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Vietnam Cement Market Report 2019

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FREE PREVIEW OF VIETNAM CEMENT MARKET REPORT 2019

Preview content of Vietnam Cement Report 2019 - FiinGroup's latest report, including current supply – demand situation in Vietnam cement sector, key growth drivers, capacity projection until 2023 and also exclusive analysis on retail bagged cement price.
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Vietnam Cement Market Report 2019

  1. 1. ‹#›
  2. 2. Date: 10th April2019 Dear Our Value Clients, Re: The publication of Vietnam Cement Market Report 2019 FiinGroup has been issuing the annually updated Vietnam Cement Market Report for the last seven years, providing the first and most comprehensive report on this sector. Taking into account feedbacks from our clients, in addition to the comprehensive analysis of the market itself, we updated Vietnam Cement Market Report this year with emphasis on demand from domestic market and key export destination as well as detailed projection until 2030. In addition, we also included in this issue the analysis on retail bagged cement prices for PCB30 and PCB40 by region and key brands in each region. The purpose of research work is to have an in-depth understanding of Vietnam cement market and assessing potentiality of the market and how to penetrate the market for current players. To assess the cement outlook in 2019, key market drivers from both domestic market such as infrastructure construction, real estate market and export markets are focused. In addition to our experience in this industry, we have conducted various discussions and interviews with industry experts, VNCA, cement manufacturers executive levels to grasp local insights and the practical ways of doing cement business in Vietnam. We understand that this is a targeted but also an open research. We would be happy to provide any further information to address any questions that you may have, for any specific sector or target business in Vietnam. Should you have any questions, please contact me or our Manager, Mr. Hai Khieu at +84 (24) 3562 6962 (ext. 121) or his email: hai.khieu@fiingroup.vn. Yours sincerely, Le Xuan Dong Director, Research and Consulting Services FiinGroup Joint Stock Company FiinGroup Joint StockCompany Head Office 5th Floor, Anh Minh Building 36 Hoang Cau, Dong Da Hanoi, Vietnam Tel: +84 (24) 3562 6962 www.fiingroup.vn Ho Chi Minh CityBranch 3rd Floor, Profomilk Plaza Bldg, 51-53 Vo Van Tan, Ward 6, District 3, Ho Chi Minh,Vietnam Tel: +84 (28) 3933 3586 2Financial Information | Business Information | Research and Consulting Services
  3. 3. Part Content Page Executive Summary 5 – 7 1 Section 1: Supply and Demand Analysis 8 - 25 1.1 Demand Analysis 8 - 15 1.2 Supply Analysis 16 – 20 1.3 Forecast Analysis 21 – 25 2 Section 2: Competition landscape 26 - 38 2.1 Market Share 26 -31 2.2 Retail Cement Price Analysis 32 – 38 3 Section 3: Sector Financial Performance 39 – 46 4 Section 4: Market Potentials 47 – 53 Appendices 54 - 61 Appendix 1: Vietnam Macro-economic Situation 54 -57 Appendix 2: Listed Cement Companies’ Factsheet 58 – 61 3Financial Information | Business Information | Research and Consulting Services Table of Content
  4. 4. Abbreviation 4Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  5. 5. Executive Summary – What’s New? We have completed the review of the cement market in Vietnam. Information covered includes market size and potentiality, competition dynamics and profiles of major key end-users and major players. Below are the most critical findings that could be important for your consideration. 1) Total clinker and cement sales volume reached the high record in 2018 at xx.xmn tons, driven by robust export activities. Domestic market posted a strong growth x.x% in 2018 to reach xx.xmn tons. The market situation significantly improved in 2018. The market was supported by the improved real estate market (including residential, industrial and hospitality real estate) and optimistic construction market. Particularly, sales volume of apartments expanded by over xx% in the 2018. Office rent and occupancy rate of office segment were also improved compared to the same period last year. By region, cement sales volume in the North and South grew at x.x% and x.x% in 2018 while the figure was only x.x% in the Central. Cement sales volume growth in Vietnam 2013 2014 2015 Domestic cement sales 2016 2017 2018 Clinker & cement export 5Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  6. 6. Executive Summary – What’s New? 2) Designed capacity in Vietnam is expected to surge in the next three years Cement design capacity in Vietnam (mn. tons) 2017 2018 2019 2020 2021 New capacity 6Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  7. 7. Executive Summary – What’s New? 7Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  8. 8. Section 1: Supply & Demand Analysis 8Financial Information | Business Information | Research and Consulting Services Page 1.1 Demand Analysis 8 - 15 1.2 Supply Analysis 16 – 20 1.3 Forecast Analysis 21 - 25 Content
  9. 9. Total sales volume of cement & clinker in Vietnam reached xx.x million tons, posting a y- o-y growth of xx.x% in 2018 Section 1: Supply & Demand Analysis 1.1 Demand Analysis Figure 1: Total sales volume of cement & clinker in Vietnam, mn tons Figure 2: Annual sales growth of Vietnam cement industry Source: FiinGroup from VNCA, General Customs Source: FiinGroup from VNCA, General Customs TOTAL SALES 2013 20182014 2015 Domestic cement sales 2016 2017 Clinker & cement export CAGR 2013 – 2018 = x.x% 2013 2014 2015 2018 Domestic cement sales 2016 2017 Clinker & cement export TOTAL 9Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  10. 10. Domestic market has remained strong growth of x.x% in 2018… Section 1: Supply & Demand Analysis 1.1 Demand Analysis Figure 3: Vietnam domestic cement sales volume by region, mn tons Figure 4: Vietnam domestic cement sales growth by region Source: FiinGroup from VNCA Source: FiinGroup from VNCA DOMESTIC MARKET 2013 2014 2015 2016 2017 2018 North South Central Content is removed for demo purpose 10Financial Information | Business Information | Research and Consulting Services
  11. 11. …while cement & clinker export volume booming in 2018 with an sharp increase by xx.x% compared to the previous year Section 1: Supply & Demand Analysis 1.1 Demand Analysis Figure 5: Annual cement & clinker export volume, mn tons Source: FiinGroup from VNCA & General Customs EXPORT ACTIVITIES CAGR 2013 – 2018 =xx.x% Monthly cement & clinker export volume (thousand tons) 11Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  12. 12. Clinker export price rises significantly to US$xx.x per ton while cement export price was on the downward to US$xx.x per ton in February 2019 12Financial Information | Business Information | Research and Consulting Services Section 1: Supply & Demand Analysis 1.1 Demand Analysis Figure 6: Monthly average clinker and cement export price, US$ per ton Source: FiinGroup from General Customs EXPORT ACTIVITIES Content is removed for demo purpose
  13. 13. China remained Vietnam’s key clinker export destination during 2018 Section 1: Analysis on Vietnam Clinker & Cement Export 1.2 Analysis of Clinker Export from Vietnam | Major Markets Figure 7: Monthly clinker export volume to major markets, thousand tons Source: FiinGroup, General Customs Nov-18 Dec-18 M-o-m Growth 2017 2018 Y-o-y Growth China Philippines Bangladesh Taiwan Other TOTAL 13Financial Information | Business Information | Research and Consulting Services EXPORT ACTIVITIES Content is removed for demo purpose
  14. 14. Philippines remained Vietnam’s key cement export destination in 2018 Section 1: Analysis on Vietnam Clinker & Cement Export 1.3 Analysis of Cement Export from Vietnam | Major Markets Figure 8: Monthly import volume of major market, thousand tons Source: FiinGroup, General Customs Nov-18 Dec-18 M-o-m Growth 2017 2018 Y-o-y Growth Philippines China Peru South Africa Others TOTAL 14Financial Information | Business Information | Research and Consulting Services EXPORT ACTIVITIES Content is removed for demo purpose
  15. 15. Top 10 importers constituted over xx% of total export volume and value Section 1: Supply & Demand Analysis 1.1 Demand Analysis Figure 9: Cement export volume (mn tons) and price (US$ per ton) of Top 10 importers, 2018 CLINKER VOLUME - LHS PRICE - RHS Source: FiinGroup from Customs EXPORT ACTIVITIES Content is removed for demo purpose 15Financial Information | Business Information | Research and Consulting Services
  16. 16. Section 1: Supply & Demand Analysis 16Financial Information | Business Information | Research and Consulting Services Content Page 1.1 Demand Analysis 8 -15 1.2 Supply Analysis 16 – 20 1.3 Forecast Analysis 21 - 25
  17. 17. Overview of Vietnam’s cement production capacity Section 1: Supply & Demand Forecast Analysis 1.2 Supply Analysis Figure 10: Breakdown of cement and clinker production capacity by economic zone, 2018 Source: FiinGroup By # facilities 17Financial Information | Business Information | Research and Consulting Services By clinker designed capacity By cement designed capacity Content is removed for demo purpose
  18. 18. The majority of existing large-scaled cement manufacturing plants are located in (cont.) 18Financial Information | Business Information | Research and Consulting Services Section 1: Supply & Demand Forecast Analysis 1.2 Supply Analysis Content is removed for demo purpose
  19. 19. Section 1: Supply & Demand Analysis 1.2 Supply Analysis Local private manufacturers have been aggressive developing new cement facilities while foreign-owned players are strengthening their positions after M&A Group of players FiinGroup’s comment Key manufacturers’ designed capacity (mn. tons), 2018 Local private 19Financial Information | Business Information | Research and Consulting Services VICEM Content is removed for demo purpose
  20. 20. 2018 2019f 2020f 2021f Section 1: Supply & Demand Analysis 1.2 Supply Analysis Designed capacity in Vietnam is expected to surge in the next three years Figure 12: Clinker and cement designed capacity in Vietnam Clinker FORECAST 2017 Cement FORECAST 2017 Source: FiinGroup 2018 2019 2020 2021 Content is removed for demo purpose 20Financial Information | Business Information | Research and Consulting Services
  21. 21. Section 1: Supply & Demand Analysis 21Financial Information | Business Information | Research and Consulting Services Content Page 1.1 Demand Analysis 8 -15 1.2 Supply Analysis 16 – 20 1.3 Forecast Analysis 21 - 25
  22. 22. Section 1: Supply & Demand Forecast Analysis 1.3 ForecastAnalysis 22Financial Information | Business Information | Research and Consulting Services Our methodology to forecast cement demand and supply DEMAND SIDE SUPPLY SIDE  “Supply” is calculated as cement designed capacity.  FiinGroup have database of all xx existing facilities in the country with total cement designed capacity of xxx.xmn tons as of xxx 20xx.  In addition, we observed and updated the status of all cement projects in the Government’s Master Plan for the forecast analysis of supply. DEMAND SIDE SUPPLY SIDE  “Supply” is calculated as clinker designed capacity.  FiinGroup have database of all xx existing facilities in the country with total clinker designed capacity of xx.xmn tons as of xxx 20xx.  In addition, we observed and updated the status of all cement projects in the Government’s Master Plan for the forecast analysis of supply. Our methodology to forecast clinker demand and supply
  23. 23. Section 1: Supply & Demand Forecast Analysis 1.3 ForecastAnalysis Vietnam is expected to face with continuous cement designed capacity surplus before reaching the equilibrium in 20xx CEMENT 23Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  24. 24. Section 1: Supply & Demand Forecast Analysis 1.3 ForecastAnalysis Vietnam is expected to face shortage of clinker designed capacity from 2026 CLINKER 24Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  25. 25. Section 1: Supply & Demand Analysis 1.3 ForecastAnalysis Vietnam cement manufacturers are operating with the utilization rate of xx%, which is far lower than industry standard of xx% Figure 15: Utilization rate of cement industry in Vietnam 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: FiinGroup 25Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  26. 26. Section 2: Competition Landscape 26Financial Information | Business Information | Research and Consulting Services Content Page 2.1 Market Share 26 -31 2.2 Retail Cement Price Analysis 32 – 38
  27. 27. Foreign-owned group increased significantly its market share via M&A while VICEM remains its leading position with xx% of domestic sales volume in 2018 27Financial Information | Business Information | Research and Consulting Services Section 2: Competition Landscape 2.1 Market Share DOMESTIC MARKET Content is removed for demo purpose
  28. 28. Leveraging the leading position, VICEM achieved relatively high utilization rate of xx%, which is higher than foreign-owned players’ figure in 2018 Section 2: Competition Landscape 2.1 Market Share Source: FiinGroup, VNCA Figure 17: Domestic cement sales volume of selected of players, 2018 VICEM Foreign-owned DOMESTIC MARKET 0 28Financial Information | Business Information | Research and Consulting Services 2 Domestic sales vol. (mn. tons) 4 6 8 10 Content is removed for demo purpose
  29. 29. For export market, private manufacturers are dominating the market, accounting for xx.x% of cement & clinker export volume in 2018 29Financial Information | Business Information | Research and Consulting Services Section 2: Competition Landscape 2.1 Market Share EXPORT MARKET Content is removed for demo purpose
  30. 30. Top 10 exporters by volume in 2018 30Financial Information | Business Information | Research and Consulting Services Section 2: Competition Landscape 2.1 Market Share Figure 19: Top 10 Exporters by Volume (mn tonnes), 2018 EXPORT MARKET Content is removed for demo purpose
  31. 31. Top 10 exporters by volume in 2018 (cont’d) 31Financial Information | Business Information | Research and Consulting Services Section 2: Competition Landscape 2.1 Market Share Source: FiinGroup from Customs EXPORT MARKET Content is removed for demo purpose
  32. 32. Section 2: Competition Landscape 32Financial Information | Business Information | Research and Consulting Services Content Page 2.1 Market Share 26 -31 2.2 Retail Cement Price Analysis 32 – 38
  33. 33. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Domestic cement price Cement price follows upward trend at the end of 2018 in all 3 regions of Vietnam Figure 20: Average cement price by region (US$ per ton) 33Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  34. 34. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Average cement price in each region Amongst regions in Vietnam, the South has the highest cement price 34Financial Information | Business Information | Research and Consulting Services Figure 21: Average retail price of bag cement (by province), Dec 2018 Content is removed for demo purpose
  35. 35. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Average PCB30 price by region In terms of average prices, the South continues to be the region with the highest PCB30 price Figure 22: Average retail price of PCB30 bag cement by region (US$ per ton), Dec 2018 Source: FiinGroup US$perton 35Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  36. 36. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Average PCB30 price of major cement manufacturers Cement PCB 30 price of key players in each region 36Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  37. 37. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Average PCB40 price by region Similar to PCB30, PCB40 prices were also the highest in the South Figure 24: Average retail price of PCB40 bag cement by region (US$/ton), Dec 2018 Source: FiinGroup Content is removed for demo purpose 37Financial Information | Business Information | Research and Consulting Services
  38. 38. Section 2: Competition Landscape 2.2 Retail Cement Price Analysis | Average PCB40 price of major cement manufacturers Cement PCB40 price of key players in each region Figure 25: Price of PCB40 of key players in key provinces of each region, Dec 2018 38Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  39. 39. Section 3: Sector Financial Performance 39Financial Information | Business Information | Research and Consulting Services Content Page 3 Sector Financial Performance 39 -46
  40. 40. • Our analysis on listed cement companies’ financial performance is empowered by the most comprehensive and insightful financial database for Vietnam – our FiinPro Platform. At the time of this report, financial data for FY2018 is not available. FiinGroup will update this part once the FY2018 data is available. • Particularly, there are xx public cement companies in Vietnam (xx listed companies on HOSE & HNX, xx and xx companies registered on UPCOM and OTC, respectively). Of which, 5-year (2013 – 2017) historical data is available for xx cement companies. The analysis hereafter is based on these xx companies which accounted for approximately xx% of cement domestic sales volume in 2018. Methodology Section 3: Sector Financial Performance 3.1 Sector Financial Performance Methodology 40Financial Information | Business Information | Research and Consulting Services
  41. 41. Figure 26: Key financial ratios – Sector average 41Financial Information | Business Information | Research and Consulting Services Section 3: Sector Financial Performance 3.1 Sector Financial Performance Vietnam cement sector posted an improvement in financial performance in 2018 Content is removed for demo purpose
  42. 42. Source: FiinGroup The analysis is conducted based on financial data of 17 listed cement companies. As of April 2019, financial data of unlisted cement companies for FY2018 has not yet available. FiinGroup will update Section 3: Sector Financial Performance once the information isavailable. Figure 27: Profitability of listed cement companies in Vietnam Section 3: Sector Financial Performance 3.1 Sector Financial Performance Improved profitability thanks to increasing price and strong domestic demand Figure 28: EBITDA margin of listed cement companies, 2017 vs. 2018 2011 42Financial Information | Business Information | Research and Consulting Services 2012 2013 2014 2015 2016 2017 2018 Content is removed for demo purpose
  43. 43. Section 3: Sector Financial Performance 3.1 Sector Financial Performance Zoom in cost structure 0% 43Financial Information | Business Information | Research and Consulting Services 5% 10% Figure 29: Cost structure of listed cement companies 15% -5% 2012 2013 2014 2015 2016 2017 2018 Source: FiinGroup The analysis is conducted based on financial data of 17 listed cement companies. As of April 2019, financial data of unlisted cement companies for FY2018 has not yet available. FiinGroup will update Section 3: Sector Financial Performance once the information isavailable. Content is removed for demo purpose
  44. 44. Source: FiinGroup The analysis is conducted based on financial data of 18 listed cement companies. As of April 2019, financial data of unlisted cement companies for FY2018 has not yet available. FiinGroup will update Section 3: Sector Financial Performance once the information isavailable. 44Financial Information | Business Information | Research and Consulting Services Figure 30: Financial leverage of listed cement companies Section 3: Sector Financial Performance 3.1 Sector Financial Performance Zoomed in D/E ratio of whole cement industry Content is removed for demo purpose
  45. 45. Source: FiinGroup The analysis is conducted based on financial data of 17 listed cement companies. As of April 2019, financial data of unlisted cement companies for FY2018 has not yet available. FiinGroup will update Section 3: Sector Financial Performance once the information isavailable. 45Financial Information | Business Information | Research and Consulting Services Figure 31: Financial leverage of selected listed cement companies Section 3: Sector Financial Performance 3.1 Sector Financial Performance D/E ratios of selected cement manufacturers in Vietnam Content is removed for demo purpose
  46. 46. Source: FiinGroup The analysis is conducted based on financial data of 17 listed cement companies. As of April 2019, financial data of unlisted cement companies for FY2018 has not yet available. FiinGroup will update Section 3: Sector Financial Performance once the information isavailable. 46Financial Information | Business Information | Research and Consulting Services Figure 32: Financial leverage of selected listed cement companies Section 3: Sector Financial Performance 3.1 Sector Financial Performance D/E ratios snapshot in 2018 Content is removed for demo purpose
  47. 47. Section 4: Market Potential 47Financial Information | Business Information | Research and Consulting Services Content Page 4 Market Potential 47 -53
  48. 48. Section 4: Market Potential 4.1 Market Potential Cement and clinker sales volume in Vietnam is forecasted to follow strong momentum in 2019 thanks to strong domestic demand and bright outlook of export market 48Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  49. 49. Source: FiinGroup, GSO 49Financial Information | Business Information | Research and Consulting Services Section 4: Market Potential 4.1 Market Potential | Domestic Demand Domestic cement sales was supported by strong growth of Vietnam construction and real estate market in 2018 Figure 33: Total construction value in Vietnam, US$bn Content is removed for demo purpose
  50. 50. Figure 34: Infrastructure projects’ investment value, US$bn Source: FiinGroup Figure 35: # Infrastructure projects in Vietnam Source: FiinGroup Section 4: Market Potential 4.1 Market Potential | Domestic Demand The exposure of investment in development of transportation system 50Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  51. 51. Figure 36: Cement designed capacity & domestic sales volume in China, mn tons Source: FiinGroup Figure 37: Domestic sales growth & utilization rate of China Source: FiinGroup Section 4: Market Potential 4.1 Market Potential | Export China is the biggest cement market with sales volume reaching over 2.3 billion tons per year, accounting for 60% of cement volume of all the world 2012 2013 2016 2017 20182014 2015 Domestice sales volume CapacityDesigned capacity 51Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  52. 52. Figure 38: Philippines’ construction statistics from approved building permits, PHP bn 52Financial Information | Business Information | Research and Consulting Services Source: FiinGroup, Philippines Statistics Authority Figure 39: Philippines’ construction growth by segment Source: FiinGroup Section 4: Market Potential 4.1 Market Potential | Export Philippines continues to be key destination for Vietnam clinker and cement export Content is removed for demo purpose
  53. 53. Section 4: Market Potential 4.1 Market Potential | Export Clinker demand from Bangladesh is expected to remain high in 2019 Figure 40: Cement designed capacity and production volume in Bangladesh, mn tons 53Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Content is removed for demo purpose
  54. 54. Appendices 54Financial Information | Business Information | Research and Consulting Services Content Page Appendix 1 Vietnam Macroeconomic Situation 54 -57 Appendix 2 Listed Cement Companies’Factsheet 58 – 61
  55. 55. Source: FiinGroup, GSO Figure 42: Registered foreign direct investment in Vietnam (US$bn) 55Financial Information | Business Information | Research and Consulting Services Source: FiinGroup, MPI Appendix 1 Vietnam Macroeconomic Situation In 2018, Vietnam recorded the highest GDP growth since 2011, surpassing the target of x.x% Figure 41: Vietnam real GDP growth and CPI Content is removed for demo purpose
  56. 56. Source: FiinGroup from General Statistics Office of Vietnam 56Financial Information | Business Information | Research and Consulting Services Appendix 1 Vietnam Macroeconomic Situation The proportion of investment and development over total expenditure has been on the upward trend since 20xx Figure 43: State capital investment expenditure (VNDbn) Content is removed for demo purpose
  57. 57. Figure 44: EVN’s retail electricity tariff for manufacturing sectors in Vietnam, VND/kWh 57Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Appendix 1 Vietnam Macroeconomic Situation With the hike of x.x% in retail electricity tariff, cement manufacturers announced to increase domestic cement price by US$x – x.x per ton by early April 20xx Content is removed for demo purpose
  58. 58. Appendices 58Financial Information | Business Information | Research and Consulting Services Appendix 1 Vietnam Macroeconomic Situation Appendix 2 Listed Cement Companies’ Factsheet Content
  59. 59. Appendix 2 Listed Cement Companies’ Factsheet VICEM BIM SON VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets HA TIEN 1 Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % 59Financial Information | Business Information | Research and Consulting Services VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets
  60. 60. BUT SON CEMENT VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets HOANG MAI CEMENT Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % 60Financial Information | Business Information | Research and Consulting Services VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets Appendix 2 Listed Cement Companies’ Factsheet
  61. 61. VICEM HAI VAN VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets CAN THO CEMENT Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % Total Assets Current Liabilities Accounts payable Borrowings Non-Current Liabilities Borrowings Total Liabilities Net Assets Debt/ Total Assets % 61Financial Information | Business Information | Research and Consulting Services VND Billions 2014 2015 2016 2017 2018 Net sales Cost of Sales Gross Profit GP Margin % Overhead Expenses Sales & Marketing S&M % Administration Admin % EBIT EBIT Margin % EBITDA EBITDA Margin % Financial Expense Interest Expense Profit/(Loss) before tax Net Profit/(Loss) after tax Net Profit Margin % Cash Flow From Operation CFO/Sales % Current Assets Accounts receivable Non-Current Assets Appendix 2 Listed Cement Companies’ Factsheet
  62. 62. This page is intentionally left blank 62Financial Information | Business Information | Research and Consulting Services
  63. 63. ‹#› Contact us Dong Le, CFA Director, Research and Consulting Services M: +84 (024) 3562 6962 (ext. 110) T: +84 (0) 912 057 529 E: dong.le@fiingroup.vn W: www.fiingroup.vn Hai Khieu Manager, Research and Consulting Services T: +84 (024) 3562 6962 (ext. 120) M: +84 (0) 966 510 388 E: hai.khieu@fiingroup.vn W: www.fiingroup.vn Head Office 5th Floor, Anh Minh Building 36 Hoang Cau Street Hanoi, Vietnam + 84 (24) 3562 6962 Ho Chi Minh City Branch 3rd Floor, Profomilk Plaza Bldg 51-53 Vo Van Tan, District 3 Ho Chi Minh City, Vietnam + 84 (28) 3933 3586

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