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VIETNAM BEVERAGE INDUSTRY REPORT 2017
1
Content
Executive summary 3
1 Business environment 6
1.1 Macroeconomic context 6
1.2 Legal barriers 13
1.3 Free trade agreements 18
2 Industry overview 24
2.1 Global market 24
2.1.1. Beer 25
2.1.2. Wine 36
2.1.3 Soft Drink 45
2.2 Local market 48
2.2.1. Beer 51
2.2.2. Wine 61
2.2.3 Soft Drink 75
2.3 Risk 90
3.2.1 4.1 SWOT analysis 91
2.3.2. Competitiveness analysis 92
2.3.3. Business risk 95
2.4 Planning and development 99
2.5 Prospect and prediction 101
2.5.1. 2.1 Motivational factors 102
2.5.2 Prediction 104
3 Enterprise analysis 112
3.1 Profitability 114
3.2 Operating capability 118
3.3 Financial strength 121
3.4 Return on investment 124
4 Appendix 126
2
Executive summary
3
Vietnam beverage industry came into being
years ago but just blossomed for the past
decade.
The local industry is capable of meeting
domestic consumption needs, with less
imports and more exports.
As of soft drinks, the industry has expanded on a
large scale and rapid growth given adequate
domestic supply.
The global beverage market has so far been on a
positive trend but with lots of unexplored
potentials.
2017 witnessed a sharp downturn in the industry
compared to the last year due to production
setbacks.
Executive summary
4
The wine market is on a small scale with falling
production.
There exists a few large-scale and strong -
branded enterprises in the industry such as
Sabeco, Habeco and Tan Hiep that are capable
of competing with FDI enterprises.
The industry has low debt rate, high liquidity
and high asset performance.
As estimated, the beer, wine and soft drink
segment will revenue 180 billion, 33 billion and
120 billion respectively by 2018.
Abbreviation
5
MOF Ministry of Finance
CAGR Compounded Annual Growth Rate
FI Foreign Investment
EVFTA EU-Vietnam Bilateral Trade Agreement
FAO Food and Agriculture Organization of the United Nations
FDI Foreign Direct Investment
FTA Free Trade Agreements
VA Value Added
IWSR International Wine & Spirit Research
MFN Most Favoured Nation
OIV International Organisation of Vine and Wine
GDVC General Department of Vietnam Customs
GSO General Statistics Office of Vietnam
SC Special Consumption
TPP Trans-Pacific Agreement TPP
UNFPA United Nations Population Fund
UNWTO World Tourism Organization
USDA U.S. Department of Agriculture
VAT Value Added Tax
VBA Association Beer - Alcohol - Beverage Vietnam
VIRAC VIRAC Joint Stock Company
WTO World Trade Organization
Content
1 Business environment
1.1 Macroeconomic context
1.2 Legal barriers
1.3 Free trade agreements
6
7
Source: VIRAC, GSO
1. Business environment
1.1 Macroeconomic context
Source: VIRAC, GSO
Monthly CPI fluctuations, 2014-2017
GDP growth, 2011 - 2017
8
Source: VIRAC, GSO
Source: VIRAC, GSO
1. Business environment
1.1 Macroeconomic context
CPI by item group, 2017
• The beverage and tobacco industry are among segments having
positive CPI growth in 2017.
• Vietnamese consumer confidence index fell by 1 point percent to 116
points in the third quarter of the year 2017.
Vietnam’s Consumer Confidence Index, Q1/2014 - Q1/2017
1. Business environment
1.1 Macroeconomic context
9
Source: Synthesized by VIRAC, BCG
• In 2017, the USD/VND exchange rate fluctuated around 22.400.
• 2017’s FDI rose sharply to 35.88 billion dollars, up 47.05% compared to
the same period in 2016.
Thousand
VND
VND/USD exchange rate, 2013-2017 Source: VIRAC, PVN
FDI capital, 2015-2017Billion
USD
1. Business environment
1.1 Macroeconomic context
10
Source: VIRAC, GDVC
Beverage industry’s shares in GDP, the period 2010-2015
Source: VIRAC, GSO
Billion USD
Commodity import – export, 2006 - 2017
Billion USDThe total im-export value reached 425.12 billion, up 21% corresponding
to 73.74 billion compared to 2016.
1. Business environment
1.1 Macroeconomic context
11
Beverage consumption is one of the important driving
factors behind consumer goods.
The young population creates a potential market for the
beverage industry.
Source: VIRAC, GSO
Million
people
Total population and working - age population structure, 2010-2017
Beverage and tobacco sectors’ CPI compared to the previous month
T4/2016-2017
Source: VIRAC, GSO
1. Business environment
1.1 Macroeconomic context
12
Source: VIRAC, Economist Intelligence Unit
Total disposable income, 2010-2020fThe increasing disposable income has stimulated expenditures on beverage
stuff.
Source: VIRAC, GSO
Billion USD
Vietnam’s retail sales 2011-2017
Content
I Business environment
1.1 Macroeconomic context
1.2 Legal barriers
1.3 Free trade agreements
13
14
1. Business environment
1.2. Legal framework
Legal framework’s impact on the industry
For state agencies
For businesses in the industry
Beverage export output 2010-2015
Source: VIRAC, GSO
15
1. Business environment
1.2. Legal framework
Thousand tons
Beer manufacturing enterprises 2010-2016 Profit margin before tax, 2010-2016 Beverage manufacturing growth 2011-2017
Source: VIRAC, GSOSource: VIRAC, GSOSource: VIRAC, GSO
Unit: %
16
1. Business environment
1.2. Legal framework
17
1. Business environment
1.2. Legal framework
Circulars and decrees of the special consumption tax on alcoholic beverages
SCT on alcoholic beverages are subject to the incremental roadmap as indicated
in Law No. 70/QH13/2014 and will increase gradually to 65% in 3 years’ time,
starting from January 1st, 2016.Commodity Date
Tax rate
(%)
SCT roadmap applicable to liquor and beer since 2016
Source: Synthesized by VIRAC
18
1. Business environment
1.2. Legal framework
New regulations on liquor imports.
Content
1 Business environment
1.1 Macroeconomic context
1.2 Legal barriers
1.3 Free trade agreements
19
• Tariffs:
3.1 WTO — Vietnam joined as the 150th member on November 7th, 2006
• Distribution markets:
• Investment environment:
WTO’s impact on Vietnam’s beverage industry:
Item
Most
Favoured
Nation(%)
Commitments with WTO
Tariff before
membership (%)
Final tariff
(%)
Implementa
tion span
Source: VIRAC, WTO
20
1. Business environment
1.3 Free trade agreements
• Tariffs:
3.2 EU-Vietnam Bilateral Trade Agreement (EVFTA) was signed on December 2nd, 2015 in Brussels, Belgium.
Entry commitments:Product Commitment
Source: European Commission - Vietnam’s Ministry of
Industry and Trade
21
1. Business environment
1.3 Free trade agreements
• Investment
EVFTA’s impact on Vietnam’s beverage industry:
3.3 CPTPP - Comprehensive Partnership and Transition Partnership Agreement
Commitments
• Tariff (commercial goods):
• Other commitments
22
1. Business environment
1.3 Free trade agreements
CPTPP’s impact on Vietnam’s beverage industry:
No. Item Tax - cutting
roadmap
1
2
3
4
5
Vietnam's commitments with CPTPP on import tariffs:
Source: VIRAC, Ministry of Finance
22
1. Business environment
1.3 Free trade agreements
3.4 Other trade agreements:
FTA’s impact on Vietnam’s beverage industry:
24
1. Business environment
1.3 Free trade agreements
Content
2. Industry overview
2.1 Global market
2.2 Local market
2.3 Risk
2.4 Planning and development
2.5 Prospect and prediction
25
2. Industry overview
2.1 Global market – 2.1.1. Beer
2.1.1 Beer
Input material: Malt, Hops
Regarding malt
26
The UK’s barley price developments 1/2012-2017
Source: VIRAC, Indexmundi
Unit: GBP/tonne
Global barley production and consumption, 10/11-17/18e
Million
tons
Source: VIRAC, USDA
2. Industry overview
2.1 Global market – 2.1.1. Beer
27
Market shares of 5 largest barley producers 2017/2018e
Source: VIRAC, USDA
Barley consumption for malt processing, 10/11-16/17
Million tons
Source: VIRAC, International Grains Council
2. Industry overview
2.1 Global market – 2.1.1. Beer
28
The UK’s malt price movements, 7/7/2011-2015
Source: VIRAC, Bloomberg
Unit: GBP/tonne
Malt export production in the world and Europe, 2010-
2015
Million tons
Million tons
There is a worldwide decline in malt exports, except for the European region, which
is forecast to be on the upward trend given favorable weather conditions in some
countries in the region: The UK and Spain.
Source: VIRAC, Euromalt, United Nations Trade Statistics
Malt production situations in the world and Europe, 2010-2014
2. Industry overview
2.1 Global market – 2.1.1. Beer
Regarding hops
29
Global hops farming and production 2008-2017e
Source: VIRAC, E-Malt.com, the International Hop Growers ' Convention,
Washington’s hops price movements 1982-2016
Source: VIRAC, U.S.D. A National Agricultural Statistics Service
$/lb (lb = pound = 0.45 kg)
Hops production has remained stable but prices hiked up in the period of 2005-2016. Market shares of 5 largest Hops producers 2017
Source: VIRAC, E-Malt.com, the International Hop Growers ' Convention,
2. Industry overview
2.1 Global market – 2.1.1. Beer
30
Source: VIRAC, Euromalt, United Nations Trade Statistics
Million
tons
Million
USD
Hops export situation, 2011-2016
Market shares of 5 world's largest Hops exporters 2016
2. Industry overview
2.1 Global market – 2.1.1. Beer
Global beer supply and demand
Global production is of large scale with two major hubs, including Asia and Europe. Irregularities due to prolonged droughts blew a huge hit to malt
production — the main input material. Against this setback, the industry still met the world’s consumption needs.
Global beer consumption and production 2010-2017eBeer output and growth rate of 7 regions 2017e
Source: Synthesized by VIRAC
31
Billion liter
Source: Synthesized by VIRAC
32
Top 10 countries having the highest beer im-export value 2016 Countries with highest beer im-export growth rates 2010-2015
Source: VIRAC, worldsrichestcountries.comSource: VIRAC, Euromalt, United Nations Trade Statistics
2. Industry overview
2.1 Global market – 2.1.1. Beer
Global beer output and exports, 2010-2016
Million
tons
Billion
USD
The beer market has distinctly divided into two groups: Multinational companies with capital, branding and distribution channel advantages and
indigenous manufacturers with a depth understanding of the local demand.
33
Production market shares of 5 world’s leading enterprises, 2016
Source: VIRAC, VBA
Consumption market shares of 5 world’s leading enterprises,
2016
Source: VIRAC, VBA
2. Industry overview
2.1 Global market – 2.1.1. Beer
34
RankLogo Brand Entity Nation
Brand value (million USD) Brand ranking
2017 2016 2017 2016 2017 2016
Source: brandirectory.com
10 highest-value beer brands, 2016-2017
1. Bud Light
2. Industry overview
2.1 Global market – 2.1.1. Beer
35
2. Budweiser
3. Heineken
4. Brahma
5. Skol
6. Asahi
2. Industry overview
2.1 Global market – 2.1.1. Beer
36
7. Corona Extra
8. Guinness
9. Cyrillic
10. Miller Lite
2. Industry overview
2.1 Global market – 2.1.1. Beer
Wine
37
2. Industry overview
2.1 Global market – 2.1.2. Wine
Top five European countries with the largest wine vineyard area
Source: VIRAC, THE OIV
Top five non- European countries with the largest wine vineyard area
Source: VIRAC, THE OIV
Wine-producing vineyard area, 2005-2016
Source: VIRAC, THE OIV
38
2. Industry overview
2.1 Global market – 2.1.2. Wine
Unit: million Output
Source: VIRAC, THE
OIV
Grape production in General, 2010-2016eMillion
tons
Source: VIRAC, THE OIV
Total vine production by country in 2016
39
2. Industry overview
2.1 Global market – 2.1.2. Wine
Wine production presents lots of discernable fluctuations while the
demand for consumption remained relatively stable during 2005-
2016.
Top five largest wine producers in the world, 2014-2016
Source: VIRAC, THE OIV
Global wine production and consumption, 2005-2016e100 million
litres
Market shares of five largest wine producers, 2016-2016
Source: VIRAC, THE OIV
Source: VIRAC, THE OIV
40
2. Industry overview
2.1 Global market – 2.1.2. Wine
Nation2015 (billion
liters)
2016 (billion
liters)
Changes during
2016/15
Top 5 largest wine consumers in the world, 2015-2016
Source: VIRAC, THE OIV
Source: VIRAC, THE OIV
Top 5 largest wine consumers in the world, 2016
Wine exports tend to climb up in value and output with major importers within the EU.
41
2. Industry overview
2.1 Global market – 2.1.2. Wine
Source: VIRAC OIV, GTA
Source: VIRAC, THE OIV
Nation
Wine export output,
2012-2016
(billion liters)
Export value
(billion EUR)
2015 2016 2015 2016
Wine export value and output 2000-2016e Largest wine exporters
42
2. Industry overview
2.1 Global market – 2.1.2. Wine
Largest wine importers
Nation
Import output, 2012-
2016
(billion liters)
Import value
(billion EUR)
2015 2016 2015 2016
Source: VIRAC OIV, GTA
43
2. Industry overview
2.1 Global market – 2.1.2. Wine
44
2. Industry overview
2.1 Global market – 2.1.2. Wine
The consumption demand for malt wine is on the rise alongside a slight increase in export values.
Largest malt wine importers 2016
Source: VIRAC, UN COMTRADE statistics
Malt wine consumption 2009-2016
Billion USD
45
2. Industry overview
2.1 Global market – 2.1.2. Wine
RankChan
geType of wine
Total
point
Total brand
point
Brand
quantity of
top 10
Most prevalent liquor types in the world 2016
Source: VIRAC, drinkspowerbrands.com
Rank Type of wineTotal brand
pointChange
World-class alcohol brands 2016
Source: VIRAC, drinkspowerbrands.com
46
2. Industry overview
2.1 Global market – 2.1.2. Wine
Rank Change Type of wine Total point ChangeTotal brand
pointChange
Brand quantity
of top 10Change
World’s largest wine traders and producers 2015
Source: VIRAC, drinkspowerbrands.com
Rank Change Type of wine Total point ChangeTotal brand
pointChange
Brand quantity
of top 10Change
-
World - famous wine exporters 2015
Source: VIRAC, drinkspowerbrands.com
The soft drink market has still maintained an intense growth of more than 8 percent
with a CARG of 3.08% in the period of 2009-2015.
47
2. Industry overview
2.1 Global market – 2.1.3. Soft Drink
Soft dink sales, 2010-2015
Source: VIRAC, VBA, Datamonitor
Unit: billion
Soft drink value and output 2010-2016
Thousand
tons
Million
USD
Source: VIRAC, Euromonitor
Fizzy drinks are still the most preferred but the demand for
consumption is shifting to bottled water and fruit juice.
48
2. Industry overview
2.1 Global market – 2.1.3. Soft Drink
Sales of soft drink lines 2015
Source: VIRAC, VBA
RankLogo Brand Entity
Brand value (million USD)Change
Brand
ranking2016 2017 2016 2017
10 highest-value soft drink brands, 2016-2017
Source: brandfinance
49
2. Industry overview
2.1 Global market – 2.1.3. Soft Drink
Coca-Cola and Pepsico has taken the lead in the industry, contributing 8 out of 10 largest - value brands. Coca-Cola is dubbed as the most expensive
global brand, reaching 31.89 billion, up 6% compared to 2016.
Fizzy soft drink supplemental and sports drink Fruit juice Bottled water
Source: VIRAC, Bloomberg Intelligent, VBA
Content
2. Industry overview
2.1 Global market
2.2 Local market
2.3 Risk
2.4 Planning and development
2.5 Prospect and prediction
50
The drinks industry has a large scale and high growth potential. Production is gradually meeting the demand, with increasing exports and falling
imports.
51
2. Industry overview
2.2 Local market
Local soft drink im-export import, 2010-2016e
Thousand
tons
Source: VIRAC, UN COMTRADE
statistics
Local soft drink production and consumption, 2010-2017
Billion
liter
Source: VIRAC, GDVC
Billion
VND
Segment structure and shifting during 2010-2017 recorded no significant change. Beer and soft drinks were still dominant while the wine segment only
made up the small share.
52
2. Industry overview
2.2 Local market
Production structure by segment 2010-2017
Source: VIRAC, GDVC
Source: Synthesized by VIRAC
The beer value chain
Agriculture Malt
Brewing
Agency Consumer
Packaging
53
2. Industry overview
2.2 Local market – 2.2.1. Beer
2.2.1. Beer
Vietnam’s major malt export areas, 2016e
Malt and hops import 2010-2016
Source: VIRAC, Euromalt, United Nations Trade Statistics
The beer industry depend its input material on imports, mainly for malt.
Source: VIRAC, Euromalt, United Nations Trade
Statistics
54
2. Industry overview
2.2 Local market – 2.2.1. Beer
Input material
Thousand kg
Malt import situations, 2010-2016
Source: VIRAC, Euromalt, United Nations Trade Statistics
Million
tons
Europe
55
2. Industry overview
2.2 Local market – 2.2.1. Beer
Vietnam’s hops supply structure 2016
Source: VIRAC, Euromalt, United Nations Trade
Statistics
Thousand kg
Source: VIRAC, Euromalt, United Nations Trade
Statistics
Hops import to Vietnam, 2010-2016e
56
2. Industry overview
2.2 Local market – 2.2.1. Beer
Production-consumption
The domestic beer industry is in surplus due to production beyond
consumption demand. However, there is much space for growth, particularly
the high-end beer segment.
Local beer production and consumption, 2010 – 2017
Source: VIRAC, GSO
Billion
liter
Thousand
billion VND
Beer consumption structure,
2017
Source: VIRAC, GSO
57
2. Industry overview
2.2 Local market – 2.2.1. Beer
Inventories
Million USD
Beer inventories, 2011-2017
Source: VIRAC, GSO
Beer inventory structure, 2011-2017
Source: VIRAC, GSO
The beer market has a discernable concentration with more than 90% of the value belong to such giant corporations as: Sabeco, Habeco, Heineken,
Carlsberg, Tiger.
58
2. Industry overview
2.2 Local market – 2.2.1. Beer
Internal competition
Domestic consumption market shares, 2016
Source: VIRAC Source: VIRAC
Top 10 Vietnam’s beer brands, 2016
59
2. Industry overview
2.2 Local market – 2.2.1. Beer
Other beer labels
Masan Brewery
Sapporo
AB InBev
60
2. Industry overview
2.2 Local market – 2.2.1. Beer
61
2. Industry overview
2.2 Local market – 2.2.1. Beer
Vietnamese beer is gradually penetrating the world market, with increasing
exports and falling imports, which contributes to boosting the production.
Source: VIRAC, GDVC
Largest beer suppliers for Vietnam 2017e
Thousand
tons
Million
USD
Source: VIRAC, Euromalt, United Nations Trade Statistics
Beer import – export, 2010 –2017
Beer consumption market largest Vietnam
2017e
Source: VIRAC, GDVC
62
2. Industry overview
2.2 Local market – 2.2.1. Beer
63
2. Industry overview
2.2 Local market – 2.2.1. Beer
Payment methods of beer export enterprises 2017
Beer export delivery conditions 2017
Source: VIRAC, GDVC
Purchasing method:
64
2. Industry overview
2.2 Local market – 2.2.1. Beer
10 Vietnam’s biggest beer exporters 2017e 10 Vietnam’s biggest beer importers 2017e
Source: VIRAC, GDVC
Main Vietnam beer import partners, 2017e Main beer export partners to Vietnam, 2017e
Source: VIRAC, GDVCSource: VIRAC, GDVC
Source: VIRAC, GDVC
65
2. Industry overview
2.2 Local market – 2.2.1. Beer
Distribution system
Beer consumption by distribution channels, 2011-2016
Source: VIRAC, Euromonitor
End-user beer price structure
Source: VIRAC, Euromonitor
Agriculture Vine
FermentationPressing, filtering
and smoothingPackagingWine brewing
Squeezed grape
juiceMixing
Consumer
Agency
Source: Synthesized by VIRAC
66
The wine value chain
Regarding wine
2. Industry overview
2.2 Local market – 2.2.2. Wine
Source: Synthesized by VIRAC
Regarding malt wine
AgricultureGrapes, cereals,
sugar cane
Fermentation Distillation PackagingWine brewing Mixing
Consumer
Agency
67
2. Industry overview
2.2 Local market – 2.2.2. Wine
Input material
68
2. Industry overview
2.2 Local market – 2.2.2. Wine
Rice and other cereals
Vine
69
2. Industry overview
2.2 Local market – 2.2.2. Wine
Production-consumption
The wine market is on a small scale with falling consumption.
70
2. Industry overview
2.2 Local market – 2.2.2. Wine
Million
litres
Domestic liquor production and consumption 2010-2017e
Source: VIRAC, GDVC
Consumer trends shifted from ordinary wines to vine and high-end ones. The local vine market has a great potential for growth while the malt wine
segment is gloomy, with a shortage of high-quality products.
71
2. Industry overview
2.2 Local market – 2.2.2. Wine
Billion
VND
Million
litres
Wine inventories, 2010-2017
Source: VIRAC, GSO
Sales of vine and malt wines 2010 - 2017
Source: VIRAC, GSO
72
2. Industry overview
2.2 Local market – 2.2.2. Wine
Internal competition
As of the malt wine segment, Halico occupies the largest consumption share with 2 prevalent brands, including Hanoi Vodka and Hanoi New Rice.
Malt wine consumption of production enterprises, 2016
Source: VIRAC
Malt wine consumption market share, 2016
Source: VIRAC
Avinaa
73
2. Industry overview
2.2 Local market – 2.2.2. Wine
The local vine wine market is distinctly and Thang Long wine contributes a large share to the market. In addition, local enterprises produce only low-
cost wine lines.
Source: VIRAC
Vine wine consumption of production enterprises, 2016 Vine wine consumption market share by output, 2016
Source: VIRAC
Import – export
Domestic wine is exported in small and low-value quantities, while high-end
imports are worth 30 times higher.
74
2. Industry overview
2.2 Local market – 2.2.2. Wine
Million
USD
Thousand
tons
Source: VIRAC, United Nations Trade Statistics, GDVC
Thousand
tons
Million
USD
Source: VIRAC, United Nations Trade Statistics, GDVC
Vine wine import and export 2010-2017e
Alcohol import and export 2010-2017e
75
2. Industry overview
2.2 Local market – 2.2.2. Wine
Million
USD
Thousand
tons
Source: VIRAC, United Nations Trade Statistics, GDVC
Major wine suppliers to Vietnam, 2017e
Source: VIRAC, United Nations Trade Statistics, GDVC
Malt wine import and export 2010-2017e
76
2. Industry overview
2.2 Local market – 2.2.2. Wine
In 2017, wine imports from Laos also rose sharply to due the fact that
glutinous rice wine and white wine with an alcoholic concentration of
under 39% are much favored.
Vietnam’s major wine exports 2017e
Source: VIRAC, United Nations Trade Statistics, GDVC
77
2. Industry overview
2.2 Local market – 2.2.2. Wine
Asia has maintained a key malt wine supplier and consumer of Vietnam
Vietnam’s larges malt wine suppliers 2017e
Source: VIRAC, GDVC
Vietnam’s larges malt wine consumers 2017e
Source: VIRAC, GDVC
78
2. Industry overview
2.2 Local market – 2.2.2. Wine
Source: VIRAC, GDVC
10 Vietnam’s biggest malt wine importers 20107e 10 Vietnam’s biggest malt wine exporters 20107e
Top 10 Vietnam’s malt wine importers 2017eTop 10 malt wine exporters to Vietnam 2017e
Source: VIRAC, GDVC
Source: VIRAC, GDVCSource: VIRAC, GDVC
79
2. Industry overview
2.2 Local market – 2.2.2. Wine
Source: VIRAC, GDVC
Top 10 Vietnam’s largest malt wine exporting enterprises 2017e Top 10 Vietnam’s largest malt wine importing enterprises 2017e
Top 10 largest malt wine exporters to Vietnam 2017e Top 10 Vietnam’s largest malt wine importers 2017e
Source: VIRAC, GDVC
Source: VIRAC, GDVCSource: VIRAC, GDVC
The soft drink industry
Source: Synthesized by VIRAC
Pure water/mineral water
Mineral water
sourcesFiltration Cooling Bacterial filtration Bottling
AgencyConsumer
Synthesized
by VIRAC
Industrial
water
Soft
drink
LiddingHeat
treatmentBottling Agency
Consume
r
Cooling
CO2
loading
Fizzy soft drink
Source: Synthesized by VIRAC
80
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Fruit juice
Source: Synthesized by VIRAC
Agriculture Fruit
PressingManual
filtrationFruit gel Purifying
Crystal
filtrationProcessing
Agency
Filling
Consumer
.
81
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Input material
Sugar
Mineral water
Green tea leaves
82
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Fruit
Flavorings
83
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
84
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Production - consumption
The soft drink market runs on a large scale and high growth rate that gradually
meets the local consumption.
85
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Domestic soft drink production and consumption
2010-2017e
Billion
liter
Thousand billion
VND
Source: VIRAC, GSO
Soft drink consumption structure (by volume) 2017e
Source: VIRAC, GSO
The soft drink market has a high level of inventories compared to beer and wine, increasing sharply in the period of 2015-2017
86
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Inventories
Unit: million liters
2010 2017
Source: VIRAC, GSO
Inventory structure by product lines 2010-2017
Soft drink inventories 2010 – 2017
Source: VIRAC, GSO
The soft drink market has a high concentration level and great growth potentials which are very much attractive to investors. The domestic enterprises
remain weak with inadequate production capacity compared to foreign businesses.
Total soft drink enterprises 2010-2016
Source: VIRAC, TCKT
87
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Internal competition
88
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Vietnam’s soft drink market shares, 2016
Source: VIRAC
Soft drink line market shares, 2016
Source: VIRAC
89
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Exports have exceeded imports but with lower values.
Import – export
Source: VIRAC, United Nations Trade Statistics, GDVC
Thousand tons Thousand kg
Soft drink export and import, 2010-2017e
Fruit juice exports are potential, bringing about high revenue for the
country due to abundant raw material sources.
Source: VIRAC, United Nations Trade Statistics, GDVC
Thousand tons Thousand kg
90
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Source: VIRAC, United Nations Trade Statistics, GDVC
Thousand tons Thousand kg
Fruit juice export and import, 2010-2017e
Soft beverage export and import, 2010-2017e
Source: VIRAC, United Nations Trade Statistics, GDVC
The Asia is a main fruit juice consumer and supplier Vietnam.
Vietnam’s fruit juice consumer structure 2017e Vietnam’s fruit juice supplier structure 2017e
Source: VIRAC, United Nations Trade Statistics, GDVC
91
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Similar to the fruit juice segment, Vietnam’s soft drink also deals with the Asia as a major im-exporter.
Vietnam’s soft drink consumer structure 2017e Vietnam’s soft drink supplier structure 2017e
Source: VIRAC, Euromalt, United Nations Trade Statistics
92
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Source: VIRAC, United Nations Trade Statistics
93
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Source: VIRAC, GDVC
10 Vietnam’s biggest soft drink importing enterprises 2017e 10 Vietnam’s biggest soft drink exporting enterprises 2017e
Top largest fresh drink exporters Vietnam 2017e Top Vietnam’s largest fresh drink importers 2017e
Source: VIRAC, GDVC
Source: VIRAC, GDVCSource: VIRAC, GDVC
94
2. Industry overview
2.2 Local market – 2.2.3. Soft Drink
Source: VIRAC, GDVC
10 Vietnam’s biggest fruit juice exporting enterprises 2017e
Top 10 fruit juice exporters to Vietnam 2017e
10 Vietnam’s biggest fruit juice importing enterprises 2017e
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Top 10 fruit juice importers to Vietnam 2017e
Content
2. Industry overview
2.1 Global market
2.2 Local market
2.3 Risk
2.4 Planning and development
2.5 Prospect and prediction
95
2. Industry overview
2.3 Risks - 2.3.1 SWOT analysis
Strength: Weakness:
Opportunities: Challenges:
96
0
1
2
3
4
5
Source: Synthesized by
VIRAC
-1
1
3
5 Customer power
Source: Synthesized by
VIRAC
97
2. Industry overview
2.3 Risks -2.3.2 Competitiveness analysis (5-forces)
Supplier power
0
1
2
3
4
5
Source: Synthesized by
VIRAC
0
1
2
3
4
5
Nguồn: VIRAC tổng hợp
Potential competitors
98
2. Industry overview
2.3 Risks -2.3.2 Competitiveness analysis (5-forces)
Subsitute product risks
0
1
2
3
4
5
Source: Synthesized by
VIRAC
012345
Internal competition
Source: Synthesized by
VIRAC
99
2. Industry overview
2.3 Risks -2.3.2 Competitiveness analysis (5-forces)
3.1 Production risks
• Input material risks:
• Food safety risks:
100
2. Industry overview
2.3 Risks - 2.3.3 Operating risks
• Production policy risks:
• Supply chain risks:
• Consumption policy risks:
101
2. Industry overview
2.3 Risks - 2.3.3 Operating risks
• Competitiveness risks:
• Consumer taste risks:
102
2. Industry overview
2.3 Risks - 2.3.3 Operating risks
• Media communication risks:
• M&A risks:
103
2. Industry overview
2.3 Risks - 2.3.3 Operating risks
Content
2. Industry overview
2.1 Global market
2.2 Local market
2.3 Risk
2.4 Planning and development
2.5 Prospect and prediction
104
Target Beer Wine Soft Drink
Product planning:
Region
Production capacity by
region (million litres)
Capital
investment
2011-2015
(billion VND)2015 2025
Production area planning and
capital investment
Source: VIRAC
Source: VIRAC
105
2. Industry overview
2.4 Planning and development
Content
2. Industry overview
2.1 Global market
2.2 Local market
2.3 Risk
2.4 Planning and development
2.5 Prospect and prediction
106
Population:
Income:
Lifestyle and consumer habits:
107
2. Industry overview
2.5 Prospect and prediction -2.5.1 Motivations
FTAs’ positive impacts
Other factors
108
2. Industry overview
2.5 Prospect and prediction -2.5.1 Motivations
Source: VIRAC, VBA
109
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
Sub-sector
Annual forecast (billion VND)Average growth rate (%)
2018f 2019f 2020f
Sub-sectoral consumption price forecast (including both domestic and imported products), 2018-2020
Product development trend
Beer:
No. Entity Project
Total
invest
ment
Impleme
ntation
span
Capacity (
million
tons/year)
Phas
e I
Phase
II
1
2
3
4
5
6
7
Built and inaugurated beer factories, 2015-2019
Source: Synthesized by VIRAC
110
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
Liquor:
Soft Drink:
111
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
No. Entity ProjectTotal
investmentImplementation span
Capacity ( million
tons/year)
Phase IPhase
II
Built and inaugurated soft drink plants, 2015-2017
Source: Synthesized by VIRAC
112
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
Relevant sector development trends
Tourism:
113
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
114
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
Retailing sector:
11/1/2011 11/1/2012. 11/1/2014 11/1/2015
100%-FDI enterprises’ market penetration roadmap
Source: Synthesized by VIRAC
115
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
No. FDI enterprise Total investment Plan/activitty
1
2
3
4
Source: Synthesized by VIRAC
FDI enterprises’ retailing projects and plans have been launched in Vietnam
116
2. Industry overview
2.5 Prospect and prediction - 2.5.2 Prediction
Content
117
3 Enterprise analysis
3.1 Profitability
3.2 Operating capability
3.3 Financial strength
3.4 Return on investment
3. Enterprise analysis
List of major beverage enterprises, 2015
No. FDI enterprise Net revenue (billion)OWNER’S EQUITY
(billion VND)State ownership
Total assets
(billion VND)
1
2
3
4
5
6
7
8
9
10
List of 13 major beverage enterprises 2016
Source: Synthesized by
VIRAC
118
Content
119
3 Enterprise analysis
3.1 Profitability
3.2 Operating capability
3.3 Financial strength
3.4 Return on investment
120
3. Enterprise analysis
3.1 Profitability
Billion
VND
Source: Synthesized by
VIRAC
Rate of turnover, 2015-2016
121
3. Enterprise analysis
3.1 Profitability
122
3. Enterprise analysis
3.1 Profitability
Billion
VND
Gross profit and gross profit margin, 2016
Source: Synthesized by
VIRAC
Content
123
3 Enterprise analysis
3.1 Profitability
3.2 Operating capability
3.3 Financial strength
3.4 Return on investment
124
3. Enterprise analysis
3.2 Operating capability
Turnover of receivables 2016
Unit: times
Source: Synthesized by VIRAC
Source: Synthesized by VIRAC
Corporate inventory turnover 2016
125
3. Enterprise analysis
3.2 Operating capability
Asset performance, 2016
Unit: times
Source: Synthesized by VIRAC
Content
126
3 Enterprise analysis
3.1 Profitability
3.2 Operating capability
3.3 Financial strength
3.4 Return on investment
127
3. Enterprise analysis
3.3 Financial strength
Tan Hiep Phat and Vang Thang Long have debt/equity as well as debt/total assets many times higher than the industry average.
Solvency capacity, 2016
Source: Synthesized by
VIRAC
128
3. Enterprise analysis
3.3 Financial strength
Payment capacity, 2016
Source: Synthesized by VIRAC
Content
129
3 Enterprise analysis
3.1 Profitability
3.2 Operating capability
3.3 Financial strength
3.4 Gross profit margin 2015
130
3. Enterprise analysis
3.4 Gross profit margin
Source: Synthesized by VIRAC
ROA and ROE 2015-2016
Content
131
4 Appendix
Financial Statements
BALANCE SHEET
Unit: billion 2016 2015
A. SHORT-TERM ASSETS 12,198.336 10,714.345
I. Cash and cash equivalents 7,935.974 3,444.825
II. Short-term financial investments 942.767 3,174.321
III. Short-term receivables 1,079.602 1,090.133
1. Short-term receivables from customers 621.220 551.218
IV. Inventories 1,922.405 2,126.217
B. LONG-TERM ASSETS 9,811.971 8,478.519
I. Long-term receivables 34.493% 38.348
II. Fixed assets 5,854.864 5,462.593
1. Tangible fixed assets 4,843.868 4,478.036
2. Intangible fixed assets 1,010.996 984.557
TOTAL ASSETS 22,010.308 19,192.865
A. LIABILITIES 9,920.563 6,759.685
I. Short-term liabilities 9,173.056 6,473.888
1. Short-term liabilities and loans 1,051.665 1,042.309
2. Taxes and amounts payable to the state 4,261.381 803.768
II. Long-term liabilities 747.527 285.796
1. Long-term liabilities and loans 610.451 164.412
2. Long-term provisions 0.629 0.568
B. OWNER’S EQUITY 12,089.725 12,433.180
TOTAL LIABILITIES AND OWNER’S EQUITY 22,010.308 19,192.8654
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 27,144.301 30,568.677
Costs of goods sold 19,645.986 22,301.142
Gross revenues from sales and services 7,498.315 8,267.535
Financial income 418,647 751.041
Financial cost -121,795 68.664
Interest expenses -76,591 -82,182
Cost of sales 2,682.965 2,781.731
Enterprise administration expenses 1,154.417 781.828
Net profits from operating activities 4,330.037 5,692.001
Total net profit before tax 4,366.070 5,707.398
Current corporate income tax expense -1,069.232 -254.202
Deferred corporate income tax expense 209,702 -798.606
Profit after tax 3,506.540 4,654.589
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 635,242 633.843
Unrealized foreign exchange gain/loss 0.384 1,407
Net cash flows from operating activities 2,157.735 826.860
II. Cash flows from investing activities
Other long-term assets -308.673 -280,897
Net cash flows from investing activities 382,658 -1,110.944
III. Cash flows from financial activities
Net cash flows from financial activities -1,359.478 -4,207.056
Effect of exchange rate fluctuations 0 -7,842
Net cash flows during the fiscal year 1,180.916 -4,491.141
4. Appendix
Financial statements- Saigon Beer-Alcohol-Beverage Joint Stock Corporation (Sabeco)
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 214.777
Unrealized foreign exchange gain/loss -0.589
Net cash flows from operating activities -5,246.849
II. Cash flows from investing activities
Other long-term assets -347.666
Net cash flows from investing activities -370.274
III. Cash flows from financial activities
Net cash flows from financial activities -4,000.000
Effect of exchange rate fluctuations -0.589
Net cash flows during the fiscal year 876.575 -1,023.378
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 3,568.710 6,456.490
I. Cash and cash equivalents 2,571.082 3,594.924
II. Short-term financial investments 0 0
III. Short-term receivables 125.661 2,122.204
1. Short-term receivables from customers 0.830
IV. Inventories 858.953 730.844
B. LONG-TERM ASSETS 6,709.789 6,152.983
I. Long-term receivables 1,526.500
II. Fixed assets 2,142.223 2,247.736
1. Tangible fixed assets 2,107.569 2,416.081
2. Intangible fixed assets 34.653 19,364
TOTAL ASSETS 10,278.499 14,895.147
A. LIABILITIES 4,398.542 6,337.545
I. Short-term liabilities 3,485.610 5,485.944
1. Short-term liabilities and loans 0.000 0.000
2. Taxes and amounts payable to the state 1,199.541
II. Long-term liabilities 912.932 851,600
1. Long-term liabilities and loans 0.000 0.000
2. Long-term provisions 146.322
B. OWNER’S EQUITY 5,879.957 8,557.602
TOTAL LIABILITIES AND OWNER’S EQUITY 10,278.499 14,895.147
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 15,420.333 21,366.934
Costs of goods sold 7,031.834 9,007.973
Gross revenues from sales and services 8,388.499 12,358.960
Financial income 143.461 151.207
Financial cost 9,298 2.699
Interest expenses 0
Cost of sales 2,187.740
Enterprise administration expenses 245.259
Net profits from operating activities 6,089.664 9,456.697
Total net profit before tax 6,069.098 9,471.363
Current corporate income tax expense 1,368.021 1,871.632
Deferred corporate income tax expense -34,926 37.084
Profit after tax 4,736.003 7,562.645
4. Appendix
Financial statements- Vietnam Brewery Limited Company (VBL)
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 5,128.817 5,171.411
I. Cash and cash equivalents 2,514.376 1,724.092
II. Short-term financial investments 1,155.823 1,837.891
III. Short-term receivables 461,599 484.805
1. Short-term receivables from customers 250,025 308.146
IV. Inventories 834,636 937.972
B. LONG-TERM ASSETS 4,796.652 4,609.310
I. Long-term receivables 1,783 1.505
II. Fixed assets 4,050.374 3,848.782
1. Tangible fixed assets 4,000.408 3,797.471
2. Intangible fixed assets 49.965 51.310
TOTAL ASSETS 9,925.469 9,780.721
A. LIABILITIES 3,849.214 3,243.020
I. Short-term liabilities 2,898.672 2,522.692
1. Short-term liabilities and loans 616.885 816.382
2. Taxes and amounts payable to the state 1,315.744 506,276
II. Long-term liabilities 950,543 720.328
1. Long-term liabilities and loans 635.282 445.952
2. Long-term provisions 0 0
B. OWNER’S EQUITY 6,076.255 6,537.701
TOTAL LIABILITIES AND OWNER’S EQUITY 9,925.469 9,780.721
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 9,638.446 9,995.967
Costs of goods sold 7,020.511 7,212.213
Gross revenues from sales and services 2,617.935 2,783.753
Financial income 168.784 145,513
Financial cost 82.108 74.578
Interest expenses 78.924 72,905
Cost of sales 1,162.132 1,188.085
Enterprise administration expenses 407,745 508,777
Net profits from operating activities 1,170.576 1,185.237
Total net profit before tax 1,260.974 1,049.807
Current corporate income tax expense 269.724 236.883
Deferred corporate income tax expense -8,104 16,226
Profit after tax 945.353 796.697
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 626.804 492.079
Unrealized foreign exchange gain/loss -0.509 -0.920
Net cash flows from operating activities 1,367.891 295,407
II. Cash flows from investing activities
Other long-term assets -299.891 -325.715
Net cash flows from investing activities -874,784 -845,115
III. Cash flows from financial activities
Net cash flows from financial activities -514.388 -240.578
Effect of exchange rate fluctuations -0.216 2.260
Net cash flows during the fiscal year -21.281 -790.286
4. Appendix
Financial statements- Hanoi Beer-Alcohol-Beverage Joint Stock Corporation (Habeco)
BALANCE SHEET
Unit: billion 2016 2015
A. SHORT-TERM ASSETS 208,882 139,135
I. Cash and cash equivalents 4,075 871
II. Short-term financial investments 0 0
III. Short-term receivables 36,092 24,822
1. Short-term receivables from customers
IV. Inventories 168,047 111,998
B. LONG-TERM ASSETS 168,657 181,784
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets 148,154 150,885
2. Intangible fixed assets 1,671 1,790
TOTAL ASSETS 377,539 320,919
A. LIABILITIES 163,762 275,021
I. Short-term liabilities 163,762 275,021
1. Short-term liabilities and loans 35,720 30,902
2. Taxes and amounts payable to the state 26.709 53.999
II. Long-term liabilities 0 0
1. Long-term liabilities and loans 0 0
2. Long-term provisions 0 0
B. OWNER’S EQUITY 157.157 105.753
TOTAL LIABILITIES AND OWNER’S EQUITY 320.920 384,452
1
REPORT ON BUSINESS RESULTS
Unit: million 2015 2016
Net revenue from sales and services 224,445 173,865
Costs of goods sold 225,489 161,717
Gross revenues from sales and services -1,044 12,147
Financial income 83 153
Financial cost 1,671 1,255
Interest expenses 0 0
Cost of sales
Enterprise administration expenses
Net profits from operating activities -14,870 -1,295
Total net profit before tax -20,433 -1,676
Current corporate income tax expense 0 0
Deferred corporate income tax expense 0 0
Profit after tax -20,433 -1,676
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 0 0
Unrealized foreign exchange gain/loss 0 0
Net cash flows from operating activities -76,129 -42,597
II. Cash flows from investing activities
Other long-term assets -49
Net cash flows from investing activities -1,360 -1,733
III. Cash flows from financial activities
Net cash flows from financial activities 77,063 47,535
Effect of exchange rate fluctuations 6 0
Net cash flows during the fiscal year -425 3,204
4. Appendix
Financial statements- Aroma Beer-Alcohol-Beverage Joint Stock Corporation (Aroma)
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 89.766 88,090
I. Cash and cash equivalents 5.304 2.064
II. Short-term financial investments 0 0
III. Short-term receivables 34.127 24.245
1. Short-term receivables from customers 26.780 19,709
IV. Inventories 50.057 57.867
B. LONG-TERM ASSETS 31,796 43.292
I. Long-term receivables 3.794 0
II. Fixed assets 13.952 17.907
1. Tangible fixed assets 13.952 17,883
2. Intangible fixed assets 0.034 0.024
TOTAL ASSETS 121.562 131.383
A. LIABILITIES 96,724 91.595
I. Short-term liabilities 92,481 88,125
1. Short-term liabilities and loans 60,815 49,076
2. Taxes and amounts payable to the state 13.480 1.976
II. Long-term liabilities 4.242 3.470
1. Long-term liabilities and loans 0 0
2. Long-term provisions 0 0
B. OWNER’S EQUITY 30.463 23.574
TOTAL LIABILITIES AND OWNER’S EQUITY 127.187 115,169
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 83.385 79,780
Costs of goods sold 66.074 61.664
Gross revenues from sales and services 17,311 18.115
Financial income 0.095 0.246
Financial cost 5,790 6.297
Interest expenses 5.789 6.296
Cost of sales 3.850 3,509
Enterprise administration expenses 4.961 4.823
Net profits from operating activities 2.803 3.789
Total net profit before tax 3,643 3.856
Current corporate income tax expense 0.838 1,155
Deferred corporate income tax expense 0 0
Profit after tax 2.805 2,700
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 0 1.746
Unrealized foreign exchange gain/loss 0 0
Net cash flows from operating activities -10.236 8.598
II. Cash flows from investing activities
Other long-term assets -5.367 6.029
Net cash flows from investing activities -4.203 -8.705
III. Cash flows from financial activities
Net cash flows from financial activities 12.061 -3,133
Effect of exchange rate fluctuations 0 0
Net cash flows during the fiscal year -2,378 -3,240
4. Appendix
Financial statements- Thang Long Wine Joint Stock Company
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 189.079 182.729
I. Cash and cash equivalents 25.674 22.878
II. Short-term financial investments 0.000 0.000
III. Short-term receivables 74.369 58.480
1. Short-term receivables from customers 70.424 49.195
IV. Inventories 88.678 100.490
B. LONG-TERM ASSETS 24,027 47,231
I. Long-term receivables 0.167 0181
II. Fixed assets 18.786 40,386
1. Tangible fixed assets 18.547 40.203
2. Intangible fixed assets 0239 0.182
TOTAL ASSETS 213,106 229.960
A. LIABILITIES 56,597 52,429
I. Short-term liabilities 56,242 52,429
1. Short-term liabilities and loans 10.971 13,046
2. Taxes and amounts payable to the state 20.743 17,414
II. Long-term liabilities 0.355 0.460
1. Long-term liabilities and loans 0.355 0.460
2. Long-term provisions 0.000 0.000
B. OWNER’S EQUITY 156.509 177.071
TOTAL LIABILITIES AND OWNER’S EQUITY 213,106 229.960
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 420,702 443,075
Costs of goods sold 349,526 396.741
Gross revenues from sales and services 71.176 46.333
Financial income 1.470 0956
Financial cost 2.279 2.209
Interest expenses 0752 1.232
Cost of sales 20.755 6.149
Enterprise administration expenses 19,072 13.274
Net profits from operating activities 30,541 25.656
Total net profit before tax 31,042 25.745
Current corporate income tax expense 6.169 5,183
Deferred corporate income tax expense -0.086 0
Profit after tax 24.959 20.562
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 5.588 5.741
Unrealized foreign exchange gain/loss 0 0
Net cash flows from operating activities (21,853) 24.516
II. Cash flows from investing activities
Other long-term assets -5,502 -29.657
Net cash flows from investing activities 7.777 -29,300
III. Cash flows from financial activities
Net cash flows from financial activities -6,538 1,988
Effect of exchange rate fluctuations 0.029 1
Net cash flows during the fiscal year -20.613 -2,795
4. Appendix
Financial report- Ladofood Company Ltd.
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 1,705.321 1,715.240
I. Cash and cash equivalents 10,903 50.609
II. Short-term financial investments 0 0
III. Short-term receivables 1,363.910 1,166.014
1. Short-term receivables from customers 689,253
IV. Inventories 271.330 428.223
B. LONG-TERM ASSETS 1,706.654 2,379.173
I. Long-term receivables 0 0
II. Fixed assets 1,702.733 2,376.105
1. Tangible fixed assets 849.568 642,908
2. Intangible fixed assets 853.165 1,733.197
TOTAL ASSETS 3,411.975 4,094.888
A. LIABILITIES 3,132.022 2,795.777
I. Short-term liabilities 3,016.865 2,240.635
1. Short-term liabilities and loans 2,566.511
2. Taxes and amounts payable to the state 166.672
II. Long-term liabilities 115,157 555.142
1. Long-term liabilities and loans 3,524
2. Long-term provisions 0 0
B. OWNER’S EQUITY 279.953 1,299.110
TOTAL LIABILITIES AND OWNER’S EQUITY 3,411.975 3,907.421
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2016
Net revenue from sales and services 5,842.283 4,569.211
Costs of goods sold 3,851.494 2,822.670
Gross revenues from sales and services 1,990.789 1,746.541
Financial income 2.637 1.749
Financial cost 186,034 112.322
Interest expenses 179,522 110.047
Cost of sales 689,641
Enterprise administration expenses 221,762
Net profits from operating activities 895,988 667,591
Total net profit before tax 1,073.435 758,866
Current corporate income tax expense 239,492 157.646
Deferred corporate income tax expense 0 0
Profit after tax 833.943 601,220
CASH FLOW STATEMENT
Unit: billion 2015 2016
I. Cash flows from operating activities
Fixed assets 0 0
Unrealized foreign exchange gain/loss 0 0
Net cash flows from operating activities 169,201 249.872
II. Cash flows from investing activities
Other long-term assets -126,161 -363.708
Net cash flows from investing activities -126,952 -344.398
III. Cash flows from financial activities
Net cash flows from financial activities -237.085 134.231
Effect of exchange rate fluctuations 0 0
Net cash flows during the fiscal year -194,836 39.706
4. Appendix
Financial statements- Tan Hiep Phat Beverage Group (THP)
BALANCE SHEET
Unit: billion 2015 2016
A. SHORT-TERM ASSETS 1,356.889 1,507.878
I. Cash and cash equivalents 346.509 366.307
II. Short-term financial investments 263.106
III. Short-term receivables 37.143 351.509
1. Short-term receivables from customers 15,463
IV. Inventories 611,601 717.161
B. LONG-TERM ASSETS 1,939.087 2,1776.309
I. Long-term receivables 0 0
II. Fixed assets 568.188 533,592
1. Tangible fixed assets 1,655.169 1,642.717
2. Intangible fixed assets 1.939 1.665
TOTAL ASSETS 3,295.976 3,436.597
A. LIABILITIES
I. Short-term liabilities 455.038 696,362
1. Short-term liabilities and loans 0.000 0.000
2. Taxes and amounts payable to the state 7,873
II. Long-term liabilities 290.209 296,502
1. Long-term liabilities and loans 0 0
2. Long-term provisions 0 0
B. OWNER’S EQUITY 2,550.728 2,443.731
TOTAL LIABILITIES AND OWNER’S EQUITY 3,295.976 3,436.597
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2014
Net revenue from sales and services 1,676.277 1,130.145
Costs of goods sold 1,073.170 793,779
Gross revenues from sales and services 603.107 336.367
Financial income 11.198 8.388
Financial cost 0.201 0.022
Interest expenses 0 0
Cost of sales 207.103 148.164
Enterprise administration expenses 10.715 8.362
Net profits from operating activities 396.286 188.206
Total net profit before tax 398.092 189.800
Current corporate income tax expense 31.511 14.995
Deferred corporate income tax expense 0 0
Profit after tax 366.582 174.805
CASH FLOW STATEMENT
Unit: billion 2015 2014
I. Cash flows from operating activities
Fixed assets 61.082 40.323
Unrealized foreign exchange gain/loss 0.201 0.022
Net cash flows from operating activities 512,619 295.130
II. Cash flows from investing activities
Other long-term assets -97.192 -338.364
Net cash flows from investing activities -319.153 -300,729
III. Cash flows from financial activities
Net cash flows from financial activities -211,274 0
Effect of exchange rate fluctuations 0 0
Net cash flows during the fiscal year -17.808 -5.599
4. Appendix
Financial statements- URC Vietnam Co., Ltd
BALANCE SHEET
Unit: billion 2015 2014
A. SHORT-TERM ASSETS 225.311 230.373
I. Cash and cash equivalents 20.744 12.222
II. Short-term financial investments 130,000 105.000
III. Short-term receivables 59.736 85.019
1. Short-term receivables from customers 52.954 83.821
IV. Inventories 13.894 15.358
B. LONG-TERM ASSETS 60,770 71,364
I. Long-term receivables 0 0
II. Fixed assets 38.668 37,833
1. Tangible fixed assets 17.269 16.247
2. Intangible fixed assets 21.399 21,586
TOTAL ASSETS 286.081 293,726
A. LIABILITIES 85,460 103.016
I. Short-term liabilities 84.840 3.016
1. Short-term liabilities and loans 0 0
2. Taxes and amounts payable to the state 7,545 1.668
II. Long-term liabilities 0.620 0.620
1. Long-term liabilities and loans 0 0
2. Long-term provisions 0 0
B. OWNER’S EQUITY 200.621 190,710
TOTAL LIABILITIES AND OWNER’S EQUITY 286.081 293,726
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2014
Net revenue from sales and services 354.805 404.769
Costs of goods sold 248.732 290.500
Gross revenues from sales and services 106,073 114,269
Financial income 12.011 11,841
Financial cost -0.105 -0.366
Interest expenses 0038 -0322
Cost of sales -60.133 -66.922
Enterprise administration expenses -33.537 -34,764
Net profits from operating activities 24.309 24,058
Total net profit before tax 33.031 28.064
Current corporate income tax expense -6.861 -5.845
Deferred corporate income tax expense 0 0
Profit after tax 26.171 22.219
CASH FLOW STATEMENT
Unit: billion 2015 2014
I. Cash flows from operating activities
Fixed assets 3,739 2.532
Unrealized foreign exchange gain/loss -0.001 0.002
Net cash flows from operating activities 38.005 -83.971
II. Cash flows from investing activities
Other long-term assets -1,783 -8.958
Net cash flows from investing activities 15.926 51,515
III. Cash flows from financial activities
Net cash flows from financial activities -13.559 -12.716
Effect of exchange rate fluctuations 0.001 -0.002
Net cash flows during the fiscal year 8.520 -45,172
4. Appendix
Financial statements- Aroma Beer-Alcohol-Beverage Joint Stock Corporation (Aroma)
BALANCE SHEET
Unit: billion 2015 2014
A. SHORT-TERM ASSETS 108.360 108.578
I. Cash and cash equivalents 8.056 11.884
II. Short-term financial investments 0 0
III. Short-term receivables 4.216 9.068
1. Short-term receivables from customers 3,273 8,153
IV. Inventories 91,608 82.536
B. LONG-TERM ASSETS 136,989 152,008
I. Long-term receivables 0.288 0.000
II. Fixed assets 136.287 151,361
1. Tangible fixed assets 96,828 110.533
2. Intangible fixed assets 39,460 40,828
TOTAL ASSETS 245.348 260,586
A. LIABILITIES 62.772 89.163
I. Short-term liabilities 62.771 89.006
1. Short-term liabilities and loans 13.640 23,600
2. Taxes and amounts payable to the state 7.092 2.476
II. Long-term liabilities 0.126 0.156
1. Long-term liabilities and loans 0 0
2. Long-term provisions 0 0
B. OWNER’S EQUITY 182,451 171,423
TOTAL LIABILITIES AND OWNER’S EQUITY 245.348 260,586
1
REPORT ON BUSINESS RESULTS
Unit: billion 2015 2014
Net revenue from sales and services 379,240 368.045
Costs of goods sold 265.307 269.508
Gross revenues from sales and services 113,933 98,537
Financial income 0.696 1.267
Financial cost 0564 2.449
Interest expenses 0.390 2.321
Cost of sales 51,853 52.272
Enterprise administration expenses 27.724 24.560
Net profits from operating activities 34,487 20,523
Total net profit before tax 33,711 19.459
Current corporate income tax expense 8.665 4,365
Deferred corporate income tax expense 0 0
Profit after tax 25.045 15.093
CASH FLOW STATEMENT
Unit: billion 2015 2014
I. Cash flows from operating activities
Fixed assets 15,203 16.412
Unrealized foreign exchange gain/loss 0.077 0.093
Net cash flows from operating activities 18,472 67.691
II. Cash flows from investing activities
Other long-term assets -0130 -2,888
Net cash flows from investing activities 0.513 -1.553
III. Cash flows from financial activities
Net cash flows from financial activities -22.817 -68,942
Effect of exchange rate fluctuations 0.003 0.001
Net cash flows during the fiscal year -3.832 -2.804
4. Appendix
Financial statements- Dona Newtower Natural Drink And Food Joint Stock Company
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