vietnam pharmaceutical industry report q1/2018 · 2.1 global pharmaceutical industry 26 2.1.1...

1

VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q1/2018

Contents

Executive Summary 4

1. Business environment 6

1.1 Macroeconomic situation 6

1.2 Legal framework 10

1.3 Trade agreements 19

2. Pharmaceutical Industry Overview 26

2.1 Global Pharmaceutical Industry 26

2.1.1 Production - Consumption 27

2.1.2 Export - Import 30

2.1.3Production and Consumption Situation in major

countries31

2.1.4 Large Enterprises in the world 35

2.2 Vietnam Pharmaceutical Industry Overview 37

2.2.1 History of Vietnam Pharmaceutical Industry 38

2.2.2 Industry Position 39

2.2.3 Industry Scale and Feature 40

2.2.4 Value Chain of Vietnam Pharmaceutical Industry 43

2.2.5 Raw Materials 44

2.2.6 Production technology 47

2

2.2.7 R&D 49

2.2.8 Production 50

2.2.9 Consumption 53

2.2.10 Export - Import 62

2.2.11 Price movements 67

2.2.12 Distribution system 70

2.3 Risks and challenges 76

2.4 Industry planning 83

2.5 Driving forces and forecast 85

3. Enterprise analysis 95

3.1 Profitability Ratios 98

3.2 Cost structure 101

3.3 Asset Management Ratios 105

3.4 Capital Structure 109

3.5 Solvency 111

3.6 Return on Investment 113

4. Appendix of financial statements 115

3

ETC Ethical drugs

EU-GMP Europe Good Manufacturing Practice

EVFTA EU – Vietnam Free Trade Agreement

GDP Good Distribution Practice

Generic Drug

Drug product that is comparable to a brand/reference

listed drug product in dosage form, strength, quality

and performance characteristics, and intended use."

GLP Good Laboratory Practice

GMP Good Manufacturing Practice

GMP - WHOGood Manufacturing Practice recommended by the

World Health Organization (WHO - GMP)

GPP Good Pharmacy Practice

GSP Good Storage Practice

Abbreviations

OTC Over The Counter (nonprescription-drugs)

Patent Drug Drugs under intellectual property rights

Pharmerging Countries with emerging Pharmaceutical Industry

PIC/S - GMPPharmaceutical Inspection Co-operation Scheme on Good

Manufacturing Practice (EU-GMP)

GDC General Department of Vietnam Custom

GSO General Statistic Office of Vietnam

TPP Trans-Pacific Partnership

WHO World Health Organization

WTO World Trade Organization

MOH Ministry of Health

DAV Drug Administration of Vietnam

4

Executive Summary

There are approximately 178 pharmaceutical

manufacturers nationwide.

Vietnam's pharmaceutical sector uses about

60,000 tons of pharmaceuticals, including 80-

90% of imported pharmaceuticals.

The growth of the prescription drug market

will exceed the growth rate of Over-the-

counter (OTC) market

The market value of patented drugs in Vietnam

tends to increase

According to the Drug Administration of

Vietnam - Ministry of Health, the number of

drug items re-declared price as of 12/6/2017:

the number of drug items with fluctuating

price increase/decrease occupy very little

(about 0.026%) of the total commercially

available drugs..

Content is intentionally removed for demo purpose

5

Executive Summary

The biggest wholesale market systems in

Vietnam pharmaceutical distribution in Ho Chi

Minh City and Hanoi.

Pharmaceutical products are necessities, thus,

economic growth virtually has hardly any

impact on the industry growth rate,

For the WTO, the Vietnamese pharmaceutical

market has gradually opened

M&A trend between domestic and foreign

enterprises takes place strongly in the form of

franchise drug production and the field of

distribution.

Most of the enterprises of pharmaceutical

industry maintained positive operation with

high levels of gross profit and net profit in the

period 2015-2016


6

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Trade agreements

Contents

7



GDP growth, 2011 – 2017• GDP in 2017 reached 6.81%,

Source: VIRAC, GSO

Source: VIRAC, GSO

Unit: %

Consumer Price Index for Medicines and Health

Services, 2012 – 2017


8



In 2017, the VND/USD exchange rate was stable around VND 22,400.

Source: VIRACSource: VIRAC, SBV

VND/USD exchange rate, 2013 - 2017VND/CNY exchange rate, 2016 – 2017


9

The pharmaceutical market has a lot of potential when the

demand for medicines is always increasing



Source: VIRAC, GSO

Population and population growth, 2006 -2017

Million people

Source: VIRAC, GSO

Population structure, 1999 - 2016 Content is intentionally removed for demo purpose

10



1.2 Legal framework


Contents

11


1.2 Legal framework

Regulations on standards of Pharmaceutical Industry


12


1.2 Legal framework


Regulations on drug registration

Regulations on control of drug prices

13


1.2 Legal framework


Regulations on import-export

Regulations on drug advertising information

14


1.2 Legal framework


Regulations on drug promotion

Distribution

Bidding

15


1.2 Legal framework

Content is intentionally removed for demo purposeRegulations on importing pharmaceutical materials

16


1.2 Legal framework


17


1.2 Legal framework


18


1.2 Legal framework


19



1.2 Legal framework


Contents



20

1.3.1. WTO - Vietnam became the 150th member of WTO on 11/07/2006

Source: VIRAC, GDVC

Pharmaceuticals imports ,2010 - 2017e

USD million


21




22




23

1.3.2 TPP - Trans-Pacific Partnership, signed on 02/04/2016 in Auckland, New Zealand




24




25

1.3.3 Other trade agreements




26

2. Pharmaceutical Industry Overview

2.1 Global Pharmaceutical Industry

2.2 Vietnam Pharmaceutical Industry Overview

2.3 Risks and challenges

2.4 Industry planning

2.5 Driving forces and forecast

Contents

27

In the period of 2010 - 2016, global drug spending increased at a CAGR of

4.6% per year from USD 888.2 billion in 2010 to USD 1,163.6 billion in

2016.


2.1 Global Pharmaceutical Industry – 2.1.1 Production – Consumption

Source: VIRAC, IMS health

Global spending on medicines, 2010 - 2016e


28

Source: VIRAC, EvaluatePharma




Consumption structure by types of medicines, 2011 - 2016World sales of prescription drugs, 2010 - 2016

USD billion


29

World’s top 10 consumed phamaceuticals, 2016





USD billion

Consumption market share by group, 2016


30

Global pharmaceutical import – export tended to decrease slightly in

2015

ExportValue

(USD billion)Import

Value

(USD billion)

Top pharmaceutical importing – exporting countries, 2016

Source: VIRAC, Trademap


2.1 Global Pharmaceutical Industry – 2.1.2 Export - Import

Source: VIRAC, UN Comtrade, Trademap

Source: VIRAC, UN Comtrade, Trademap

Global pharmaceutical exports, 2010 - 2016e

Global pharmaceutical imports, 2010 - 2016e

USD billion

USD billion


31


2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries

1. The United States

General information about the US healthcare industry, 2016e

Source: VIRAC, OECD


32



2. Japan

Source: VIRAC, OECD

General information about Japan healthcare industry, 2016e


33



General information about China healthcare industry, 2016e3. China

Source: VIRAC, OECD

Source: VIRAC, CEIC Data

CNY billion

* Revenue includes: chemical drugs, biopharmaceuticals, oriental medicines and

medicinal herbs

Revenue of China’s pharmaceutical industry, 2012 - 2016


34



4. Germany

5. France

General information about Germany healthcare industry,

2016e

General information about France healthcare industry, 2016e


35

Company General information

Source: VIRAC, igeahub

USD billion


2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises

Top 10 pharmaceutical enterprises with largest revenue, 2016


36


2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises


37







Contents

38

Northern domination before 1858,

From 1858, during the French colonial period,

1946 - 1954 resistance war against France,

1954 – 1975,

After 1975,


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.1 History of Vietnam Pharmaceutical Industry

2005

1990


39


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.2 Industry Position


40

Classification by ownership:

Classification by product segment:


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.3 Industry Scale and Feature


41

Classification of medicine markets by distribution methods Classification of medicine markets by ownership



Source: VIRAC, Hanoi University of Medicine and Pharmacy


42

Hà Nội

Hoàng Sa

Trường Sa

Nam Định

Đồng NaiHồ Chí Minh

An Giang

Phú Yên

Khánh Hòa

Bắc Ninh

Tiền Giang

Đồng Tháp

Cà Mau

Hải Phòng

Bình Định

Bình Phước

Bến Tre

Thanh Hóa

Cần Thơ

Hưng Yên

Source: VIRAC




43

Value chain of Vietnam pharmaceutical industry

Source: VIRAC


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.4 Value chain of the industry


44

Classification of pharmaceutical materials :

Sort by origin:


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.5 Raw materials


45

Pharmaceutical materials imports in 2012 tended to increase sharply,



The dependence almost entirely on the supply of pharmaceutical materials from foreign countries has made enterprises lose control of production

activities, lack of competitiveness and quality of drugs is not as expected.

Source: VIRAC, GDVC

Pharmaceutical materials imports, 2012 - 2017e

USD million


46



Pharmaceutical materials imports, 2016 – 2017eUSD million

Source: VIRAC, GDVC


47

Currently 50% of machinery and equipment for pharmaceutical

production is from imported sources.


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology

Company

Origin

Origin of machinery and equipments of a number of large

pharmaceutical companies

Source: VIRAC

No Name of machineYear in

useOrigin Price

Source: VIRAC

Some major machineries in pharmaceutical manufacturing line


48


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology


49

Source: VIRAC, igeahub


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.7 R&D

Ratio of R&D/revenue at major pharmaceutical companies in the world, 2016


50

In fact, medicine companies in Vietnam are facing many difficulties in funding investment in research and development, technical staff and equipment of

high quality which has not met the requirements yet.

Outsourcing

Franchising


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.8 Production


51

Source: VIRAC, DAV



It is estimated that in 2017, domestic pharmaceutical production value reached USD 2.5 billion, up 12.0% over the same period in 2016. Generally,

domestic pharmaceutical production has been increasing steadily over the years with a CAGR of FY2010 - 2017e of 15%.

USD billion

Domestic pharmaceutical production value, 2010 - 2017e


52

Source: VIRAC, GSO



Medicine production by type, 2010 – 2017e


Products Unit 2012 2013 2014 2015e 2016e 2017e


53


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption

Pharmaceutical market value, 2010 – 2017e

USD billion

Source: VIRAC, DAV

The pharmaceutical industry is growing at a compound annual

growth rate (CAGR) of 17.4% for the period 2010 - 2017e. Causes

are:


54

The pharmaceutical industry in Vietnam is still considered relatively

young compared to the global industry.



Source: VIRAC, DAV

Value ratio of domestically produced medicines in Vietnam,

2010 – 2017e


55

According to data from the General Statistics Office, the amount of pharmaceuticals consumed domestically focused on drugs containing penicillin or

antibiotics, drugs containing hormones and vitamins. Drugs like serum and vaccines are domestically consumed at a very small number. Causes leading to

this:



Source: VIRAC, GSO

VND trillion

Domestically produced medicine consumption, 2010 - 2017e


56

Source: VIRAC, DAV, StatistaSource: VIRAC, DAV



Spending on medicines in Vietnam, 2009 – 2017e

USD/person/year

Spending on medicines per capita in some countries, 2016e


57



Source: VIRAC, DAV

Pharmaceuticals are distributed throughout the country through two

distribution channels through the hospital (prescribed) or through the

drug stores (not prescribed).

Source: VIRAC, DAV

Medicines consumption structure by channel, 2010 - 2017e

Current status of Patented and Generic drugs, 2010 - 2017e


58

Market data for prescription and non-prescription medicines is unclear

because there is a lack of clear distinction between these two forms of sales. USD billion

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - ETC market

Market value of prescription drugs (ETC), 2011 – 2017e


59

The OTC market has experienced relatively strong growth in value over the

past few years.


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - OTC market

Market value of non-presciption drugs (OTC), 2010 – 2017eUSD billion

Source: VIRAC, DAV


60

The market value of patented drugs in Vietnam is on the upward trend but

still lower than that of the whole industry.

Distribution cost also plays an important role in determining medicine prices.

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Patented drugs

USD billion

Patened drugs (Patent), 2010 – 2017e


61

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Generic drugs

USD billion

Generic drug market, 2010 – 2017e


62

Vietnam pharmaceutical industry mostly depends on imported sources

with the total value of over USD 2 billion each year, moreover, in 2017,

Vietnam imported more than USD 2.8 billion, an increase of 10%

compared to the previous year.

Source: VIRAC, GDVC


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import

USD million

Source: VIRAC, GDVC

Pharmaceutical imports, 2010 - 2017e

Pharmaceutical imports, 2016 - 2017e

USD million


63

Source: VIRAC, GDVC



Top importing enterprises, 2017e

No Partners Importing enterprises

Source: VIRAC, GDVC

Vietnam’s top import partners, 2017e


64

However, Vietnam pharmaceutical industry is less competitive than

others:

Pharmaceutical exports in Vietnam only reached a small value of USD

144.6 million, increasing 29.9% compared to 2016.



Source: VIRAC, UN Comtrade, GDVC

Pharmaceutical exports, 2012 - 2017e

USD million


65



Top exporting enterprises, 2017

Source: VIRAC, GDVC

Source: VIRAC, GDVC

No Exporting enterprises

Export structure by country, 2017


66



2017 financial information of some major importing-exporting enterprises

Source: VIRAC

No Exporting enterprises Revenue(VND billion)

No Importing enterprises Revenue(VND billion)


67

Drug prices tend to be stable over the years with a low increase.

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movements

Rate of drug re-price (increase), 2013 - 2016


68

Price movements of some major drugs in the market, 12/2016 – 12/2017Unit: VND 1,000

Source: VIRAC, Agency for Price Management



No Drugs Unit Manufacturer 12/2016 3/2017 6/2017 9/2017 12/2017

Compared

to the

beginning

of the

same

period

Drug prices in the market in 2017 continueto be stable, which could meet all demands for disease prevention and treatment.


69

Type of drugLong Chau

drug store

Yen Trang

drug storeDifference

Source: VIRAC

There is a huge difference in drug prices listed at Ministry of Health and the

ones distributed to customers.

The difference in the price of some drugs at some drug stores, 2017



Unit: VND thousand


70

Drugs distribution network in Vietnam


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system

Source: VIRAC


71

The distribution system in Vietnam includes these main components:

1. Professional pharmaceutical distribution enterprises



Top pharmaceuticals distribution enterprise by revenue, 2016

Source: VIRAC


72

2. Pharmaceutical companies producing along with distributing

3. The wholesale market system




73

44. Public and private hospitals system

5.The private clinics system

Source: VIRAC, GSO



The number of medical facilities, 2010 - 2016

Unit: number of facilities

Excluding private-owned ones


74

6. Drug stores system:




75


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12. Distribution System

Chain LogoNumber of

storesArea

Typical chain of pharmacies, 2016

Source: VIRAC

VND billion

Source: VIRAC

Outstanding distribution chain business results, 2016


76







Contents

77

Pharmaceutical industry is among the industries that are mostly under the management of the State.


2.3 Risks and challenges – 2.3.1 Legal risks


78

Material risk


2.3 Risks and challenges– 2.3.2 Industry Risks


79


2.3 Risks and challenges – 2.3.2 Industry Risks


Market risks

Competitive risks

The risks on products and technology

80

Investment risk and failure in research and development


2.3 Risks and Challenges – 2.3.2. Industry Risks

Average cost of R&D to produce new drugs (USD million)

Source: VIRAC, Innothink

Exchange rate risk


81

Source: VIRAC, DAV


2.3 Risks and challenges – 2.3.3 Challenges

Unqualified sample ratio, 2010 – 2016e


82


2.3 Risks and challenges – 2.3.3 Challenges


83







Contents

84




85







Contents

86

Subsidy policy of the State

Policy to increase domestic drug spending

Extension policy of the national health insurance system

Impact from world economic agreements


2.5 Driving forces and forecast – Driving forces


87

Population motivation and healthcare awareness:

Source: VIRAC, WHO

2. Industry Overview

2.5. Driving Forces and Forecast – Driving Forces

USD million

Total healthcare expenses, 2010 – 2016f


Million people

Over-60 population growth in the world, 1950 – 2050

Source: VIRAC, GSO

Population tower, 2016


88

Patents in the field of pharmaceuticals and medicine research require not only a long period but also a proper investment. Co-operation in drug research

and development not only minimizes costs but also improves the chances of successful drug testing.

Hitech pharmaceuticals


2.5 Driving forces and forecast – Industry development trend


89


2.5 Driving forces and forecast – Global M&A trend

Source: VIRAC, EvaluatePharma

M&A of pharmaceutical industry, 2010 - 2016


90


2.5 Driving forces and forecast – M&A trend in Vietnam


91

Country Growth rate Generic development trends have been seen during the past year as the

FDA tried to expand its market development.



2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry


92

The increase of specific medicines

Drug USD

billionDrug

USD

billion

The revenue of top drugs in developed countries, 2018 The revenue of top drugs in developing countries, 2018

Source: VIRAC, IMS health Source: VIRAC, IMS health


2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry


93

The trend of VND/USD exchange rate in the coming time will continue to increase, which will affect the prices as well as sales of the pharmaceutical

industry when both pharmaceuticals and raw materials are imported.


2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry


94

Source: VIRAC


2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry

USD billion

The growth of total drug consumption and average drug spending per capita,

2010-2020f


95

3. Enterprise analysis

3.1 Profitability Ratios

3.2 Cost structure

3.3 Asset Management Ratios

3.4 Capital Structure

3.5 Solvency

3.6 Return on Investment

Contents


10 typical pharmaceutical enterprises in 2016

96

No Company

Busine

ss

sector

Revenue

(VND

billion)

Main features

1

DHG

Pharmaceutical

Joint Stock

Company

2TRAPHACO Joint

Stock Company

3

Domesco

Medical Import

Export JSC

4

Imexpharm

Pharmaceutical

JSC

5

OPC

Pharmaceutical

JSC


Source: VIRAC




97

No CompanyBusiness

sector

Revenue

(VND

billion)

Main features

6 S.P.M JSC

7

Vimedimex

Medi –

Pharma JSC

8

Ha Tay

Pharmaceut

ical JSC

9

Ben Tre

Pharmaceut

ical JSC

10

Lam Dong

Pharmaceut

ical JSC

Source: VIRAC


98



3.2 Cost structure



3.5 Solvency


Contents

3. Enterprise Analysis


99

Pharmaceutical companies have a good business year when they have a positive profit margin, with the average group of producers having higher gross

margins and ROS than the distribution group.

Profit indicators, 2015 - 2016

VND billion

Source: VIRAC


100




101

3. Enterprise Analysis


Source: VIRAC

COGS/NR, 2015 - 2016


102



3.2 Cost structure



3.5 Solvency


Contents

103


3.2 Cost structure

Source: VIRAC

Selling expenses, 2015 - 2016


104


3.2 Cost structure

Source: VIRAC

Administrative expenses, 2015 - 2016


105



3.2 Cost structure



3.5 Solvency


Contents

106



Day

Source: VIRAC

Days in inventory, 2016


107



Day

Source: VIRAC

Days of sales outstanding, 2016


108



Source: VIRAC

Asset turnover, 2016


109



3.2 Cost structure



3.5 Solvency


Contents

110



Source: VIRAC

Self-financing ratio, 2015 - 2016


111



3.2 Cost structure



3.5 Solvency


Contents

112

Solvency, 2015 - 2016

Source: VIRAC


3.5 Solvency


113



3.2 Cost structure



3.5 Solvency


Contents

114


3.6 Return on investment

Profit ratio, 2015 - 2016

Source: VIRAC


115

4. Appendix

Financial Statement

Content

DHG Pharmaceutical Jsc.

BALANCE SHEETS

Unit: VND 2015 2016

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

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

TOTAL CAPITAL RESOURCES

113

INCOME STATEMENT

Unit: VND million 2015 2016

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

Depreciation of fixed assets

Unrealized foreign exchange profit(loss)

Net Cash Flow From Operations

II Cash flow from investing activities

Purchases of fixed assets and other long-term assets

Net cash flow from investing activities

III. Cash flow from financing activities

Net cash flow from financing activities

Effect of foreign exchange differences

Net cash flow of the year

4. Appendix

Financial Statement


Traphaco Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


114

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Domesco Medical Import Export Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


115

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Imexpharm Pharmaceutical Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


116

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


OPC Pharmaceutical JSC.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


117

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


S.P.M Corp

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


118

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Vimedimex Medi – Pharma Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


119

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Ha Tay Pharmaceutical JSC.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


120

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Ben Tre Pharmaceutical Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


121

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


Lam Dong Pharmaceutical Jsc.

BALANCE SHEETS

Unit: VND 2015 2016






IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


122

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













4. Appendix

Financial Statement


REPORT DISCLAIMER

REPORT DISCLAIMER

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independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and

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