2016 2017 BALANCE SHEET Cost of goods sold and services provided Unit: VND 2016 2017 Gross profit of goods sold and services provided A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expenses Interest expenses II. Short-term financial investments III. Short-term receivables 1. Short-term receivables of customers IV. Inventories B. LONG-TERM ASSETS Selling expenses Administrative expenses Net profit from business operations Total accounting profit before tax Costs of current corporate income tax 1. Long-term receivables Content is intentionally removed Costs of deferred corporate for income demo tax purpose 2. Fixed assets Profit after tax TOTAL ASSETS A. LIABILITIES I. Current 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. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND 2016 2017 I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange gain (loss) Net Cash Flow From Operations 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 financing activities Net cash flow from financing activities Effect of foreign exchange differences Net cash flow during the fiscal year 116
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