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Xây dựng dự án đầu tư nhà máy sản xuất ván gỗ MDF của công ty SAHABAKe

Project investment MDF manufacture of SAHABAK JSC

CHAPTER I.OVERVIEW OF PROJECT : OBJECTIVES,
PRODUCTS, MARKET
I. LEGAL DOCUMENTS
The legal documents of project
II. PROJECT OBJECTIVES
Vietnam's economy is growing strongly, driving demand for investment in building
infrastructure for the country is also increasing. The craze of building materials including
artificial boards, especially MDF still occur every year, as the demand is huge. Although
manufacturing industry of our country based panels have the remarkable developments in
statistics but a large MDF still has to import large quantities each year.
Through market research shows that our country's annual import MDF from
Malaysia, Thailand, China, Indonesia, New Zealand. Etc.
The project SAHABAK Corporation founded with the goal of:
Building MDF manufacturing plant with advanced prices reasonable for the
industrialization and modernization of the country.

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Creating materials for interior decoration industry, instead of natural wood,
contributing to reduce deforestation.
Creating valuable goods, contributing to local economic development, creating jobs
for local workers
III. PRODUCTS AND TARGET MARKET OF PROJECT
1. Main products of project and purpose of using
MDF (Medium Density Board) of wood artificially high mechanical strength, large
size, suitable for furniture production technology in the interior tropical climates.
Fibreboard is widely used in many fields of manufacturing furniture, interior decoration
and construction.
MDF is produced through the process of shredded wood fibers pressed, crushed and
mixed glue, the proportion of 520-850kg/m3, depending on quality requirements, raw
material, thickness. On the market there are 3 main types: plain, water-resistant, melamine.
plain MDF is the most common type, often using veneer, paint or PU coating.
Also waterproof MDF belong plain MDF category, water-resistant adhesive is mixed
in the production process, often used in areas where exposure to water or high humidity
such as doors, indoor furniture, melamine kitchen cabinets ... MDF: MDF sides are coated
with melamine to create beauty, moisture and scratches..
2. Specification of products
Dimensions: (W x L): 1,220 x 2,440 mm Thickness: From 9 → 22 mm
Product was achieved by Vietnam standards and European standards (Euro MDF Board
(EMB) Standard, 1995, the Third Edition). The standards board E1, E2, CARB.
3.  Segment market of products:
The project's main client is the furniture manufacturing business, especially
companies need high-quality MDF, consistent standards for the production of furniture
exports.
Client projects include importers MDF in regional markets such as Japan, Korea,
India ...

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IV.   ESTIMATED   PRESENT   MARKET   SIZE   AND   FORECAST   FUTURE
DEMAND 
1. Domestic Market Assessment:
2013
According to statistical data, in 6/2013 on imports of MDF Vietnam reached 34
thousand m3, valued at $ 9.1 million, down 16.2% in volume and 24.5% in value
compared the previous month. Overall, in the first 6 months of 2013, imports of MDF in
Vietnam reached 193.4 thousand m3, valued at USD 55.1 million, down 24.8% in volume


and 32.6% in value compared the same period in 2012. Prices of imported MDF Vietnam
average 6 months USD/m3 at 285.2, down 32.92 USD/m3 compared to the same period in
2012.
Through data analysis above shows that the demand for MDF in the domestic market
is huge and keeps growing. Moreover, the ability to meet the needs of the business market
in the country is not enough. SAHABAK Company firmly believes that the company's
products will have a place in the market. Firstly, the market is so large that domestic firms
do not produce enough. Second, the company's products superior in quality, have increased
resistance to moisture and fire through the application of state–of–the–art technology, the
most advanced available today.
2. Analysis of competition of domestic: :

a) MDF GERUCO Quangtri Company
Capacity: 70,000 m3
Lines and equipment purchased by the German group Metso supply, installation and
technology transfer. The average selling price in 2007: 245 USD/m3

b) MDF Kim Tin Factory
Capacity: 160,000 m3. Equipment lines: China. 50% active power

c) Vina Eco Board Co. (VECO)
Capacity: 250,000 m3. Lines of Dieffenbacher from Germany, 80% active power.

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d) Ý Mỹ JSC MDF
Capacity: 120,000 m3. Lines: Dieffenbacher Germany, is preparing production.
There's also a number of other plants are also in the process of implementing the
project as forestry company in May in Nghe An, Hoa Binh Tan An Factory ...

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CHAPTER II.

TECHNOLOGY AND PRODUCTION
PROCESS:

I. SUMMARY CHART PROCESS TECHNOLOGY: 

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Layout of technology

II. CAPACITY OF LINE:

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The total line capacity of 360 m3/day (108,000 m3 per year with 300 working days)
and are perfect for the game with the thickness of 16mm, operating 3 shifts / day (7.5 hours
per shift) , with a minimum operating time of the day is 22.5 hours. Capacity of lines
depends on the thickness of each product, and is calculated as follows
Thickness
Final board (mm)

Rough boar (mm)

9,0
10,0
12,0
16,0
19,0
22,0

10,9
11,9
13,9
18,1
21,1
24,2

Density
kg/m3
780 – 820
770 – 810
760 – 800
740 – 780
735 – 765
720 - 760

Capacity
m3/day
300
330
350
360
320
300

III. EQUIPMENT LIST: (Summary of Main categories)
Amount
No
1
2
3
4
5
6
7

Name of Equipments
Wood chip preparing systems
Wood fiber prepare systems
Mat former system
Hot press system
Cutting and Sanding systems
Energy Center Systems
Adhesive Metering system
Auxiliary system: dust, compressed air,

( USD)
954,457
8,766,820
5,407,075
9,514,958
1,586,531
2,044,863
634,613

pumping, transporting, storage tanks,
8

electrical cabinets ....
Total

6,419,459
35,328,775

V. THE TOTAL VALUE OF EQUIPMENTS :
(Reference: Quotation equipment supplier Dieffenbacher)
The total value of equipment: 35,328,775

USD.

EXCHANGE RATE : 21.200 VNĐ/USD
The total value of equipment in VND : 748,970,030 ( x1000) (a)
IV. SPECIFICATION OF MATERIALS, ENERGY:
1. Main Material:

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CHAPTER I. Specification timber:
Type of wood: Log timber
Density: 650 to 1.000 kg/m3
Moisture contents: 60% Minimum - Maximum 100%
Dimensions: Length: 1,000 mm Minimum - Maximum 3.000 mm
Diameter: Min 40 mm - 160 mm Maximum
Other conditions: No mixed metal, stones and other impurities.
CHAPTER II. Supplier:
Factory is expected to put in Thanh Binh Industrial Zone, Cho Moi District,
Bac Kan province, bordering the province of Thai Nguyen, Cao Bang, Tuyen
Quang, this is an area of planted forest area (acacia leaf eucalyptus ... ) of the
country's largest.
Plant material is located in the active material advantage and transportation
costs of raw materials
2. Resin and Additives:

CHAPTER I. Resin :
Using liquid urea-formaldehyde glue. In the first phase, the plant using UF glue of of
domestic suppliers. Second phase will invest in plant production system to actively glue.

CHAPTER II. Additives: Using Ammonium sulfate (sulfate Anmoni) (NH4)
22SO4 decomposition in water.

CHAPTER III.

Hexamethylen Tetramine and/or Urea:

Chemical buffering agent to decompose in water quality depends on the speakers
using glue and pH levels in the water. Chemical formula of hexamethylen Tetramine:
(CH2) 6N4

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CHAPTER IV. Paraffin: Wax special, maximum oil rate of 3%.
CHAPTER V. Supplier: The resins and additives mentioned above are
the chemical companies in Vietnam to import the timber industry to
serve.
3. Energy :

CHAPTER I. Electricity : 380/200 V/ 50 (+/-1) Hz
Electrical power is provided by the zone and ensure the electrical requirements for
the project. To maintain continuity of operation of the project, the investor is also fitted
with backup generators.

CHAPTER II. Water: Pressure: 2x105 Pa, Water quality: pH 6.5 - 8.5
Water provides water use by industrial parks have satisfactory properties
of the chain.
4. Consumption raw materials, energy projects:
For ease of calculation, the project needs energy, material thickness of projects with
the most commonly used product is 16mm, and 760 kg/m3, 360 m3/day Capacity of
factory.
Equivalent to approximately 108,000 m3 (approximately 300 working days)
Equivalent to approximately 82,080,000 kg / year (760 kg/m3)

Based on standard material consumption, energy suppliers, consumption is
calculated as follows:
Materials
Logs
Urea formaldehyde
Ammonium Chloride
Chemical buffer
Paraffin
Electricity
Water
Energy

Consumption

Total consumption

For 1m3 product

For 108,000 m3 product

760
110
3
3
15
350
1
1,520,000

kg
kg
kg
kg
kg
kW
M3
Kcal

82,080
8,360
228
228
1,140
37,800,000
108,000
164,160

Tons
Tons
Tons
Tons
Tons
KW
M3
Megacal

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VI. FACTORY BUILDING SOLUTIONS
5.  Locations description:
Factory will be built in Thanh Binh Industrial Park located in Cho Moi District, Bac
Kan Province. This location is very convenient in terms of road, 130km from Hanoi and
located close to Highway 3, Factory will be built according to the approved design
requirements to ensure the needs of MDF factory moderns; will meet the requirements of
environmental, scenic, and aesthetic. Area of 80,000 m2 will be used.
6. Construction of main sections

No

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Sections

Main workshop
Warehouse
Outdoor warehouse
Office
Cantin, worker campus

Auxiliary Zone
Garage

Transformer stations
Security house
Water supply tower
Protect Fence
Area for loading goods
Tree and grass mat
Main Power and lighting
Water supplier and drain
Communications systems

UNIT

Q’TY

U.PRICE

AMOUNTS

m2
m2
m2
m2
m2
m2
m2
m2
m2
m2
m
m2
m2
Set
Set
Set

20,000
5,000
3,000
1,600
500
400
150
25
50
1
1200
1,000
10,000
1
1
1

3,500
2,500
1,000
4,500
4,000
2,500
2,000
3,000
1,800
150,000
2,500
1,300
250
4,000,000
3,500,000
1,500,000

70,000,000
12,500,000
3,000,000
7,200,000
2,000,000
1,000,000
300,000
75,000
90,000
150,000
3,000,000
1,300,000
2,500,000
4,000,000
3,500,000
1,500,000

Lightning protection +
17

Firefighting
Cost of survey, design and

Set

1

2,000,000

2,000,000

18

evaluation

Total

1

3,423,450

3,423,450
117,538,450

Total construction cost

(b)

The company will build the plant in accordance with standards, including the main
items of the approved design

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CHAPTER III.

ORGANIZATION PROJECT

IMPLEMENTATION MANAGEMENT
I. MANAGERMENT BOARD
The following table shows the structure of the company's management, which
reflects the relationship between the production department, and business leaders:

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Management Structure - Monitor: Board is the highest authority of the proposed
development company policies, through the planning and implementation of the report to
its supervisory function. Also can organize the appropriate parts of the process according to
the company's development and production situation specific.
II. DEMAND FOR MANPOWER:
Position

1. Direct labor
Technical
Teamleader
Directly worker
Total :
2. Indirect labor
Lab staff
QC staff
Accountance staff
Sales staff
Admin officer
Driver
Securities
Cleaner
Total :
3. Manager
General manager
Vice General Manager
Managers
Management divisions
Total :
TOTAL OF PAYROLL
Above is the capacity needs

Q’ty

Salary

Total payroll
ĐV: x1000 VND

16
20
200
236

6,500
4,500
3,200

104,000
90,000
640,000
834,000

6
8
10
30
10
10
10
5
89

3,800
4,200
4,500
5,500
3,800
3,500
3,000
2,800

22,800
33,600
45,000
165,000
38,000
35,000
30,000
14,000
383,400

1
20,000
20,000
1
15,000
15,000
4
12,000
48,000
15
10,000
150,000
21
233,000
346
(c)
1,450,400
projected for the first year when the plant went into

operation. From year 2 onwards, depending on the business development company that
plans to recruit more suitable. In addition to maintaining the competitiveness of products in
the market, to apply new technologies, diversification of products. The company attaches
great importance to the issue of training, improve staff skills for their employees, and will
take a significant investment for overseas training, not only production but also on the
management, qualified international business.

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CHAPTER IV.

FINANCIAL ANALYSIS

I. DETERMINATION OF TOTAL CAPITAL INVESTMENT 
7. Calculate Fixed capitals: 
ITEMS
I. EQUIPMENT (a1)
1. Equipment for MDF line (a)
2. Cost of transport to delivery to factory site
3. Cost of insurance when transports (0,22% x 110% total)
4. Cost of insurance when installation (0,3% x 110% total)
5. Cost of testing (0,2% x Total)
II. CONSTRUCTION (b1)
1. Total of construction, design, testing
III. OFFICE EQIPMENT (d1)
1. Furniture
2. Computer and network
3. ERP software
IV. VEHICLE (v1)
1. Forklift, 4 pcs
2. Excavator, 2 pcs
3. Hino Van 13 T: 5 pc
4. SUV car: 01 pcs

Total (= a1+b1+d1+v1)

AMOUNTS
(ĐVT: x1000 VND)
760,027,388
748,970,030
5,500,000
1,812,507
2,246,910
1,497,940
117,538,450
117,538,450

2,750,000
650,000
500,000
1,600,000
2,600,000
800,000
400,000
500,000
900,000

882,915,838

8. Calculate the annual depreciation:
Cost of production equipment: depreciated steadily over 08 years.
Construction costs: depreciation is for 8 years.
The cost of office equipment: 4 years, means of transport: are amortized in 05 years.

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Table calculating depreciation: (Unit: x1000 VND)
Items

The total value of fixed
capital beginning of period
Depreciation of equipment
are linear in 8 years
Depreciation of construction
are linear in 8 years
Depreciation
of
office
equiment
are linear in 4 years
Depreciation of vehicle
are linear in 5 years
Total depreciation

Total end of period value of
fixed capital

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

882,915,838

772,012,609

661,109,380 550,206,151 439,302,922 329,087,193 219,391,464 109,695,735

95,003,423

95,003,423

95,003,423

95,003,423

95,003,423

95,003,423

95,003,423

95,003,423

14,692,306

14,692,306

14,692,306

14,692,306

14,692,306

14,692,306

14,692,306

14,692,306

687,500

687,500

687,500

687,500

520,000

520,000

520,000

520,000

110,903,229

110,903,229

110,903,229

109,695,72
9

109,695,72
109,695,729
9

772,012,609

661,109,380

550,206,151 439,302,922 329,087,193 219,391,464 109,695,735

520,000

110,903,229 110,215,729

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0


9. Calculate working capital:
Pursuant to the the cost of production and the annual production plan, calculate
the demand for working capital and working capital minimum amount necessary to
ensure the company's operations are not hampered as demand for reserves follows:

ITEMS
Materials stock (1 month)
Spare part stock (2 months)
Products in stock (1 months total cost)
Backup receivables ( 4% sales )
Cash (1 month payroll)
Total

AMOUNT
X 1000 VND
10,345,500
2,747,520
26,280,961.63
12,821,760
2,111,541
54,307,282

Total working capital for the project is necessary calculations : 54,307,282
10. Total Capitals Investment

Content
A. Fixed capital
B. Working capital
C. Total

Amount (x1000 VND)

882,915,838
54,307,282
937,223,120

II. CAPITAL RESOURCE 

TABLE OF CAPITAL RESOURCE
No
1

2

3

Capital resource
Amout
Fixed Capital
882,915,838
Loan
750,478,462
Equity
132,437,376
Working capital
54,307,282
Loan
0
Equity
54,307,282
Total capital
937,223,120

Ratio
85%
15%

100%
0%

Equity:
- Fixed capital: 132,437,376 (x1000 VND) accounts for 15% of fixed capital
- Working capital: 54,307,282 (x1000 VND) accounts for 15% of working capital

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Loan:
Loans Vietnam Development Bank and commercial banks with the Bank's guarantee
development, Tenor 8 years, Total VNĐ 750,478,462 (x1000 VND), of which:
- Bank loans growth rate 6.9% / year: loan 529,749,503 (x1000 VND), 60% of fixed
capital.
- Loans from commercial banks at an interest rate of 10.5% / year: loan 220,728,959
(x1000 VND), 25% of fixed capital.

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DEBT REPAYMENT PLANNING TABLE:
Unit (x1000 VNĐ)
Year
Value initial
Loans in the period
- % Per Total Fixed
Capital
Interest rates
Payment
Original debt
Interest
Value end of period

Year 0

- % Per Total Fixed
Capital
Interest rates
Payment
Original debt
Interest
Value end of period
Total original debt
Total interest

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

529,749,503

463,530,815

397,312,127

331,093,439

264,874,751

198,656,064

132,437,376

66,218,688

102,771,404
66,218,688
36,552,716
463,530,815

98,202,314
66,218,688
31,983,626
397,312,127

93,633,225
66,218,688
27,414,537
331,093,439

89,064,135
66,218,688
22,845,447
264,874,751

84,495,046
66,218,688
18,276,358
198,656,064

79,925,956
66,218,688
13,707,268
132,437,376

75,356,867
66,218,688
9,138,179
66,218,688

70,787,777
66,218,688
4,569,089
(0)

220,728,960

193,137,840

165,546,720

137,955,600

110,364,480

82,773,360

55,182,240

27,591,120

-

-

-

-

-

-

-

-

50,767,661
27,591,120
23,176,541
193,137,840
93,809,808
59,729,256

47,870,593
27,591,120
20,279,473
165,546,720
93,809,808
52,263,099

44,973,525
27,591,120
17,382,406
137,955,600
93,809,808
44,796,942

42,076,458
27,591,120
14,485,338
110,364,480
93,809,808
37,330,785

39,179,390
27,591,120
11,588,270
82,773,360
93,809,808
29,864,628

36,282,323
27,591,120
8,691,203
55,182,240
93,809,808
22,398,471

33,385,255
27,591,120
5,794,135
27,591,120
93,809,808
14,932,314

30,488,188
27,591,120
2,897,068
93,809,808
7,466,157

529,749,502
60%
6.9%
0
0
529,749,502

Value initial
Loans in the period

Year 1

220,728,959
.50
25%
10.50%
0
0
220,728,959

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III. FINANCIAL CALCULATE TABLE
1. Planned revenue 
Reference price and the price of imported, MDF Quang Tri, MDF Gia Lai in the past
6 years, can determine the average price over the year as follows:
2007: From 220-230 USD/m3 2008: From 230-250 USD/m3
2009: From 260-280 USD/m3 2010: From 270-290 USD/m3
2011: From 290-320 USD/m3 2012: From 295-320 USD/m3
From early 2013 until now with the impact of global economic recession, the average
price decreased MDF (15%) compared with the same period in 2012. MDF average import
price from 280-295 USD/m3
Unless the inflation rate, product price assumptions carefully project is 280 USD/m3
(as in the case of economic slowdown lasts), exchange rate 21,200 VND/USD, equivalent
to 5,936, 000 VND/m3.
The average occupancy rate of the plant is 108,000 m3. By carefully, assuming the
project is only running 50% capacity in the first year, and 20% more capacity for the next
year. Table 5 of revenue for the first year of operation:
Year
Capacity forecast (m3)
Performance (%)
Price (x1000 VNĐ/m3)
Revenue (x1000 VNĐ)

1
54,000
50%
5,936
320,544,000

2
3
75,600
97,200
70%
90%
5,936
5,936
448,761,600 576,979,200

4
108,000
100%
5,936
641,088,000

5
108,000
100%
5,936
641,088,000

2. Planed cost of Production :

a) Material Cost:

Material, Fuel

Unit

Consumption for
108,000
m3
products

Unit price

Amount

Log

Ton

82,080

900

73,872,000

Urea formaldehyde

Ton

8,360

7,600

63,536,000

Ammonium Chloride

Ton

228

12,000

2,736,000

Chemical buffer

Ton

228

12,000

2,736,000

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Paraffin

Ton

1,140

22,000

25,080,000

Electricity

KW

37,800,000

1.680

63,504,000

Water

M3

108,000

4

432,000

Fuel

Mega Cal

164,160

100

16,416,000

Total material, fuel cost for 108.000 m3 products

248,312,000

Total material, fuel cost for 1 m3 products

2,299.19

b) Table of material and fuel cost:
Year 1
Output (m3)
Price x1000 VNĐ/m3
Amounts (x1000 VNĐ)

Year 2

Year 3

Year 4

Year 5

54,000

75,600

97,200

108,000

108,000

2,299

2,299

2,299

2,299

2,299

173,818,400

223,480,800

124,156,000

248,312,000 248,312,000

c) Payroll, Training cost
Monthly wages (refer to table HR needs): total monthly salary in year 1 is 1,450,400
(x1000 VND). Salary increases above is consistent with the expansion of business over the
years. However, growth rates are in line with the growth of production and wage costs are
lower in cost estimates. Assertions such salary increases are possible and acceptable.
According to estimates, the wage bill increased by 10% / year.
Calculating payroll Annual Fund the annual salary is 13 times the salary of the
month. This represents the minimum salary demands required in the development of
human resources:
Salary expenses in year 1 = 1,450,400 x 13 = 18,855,200 (thousand)
Insurance + 1 year = 18,855,200 x 19% = 3,582,488 (thousand)
Cost of annual training: training cost depends on the business of the Company and
expected market development. Estimated cost of training as follows:
Training costs in the country: 60% of monthly salary fund:
1,450,400 x 60% = 870,240 (thousand VND)
The cost of training abroad: 40% of monthly salary fund.
1,450,400 x 40% = 580 160 (thousand VND)-

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Table of salary and training cost:
Unit: (x1000 VND)

Insurance

Year 1
1,450,400
18,855,200
3,582,488

Year 2
1,595,440
20,740,720
3,940,737

Year 3
1,754,984
22,814,792
4,334,810

Year 4
1,930,482
25,096,271
4,768,292

Year 5
2,123,531
27,605,898
5,245,121

Training cost
- Domestic
- Aboard
Total

870,240
580,160
25,338,488

957,264
638,176
27,872,337

1,052,990
701,994
30,659,570

1,158,289
772,193
33,725,528

1,274,118
849,412
37,098,080

Monthly salary
Annual salary

d) Other cost
Output (m3)
remaining value(x1000 VND)
Revenue (x1000 VND)
Spare part: USD 1,2 / m3
(X1000 VND)
Maintenance costs, equipment
maintenance, plant
= 2%
Remaining value
Packaging cost: $US 2,2 / m3
(x1000 VND)
Marketing, delivery cost,
10% sale first year, 7% for 2nd
year and 5% for next year)
Insurance
factory
remaining value

0,4%

Year 1
Year 2
54,000
75,600
772,012,609 661,109,380
320,544,000 448,761,600

Year 3
Year 4
Year 5
97,200
108,000
108,000
550,206,151 439,302,922 329,087,193
576,979,200 641,088,000 641,088,000

1,373,760

1,923,264

2,472,768

2,747,520

2,747,520

15,440,252

13,222,188

11,004,123

8,786,058

6,581,744

2,518,560

3,525,984

4,533,408

5,037,120

5,037,120

32,054,400

31,413,312

28,848,960

32,054,400

32,054,400

3,088,050

2,644,438

2,200,825

1,757,212

1,316,349

Other cost: 1% the total cost including the cost of travel, telephone, reception,
stationery. etc…

Page 20 / 29


Total cost of production: (Unit: x1000 VND)
YEAR 1
Cost of Material, fuel
Salary, training cost
Spare part cost
Maintenance cost
Packaging cost
Marketing and delivery cost
Insurance factory

Depreciation
Interest
Land rent
Infrastructure IP cost
Other 1%
Total

2

3

4

5

6

7

124,146,000 173,804,400 223,462,800 248,292,000 248,292,000 248,292,000 248,292,000
25,338,488
27,872,337
30,659,570
33,725,528
37,098,080
40,807,888
44,888,677
1,373,760
1,923,264
2,472,768
2,747,520
2,747,520
2,747,520
2,747,520
15,440,252
13,222,188
11,004,123
8,786,058
6,581,744
4,387,829
2,193,915
2,518,560
3,525,984
4,533,408
5,037,120
5,037,120
5,037,120
5,037,120
32,054,400
31,413,312
28,848,960
32,054,400
32,054,400
32,054,400
32,054,400
3,088,050
2,644,438
2,200,825
1,757,212
1,316,349
877,566
438,783
110,903,229 110,903,229 110,903,229 110,903,229 110,215,729 109,695,729 109,695,729
59,729,256
52,263,099
44,796,942
37,330,785
29,864,628
22,398,471
14,932,314
339,200
339,200
339,200
339,200
339,200
339,200
339,200
169,600
169,600
169,600
169,600
169,600
169,600
169,600
3,751,008
4,180,811
4,593,914
4,811,427
4,737,164
4,668,073
4,607,893
378,851,804 422,261,861 463,985,339 485,954,079 478,453,534 471,475,397 465,397,150

Page 21 / 29

8
248,292,000
49,377,544
2,747,520
5,037,120
32,054,400
109,695,729
7,466,157
339,200
169,600
4,551,793
459,731,063


3. Estimated profit and loss:
The company's net profit is depreciation and repayment priority. The financial ratio that the business will become more efficient,
because in the later stage the business has achieved stability, reducing indirect costs, increase production and reduce interest costs.
Investment projects in the "List of preferential investment fields" as follows:
Corporate Income Tax: free 03 years and 50% of the tax for the next 05 years.
Unit (x1000 VNĐ)
YEAR
Total revenue
Total cost
Income tax
Profit after tax

1
320,544,000
378,851,804
(58,307,804)

2
448,761,600
422,261,861
26,499,739

3
576,979,200
463,985,339
112,993,861

4
641,088,000
485,954,079
19,391,740
135,742,181

5
641,088,000
478,453,534
20,329,308
142,305,158

6
641,088,000
471,475,397
21,201,575
148,411,028

7
641,088,000
465,397,150
21,961,356
153,729,494

8
641,088,000
459,731,063
22,669,617
158,687,320

Income gross
Mandatory reserve fund
Benefits and bonus fund

(58,307,804)
(58,307,804)

26,499,739
132,499
132,499
264,997
25,969,744

112,993,861
564,969
564,969
1,129,939
110,733,984

155,133,921
678,711
678,711
1,357,422
133,027,337

162,634,466
711,526
711,526
1,423,052
139,459,055

169,612,603
742,055
742,055
1,484,110
145,442,807

175,690,850
768,647
768,647
1,537,295
150,654,904

181,356,937
793,437
793,437
1,586,873
155,513,573

24%
16%
82%

25%
17%
85%

Business Development fund
Retained Earnings
Financial ratio
Return on Sale (ROS)
Return on Assets
Return on Equity

-18%
-6%
-31%

6%
3%
14%

20%
12%
61%

21%
14%
73%

Page 22 / 29

22%
15%
76%

23%
16%
79%


4. Project cash flow and financial indicator

1

NO
I
1
2

2

3

4

CASH FROM OPERATION
TOTAL INCOME : CASH FROM
SALES
TOTAL OUT

-

320,544,000

448,761,600

576,979,200

641,088,000

Expenses goods sold

-

378,851,804

422,261,861

463,985,339

485,954,079

-

(58,307,804)

26,499,739

112,993,861

155,133,921

-

-

-

-

-

NET
CASH
OPERATION

FLOW

II

CASH FROM INVESTMENT

1

TOTAL INCOME

FROM

5
641,088,00
0
478,453,53
4
162,634,46
6
-

6
641,088,000

471,475,397
169,612,603

-

7
641,088,00
0
465,397,15
0
175,690,85

181,356,93

0

7

-

-

TOTAL OUT
882,915,838

-

54,307,282

-

(937,223,120)

LOAN

Shareholder

Working capital
NET
CASH
INVESTMENT
1

459,731,06
3

54,307,282

Fixed assets

III

641,088,00
0

Received from working capital
2

8

FLOW

FROM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

54,307,282

750,478,462

-

-

-

-

-

-

-

-

132,437,376

-

-

-

-

-

-

-

CASH FROM FINANCING
TOTAL INCOME

Depreciation

110,903,229

110,903,229

110,903,229

110,903,229

Page 23 / 29

110,215,72
9

109,695,729

109,695,72

9

109,695,72
9


2

TOTAL OUT
Original debts

-

93,809,808

93,809,808

93,809,808

93,809,808

93,809,808

93,809,808

93,809,808

93,809,808

Income tax

-

-

-

-

19,391,740

20,329,308

21,201,575

21,961,356

22,669,617

Cash FLOW from financing

882,915,838

17,093,421

17,093,421

17,093,421

(2,298,319)

(3,923,387)

(5,315,654)

(6,075,435)

(6,783,696)

IV

CASH ON BEGINNING of period

(54,307,282)

(54,307,282)

(95,521,665)

78,158,777

230,994,380

389,705,459

554,002,408

723,617,823

V

CASH ON ENDING of period

(54,307,282)

(95,521,665)

(51,928,505)

230,994,380

389,705,459

554,002,408

723,617,823

952,498,346

(51,928,505
)
78,158,777

Page 24 / 29


IV. CALCULATION OF EFFECTIVE RATIOS
1. Average cost of capital and inflation consideration
Average cost of financial resources used:
Weigh/total
Capital from shareholder
Loan
- Long term VDP
- Long term

Cost

Cost/total

19.93%

14.00%

2.79%

6,90%

56.52%

6.90%

3.90%

10,50%

23.55%

10.50%

2.47%

Average cost of capital
100,00%
9.16%
Capital raised from shareholders discounted at the cost of capital is 15% / year. The
cost is consistent with common opportunity cost in Vietnam.
Cost of long-term loans discounted at the interest rate of the bank respectively 6.9% /
year and 10.5% / year.
Average cost of capital is calculated using the weighted average formula.
However, in analyzing financial performance - economics of the project will use a
discount factor of K = 14%. The difference of 14% - 9:16% = 4.84% to compensate for
factors of exchange rate movements and inflation
2. Net Present Value of Project,
Year
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8

Capital
Net return
-937,223,120
-95,521,665
-51,928,505
78,158,777
230,994,380
389,705,459
554,002,408
723,617,823
952,498,346

Discount
factor
NPV
14% 1,089,355,108
0.877192982
(83,790,934)
0.769467528
(39,957,298)
0.674971516
52,754,948
0.592080277
136,767,217
0.519368664
202,400,804
0.455586548
252,396,044
0.399637323
289,184,689
0.350559055
333,906,920

We observe that NPV and IRR of the project is very high that investment is very
effective.
3. Payback period with discounted:


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