Business operations of hoa phat group

PhD Nguyen Thi Dieu Chi Vu Phuong Thao Class Advanced Finance 57A NATIONAL ECONOMICS UNIVERSITY CENTRE FOR ADVANCED EDUCATIONAL PROGRAMS INTERNSHIP REPORT Major Finance Business operations of Hoa Phat[.]

CENTRE FOR ADVANCED EDUCATIONAL PROGRAMS

INTERNSHIP REPORT

Major: Finance Business operations of Hoa Phat Group

VU PHUONG THAO

Hanoi-2018

NATIONAL ECONOMICS UNIVERSITY CENTRE FOR ADVANCED EDUCATIONAL PROGRAMS

INTERNSHIP REPORT

Business operations of Hoa Phat Group

Supervisor : PhD Nguyen Thi Dieu Chi

Internship guide : Mrs Le Thi Thuan

Hanoi-2018

LIST OF FIGURES

LIST OF TABLES

INTRODUCTION

ACKNOWLEDGEMENTS

PART I INTRODUCTION OF THE RESEARCH

1.1 Rationale of the research

1.2 Research subject

1.3 Research objective

1.4 Scope of the research

PART II ANALYSIS OF HOA PHAT GROUP ( HOA PHAT JOINT STOCK COMPANY)

CHAPTER 1 HOA PHAT GROUP’S OVERVIEW

1.1 General introduction of Hoa Phat Group

1.1.1 History of formation and development

1.1.2 Basic information

1.1.3 Main business activities

1.1.4 Operation and organization model

1.2 Overall performance in the year 2017 of Hoa Phat Group

1.2.1 Operation of Hoa Phat Group

1.2.1.1 Steel

1.2.1.2 Other industrial areas

1.2.1.3 Agriculture

1.2.1.4 Real estate

1.2.2 Results of Hoa Phat’s Group business activites

CHAPTER 2 FINANCIAL PERFORMANCE OF HOA PHAT GROUP IN THE

2.1 Financial ratios

2.2 Financial capacity indicators

2.2.1 Liquidity indicators

2.2.2 Capital structure indicators

2.2.3 Operation capacity indicators

2.2.4 Profitability indicators

CHAPTER 3.DEVELOPMENT ORIENTATION OF HOA PHAT GROUP3.1 Orientations for development from 2018 to 2020

3.2 Some recommendations to implement orientations

PART III CONCLUSION

REFERENCES

APPENDIX

ACKNOWLEDGEMENTS

The first internship that held by National Economics University was a greatopportunity for me to have a profound knowlegde about an detailed enterprise.During the time in university, I have gained a lot of information about finance andgrown interest with the corporations both in domestic and foreign Therefore, Idecided to apply for an intern place in Business operations of Hoa Phat group- one

of the largest corporations in Vietnam Initially, the works for me were hard due tolack of experience and skills but I still managed to complete the internship Thisreport is an appropriate result of what I have learned in the last one month

I wish to express my sincere gratitude to PhD Nguyen Thi Dieu Chi for her advicesand guidelines that helped me complete this report I also want to thank Mr Le ThiThuan and all the staff in Sales Department in Hoa Phat group’s headoffice for theirguidance and encouragement during the internship, in spite of my limitedknowledge in financial business

Hanoi, September 2018

Vu Phuong Thao

LIST OF TABLES

Table 2-1 Financial ratios from 2015 to 2017 22

Table 2-2 Liquidity indicators from 2015 to 2017 24

Table 2-3 Capital structure indicators from 2015 to 2017 25

Table 2-4 Operation capacity indicators from 2015 to 2017 26

Table 2-5 Profitability indicators from 2015 to 2017 26

LIST OF FIGURES Figure 1-1 Logo and slogan of Hoa Phat Group 7

Figure 2-1.Revenue from sale of goods & provision of services, total assets,owner’s equity from 2015 to 2017 24Figure 2-2 Profit after tax/sale ratio from 2015 to 2017 25Figure 2-3 Debt ratio from 2015 to 2017 26

PART I INTRODUCTION OF THE RESEARCH

1.1 Rationale of the research

Industrial production is generally growing and diversifying in terms of technology,design, distribution or service with large corporations or multinational corporationscombining production and service One of the strongest businesses with theexpansion and diversification of products and services as well as investmentpromotion in Vietnam is Hoa Phat Group The strength of HPG is based on theseven Hoa Phat member companies, most of which are leaders in the industry oramong the leading companies in the manufacturing and trading sector In mypersonal opinion, learning about the operating apparatus and business activities of aparticular business is an indispensable part of a financial student Being in the staff

of a large corporation is my aspiration since I was a freshman so I chose Hoa PhatGroup as the research target in the first internship There are many other reasonswhy I choose Hoa Phat Group as a research target, but the main reason is that HoaPhat is one of the leading private industry corporations in Vietnam

This research aims at making enquiries about Hoa Phat group, the business areas aswell as the business activities of the company recently so that I can personally have

a thorough grasp of the basic knowledge of finance to improve throughunderstanding the business and financial activities of the business Through this wecan also grasp the advantages and achievements of the business and then see theoutstanding issues from that offering suggestions to propose solutions I personallyhope that this research will give people an insight into the business areas that arefamiliar in our lives for one of the largest multinational corporations in Viet Nam

1.2 Research subject

The goal of this report is to assess the business operations of Hoa Phat group in thefield of different business segments The data in the period from 2015 to 2017 areused

1.3 Research objective

This report goes towards the following purposes:

 Analyzing the organization of Hoa Phat group and its operation in eachbusiness segments, as well as the corporation’s financial performance over aperiod of three last years

 Identifying the shortcomings and suggesting some solutions for those

 Finding out the orientations and recommendations in the near future

1.4 Scope of the research

This report uses data about the corporation’s business operation derived fromarticles, website and annual reports in a 2-year period from 2015 to 2017 It

includes three parts: Introduction of the research, Analysis of business operation atHoa Phat group and Conclusion In part II, there are three chapters:

 Chapter 1 introduces the overview of Hoa Phat group with the history of

formation and development, the main business activities, operation andorganizational model and overall performance in different segments

 Chapter 2 presents the analysis of business operation of BIDV through its

financial ratios and financial indicators

 Chapter 3 offers some suggestions and orientations for the development of

the corporation in the next 2 years

PART II ANALYSIS OF HOA PHAT GROUP ( HOA PHAT JOINT STOCK COMPANY)

CHAPTER 1 HOA PHAT GROUP’S OVERVIEW

1.1 General introduction of Hoa Phat Group

1.1.1 History of formation and development

- Historic milestones of Hoa Phat:

+ 8/1992: Setting up Hoa Phat Equipment & Accessories Company Limited Thefirst company was owned by Hoa Phat

+ November 1995: Establishin Hoa Phat Furniture JSC

+ August 1996: Establishing Hoa Phat Steel Pipe Co., Ltd

+2001: Hoa Phat Hung Yen Steel Co., Ltd Hoa Phat Refrigeration Co., Ltd, HoaPhat Urban Development and Construction

+ 1/2007: Restructuring the group with Hoa Phat Group Joint Stock Company andmember companies

+ August 2007: Establishing Hoa Phat Hai Duong Steel Joint Stock Company,implementing Iron and Steel Complex in Kinh Mon District, Hai Duong Province.+ November 15, 2007: Listing of HPG shares on Vietnam stock market

+ June 2009: An Thong Mineral Investment JSC became one of Hoa Phat membercompanies

+ December 2009: Hoa Phat Group of Hoa Phat Steel JSC completes investmentphase 1

+ 1/2011: Structure of parent company operation with separation of steel productionand trading

+ 8/2012: Hoa Phat's 20 years of establishment and development, received the thirdLabor Medal of the President

+ 10/2013: Hoa Phat Steel Complex completed its investment in phase 2, bringingthe total capacity of Hoa Phat Steel to 1.15 million tons per year

+ 3/2015: Launching Hoa Phat Feed Mfrs Limited Company, marking a newdevelopment in the Group's history when investing in agriculture

+ 2/2016: Establishing Hoa Phat Agricultural Development Joint Stock Company,managing and governing the activities of all companies in the agricultural sector(including animal feed, livestock)

+ 4/2016: Establishing Hoa Phat Steel Co., Ltd, started the project of color coated,galvanized, galvanized steel with the capacity of 400,000 tons / year

+ 2/2016: Completion of investment phase 3 - Hoa Phat steel complex in HaiDuong, raising Hoa Phat steel construction capacity to 2 million tons per year.+ 2/2017: Establishment of Hoa Phat Dung Quat Steel Joint Stock Company, HoaPhat Dung Quat Iron and Steel Complex in Quang Ngai province, with a capacity of

4 million tons per year with total investment capital of VND 52,000 billion thatmark the development of Hoa Phat Group

1.1.2 Basic information

Figure 1-1 Logo and slogan of Hoa Phat Group

HOA PHAT GROUP is one of the leading industrial manufacturing corporations inVietnam Started from a company specializing in trading construction machines in8/1992, Hoa Phat expanded to Furniture (1995), Steel pipe (1996), Steel (2000), Refrigeration (2001), Real Estate (2001) In 2007, Hoa Phat re-structured group model, in which Hoa Phat Group Joint Stock Company plays the role of the parent company with member companies On November 15, 2007, Hoa Phat officially listed shares on the stock market of Vietnam under the stock ticker symbol

“HPG”.Hoa Phat Group operates mainly in the fields of construction steel, steel pipe and galvanized steel sheet, other industrial production such as furniture,

refrigeration, construction equipment, agriculture, and real estate Steel production

is the core manufacturing sector which is responsible for over 80% of total revenue and profit of the Group Presently, Hoa Phat become the largest manufacturer of construction steel and steel pipes in Vietnam with market share 23.9% and 26.4%, correspondingly Hoa Phat Furniture leads the market of office furniture on the domestic market From 2016, Hoa Phat Group has restructured the model of

member companies is steel, agriculture and real estate in the direction of leaning to improve the effect of production and cutting down management costs By the end of

2017, Hoa Phat has owned 11 member companies Companies in the field of

agriculture will be accomplished by the Hoa Phat Agricultural Development Joint Stock Company, comprising: Feed raising products, raising pigs, cows and poultry

For many years, Hoa Phat was recognized National brand, in the Top 50 largest and most effective Vietnamese enterprise; Top 10 largest private companies in Vietnam,

1.1.3 Main business activities

1 Trading, importing and exporting iron and steel, materials and equipment for refining and rolling steel;

2 Manufacturing of rolling steel, fabricated roofs, galvanized steel sheets, galvalum steel sheets and colourful coated steel sheets;

3 Manufacturing non-galvanized steel pipes, galvanized and stainless steel pipes;

4 Manufacturing and trading ferrous and non-ferrous metal scrap;

5 Filtering steel and cast iron;

6 Producing and trading of coke coal;

7 Exploiting metal ores; trading metals, metal ores and metal scrap;

8 Producing and trading construction and mining equipment;

9 Producing furniture for offices, households and schools;

10 Producing, trading, accumulating, repairing and preserving electrical, automated, refrigeration, electric and air conditioners;

11 Investing in the construction of infrastructure of industrialized parks and municipal areas;

2 Hoa Phat Hai Duong Steel

7 Hoa Phat Equipment & Accessories Co., Lt

8 Hoa Phat Furniture JSC

9 Hoa Phat Refrigeration Engineering Co., Ltd

REAL ESTATE

10 Hoa Phat Urban Development and Construction JSC

AGRICULTURE 11 Hoa Phat Agriculture

Development JSC

GENERAL MEETING

OF SHAREHOLDERS

BOARD OF MANAGEMENT

Accessories Co., Ltd

8 Hoa Phat Furniture

JSC

9 Hoa Phat Refrigeration Engineering Co., Ltd

10 Hoa Phat Urban

Development and

Construction JSC

11 Hoa Phat Agriculture Development JSC

HEAD OFFICE

1 Internal Control Department

2 Financial Department

3 IT Department

4 Legal Department

5 PR Department

6 Administration Department

7 R&D Department

SUPERVISORY BOARD

1.2 Overall performance in the year 2017 of Hoa Phat Group

1.2.1 Operation of Hoa Phat Group

In 2017, Hoa Phat steel construction sales exceeded 2 million tons per year, reached2.2 million tons and increased by 20% compared to 2016 This figure exceeded nearly 10% of the plan in 2017 In the domestic market, Hoa Phat continues to affirm its position in the steel industry in Vietnam with a market share of

approximately 24% Product sales in the central and southern regions are growing rapidly The advantage of Hoa Phat is that it has a waterway harbor at the factory that allows vessels with a tonnage of thousands of tons to touch the wharf,

therefore, steel is transported by sea to branches and stockrooms in Da Nang, Binh Dinh, Ho Chi Minh City and Binh Duong Thanks to that, Hoa Phat steel

construction price in the southern market is quite competitive In addition to the adequate supply of steel billets, Hoa Phat has provided to other steel rolling mills in Vietnam This delineates that the group has held the complete play the capacity of the factory to provide the domestic market in an appropriate modus with a

reasonable price and avoided the reliance on imported billet Exceptionally, in 2017,Hoa Phat has purchased 79,000 tons of steel billets in national and international marketplaces In the total output of steel construction in 2017, high-quality steel wire for wire drawing, steel core welding rod has the strongest progression With 266,000 tons, the output of this product line has climbed by 5.6 times compared to

2016 High quality wire rods for wire drawing with steel grades SAE1006,

SAE1008 were well received by domestic and foreign markets positively In the 266,000 tons of high quality steel output above, Hoa Phat has exported 94,000 tons and the rest serves the steel wire drawing units, as well as the core welding rod in the water Steel output attained over the past year has surpassed design capacity, making plentiful provision for the marketplace Particularly, Hoa Phat enhanced its manufacture of high value steel coils for making steel wires, by this means

switching step by step imported products

During the year 2017, Hoa Phat exported 161,000 tonnes of steel bars and steel coils to a wide range of foreign markets like the United States, Canada, Australia,

Malaysia, Cambodia, etc Upturningly higher exports to strenuous markets

illustrates Hoa Phat Steel is considerably competitive

After 10 years, Hoa Phat Iron and Steel Complex was invested by Hoa Phat Hai Duong Steel Joint Stock Company as a developer and operator, and has become one

of the two biggest corporations which contributed to the budget of Hai Duong Province In particular, in 2017, the complex achieved over 1.8 million tons of steel products, upsurging by 22.6% over 2016, making a contribution more than 2,000 billion VND to provincial budgets During the year, all plants reached a high

proportion of development in terms of productivity which was compared to 2016 Specifically, the output of pellets reached more than 850,000 tons, sintered ones gained more than 2.2 million tons compared to 2016 In addition, thanks to

technological advancement, coke coal production has accomplished roughly

800,000 tons of coke completed products, electricity output is more than 390

million kWh increased 18% compared with 2016, active supply of coking coal and power source for Hoa Phat Steel Complex In addition, investment in items using renewable energy, as well as ecological environment, are important factors for Hoa Phat Steel

In 2017, Hoa Phat Steel Pipe Co., Ltd gained various remarkable achievements while indicators reached and exceeded the plan Superiorly, the trade of steel pipe in

2017 achieved roughly 600 thousand tons per year, reaching a market share of 26.4%, the highest number ever In the context of upturningly severe market

competition, the firm has continually paid much attention to constantly advancing the standard of products and services and promoting the elevation of products to customers through diverse communication network The association between Hoa Phat Steel Pipe and its collaborators has become more and more cohesive in the spirit of cooperation and enlargement The close cooperation with the dealer system has helped the corporation improve products to fit the marketplace and serve the needs of consumers in both the building and civil

The most growing product line is the zinc plated steel pipe line as the demand shift

to this category endures to increase In 2017, with the aim of expanding and

developing the market in the South, the firm has continuously poured money into projects, expanded its production, responded promptly to consumer and consumer systems Thus, the southern region grew strongly leading the market sector The company has invested in two production lines for pickling, rolling, plating and a hotdip galvanizing line for Hoa Phat Binh Duong Steel Pipe Factory In the Long An Steel Pipe Factory, the company invested 5 more pipe bending devices, raising the posibility for the plant to 36% over the previous year

In 2018, the corporation’s plan is going to increase steel pipe production by 14%, galvanized steel by 20% compared to the output achieved in 2017, holding the top market share in Vietnam Hoa Phat steel pipe also aims to increase the export of

products to foreign countries in order to promote the capacity of factories, while affirming its brand in the international market, considered as one of the key tasks in next time.

1.2.1.2 Other industrial areas

1.2.1.2.1 Hoa Phat equipment and accessories

In 2017, along with the promotion of traditional products, Hoa Phat Equipment and Accessories Company was marked by high quality products replacing imported goods, business activities grew strongly According to that, the company has

installed and set the operation the production line of galvanized steel sheet at Binh Duong Mechanical Manufacturing Factory to support steel pipe progression in the southern market Regarding to the import of machines and equipment, the company kept going to import robot welding machine for the production of traditional

construction scaffolding products and imported automatic welding machine to produce ringlock aesthetic scaffolding to satisfy the increasingly need of

manufacture works Above and beyond, the firm also energeticly supported its fellow companies in the agricultural sector of the enterprise to finish the project of pig-farming throughout the nation Particularly, the most notable experience in Hoa Phat Equipment & Accessories was the achievement and commission of Phase 1 - Steel Wire Milling Plant in Pho Noi A Industrial Park, Hung Yen at the end of the year, contributing to the realization of the goal of completely replacing the importedsteel wire, equipped with the most modern and synchronous manufacture line

It is assumed that in the year 2018, Hoa Phat Equipment and Accessories Company will invest Phase 2 with equivalent capacity According to the plan, when the

operation is stable, each stage will bring about 500-600 billion VND per year for thecorporation In 2018, the company will also build a flange production plant for prestressed centrifugal concrete piles put in Binh Duong Other industries of Hoa Phat includes construction equipment, furniture, refrigeration In particular, the office furniture of Hoa Phat is the leader in market share and is the product that contributes to the development of Hoa Phat brand as it is today In 2017, other industrial products donated 6% of sales and 5% of net profit Another project to be promoted in 2018 is Vietnam's first high-pressure post-tensioning steel mill in DungQuat Economic Zone, Quang Ngai The scheme consists of three senior products:

PC bar, PC Strand and PC Wire These products are applied in large-scale

substructure projects that necessitate high technology, high load capacity and

security, for example towers, viaducts, bridges, high rise buildings, cables

hanging also assist optimize the gap as well as the cost of materials, shorten the time of construction works With a series of key projects being deployed and put into operation in 2018, Hoa Phat Equipment and Accessories Company has been

growing strongly this year and the following years In 2018, the firm targets sales grow about 80%.

1.2.1.2.2 Hoa Phat Furniture

Hoa Phat Furniture has focused on the main objectives such as: continuing to cover the whole market, supporting agents in market development and increasing the rate

of display / sales at each store; research and development of office furniture, home furniture with diverse designs, superior quality and consistent with the tastes of consumers because of the awareness of its effect in the communal and the

maintainable improvement of the general public, right from the beginning of 2017,

2017 is also a year of great effort in management, ensuring a streamlined and

efficient organizational structure and a team of competent and creative people Energy saving is always on the top of the plant, contributing to increased output andlower manufacture costs all over the company Recognizing the great capability of the home furnishing marketplace, the firm has invested more specialized machinery

to produce in the North and South In the South, natural rubber orders started to be produced in Q3 / 2017, November and December, 2017, which received large quantities of orders for the market The investment in the construction of PU wood and wood flooring factory in early 2017 in Dai Dang Industrial Park - Binh Duong has donated to increase the production capacity to satisfy the needs of consumers and the entire southern marketplaceof the company With clear objectives, Hoa PhatFurniture is committed to researching, developing and producing a wide range of high quality home furniture including living room, dining room and bedroom Particularly the group of living room furniture and dining room has been received

by the market, consumers with thousands of products are distributed throughout the country

Thanks to the strategy of covering the market in recent years, Hoa Phat Furniture has exceeded its revenue target The line products have strong growth such as high-grade interior furniture made of High Glossy wood, family sofas, office furniture such as swivel chairs, iron cabinets, office safes At Week APEC Da Nang 2017 high class, Power leather chair of Hoa Phat Furniture was honored to be selected forthe meeting of the Heads of State 2017 marked the successful export sector with impressive growth by accessing and signing large contracts to supply products in difficult markets such as USA, Japan and Korea

During the year, Hoa Phat Furniture was honored in the list of 500 largest

enterprises in Vietnam and for the 10th time in the list of 500 largest private

enterprises in Vietnam This is a proof of the scale, prestige, quality and trust of consumers in the Hoa Phat Furniture brand during the past 23 years

1.2.1.2.3 Hoa Phat Refrigerator

Revenue upsurged by approximately 120% compared to 2016, nearly 200,000 air conditioners, refrigerators, freezers, coolers have been consumed over the country, the product line freezers reached consumption The strongest figures with the growthrate of roughly 300% are striking figures of Hoa Phat Refrigeration Co., Ltd, achieved in 2017 From the beginning of the year, Hoa Phat Refrigeration Plants determined to meet the needs of the market timely and adequately The company has improved the quality, enhanced the product design (new color development of new refrigerators, large freezers, display cabinets ) and advanced new lines of products (cooling fan , fridge) Apart from that, the factory has prepared the

equipment to make good production plan in the season In the year 2017, Hoa Phat Refrigeration concentrated on developing the market share of freezers by

implementing radically sales programs and exhibiting samples to the second level stores

In parallel with the completion of production, sales offices in the North and the Central of the South focus on the actual market survey, expanding distribution agents, new marketplaces and increasing market share in the central and southern areas to best apply the strategy

At the same time, Hoa Phat Refrigeration Company has built a close relationship with the trade system across sales schedules and policies, after-sales strategies, so that they can understand the market information, It helps the planning and

implementation of policies effectively The company also strengthened its warranty system throughout the province, investing in the customer care system through hotline 1800 1022 free nationwide, increasing the most assurance period of freezer from 15 months to 30 months – long in Vietnam today to provide customers with after-sales service with the best quality

Therefore, Hoa Phat Refrigeration Company has achieved the target set for 2017 Revenue growth is roughly 120% compared to 2016 Approximately 200,000 air conditioners, refrigerators, freezers, coolers have been consumed throughout the country Freezer sales reached the highest level with nearly 300% growth In

particular, Hoa Phat Refrigeration Company has achieved 129% of the plan tax profit as planned by the Group since the beginning of the year In 2018, with thedirection of Chairman of the Board is the year of Air Conditioner, Hoa Phat

after-Refrigeration expects to achieve 140% growth in sales, continue to develop

distribution system and new markets to increase market share

1.2.1.3.Agriculture

Hoa Phat has overcome difficulties in the agricultural sector and initially has certainresults Hoa Phat Group will endure to finish and enhance the agricultural sector with the current scale to reach the long-term goal of the Group.

Up to now, Hoa Phat has completed and operated 2 feed mills with the full amount bulk of 600,000 tons per year in Hung Yen, Dong Nai The entire line of facilities isimported from Europe to guarantee high standard, safe for pets and consumers, no antibiotics stimulate growth and banned substances in feed

In 2017, in the context of difficult market, the output price of the product is low, butthe product line of livestock products of Hoa Phat has been received by the

marketplace with excellent quality products and services The consumption output

of animal feed of Hoa Phat increased by140% compared to 2016

In the field of animal husbandry, Hoa Phat concentrates on providing pig breeds, commercial pigs, high quality pigs, and farms in Yen Bai, Hoa Binh, Bac Giang andBinh Phuoc In the year of 2017, Hoa Phat's mission is to raise pork and bovine animals from Hoa Phat to be imported from Denmark The company has always maintained the plan to keep and develop the gene pool with reproductive traits of imported pigs through selective breeding process, strict nourishment according to standard beside the development of the herd according to the target It also plans to introduce transgenic pigs and improve their genetics For beef cattle, Hoa Phat operates hi-tech beef ranches in Thai Binh, Dong Nai and Quang Binh Besides, Hoa Phat's hi-tech breeding sector has risen to the top of the market both in terms ofquantity and output of Australian cattle sold in 2017

At the same time, Hoa Phat has developed a breeding program for hens and

commercial hens By the beginning of 2018, Hoa Phat has imported two breeds of Hyline Brown eggs from England Hyline is one of the two largest egg-laying breedbrands in the world with a focus on the best quality of genetic engineering It is expected that in the year 2018, Hoa Phat will provide over 20 million mercantile chicken eggs to the market, increasing the output of Australian cattle In mid-2018, the first 3 blood pigs will be introduced to the market, and will officially supply pigs for the Vietnamese market The goal of Hoa Phat is to provide high quality meat, good health and growth rate in accordance with the environmental conditions

of Vietnam, assuring the provision of fresh sustenance and biosecurity for

customers’ uses Hoa Phat livestock feed is expected to grow 30% in 2018

compared to 2017, continuing to improve the quality of products and services to meet market demand The target of Hoa Phat in the next five years is that they will produce 1 million tons of feed per year, 450,000 units of mercantile piglets per year;75,000 cows per year and 300 million clean chicken eggs per year

1.2.1.4 Real estate