NATURAL RUBBER INDUSTRY REPORT Q1/2020€¦ · 2.8 Some major countries in the industry –2.8.4 China Import volume of natural rubber in China, 2011 –2018e Thousand tons Source:

NATURAL RUBBER INDUSTRY REPORT Q1/2020

Executive summary 4 3.1 Production 53

1. Business environment 6 3.2 Consumption 63

1.1 Macroeconomic situation 7 3.3 Import export 66

1.2 Legal framework 9 3.4 Price movements of natural rubber 76

1.3 Free trade agreements 16 3.5 Risk analysis 77

2. World natural rubber industry 21 3.6 Industry development planning 82

2.1 Definition 22 3.6.1 Natural rubber industry development planning 82

2.2 Production value chain 26 3.6.2 Planning for production of rubber products 85

2.3 Production technology and machinery 27 3.7 Sector driving forces, prospects and forecasts 89

2.4 Production 29 3.7.1 Driving forces of the industry 89

2.5 Consumption 34 3.7.2 Outlook of the industry 92

2.6 Import export 39 3.7.3 Forecast 94

2.7 Price movements of natural rubber 45 4. Enterprise analysis 96

2.8 Some major countries in the industry 46 4.1 Enterprise introduction 97

2.9 Some major companies in the industry 50 4.2 Financial analysis 101

3. Vietnam natural rubber industry 52 Appendix of financial statements 111

Table of contents

2

Abbreviations

3

ANRPC Association of Natural Rubber Producing Countries

CPQLDN General & Administrative expenses

CPBH Selling expenses

CPTC Financial expenses

DTT Net revenue

GDVC General Department of Vietnam Customs

GSO General Statistic Office of Vietnam

IRSG International Rubber Study Group

RAOT Rubber Authority Of Thailand

VRA Vietnam Rubber Association

VIRAC Vietnam Industry Research and Consultant

VRG Vietnam Rubber Group

4

Sumary

Rubber production

proportion (2019)

Leading countries in

planting area,

production output

(2018)

Narural rubber

consumption (2019)

Major natural rubber

consumers (2018)

Natural rubber output

(2019)

Major exporter (2018)

Natural rubber import

(2018)

Major importers (2018)

Price (2019)

Natural rubber export

(2018)

5

Sumary

Rubber’s main

plantation area (2019)

Output (2019)

Capacity (2019)

Major export market

(2019)

Natural rubber export

(2019)

Rubber plantation area

(2019)

Rubber product export

(2019)

Rubber consumption

(2019)

Import (2019)

Major export market

(2019)

Major import market

(2019)

1. BUSINESS ENVIRONMENT

7

1. Business environment

1.1 Macroeconomic situation

GDP growth rate by quarter, 2016 – 2019%

Source: VIRAC, GSO

Source: VIRAC, GSO

In 2019, GDP was estimated to increase by x%

Production value of agriculture, forestry and fishery in the

first 6 months (at compared price to 2010), 2016 - 2019GDP structure at current prices, 2019

Source: VIRAC, GSO

8

Source: VIRAC, MARD


1.1 Macroeconomic situation

Source: VIRAC, MARD

Share of rubber in import-export value of agriculture, forestry and

fishery by value, 2013 - 2019

USD/CNY exchange rate, 2016 - 12/2019VND/USD exchange rate, 1/2013 - 9/2019

9


1.2 Legal framework

National standard of natural rubber

Criteria

10


1.2 Legal framework

INDEX*

TYPE

SVR

CV 60

SVR

CV 50SVR L SVR 3L SVR 5

SVR

10CVSVR 10 SVR 20CV SVR 20

11


1.2 Legal framework

In addition, on September 15, 2018, the Vietnam Institute of Quality Standards sent 14 draft National Standards as

follows:

12


1.2 Legal framework

Import and export taxes appied to the rubber industry

13


1.2 Legal framework

Import and export taxes applicable to the rubber industry

14


1.2 Legal framework

Value-added tax of the natural rubber industry

15

• Decision 69/QD-TT-CCN dated 7/4/2017 of the Department of Crop Production - Ministry of Agriculture and Rural Development on the recognition of

plant varieties for trial production


1.2 Legal framework

Joining the ASEAN Economic Community (AEC)

16


1.3 Free trade agreements

17



Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

18



• Challenges

• Solutions

24



RCEP’s impacts on the natural rubber industry

24



2. WORLD NATURAL RUBBER INDUSTRY

2. World natural rubber industry

2.1 Definition

22

Classification of natural rubber

23


2.1 Definition

24


2.1 Definition

25

Life cycle of rubber tree


2.1 Definition

26


2.2 Production value chain

Value chain of world natural rubber industry

Production of natural rubber consists of two basic steps:


2.3 Production technology and machinery

27


2.3 Production technology and machinery

34

29


2.4 Production

Source: VIRAC, ANRPC

Top 5 countries with the largest rubber plantation

area, 2011 – 2018

Thousand ha

Rubber yield of six major producing countries in Asia, 2018

Source: VIRAC, VRA

Unit: kg/ha/year

30


2.4 Production


Thousand tons

Production volume of natural rubber in the world,

2010 – 2019fAccording to the latest estimate of ANRPC, world natural rubber output

in 2019 reached x million tons, an decrease of x% compared to 2018.

Production output from 2014-2016 grew slowly due to the following

reasons:

31


2.4 Production

Source: VIRAC, IRSG

Structure of world rubber production by type,

2013 - 2019Natural rubber and synthetic rubber have their own unique

characteristics that cannot be replaced.

32


2.4 Production

Source: VIRAC, IRSG

Thousand tons


Thousand

tons

Top countries with the largest natural rubber production

volume in the world, 2012 – 2018f

World natural rubber production volume by region, 2014 - 2018• Asia continues to dominate the supply of natural rubber with a share of

x% of total world production in 2018.

33


2.5 Consumption

World rubber consumption, 2013 – 2019e


%

Proportion of natural rubber consumption in world rubber consumption, 2013 – 2019e


Thousand tons

34

Source: VIRAC, IRSG, ANRPC

Global natural rubber consumption, 2010 – 2019e


2.5 Consumption

In 2019, global natural rubber consumption is estimated to reach x

thousand tons

Thousand tons

35

Source: VIRAC, IRSG, ANRPC

Share of world natural rubber consumption by region,

2014 – 2018


2.5 Consumption

Consumption of natural rubber can grow at an average annual rate of x -

x% in the period of 2018-2024 with the main driving force being the

increase in tire production.

In the past few years, China and India have always been the two

largest natural rubber consumers in the world.

36


2.5 Consumption

Source: VIRAC, IRSG

Source: VIRAC, IHS

Structure of using natural rubber, 2018e

Structure of natural rubber consumption by country, 2017

The following factors will also help increase global natural rubber demand, in 2019:

37


2.5 Consumption

38

Source: VIRAC, Trademap

USD million


2.6 Import export – 2.6.1 Export

Source: VIRAC, ANRPC, Trademap

USD billion

Export value and volume of natural rubber in the world, 2010 - 2018e

Top the largest natural rubber exporting countries by value, 2018

39





Structure of export value of natural rubber by region, 2018

Export structure of natural resources by area, 2018

40




Structure of natural rubber export, 2018e


Export value of all types of natural rubber, 2012 - 2018eUSD

thousand

By 2018, the export value of natural rubber tended to decrease

slightly, mainly due to fluctuations in world rubber prices.

41

USD million


2.6 Import export – 2.6.2 Import

Source: VIRAC, ANRPC, Trademap

Nguôn: VIRAC, Uncomtrade

USD thousand

Top largest importers of natural rubber in the world, 2018

Top 10 natural rubber export partners of China by

value, 2018

The four largest importers of natural rubber in the world are China,

the United States, Malaysia and Japan, which account for about x% of

total exports of the countries and most of them are natural rubber imports

of type TSR 10 and TSR 20. used to produce tires.

42



2.6 Import export – 2.6.2 Import


Import value structure of world natural rubber by region,

2017e

Import volume structure of natural rubber by region, 2017e

The European region ranked second in terms of value and volume of global imported

natural rubber. In 2017, the European region accounted for x% proportion in the

structure of world natural rubber import volume with x thousand tons.

43


Structure import of natural rubber by volume, 2018e


2.6 Import - Export – 2.6.2 Import

Structure of latex import by volume, 2018e


Import structure of Technically Specified Rubber blocks by output,

2018e


Price movements of natural rubber in the world by TOCOM

exchange, 2018 - 2019

Nguôn: VIRAC, IRSG

44


2.7 Price movements of natural rubber

JYP/kg

45


2.8 Some major countries in the industry – 2.8.1 Thailand

Source: VIRAC, VRA

Source: VIRAC, VRA

Thailand's major export markets for rubber, 2018e

Rubber export structure of Thailand, 2018e

Thailand has been the largest natural rubber producer and exporter in the world

since 1991

46


2.8 Some major countries in the industry – 2.8.2 Indonesia

Indonesia is the second largest natural rubber producing country in the world with x% of global rubber production comes from this country.

As of 2017, Indonesia is the country with the largest rubber growing area in the world, with an area of about x thousand hectares.

47


2.8 Some major countries in the industry – 2.8.3 Malaysia


Source: VIRAC, VRA, ITC

Export structure of natural rubber products of Malaysia, 2018e

Malaysia's main export markets for rubber, 2018e

Malaysia is one of the leading countries in producing and exporting natural

rubber in the world, accounting for x% of world rubber production, the rubber

industry of Malaysia has gained many achievements in recent years.

The main types of natural rubber exported by Malaysia include:

48


2.8 Some major countries in the industry – 2.8.4 China

Import volume of natural rubber in China, 2011 – 2018e

Thousand

tons

Source: VIRAC, RubberAsia.com

China is the world's leading consumer of natural rubber (the proportion of x%

of global consumption in 2017) thanks to the development of automobile and

tire manufacturing.


2.9 Some major companies in the industry

66

1. Sri Trang Agro-Industry

67

Tire market share in the world, 2017

Source: VIRAC



67



Top 10 leading tire enterprises by brand value, 2019

Source: VIRAC collect, Brand Finance

3. VIETNAM NATURAL RUBBER INDUSTRY

3. Vietnam natural rubber industry

3.1 Production

53

Thousand ha

Source: VIRAC, MARD, VRA

Source: VIRAC, MARD

Rubber plantation area in Vietnam, 2013 – 2019

Rubber plantation area by region, 2019

• After the Southeast, the Central Highlands is the second largest rubber

growing region in Vietnam.

54

Source: VIRAC, GSO

Top 10 provinces with the largest rubber plantation area in 2018

Source: VIRAC, GSO

Million

tonnes

Million

hectares

Top 10 provinces with the largest rubber tree production in 2018

• In 2018, Binh Phuoc continues to be the leading province in terms of both area and output of rubber, reaching x thousand hectares of area and x

thousand tons of output. Next are the provinces of Binh Duong, Tay Ninh, Gia Lai ...


3.1 Production

55

Source: VIRAC, GSO

Source: VIRAC, GSO

Person

Number of businesses and laborers planting rubber,

2010 - 2018

Total revenue and profit of the rubber plantation, 2010 - 2018

Enterprise

Billion dong


3.1 Production

Number of enterprises and laborers in manufacturing rubber products, 2010 - 2018

56

Source: VIRAC, GSO

PersonEnterprise


3.1 Production

57

Source: VIRAC

Structure of the main participants of Vietnam rubber industry


3.1 Production

58

Province Area of small rubber

plantationsTotal area rubber plantation

Small rubber plantation area of some provinces, 2018e

Source: VIRAC, GSO

Structure of rubber plantation area, 2018

Source: VIRAC, VRA

Private company


3.1 Production


Volume and productivity of natural rubber production in Vietnam, 2013 – 2019

Thosusand tons

59


3.1 Production

60

Source: VIRAC, VRG

Rubber production structure of VRG,

2019f

Rubber density of VRG, 2018e

Source: VIRAC, VRG

• In 2018, VRG plans to produce x thousand tons of VRG branded natural rubber

products.

• It is expected that in the period of 2018-2035, the group's rubber output will have a

very fast growth rate. In 2018, the Group's rubber output is estimated at x thousand

tons, then by 2031, the output is expected to peak to x thousand tons and slightly

decrease in subsequent years.


3.1 Production

61

Source: VIRAC, VRG

Source: VIRAC, VRG

Million tons

Product structure of VRG, 2020f Product structure of VRG, 2025f Product structure of VRG, 2030f

Stucture SVR 10, 20 products of VRG, 2018 – 2035f


3.1 Production

Area of rubber

exploitation (ha)

Exploited rubber output

(tons)

Productivity

(tons/ha)

Rubber purchase output

(tons)

Processing output

(tons)

62

Production indicators of some natural rubber companies, 2018

Source: VIRAC, VRA

Distribution of rubber acreage of VRG, 2018e


3.1 Production


3.2 Consumption

63

Thousand tons

Source: VIRAC, VRA

Consumption of natural rubber in Vietnam, 2010 - 2017e • Rubber is the input material for many manufacturing and consumer

industries:

• Currently, the main products of Vietnam's rubber industry are mainly

natural rubber, and most of the exploited output is for export

demand, the amount of natural rubber consumed domestically is

low.

64

Source: VIRAC, GSO, GDVC, VRA

Share of natural rubber consumption by supply, 2013 - 2019

• Of the total output of natural rubber exploited and imported, accounting for a large proportion, is still exported, the rest is for domestic consumption.

• Domestic consumption of rubber is low


3.2 Consumption

65

Source: VIRAC, GSO, GDVC

Million units Ton

Structure of natural rubber consumption, 2019e

Source: VIRAC, VRA

Domestic manufacturing volume of rubber products, 2010 - 2018e


3.2 Consumption


3.3 Import export – Export

66


Natural rubber export of Vietnam, 2013 - 2019

Export structure of the whole rubber industry, 2018

Source: VIRAC, VRA

• In 2019, the total export volume of natural rubber reached x

thousand tons, with a value of x million USD.Thousand tons USD million

67

Source: VIRAC, MARD

Source: VIRAC, VRA

Vietnam’s natural rubber export markets, 2019

Structure of exported natural rubber by category, 2019

• In 2019, Vietnam exported natural rubber to nearly 30 countries and

territories, of which China continued to be the main market for natural rubber

export activities of enterprises in the country. country.



68

Top 20 natural rubber exporting enterprises by export value, 2019

Source: VIRAC, GDVC

No. Enterprise No. Enterprise

1 11

2 12

3 13

4 14

5 15

6 16

7 17

8 18

9 19

10 20



69

Source: VIRAC, VRA

USD million

Source: VIRAC, GDVC

Export Market proprotion of rubber products by value, 2019

Exports of products made of rubber, 2010 – 2019





70

Source: VIRAC, VRA

USD million

Source: VIRAC, VRA

Export structure of products made of rubber, 2018

Source: VIRAC, GDVC

Exports of products made of rubber, 2018

71


Vietnam tires export volume, 2013 - 2019e

USD million



72

Tire export market of Vietnam, 2018eTypes of exported tires of Vietnam, 2018e





73

Source: VIRAC, GDVC, VRA



No. Enterprises

1

2

3

4

5

6

7

8

9

10

Top 10 companies in terms of export turnover of natural rubber gloves,

2018

Top 10 countries that export the largest natural rubber

gloves, 2018

Export structure of natural rubber gloves by

country, 2018

Million USD




3.3 Import export – Import

74

Source: VIRAC, MARD

USD million

Source: VIRAC, MARD

Thousand tons

Structure of natural rubber import volume by market, 2019

Import of natural rubber of Vietnam, 2013 – 2019

75

Source: VIRAC, VRA, GDVC

Source: VIRAC, GDVC

USD millionImport value of rubber products, 2013 – 2019

Structure of rubber products import value by country, 2019


3.3 Import export – Import


3.4 Price movements of natural rubber

76

Source: VIRAC, VRASource: VIRAC, VRA

Rubber price movement by type, 2019VND/kgExport price movement of Vietnamese natural

rubber, 2013 - 2019USD/ton

77

Source: VIRAC, Indexmundi

USD/kg


3.5 Risks - Industry risk

USD/barrelCorrelation between crude oil price and rubber price, 2018 – 2019



78

Planning risk

Exchange rate risk

79

Risks of substitute products

Weather risk





80

Risks of counterfeit, poor quality products

Market risk


3.5 Risks - SWOT analysis

81

S WTO


3.6 Industry planning - Natural rubber industry development planning

82

On September 3, 2009, the Prime Minister issued Decision No. 750/QD-TTg on approving the Master Plan on development of Vietnam's rubber industry up

to 2015, with orientations toward 2020.

Decisions include:

1. Development viewpoints

2. Development objectives

Planning orientation.



83

4. Some key solutions.



84


3.6 Industry planning - Planning for production of rubber products

85

On May 14, 2015, the Ministry of Industry and Trade issued Decision No. 4665/QD-BCT approving the Planning on development of Vietnam rubber

product production till 2025, with a vision to 2035. Decisions including:

1. Development viewpoints

2. Development objectives

3. Planning for development of Vietnam's rubber product production up to 2025 with a vision to 2035



86

• 4. Solutions and policies on the implementation of the Planning.

• a. Developing science and technology potential.



87

b. Solutions for developing and securing human resources.

c. Improve capacity of product quality management system.

d. Market solutions.



88

e. Solutions about investment.

f. Environmental protection solutions.

g. Solutions group about mechanisms and policies.


3.7 Industry driving forces, outlook and forecast – 3.7.1 Industry driving forces

89


3.7 Industry driving forces, outlook and forecast - 3.7.1 Industry driving forces

90

Opportunities from participating in WTO


3.7 Industry driving forces, outlook and forecast – 3.7.1 Industry driving forces

91

In addition, extensive economic integration with the world also brings many opportunities for Vietnam's natural rubber industry:

• Industry - production - consumption in the world (manufacturing aircraft, cars, motorcycles, manufacturing equipment and machinery for manufacturing,

healthcare, consumer goods ...) is growing and the demand for with rubber input materials getting higher and higher.


3.7 Industry driving forces, outlook and forecast – 3.7.2 Outlook

92

There are 6 elements impacting on natural rubber price in 2018, include:


3.7 Industry driving forces, outlook and forecast – 3.7.2 Outlook

93

2013 2014 2015 2016 2017 2018e CAGR

Forecasted demand for tires in Vietnam, 2013 – 2018eUnit: million units

Source: VIRAC, MOIT

94


3.7 Industry driving forces, outlook and forecast – 3.7.3 Forecast

Shorterm forecasts:

Forecast for global natural rubber supply, 2013 - 2022f

Thousand tons

Source: VIRAC


3.7 Industry driving forces, outlook and forecast - 3.7.3 Forecast

95

Source: VIRAC, VRA, ANPRC

Forecast for output of natural rubber exploitation, 2013 - 2022f

Thousand tons

4. ENTERPRISES

4. Enterprise

4.1 Enterprise introduction

97

Top enterprises in the natural rubber industry having largest revenue in 2018

Name Revenue in 2018 (billions)

4. Enterprise


98

No Enterprise Contact Information

1

2

3

Nội dung được xóa nhằm mục đích demo

4. Enterprise


99


4

5

6

7


4. Enterprise


100


8

9

10


101

4. Enterprise

4.2 Financial analysis – Profitability

Source: VIRAC

VND Million Net revenue growth rate, 2017-2018

After 2017 has witnessed a remarkable growth again, the revenue of the leading rubber companies recorded impressive growth, the average of the

whole industry recorded an increase of 19.87%. In 2018, despite the positive changes in Vietnam's rubber industry, businesses still face market

fluctuations from the US-China trade war. On the other hand, low rubber prices and continuous fluctuations are influenced by fluctuations in exchange

rates as well as world oil prices, making the revenue of the way businesses in 2018 does not have much breakthrough.

102

4. Enterprise


The company with the largest net revenue growth in 2018 is VRG Khai Hoan Corporation, with an increase in revenue in 2018 of x% compared to 2017,

and reaching x billion VND.

Dong Nai Rubber Company is the business with the largest net revenue decrease in 2018, up to x%. The main reason is due to many difficulties in the

production and business situation, causing the production output of enterprises to reduce by nearly x% compared to 2017, and inventories increased

by x% compared to 2017.

Dau Tieng Rubber Company also witnessed a decline in net sales in 2018. The reason is that due to the difficulties in the production and business

situation, the business focused more on the agricultural production segment and Other financial activities, causing net sales to decline

103

4. Enterprise


Source: VIRAC

VND Million Profit, 2017 - 2018

Having the highest profit target in 2018 is Dau Tieng Rubber with a gross profit margin of up to x%, an increase of more than x% compared to 2017.

104

4. Enterprise analysis

4.2 Financial analysis – Liquidity Ratios

Source: VIRAC

Liquidity Ratios, 2018VND millions

The average quick ratio and current average ratio of rubber industry in 2018 decreased slightly compared to 2017. Specifically, the quick ratio

decreased from x to x. The current ratio decreases from x to x.

105



Source: VIRAC

Source: VIRAC

Average payment period, 2018

In general, the receivable turnover ratio of enterprises in the rubber industry was maintained quite stable. Prominent among them are Vietnam - Italy

Limited Company and Dong Phu Rubber Joint Stock Company with average collection period of x and x days, respectively, much shorter than the

industry average (x).

106



Source: VIRAC

Source: VIRAC

Days in Inventory, 2018

The average number of days in inventory of rubber companies is 81 days, more than 2 months. In particular, Viet Y Co., Ltd. is the business with the

highest inventory days in 2018, up to x days. This is also the reason why the quick ratio of this business has always been low in recent years, and quite

different from the current payment index.

107


4.2 Financial analysis – Solvency

Source: VIRAC

Source: VIRAC

Solvency, 2017 - 2018

In general, rubber planting and processing enterprises have lower debt/total asset ratio as well as debt/equity ratio compared to enterprises producing

and processing rubber products.

108


4.2 Financial analysis – Performance efficiency

Source: VIRAC

Asset turnover, 2017-2018

The fixed asset turnover ratio of Viet Y Company Limited is very high

compared to other companies in the industry.

109


4.2 Financial analysis – Performance efficiency

Source: VIRAC

Administrative expenses, 2017 - 2018

Selling expenses, 2017 - 2018

Source: VIRAC


4.2 Financial analysis – Profit margin

151

Profit margin, 2017 - 2018

Source: VIRAC

In general, the profitability of the top rubber companies in 2018 has increased slightly due to a number of businesses with a sharp increase in business

performance in 2018 compared to 2017 such as Dau Tieng Rubber Company, Phuoc Hoa Rubber Company.

Da Nang Rubber Corporation

Appendix

Financial statement

152

BALANCE SHEET

Unit: dong 2017 2018

A. SHORT-TERM ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivable

1. Short-term receivables of customers

IV. Inventories

B. LONG-TERM ASSETS

I. Long term receivables

II. Fixed assets

TOTAL ASSETS

A. LIABILITIES

I. Current liabilities

1. Borrowings and short-term financial leased

liabilities

2. Taxes and other payables to the State budget

II. Long-term Liabilities

1. Borrowings and long-term financial leased

liabilities

2. Provision for long-term payables

B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses

TOTAL CAPITAL RESOURCES

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit

Revenue from financing activities

Financial expense

Loan interest expenses

Cost of sales

Enterprise administration expenses

Net profit from business operations

Total accounting profit before tax

Costs of current corporate income tax

Costs of deferred corporate income tax

Profit after tax

CASH FLOW STATEMENT


I. Cash Flow From Operating Activities

Net cash Flow From Operating Activities

II. Cash Flow From investing Activities

Net Cash Flow From investing Activities

III. Cash Flow From financing Activities

Net Cash Flow From financing Activities

Net Cash Flow of the year

Cash and equivalents in the beginning of the year

Cash and equivalents in the end of the year

Inoue Rubber Company Việt Nam

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Dongil Rubber Belt Việt Nam (DRB)

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Dau Tieng Rubber company

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Phu Rieng Rubber Company ltd.

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











VRG Khai Hoan JSC

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Phuoc Hoa Rubber company

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Viet – Y Company ltd.

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Dong Nai Rubber company (Donaruco)

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











Dong Phu Rubber Company (DORUCO)

Appendix

Financial statement

152

BALANCE SHEET







IV. Inventories

B. LONG-TERM ASSETS


II. Fixed assets

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY

I. Owner's equity

II. Other expenses


INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT











REPORT DISCLAIMER

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Documents

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