VIETNAM 374880524.

xls(1/10) 12/19/2017

6000 T/D AA CEMENT PROJECT note: CLICK 'RUN BOTTUN',IF DATA CHANGED.

REGISTERED NO. : IRR-0001 Mr. AAAAAAA COPYRIGHT : RYUYA HANAO [ NO COPY ]

ECONOMICAL STUDY for CEMENT PROJECT SUMMARY of INPUT DATA

S.PRICE UNIT ADJUST-% ORIGINAL ADJUSTED SALES RATIO DEP.YEAR (10^3.\) DOMESTIC EXPORT
ECONOMICAL EXPORT \/T 100.00 0 0 AVE. % 0.00 MACHINARY 15 22300 PRICE (\/T) 5400 0
STUDY DOMESTIC \/T 100.00 5400 5400 AVE. % 100.00 BUILDING 30 6500 SALES TAX (%) 10 0
FOR ave.Production cost(15 Ys): 5272 H.VIHICLE 5 2000 TRANSPORT'N COST (\/T) 240 0
CEMENT INVEST'T UNIT ADJUST-% ORIGINAL ADJUSTED KILN CAPACITY OTHERS 5 0
PROJECT T.INVEST'T 10^6.\ 100.00 32561 32561 (clnTON/YEAR) LAND 0 0 ( % ) BLK.YEAR
PLANT COST 30800 30800 1,023 *10^3 FIXED ASSET A 30800 CORPORATION TAX
SENSIBILITY INTEREST UNIT ADJUST-% ORIGINAL ADJUSTED (A:TOTAL CONSTRUCTION COST) YEARS after BLACK 15 10
ANALYSIS L/T LOAN-1 % 100.00 8.5 8.5 CEMENT PRODU'N CASH 52 DISCOUNT GRACE PERIOD
LOAN-2 % 100.00 10 10 (cemTON/YEAR) RECIEVABLE 437 YEARS after BLACK 0 10
START YEAR S/T LOAN % 100.00 10 10 1,214 *10^3 INVENTORY 280
2005 note: Change BLUE value for SENSIBILITY ANALYSIS. PAYABLE -433 FUND RAISING
PROJECT LIFE 8. FIRR 9.EIRR 10.PAYBACK PER'D WORKING CAPITAL B 336 EQUITY L. TERM S. TERM TOTAL
(YEAR) IRR bf TAX af TAX PBP FAIN'L ECON'L PRE.OPE.COST 5 1000 LOAN-1 LOAN-2 LOAN (10^3.\)
15 % 9.34 8.64 13.63 YEAR 11.49 8.50 INTEREST 5 425 *** 0 0 0 GRACE P.
AMOTIZATION C 1425 EXEMPTION 15 10 10 0 YEAR
OUTPUT DATA DIVIDEND 0 8.5 10 10 ( % )
AVERAGE 8.PRODUC- 9.DEPRIC- 11.AMOTI- 14.INTE- TOTAL TOTAL INVESTMENT A+B+C 32561 AMOUNT 10000 17000 5561 0 32561
PRODUCTION COST V. COST F. COST TION COST ATION ZATION REST (\/T)
(15 YEARS) 2077 914 2991 1555 84 643 5272
VIETNAM 374880524.xls(2/10) 12/19/2017

RED value: link with Cost-952

1: SALES REVENEW & COST 1:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1 .SALES VOLUME E = PRODUCTION VOLUME
P. VOLUME & RATIO (10^3.T) 1214 ( % ) 80 90 100 100 100 100 100 100 100 100 100 100 100 100 100
S. RATIO EXPORT ( % ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC ( % ) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

VOLUME EXPORT (10^3.T) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

DOMESTIC (10^3.T) 971 1093 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214
TOTAL (10^3.T) 971 1093 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214

2 .SALES REVENEW ORIGINAL

( % ) ( \/T ) ( \/T )
SENSIBILITY ANALYSIS
PRICE EXPORT 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC 100 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400
AVE.
REVENEW EXPORT (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC (10^6.\) 6424 5244 5900 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556
TOTAL (10^6.\) 6424 5244 5900 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556
S.PRICE ( \/T ) 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400
3 .SALES TAX
EXPORT ( % ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC ( % ) 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

EXPORT (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC (10^6.\) 524 590 656 656 656 656 656 656 656 656 656 656 656 656 656
TOTAL (10^6.\) 524 590 656 656 656 656 656 656 656 656 656 656 656 656 656

4 .SALES NET REVENEW (10^6.\) 4720 5310 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900

5 .TRANSPORTATION COST
EXPORT ( \/T ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC ( \/T ) 240 ratio 240 240 240 240 240 240 240 240 240 240 240 240 240 240 240
clinker&additive ( \/T ) 400 0.6
EXPORT (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC (10^6.\) 233 262 291 291 291 291 291 291 291 291 291 291 291 291 291
TOTAL (10^6.\) 233 262 291 291 291 291 291 291 291 291 291 291 291 291 291

6 .SALES ADMI. COST (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

VIETNAM 374880524.xls(3/10) 12/19/2017

2: PRODUCTION COST & INVESTMENT COST ( 1/3 ) 2:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
7 .PRODUCTION VOLUME
EXPORT (10^3.T) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC (10^3.T) 971 1093 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214
TOTAL (10^3.T) 971 1093 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214

8 .PRODUCTION COST AVE.

V. COST EXPORT ( \/T ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DOMESTIC ( \/T ) 2077 2077 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057 2076.6057
AVE.V.COST ( \/T ) 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077

V. COST (10^6.\) 2471 2017 2269 2521 2521 2521 2521 2521 2521 2521 2521 2521 2521 2521 2521 2521
AVE.
F. COST LABOUR (10^6.\) 103 103 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208 103.4208
(10^6.\) MAINTENANCE (10^6.\) 404 404 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853 403.853
EXPENSE (10^6.\) 576 576 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584 576.1584
TOTAL (10^6.\) 1083 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322 1083.4322
F. COST ( \/T ) 914 1116 992 892 892 892 892 892 892 892 892 892 892 892 892 892

TOTAL P. COST (10^6.\) 3554 3100 3352 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604
UNIT P. COST ( \/T ) 2991 3192 3068 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969

9 .FIXED ASSETS & DEPRICIATION ORIGINAL 100

YEAR ( % ) (10^6.\) (10^6.\)
SENSIBILITY ANALYSIS
MACHINARY 15 100 22300 22300 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487 1487
BUILDING 30 100 6500 6500 217 217 217 217 217 217 217 217 217 217 217 217 217 217 217
H.VIHICLE 5 100 2000 2000 400 400 400 400 400 0 0 0 0 0 0 0 0 0 0

OTHERS 5 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
LAND

TOTAL FIXED ASSETS 30800 30800 2103 2103 2103 2103 2103 1703 1703 1703 1703 1703 1703 1703 1703 1703 1703
AVE.
UNIT DEPRITIATION ( \/T ) 1555 2166 1925 1733 1733 1733 1403 1403 1403 1403 1403 1403 1403 1403 1403 1403

10 .WORKING CAPITAL ORIGINAL 100

( % ) (10^6.\) (10^6.\)
CASH 2. * 1.00 52 52 52 59 66 66 66 66 66 66 66 66 66 66 66 66 66
RECIEVABLE 2. * 8.33 437 437 437 491 546 546 546 546 546 546 546 546 546 546 546 546 546
INVENTORY (8.+9.)* 5.38 280 280 280 294 307 307 307 286 286 286 286 286 286 286 286 286 286
PAYABLE (8.+9.)* 8.33 -433 -433 -433 -454 -475 -475 -475 -442 -442 -442 -442 -442 -442 -442 -442 -442 -442

TOTAL W. CAPITAL 336 336 336 390 443 443 443 455 455 455 455 455 455 455 455 455 455
VIETNAM 374880524.xls(4/10) 12/19/2017

3: PRODUCTION COST & INVESTMENT COST ( 2/3 ) 3:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
11 .AMOTIZATION & DEPRICIATION ORIGINAL 100
YEAR ( % ) (10^6.\) (10^6.\)
PRE.OPECOST 5 1000 1000 200 200 200 200 200 0 0 0 0 0 0 0 0 0 0
INTEREST during CONSTRUCTION
LOAN-1 5 100 425 425 85 85 85 85 85 0 0 0 0 0 0 0 0 0 0
LOAN-2 5 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 425 425 85 85 85 85 85 0 0 0 0 0 0 0 0 0 0

TOTAL AMOTIZATION (10^6.\) 1425 1425 285 285 285 285 285 0 0 0 0 0 0 0 0 0 0
( \/T ) 293 261 235 235 235 0 0 0 0 0 0 0 0 0 0

15. INTEREST during CONSTRUCTION TOTAL INVESTMENT 100% 32561

-5 -4 -3 -2 -1
(10^6.\) 2000 2001 2002 2003 2004 TOTAL
LOAN-1 17000 0 0 0 5000 12000 17000
100 0 0 0 5000 12000 17000
0 0 0 0 5000
13.L/T interest 8.5 0 0 0 0 425 425
LOAN LOAN-2 5561 0 0 0 0 5561 5561
5561 100 0 0 0 0 5561 5561
0 0 0 0 0
interest 10 0 0 0 0 0 0
TOTAL 22561 0 0 0 0 425 425
22561
16. UTILIZATION OF FUND
-5 -4 -3 -2 -1
(10^6.\) 2000 2001 2002 2003 2004 TOTAL
9.FIXED ASSETS 30800 0 0 10000 10800 10000 30800
100 0 0 10000 10800 10000 30800
11.PRE.OPE.COST 1000 0 0 0 0 1000 1000
ORIGINAL 100 100 0 0 0 0 1000 1000
TOTAL FIXED ASSETS 30800 30800 10.WORKING CAPI. 336 0 0 0 0 336 336
100 0 0 0 0 336 336
ORIGINAL 100 32136 0 0 10000 10800 11336 32136
12 .TOTAL INVESTMENT (10^6.\) 32561 32561 TOTAL 100 0 0 10000 10800 11336 32136
( = 9.+ 10.+ 11.)
VIETNAM 374880524.xls(5/10) 12/19/2017

4: PRODUCTION COST & INVESTMENT COST ( 3/3 ) 4:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
13 .CAPITAL EQUITY ITY ORIGINAL 100
( % ) YEAR (10^6.\) (10^6.\)
EQUITY 10000
YEARS after OPERATION 0
DIVIDEND 0 10000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

YEAR (10^6.\) 13. CAPITAL EQUITY -5 -4 -3 -2 -1

31 .EQUITY EXEMPTION 15 0 2000 2001 2002 2003 2004 TOTAL
( from BENIFIT ) ALLOCATION 10000 0 0 3000 3000 4000 10000

14 .INTEREST
SENSIBILITY ANALYSIS ORIGINAL 100
L/T LOAN YEAR ( % ) (10^6.\) (10^6.\)
LOAN-1 0 (GRACE PERIOD)
PRINCIPAL 10 100 17000 17000 1700 1700 1700 1700 1700 1700 1700 1700 1700 1700 0 0 0 0 0
OPENING BALANCE 17000 15300 13600 11900 10200 8500 6800 5100 3400 1700 0 0 0 0 0
CLOSING BALANCE 15300 13600 11900 10200 8500 6800 5100 3400 1700 0 0 0 0 0 0
INTEREST ( % ) 100 8.5 8.5 1445 1301 1156 1012 867 723 578 434 289 145 0 0 0 0 0
LOAN-2 0 (GRACE PERIOD)
PRINCIPAL 10 100 5561 5561 556 556 556 556 556 556 556 556 556 556 0 0 0 0 0
OPENING BALANCE 5561 5005 4449 3893 3336 2780 2224 1668 1112 556 0 0 0 0 0
CLOSING BALAMCE 5005 4449 3893 3336 2780 2224 1668 1112 556 0 0 0 0 0 0
INTEREST ( % ) 100 10 10 556 500 445 389 334 278 222 167 111 56 0 0 0 0 0
AVE.
TOTAL INTEREST (10^6.\) 734 2001 1801 1601 1401 1201 1001 800 600 400 200 0 0 0 0 0
( \/T ) 643 2060 1648 1319 1154 989 824 659 495 330 165 0 0 0 0 0

TOTAL OPENING BAL. (10^6.\) 22561 22561 22561 20305 18049 15793 13536 11280 9024 6768 4512 2256 0 0 0 0 0
CLOSING BAL. (10^6.\) 20305 18049 15793 13536 11280 9024 6768 4512 2256 0 0 0 0 0 0
S/T LOAN
INTEREST ( % ) 100 10 10

[[ TOTAL PRODUCTION COST ]] AVE.

V. COST ( \/T ) 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077 2077
F. COST ( \/T ) 914 1116 992 892 892 892 892 892 892 892 892 892 892 892 892 892
8.PRODUCTION COST ( \/T ) 2991 3192 3068 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969 2969
9.DEPRICIATION ( \/T ) 1555 2166 1925 1733 1733 1733 1403 1403 1403 1403 1403 1403 1403 1403 1403 1403
11.AMOTIZATION ( \/T ) 84 293 261 235 235 235 0 0 0 0 0 0 0 0 0 0

14.INTEREST ( \/T ) 643 2060 1648 1319 1154 989 824 659 495 330 165 0 0 0 0 0

TOTAL PRODUCTION COST ( \/T ) 5272 7712 6902 6255 6090 5925 5196 5031 4867 4702 4537 4372 4372 4372 4372 4372
VIETNAM 374880524.xls(6/10) 12/19/2017

5: PROFIT & LOSS STATEMENT 5:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
7 .PRODUCTION VOLUME (10^3.T) 971 1093 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214 1214

2 .SALSE REVENEW (10^6.\) 5244 5900 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556

3.SALES TAX (10^6.\) 524 590 656 656 656 656 656 656 656 656 656 656 656 656 656

4 .SALSE NET REVENEW (10^6.\) 4720 5310 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900 5900

5.TRANSPORTATIOTION COST (10^6.\) 233 262 291 291 291 291 291 291 291 291 291 291 291 291 291
8.PRODUCTION COST (10^6.\) 3100 3352 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604

17 .OPERETING INCOMNCOME (10^6.\) 1387 1695 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004

6.SALES ADMI. COST (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

18 .INCOME before DEPRI. (10^6.\) 1387 1695 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004

9.DEPRICIATION (10^6.\) 2103 2103 2103 2103 2103 1703 1703 1703 1703 1703 1703 1703 1703 1703 1703
10.AMOTIZATION (10^6.\) 285 285 285 285 285 0 0 0 0 0 0 0 0 0 0

19 .INCOME after TAr DEPRI. (10^6.\) -1002 -693 -384 -384 -384 301 301 301 301 301 301 301 301 301 301

14.INTERST (10^6.\) 2001 1801 1601 1201 1201 1001 800 600 400 200 0 0 0 0 0

20 .INCOME before TAX (10^6.\) -3003 -2494 -1985 -1585 -1585 -700 -500 -299 -99 101 301 301 301 301 301

21.CORPORATION TAX YEAR ( % ) BLACK Y.

YEARS after BLACK 0 15 10 0 0 0 0 0 0 0 0 0 15 15 15 15 15 15
DISCOUNT GRACE PERIOD
YEARS after BLACK 0 0 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT. TAX RATIO 0 0 0 0 0 0 0 0 0 15 15 15 15 15 15

CORPORATION TAX (10^6.\) 0 0 0 0 0 0 0 0 0 15 45 45 45 45 45

22 .NET INCOME (10^6.\) -3003 -2494 -1985 -1585 -1585 -700 -500 -299 -99 86 256 256 256 256 256
( INCOME after TAX )
13.EQUITY DIVIDEND (10^6.\) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

23 .NET PROFIT (22.-13.) (10^6.\) -3003 -2494 -1985 -1585 -1585 -700 -500 -299 -99 86 256 256 256 256 256
VIETNAM 374880524.xls(7/10) 12/19/2017

6: CASH FLOW STATEMENT

-5 -4 -3 -2 -1
PROJECT LIFE YEAR: 15 2000 2001 2002 2003 2004
A. SOURCE OF FUND (10^6.\)
18.INCOME before DEPRI.
14.L/T LOAN
LOAN-1 17000 0 0 0 5000 12000
LOAN-2 5561 0 0 0 0 5561
13.CAPITAL EQUITEQUITY 10000 0 0 3000 3000 4000
SUB-TOTAL 0 0 3000 8000 21561
( % )
24.S/T LOAN BOLLOWING 10

TOTAL SOURCE 0 0 3000 8000 21561

B. UTILIZATION OF FUND (10^6.\)

9.FIXED ASSETS 30800 0 0 10000 10800 10000

11.PRE.OPE. COST 1000 0 0 0 0 1000

10.WORKING CAPITAL 336 0 0 0 0 336
14.L/T LOAN
LOAN-1 PRINCIPAL 17000
INTEREST
LOAN-2 PRINCIPAL 5561
INTEREST
15.INTEREST during CONSTRSTR'TION
LOAN-1 425 0 0 0 0 425
LOAN-2 0 0 0 0 0 0
13.EQUITY DIVIDEND
19.CORPORATION TAX
SUB-TOTAL 0 0 10000 10800 11761

FUND SHORTAGE( A.- B.)

( % )
25.S/T LOAN & DEPOSIT INTEREST 10
( + ) ( - )
TOTAL UTILIZATION 0 0 10000 10800 11761

C. NET CASH FLOW af TAX (10^6.\) 0 0 -7000 -2800 9800

ACCUM.CASH FLOW af TAX (10^6.\) 0 0 -7000 -9800 0
VIETNAM 374880524.xls(8/10) 12/19/2017

6: CASH FLOW STATEMENT 6:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A. SOURCE OF FUND (10^6.\)
18.INCOME before DEPRI. 1387 1695 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004
14.L/T LOAN
LOAN-1 17000
LOAN-2 5561
13.CAPITAL EQUITEQUITY 10000
SUB-TOTAL 1387 1695 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004
( % )
24.S/T LOAN BOLLOWING 10 2870 2649 2118 1864 1639 1416 1194 972 749 542 0 0 0 0 0

TOTAL SOURCE 4257 4344 4122 3869 3643 3421 3198 2976 2753 2546 2004 2004 2004 2004 2004

B. UTILIZATION OF FUND (10^6.\) Insert

9.FIXED ASSETS 30800
F265
11.PRE.OPE. COST 1000 :
10.WORKING CAPITAL 336 J306
14.L/T LOAN
LOAN-1 PRINCIPAL 17000 1700 1700 1700 1700 1700 1700 1700 1700 1700 1700 0 0 0 0 0
INTEREST 1445 1301 1156 1012 867 723 578 434 289 145 0 0 0 0 0
LOAN-2 PRINCIPAL 5561 556 556 556 556 556 556 556 556 556 556 0 0 0 0 0
INTEREST 556 500 445 389 334 278 222 167 111 56 0 0 0 0 0
15.INTEREST during CONSTRSTR'TION
LOAN-1 425
LOAN-2 0
13.EQUITY DIVIDEND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19.CORPORATION TAX 0 0 0 0 0 0 0 0 0 15 45 45 45 45 45
SUB-TOTAL 4257 4057 3857 3657 3457 3257 3057 2856 2656 2471 45 45 45 45 45

FUND SHORTAGE( A.- B.) -2870 -2362 -1853 -1653 -1452 -1252 -1052 -852 -652 -467 1959 1959 1959 1959 1959
( % )
25.S/T LOAN & DEPOSIT INTEREST 10 0 287 265 212 186 164 142 119 97 75 54 -190 -215 -217 -218
( + ) ( - )
TOTAL UTILIZATION 4257 4344 4122 3869 3643 3421 3198 2976 2753 2546 99 -145 -170 -172 -173

C. NET CASH FLOW af TAX (10^6.\) 0 0 0 0 0 0 0 0 0 0 1905 2150 2174 2177 2177
ACCUM.CASH FLOW af TAX (10^6.\) 0 0 0 0 0 0 0 0 0 0 1905 4055 6229 8405 10582
VIETNAM 374880524.xls(9/10) 12/19/2017

7: BALANCE SHEET 7:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2.SALES REVENEW 5244 5900 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556
8.PRODUCTION CON COST + 9.DEPRICIATION 5204 5456 5708 5708 5708 5308 5308 5308 5308 5308 5308 5308 5308 5308 5308

D. CURRENT ASSETS (10^6.\) ( % )

10.CASH 2. * 1.00 52 59 66 66 66 66 66 66 66 66 66 66 66 66 66
RECIEVABLE 2. * 8.33 437 491 546 546 546 546 546 546 546 546 546 546 546 546 546
INVENTORY (8.+ 9.)* 5.38 280 294 307 307 307 286 286 286 286 286 286 286 286 286 286
26.OTHER ASSETS 0 -2637 -5075 -6780 -8458 -9945 -11220 -12294 -13169 -13843 -12426 -10467 -8507 -6548 -4589

TOTAL CURRENT ASSETS 769 -1793 -4156 -5862 -7540 -9048 -10322 -11397 -12271 -12946 -11529 -9569 -7610 -5651 -3692

E. FIXED ASSETS (10^6.\)

9.MACHINARY 22300
BUILDING 6500
HEAVY VIHCLE 2000
OTHERS
LAND
TOTAL 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800 30800

27.ACCUM. DEPRI. 27550 2103 4207 6310 8413 10517 12220 13923 15627 17330 19033 20737 22440 24143 25847 27550
28.NET DEFERED CHARGE (11.AMOTIZATION) 1425 1140 855 570 285 0 0 0 0 0 0 0 0 0 0 0

TOTAL FIXED ASSETS 29837 27448 25060 22672 20283 18580 16877 15173 13470 11767 10063 8360 6657 4953 3250

TOTAL ASSETS ( D+E ) (10^6.\) 30606 25655 20904 16810 12744 9532 6554 3776 1199 -1179 -1465 -1209 -954 -698 -442

F. LIABILITIES (10^6.\) ( % )
10.PAYABLE (8.+ 9.)* 8.33 433 454 475 475 475 442 442 442 442 442 442 442 442 442 442
14.TOTAL L/T LOAN CLOSING BAL. 22561 20305 18049 15793 13536 11280 9024 6768 4512 2256 0 0 0 0 0 0
24.S/T LOAN BOLLOWING 2870 2649 2118 1864 1639 1416 1194 972 749 542 0 0 0 0 0

TOTAL LIABILITIES 23609 21152 18386 15876 13395 10883 8404 5926 3447 984 442 442 442 442 442

G. EQUITY (10^6.\)
13.CAPITAL 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000
23.NET PROFIT -3003 -2494 -1985 -1585 -1585 -700 -500 -299 -99 86 256 256 256 256 256
29.ACCUM. NET PROFIT -3003 -5497 -7481 -9066 -10651 -11351 -11850 -12149 -12249 -12163 -11907 -11652 -11396 -11140 -10884

TOTAL EQUITY 6997 4503 2519 934 -651 -1351 -1850 -2149 -2249 -2163 -1907 -1652 -1396 -1140 -884

TOTAL LTY & ETY(ETY( F+G ) (10^6.\) 10000 30606 25655 20904 16810 12744 9532 6554 3776 1199 -1179 -1465 -1209 -954 -698 -442
VIETNAM 374880524.xls(10/10) 12/19/2017

8: FIRR before & after CORPORATION TAX 8:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
H. TOTAL INVESTMENT (10^6.\)
9.FIXED ASSETS 30800 30800
11.PRE.OPE. COST 1000 1000
10.WORKING CAPITAL 336 0 0 455 455
15.INTEREST during CONSTRUCTION 425 425
TOTAL 32561 32680

I. BENEFIT (10^6.\)
20.INCOME after DEPRI. -1002 -693 -384 -384 -384 301 301 301 301 301 301 301 301 301 301 162
9.DEPRICIATION 2103 2103 2103 2103 2103 1703 1703 1703 1703 1703 1703 1703 1703 1703 1703 27550
11.AMOTIZATION 285 285 285 285 285 0 0 0 0 0 0 0 0 0 0 1425
21.CORPORATION TAX 0 0 0 0 0 0 0 0 0 -15 -45 -45 -45 -45 -45 -241
13.EQUITY DIVIDEND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31.EQUITY EXEMPTION 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
10.WORKING CAPITAL 0 0 455 455
30.RETAINED VALUE 0 0 3250 3250

J. TOTAL BENIFIT T bf TAX (10^6.\) -32561 3034 3605 4175 4175 4175 4175 4175 4175 4175 4175 4175 4175 4175 4175 8322 65058
FINANCIAL IRR(FIRR) ( % ) 9.34

K. TOTAL BENIFIT af TAX (10^6.\) -32560.8 3034 3605 4151 4090 4090 3957 3926 3896 3865 3835 3804 3804 3804 3804 7951 61616
FINANCIAL IRR(FIRR) ( % ) 8.64
VIETNAM 374880524.xls(11/10) 12/19/2017

9: EIRR before SALES TAX & CORPORATION TAX 9:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TOTAL
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
L. TOTAL INVESTMENT (10^6.\)
9.FIXED ASSETS 30800 30800
11.PRE.OPE. COST 1000 1000
10.WORKING CAPITAL 336 0 0 455 455
15.INTEREST during CONSTRUCTION 425 425
TOTAL 32561 32680

M. BENEFIT (10^6.\)
18.INCOME after DEPRI. -1002 -693 -384 -384 -384 301 301 301 301 301 301 301 301 301 301 162
9.DEPRICIATION 2103 2103 2103 2103 2103 1703 1703 1703 1703 1703 1703 1703 1703 1703 1703 27550
11.AMOTIZATION 285 285 285 285 285 0 0 0 0 0 0 0 0 0 0 1425
13.EQUITY DIVIDEND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31.EQUITY EXEMPTION 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
10.WORKING CAPITAL 0 0 455 455
30.RETAINED VALUE 0 0 3250 3250
3.SALES TAX 524 590 656 656 656 656 656 656 656 656 656 656 656 656 656 9637

N. TOTAL BENIFIT T bf TAX (10^6.\) -32561 4003 4694 5385 5385 5385 5385 5385 5385 5385 5385 5385 5385 5385 5385 9532 82855
ECONOMICAL IRR(EIRR) ( % ) 13.63

10: FINANCIAL & ECONOMICAL PAY BACK PERIOD 10:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PROJECT LIFE YEAR: 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
O. NET CASH FLOW (10^6.\)
2.SALES REVENEW 5244 5900 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556 6556

3.SALES TAX 524 590 656 656 656 656 656 656 656 656 656 656 656 656 656
8.PRODUCTION COST 3100 3352 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604 3604
6.SALES ADMI.COST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5.TRANSPORTATION COST 233 262 291 291 291 291 291 291 291 291 291 291 291 291 291
14.INTEREST 2001 1801 1601 1401 1201 1001 800 600 400 200 0 0 0 0 0
21.CORPORATION TAX 0 0 0 0 0 0 0 0 0 15 45 45 45 45 45
13.EQUITY DIVIDEND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31.EQUITY EXEMPTION 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

P. FINANCIAL PAY BACK PERIOD

NET CASH FLOW (10^6.\) -614 -105 403 603 804 1004 1204 1404 1604 1789 1959 1959 1959 1959 1959
ACCUM. N.C.F (10^6.\) -614 -720 -316 287 1091 2094 3298 4702 6306 8095 10054 12013 13972 15932 17891
12.TOTAL INVESTMENT 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561

PAY BACK PERIOD YEAR 11.49 -31914 -30142 -27619 -24955 -22086 -19148 -16036 -12751 -9293 -5662 -1858 1946 5750 9554 13358

Q. ECONOMICAL PAY BACK PERIOD

NET CASH FLOW (10^6.\) -90 485 1059 1259 1459 1659 1859 2059 2260 2460 2660 2660 2660 2660 2660
VIETNAM 374880524.xls(12/10) 12/19/2017

ACCUM. N.C.F (10^6.\) -90 395 1454 2713 4172 5831 7690 9750 12009 14469 17129 19789 22449 25108 27768
12.TOTAL INVESTMENT 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561 32561

PAY BACK PERIOD YEAR 8.50 -30945 -28083 -24327 -20367 -16203 -11836 -7265 -2490 2488 7670 13055 18441 23826 29212 34597
VIETNAM 374880524.xls(13/10) 12/19/2017
VIETNAM 374880524.xls(14/10) 12/19/2017
VIETNAM 374880524.xls(15/10) 12/19/2017
VIETNAM 374880524.xls(16/2) 12/19/2017

6000 T/D AA CEMENT PROJECT

PRODUCTION & SALES ADMI. COST

COST START YEAR 2005 S.PRICE KILN CAPA ANNUAL CAPA SALES PRICE
( \/T ) EXPORT 0 0 T/D D/Y *1000 T/Y \/T US$/T
PRODUCTION COST ( 1/2 ) ( \/T ) DOMESTIC 2077 5400 CLINKER 3300 310 1023 \/US$ 120
(variable cost) EXPORT 0 0
(10^6.\) LABOUR 103 CEMENT 0.843 1214 DOMESTIC 5400 45
PRODUCTION COST ( 2/2 ) (10^6.\) MAINTENANCE 404 0.843
(fixed cost) (10^6.\) EXPENSE 576

SALES ADMI'TION COST (10^6.\) SALES ADMI. COST 0

BLUE value: link with Irr-952
PRODUCTION COST ( 1/2 )
BASE START YEAR *100% RATIO 2005 EXPORT 0( \/T )
ESCALATION 2002 2005 3 1.000 1.000 DOMESTIC 2077 ( \/T )
1 .VARIABLE COST
A. RAW MATERIALS
BASE LIMESTONE CLAY SAND IRON ORE ADDITIVE SLAG POZOLAN GYPSUM
MATERIAL UNIT PRICE CONSUMP. COST/T CONSUMP. COST/T CONSUMP. COST/T COST/T COST/T COST/T COST/T COST/T
MINING DUTY \/T 32 1.0000 32.0 0.0000 0.0 0.0000 0.0
ANFO \/KG 160 0.1046 16.7 0.0000 0.0 0.0000 0.0
DYNAMITE \/KG 220 0.0085 1.9 0.0210 4.6 0.0000 0.0
DETONATOR \/P 75 0.0056 0.4 0.2460 18.5 0.0000 0.0
DIESEL OIL \/L 30 0.9330 28.0 4.8000 144.0 3.0000 90.0
LUBLICANT \/L 230 0.0270 6.2 0.0240 5.5 0.1010 23.2
OTHERS 67.0 31.7 37.0
TOTAL \/T 152.2 204.3 150.2 802.0 0.0 0.0 152.2 3098.0

B. CLINKER & CEMENT

CLINKER CEMENT
DOMESTIC EXPORT
MATERIAL UNIT BASE CONSUMP. COST/T MATERIAL UNIT BASE PC : % 30 MIX : % 70 PC : % 0
PRICE PRICE CONSUMP. COST/T CONSUMP. COST/T CONSUMP. COST/T
LIMESTONE \/T 152.2 1.1218 171 CLINKER \/T 1040.9 0.9300 968 0.8050 838 0.0000 0
CLAY \/T 204.3 0.1850 38 LIMESTONE \/T 152.2 0.0084 1 0.0500 8 0.0000 0
SAND \/T 150.2 0.1050 16 SLAG \/T 0.0 0.0000 0 0.0000 0 0.0000 0
IRON ORE \/T 802.0 0.0200 16 POZOLAN \/T 152.2 0.0166 3 0.1000 15 0.0000 0
ADDITIVE \/T 0.0 0.0000 0
GYPSUM \/T 3098.0 0.0450 139 0.0450 139 0.0000 0
ADJUSTMENT \/T 0 ADJUSTMENT 0 0 0
SUB-T \/T 1.4318 240 \/T 1.0000 1111 1.0000 1000 0.0000 0 US$
FUEL-1 \/T 3360.0 0.1180 396 28
VIETNAM FUEL-2 \/T 0.0 0.0000 0 374880524.xls(17/2) 0.056 12/19/2017

ELECTRICITY \/KW 6.7 60.00 403 ELECTRICITY \/KW 6.7 35.00 235 35.00 235 0.00 0
FIRE BRICK \/KG 159.0 0.0000 0
G. MEDIA(steel) \/KG 150.0 0.0000 0
G. MEDIA(Hi-Cr) \/KG 265.0 G. MEDIA(Hi-Cr) \/KG 265.0 0.0300 8 0.0300 8 0.0000 0
GRINDING AID \/KG 125.0 GRINDING AID \/KG 125.0 0.0000 0 0.0000 0 0.0000 0
LUBULICANT \/L 80.0 0.0100 1 LUBULICANT \/L 80.0 0.0000 0 0.0000 0 0.0000
BAG \/T 800.0 BAG \/T 800.0 1.0000 800 1.0000 800
ADJUSTMENT 0 ADJUSTMENT 0 0 0
SUB-T 800 1043 1043 0
TOTAL 1041 2154 2043 0
% 1.000 % 1.000 1.000 1.000
ESCALATION \/T 1041 ESCALATION \/T 2154 2043 0
AVE : 2077 AVE : 0
VIETNAM 374880524.xls(18/2) 12/19/2017
PRODUCTION COST ( 2/2 ) LABOUR 103 (10^6.\)
BASE START YEAR % RATIO 2005 MAINTENANCE 404 (10^6.\)
ESCALATION 2002 2005 3 1.000 1.000 EXPENSE 576 (10^6.\)
2 .FIXED COST (10^6.\) RATIO ESCALATION
C.LABOUR 103 1.000 103

QUARRY PLANT TOTAL VOLUME BASE

POSITION MONTHLY NUMBER YEARLY NUMBER YEARLY NUMBER YEARLY SALES REVENEUE ( 100% ) PRICE TOTAL
(10^3.\) (10^6.\) (10^6.\) (10^6.\) (10^3.T) ( \/T ) (10^6.\)
PLANT MANAGER 120 0 0 1 1 1 1 EXPORT 0 0 0
AST. PLANT MANAGER 105 0 0 2 3 2 3 DOMESTIC 1214 5400 6556
MANAGER 80 1 1 5 5 6 6 TOTAL 1214 5400 6556
ENGINEER & STAFF 57 9 6 42 29 51 35
FOREMAN 30 10 4 20 7 30 11
SKILLED WORKER 19.3 28 6 170 39 198 46
SECRETARY 15 2 0 10 2 12 2
WORKER 10 0 0 0 0 0 0 INVESTMENT (10^6.\)
TOTAL 50 18 250 86 300 103 MACHINARY & EQUIPMENT COST 22300

FOB %
D.MAINTENANCE 22300 * 1.811 = 404 1.000 404

LABOUR %
E.EXPENSE OVERHEAD COST 103 * 50.000 = 52
SALES %
TECHNICAL MANAGEMENT FEE 6556 * 8.000 = 524

TOTAL 576 1.000 576

SALES ADMINISTRATION COST

BASE START YEAR % RATIO 2005 SALES ADMI. COST 0 (10^6.\)
ESCALATION 2002 2005 3 1.000 1.000
3 .SALES ADMI. COST (10^6.\) RATIO ESCALATION
F.LABOUR COST 0
POSITION MONTHLY NUMBER YEARLY
(10^3.\) (10^6.\)
PRESIDENT 400 0 0
VICE PRESIDENT 300 0 0
EXECTIVE 250 0 0
SUB-T 0 0
DIRECTOR 120 0 0
MANAGER 80 0 0
STAFF 57 0 0
VIETNAM CLERK 30 0 0 374880524.xls(19/2) 12/19/2017

SECRETARY 15 0 0
WORKER 10 0 0
SUB-T 0 0
TOTAL 0 0

SALES %
G.OTHER EXPENSE 6556 * 0 = 0

TOTAL SALES ADMI. COST 0 1.000 0

VIETNAM 374880524.xls(20/2) 12/19/2017
 CEMENT PROJECT
COST&PRICE(\/T) VOLUME(*1,000T)

Prod. COST & Sales PRICE

8000

7000

6000

5000

4000

3000

2000

1000

0
1 2 3 4 5 6 7 8 9
YEAR
INTEREST DEPR & AMOT F.COST V.COS
0
1 2 3 4 5 6 7 8 9
YEAR
INTEREST DEPR & AMOT F.COST V.COS
T PROJECT
& Sales PRICE

8 9 10 11 12 13 14 15
YEAR
F.COST V.COST Sal.PRICE Pro.VOLUME
 8 9 10 11 12 13 14 15
YEAR
F.COST V.COST Sal.PRICE Pro.VOLUME
 CEMENT PROJECT
PROFIT & LOSS

30000
PROFIT&LOSS(*1,000,000\)

28000

26000

24000

22000

20000

18000

16000

14000

12000

10000

8000

6000

4000

2000

-2000
1 2 3 4 5 6 7 8 9
YEAR
Sal.REVENEW Ope.INCOME INCOMEbfDEP INCOMEa
-2000
1 2 3 4 5 6 7 8 9
YEAR
Sal.REVENEW Ope.INCOME INCOMEbfDEP INCOMEa
 PROJECT
T & LOSS

8 9 10 11 12 13 14 15
YEAR
INCOMEbfDEP INCOMEafDEP INCOMEbfTAX NET INCOME
 8 9 10 11 12 13 14 15
YEAR
INCOMEbfDEP INCOMEafDEP INCOMEbfTAX NET INCOME
 CEMENT PROJECT
CASH FLOW

30000

28000
CASH FLOW(*1,000,000\)

26000

24000

22000

20000

18000

16000

14000

12000

10000

8000

6000

4000

2000

-2000
1 2 3 4 5 6 7 8 9
YEAR
FOUND UTILIZATION NET CF AC
-2000
1 2 3 4 5 6 7 8 9
YEAR
FOUND UTILIZATION NET CF AC
 PROJECT
H FLOW

8 9 10 11 12 13 14 15
YEAR
ZATION NET CF ACCUMULATED NCF
 8 9 10 11 12 13 14 15
YEAR
ZATION NET CF ACCUMULATED NCF