Income Statement Baan Rock Garden Thailand S.E.

Stocks

BROCK-R

TH0887010R18

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 15/07/2026			5-day change	1st Jan Change
1.120 ^THB	0.00%		-3.45%	-12.50%

12/05	Baan Rock Garden Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
24/02	Baan Rock Garden Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: BAAN ROCK GARDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	25Cr	22Cr	7.22Cr	4.58Cr	8.55Cr
Other Revenues, Total	-	-	-	46.09L	30.79L
Total Revenues	25Cr	22Cr	7.22Cr	5.05Cr	8.85Cr
Cost of Goods Sold, Total	15Cr	13Cr	4.15Cr	2.49Cr	5.06Cr
Gross Profit	10Cr	8.55Cr	3.07Cr	2.56Cr	3.79Cr
Selling General & Admin Expenses, Total	4.84Cr	5.29Cr	4.36Cr	4.3Cr	4.51Cr
Other Operating Expenses, Total	4.84Cr	5.29Cr	4.36Cr	4.3Cr	4.51Cr
Operating Income	5.2Cr	3.26Cr	-1.29Cr	-1.74Cr	-71.58L
Interest Expense, Total	-2L	-11.27L	-4L	-5L	-11.49L
Net Interest Expenses	-2L	-11.27L	-4L	-5L	-11.49L
Other Non Operating Income (Expenses)	26.83L	51.7L	53.58L	-	-
EBT, Excl. Unusual Items	5.45Cr	3.66Cr	-79.63L	-1.79Cr	-83.06L
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	5.45Cr	3.66Cr	-79.63L	-1.79Cr	-83.06L
Income Tax Expense	1.65Cr	1.28Cr	10.99L	-21.53L	15.08L
Earnings From Continuing Operations	3.8Cr	2.39Cr	-90.61L	-1.58Cr	-98.14L
Net Income to Company	3.8Cr	2.39Cr	-90.61L	-1.58Cr	-98.14L
Net Income - (IS)	3.8Cr	2.39Cr	-90.61L	-1.58Cr	-98.14L
Net Income to Common Incl Extra Items	3.8Cr	2.39Cr	-90.61L	-1.58Cr	-98.14L
Net Income to Common Excl. Extra Items	3.8Cr	2.39Cr	-90.61L	-1.58Cr	-98.14L
Per Share Items
Net EPS - Basic	0.04	0.02	-0.01	-0.02	-0.01
Basic EPS - Continuing Operations	0.04	0.02	-0.01	-0.02	-0.01
Basic Weighted Average Shares Outstanding	102.5Cr	102.5Cr	102.5Cr	102.5Cr	102.5Cr
Net EPS - Diluted	0.04	0.02	-0.01	-0.02	-0.01
Diluted EPS - Continuing Operations	0.04	0.02	-0.01	-0.02	-0.01
Diluted Weighted Average Shares Outstanding	102.5Cr	102.5Cr	102.5Cr	102.5Cr	102.5Cr
Normalized Basic EPS	0.03	0.02	-0	-0.01	-0.01
Normalized Diluted EPS	0.03	0.02	-0	-0.01	-0.01
Dividend Per Share	0.01	0.01	-	-	-
Payout Ratio	-	42.94	-113.12	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	5.39Cr	3.38Cr	-1.17Cr	-1.62Cr	-59.32L
EBITA	5.2Cr	3.26Cr	-1.29Cr	-1.74Cr	-71.58L
EBIT	5.2Cr	3.26Cr	-1.29Cr	-1.74Cr	-71.58L
Total Revenues (As Reported)	-	-	-	5.05Cr	8.85Cr
Effective Tax Rate - (Ratio)	30.26	34.86	-13.8	12.01	-18.15
Current Domestic Taxes	1.65Cr	1.26Cr	8L	-	-
Total Current Taxes	1.65Cr	1.26Cr	8L	-	-
Deferred Domestic Taxes	-27.58T	2L	3L	-21.53L	15.08L
Total Deferred Taxes	-27.58T	2L	3L	-21.53L	15.08L
Normalized Net Income	3.41Cr	2.29Cr	-49.77L	-1.12Cr	-51.91L
Interest on Long-Term Debt	2L	11.27L	4L	3L	4L
Non-Cash Pension Expense	42.7T	49.14T	17.45T	19.14T	31.2T
Supplemental Operating Expense Items
Selling and Marketing Expenses	2.31Cr	2.09Cr	80.04L	68.64L	1.04Cr
General and Administrative Expenses	2.53Cr	3.2Cr	3.56Cr	3.61Cr	3.46Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	13Cr	9.96Cr	4.1Cr	2.35Cr	5.03Cr
Short Term Investments	-	4.49Cr	4.52Cr	2.06Cr	6L
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	13Cr	14Cr	8.62Cr	4.41Cr	5.09Cr
Accounts Receivable, Total	6T	5T	3L	-	-
Other Receivables	4L	3L	4L	7L	11.13L
Total Receivables	4L	3L	6L	7L	11.13L
Inventory	22Cr	14Cr	15Cr	33Cr	31Cr
Prepaid Expenses	9L	6L	6L	6L	5L
Other Current Assets, Total	57.75T	25.54T	1L	4L	2L
Total Current Assets	35Cr	29Cr	24Cr	37Cr	36Cr
Gross Property Plant And Equipment	2.42Cr	2.61Cr	3.91Cr	2.96Cr	3.41Cr
Accumulated Depreciation	-1.75Cr	-1.07Cr	-1.63Cr	-1.11Cr	-1.22Cr
Net Property Plant And Equipment	67.59L	1.54Cr	2.28Cr	1.86Cr	2.18Cr
Other Intangibles, Total	15.75T	11.04T	6.33T	1.61T	-
Deferred Tax Assets Long-Term	22.68L	20.84L	18.28L	39.26L	24.19L
Other Long-Term Assets, Total	96Cr	102.99Cr	103.44Cr	92Cr	92Cr
Total Assets	131.84Cr	133.76Cr	129.47Cr	131.59Cr	130.42Cr
Liabilities
Accounts Payable, Total	34.29L	50.91L	5L	65.88L	18.81L
Accrued Expenses, Total	1.19Cr	90.44L	83.86L	93.58L	81.95L
Short-term Borrowings	-	-	-	3Cr	3Cr
Current Portion of Leases	7L	25.13L	32.06L	9L	30.85L
Current Income Taxes Payable	90.27L	38.51L	-	-	-
Unearned Revenue Current, Total	2L	2L	78T	2L	45.99T
Other Current Liabilities	1.67Cr	2.37Cr	1.07Cr	1.53Cr	1.44Cr
Total Current Liabilities	4.2Cr	4.44Cr	2.29Cr	6.24Cr	5.76Cr
Long-Term Leases	19.41L	49.84L	33.33L	15.99L	44.05L
Pension & Other Post Retirement Benefits	10.56L	10.15L	14.61L	10L	6L
Deferred Tax Liability Non Current	2.02T	-	-	-	-
Other Non Current Liabilities	18.12L	19.8L	13.65L	7L	11.03L
Total Liabilities	4.68Cr	5.24Cr	2.9Cr	6.56Cr	6.37Cr
Common Stock, Total	102.5Cr	102.5Cr	102.5Cr	102.5Cr	102.5Cr
Additional Paid In Capital	3.21Cr	3.21Cr	3.21Cr	3.21Cr	3.21Cr
Retained Earnings	21Cr	23Cr	21Cr	19Cr	18Cr
Comprehensive Income and Other	11.49L	11.49L	11.49L	11.49L	11.49L
Total Common Equity	127.16Cr	128.53Cr	126.57Cr	125.03Cr	124.05Cr
Total Equity	127.16Cr	128.53Cr	126.57Cr	125.03Cr	124.05Cr
Total Liabilities And Equity	131.84Cr	133.76Cr	129.47Cr	131.59Cr	130.42Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	102.5Cr	102.5Cr	102.5Cr	102.5Cr	102.5Cr
ECS Total Common Shares Outstanding	102.5Cr	102.5Cr	102.5Cr	102.5Cr	102.5Cr
Book Value / Share	1.24	1.25	1.23	1.22	1.21
Tangible Book Value	127.16Cr	128.53Cr	126.57Cr	125.03Cr	124.05Cr
Tangible Book Value Per Share	1.24	1.25	1.23	1.22	1.21
Total Debt	26.86L	74.97L	65.38L	3.25Cr	3.75Cr
Net Debt	-13Cr	-14Cr	-7.96Cr	-1.15Cr	-1.35Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	10.56L	10.15L	14.61L	10L	6L
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	12Cr	2.85Cr	6.98Cr	20Cr	10Cr
Inventories - Finished Goods, Total	9.27Cr	12Cr	7.84Cr	13Cr	20Cr
Land - (BS)	92.84T	92.84T	26.43L	42.64L	42.64L
Buildings, Total	26.29L	26.29L	1.02Cr	1.02Cr	1.02Cr
Machinery, Total	1.43Cr	91.7L	91.5L	98.65L	98.44L

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-	2.39Cr	-90.61L	-1.58Cr	-98.14L
Depreciation & Amortization - CF	-	37.3L	54.03L	55.74L	53.88L
Depreciation & Amortization, Total	-	37.3L	54.03L	55.74L	53.88L
(Gain) Loss From Sale Of Asset	-	-12.09L	-	-10.44T	15.81T
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	4	5	-5.72T
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-	13Cr	1.3Cr	2.17Cr	5.22Cr
Change In Accounts Receivable	-	3L	-3L	29.68T	3L
Change In Inventories	-	-6.31Cr	-4.49Cr	-9.1Cr	-2.94Cr
Change In Accounts Payable	-	-20.82L	-76.79L	1.18Cr	-71.71L
Change in Other Net Operating Assets	-	-11Cr	-6L	-10L	8L
Cash from Operations	-	-2.38Cr	-4.4Cr	-6.86Cr	1.23Cr
Capital Expenditure	-	-22.95L	-5L	-8L	-27.19T
Sale of Property, Plant, and Equipment	-	14.72L	-	-	1.7T
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-4.49Cr	-3L	2.46Cr	2Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	5.03Cr	-3L	19.3L	-8L
Cash from Investing	-	45.8L	-10.82L	2.58Cr	1.92Cr
Short Term Debt Issued, Total	-	-	-	3Cr	-
Total Debt Issued	-	-	-	3Cr	-
Long-Term Debt Repaid, Total	-	-24.06L	-32.67L	-39.97L	-28.82L
Total Debt Repaid	-	-24.06L	-32.67L	-39.97L	-28.82L
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-1.02Cr	-1.02Cr	-	-
Common & Preferred Stock Dividends Paid	-	-1.02Cr	-1.02Cr	-	-
Other Financing Activities, Total	-	-	-	-7L	-17.47L
Cash from Financing	-	-1.27Cr	-1.35Cr	2.53Cr	-46.29L
Net Change in Cash	-	-3.19Cr	-5.86Cr	-1.75Cr	2.68Cr
Supplemental Items
Cash Interest Paid	-	9L	-	7L	17.47L
Cash Income Tax Paid (Refund)	-	1.78Cr	47.21L	5L	10.56L
Levered Free Cash Flow	-	9.26Cr	-2.94Cr	-17Cr	1.38Cr
Unlevered Free Cash Flow	-	9.33Cr	-2.91Cr	-17Cr	1.45Cr
Change In Net Working Capital	-2.95Cr	-7.14Cr	2.6Cr	17Cr	-1.36Cr
Net Debt Issued / Repaid	-	-24.06L	-32.67L	2.6Cr	-28.82L

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.48	1.53	-0.61	-0.84	-0.34
Return on Total Capital	2.57	1.59	-0.63	-0.85	-0.35
Return On Equity %	3.01	1.87	-0.71	-1.25	-0.79
Return on Common Equity	3.01	1.87	-0.71	-1.25	-0.79
Margin Analysis
Gross Profit Margin %	40.42	39.06	42.56	50.65	42.83
SG&A Margin	19.49	24.17	60.48	85.22	50.91
EBITDA Margin %	21.68	15.43	-16.17	-32.03	-6.7
EBITA Margin %	20.92	14.89	-17.91	-34.57	-8.08
EBIT Margin %	20.92	14.89	-17.91	-34.57	-8.08
Income From Continuing Operations Margin %	15.29	10.9	-12.56	-31.25	-11.08
Net Income Margin %	15.29	10.9	-12.56	-31.25	-11.08
Net Avail. For Common Margin %	15.29	10.9	-12.56	-31.25	-11.08
Normalized Net Income Margin	13.71	10.46	-6.9	-22.2	-5.86
Levered Free Cash Flow Margin	-	42.26	-40.7	-344.51	15.59
Unlevered Free Cash Flow Margin	-	42.59	-40.36	-343.92	16.4
Asset Turnover
Asset Turnover	0.19	0.16	0.05	0.04	0.07
Fixed Assets Turnover	25.95	19.78	3.79	2.44	4.39
Receivables Turnover (Average Receivables)	-	39.81T	513.67	-	-
Inventory Turnover (Average Inventory)	0.64	0.74	0.28	0.1	0.16
Short Term Liquidity
Current Ratio	8.29	6.54	10.3	5.98	6.23
Quick Ratio	3.14	3.26	3.79	0.72	0.9
Operating Cash Flow to Current Liabilities	-	-0.54	-1.92	-1.1	0.21
Days Sales Outstanding (Average Receivables)	-	0.01	0.71	-	-
Days Outstanding Inventory (Average Inventory)	571.97	492.3	1.29T	3.49T	2.28T
Average Days Payable Outstanding	18.63	24.66	22.92	6.4	51.55
Cash Conversion Cycle (Average Days)	-	467.65	1.27T	-	-
Long Term Solvency
Total Debt/Equity	0.21	0.58	0.52	2.6	3.02
Total Debt / Total Capital	0.21	0.58	0.51	2.54	2.93
LT Debt/Equity	0.15	0.39	0.26	0.13	0.36
Long-Term Debt / Total Capital	0.15	0.39	0.26	0.12	0.34
Total Liabilities / Total Assets	3.55	3.91	2.24	4.99	4.89
EBIT / Interest Expense	280.17	28.93	-32.88	-36.62	-6.23
EBITDA / Interest Expense	290.24	32.24	-19.14	-24.92	-1.54
(EBITDA - Capex) / Interest Expense	290.24	30.21	-20.37	-26.55	-1.56
Total Debt / EBITDA	0.05	0.21	-0.87	-2.74	-21.19
Net Debt / EBITDA	-2.39	-3.77	10.58	0.97	7.6
Total Debt / (EBITDA - Capex)	0.05	0.22	-0.82	-2.57	-20.87
Net Debt / (EBITDA - Capex)	-2.39	-4.02	9.94	0.91	7.49
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.19	-11.89	-67.04	-34.92	75.48
Gross Profit, 1 Yr. Growth %	3.71	-14.85	-64.08	-29.17	48.4
EBITDA, 1 Yr. Growth %	10.08	-36.06	-134.54	156.06	-63.29
EBITA, 1 Yr. Growth %	10.48	-37.31	-139.65	130.42	-58.96
EBIT, 1 Yr. Growth %	10.48	-37.31	-139.65	130.42	-58.96
Earnings From Cont. Operations, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Net Income, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Normalized Net Income, 1 Yr. Growth %	8.06	-32.77	-121.73	125.03	-53.64
Diluted EPS Before Extra, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Accounts Receivable, 1 Yr. Growth %	-	-16.67	5.42T	-	-
Inventory, 1 Yr. Growth %	-13.56	-32.71	2.35	120.68	-6.31
Net Property, Plant and Equip., 1 Yr. Growth %	-45.5	127.62	47.89	-18.45	17.57
Total Assets, 1 Yr. Growth %	0.93	1.46	-3.21	1.63	-0.89
Tangible Book Value, 1 Yr. Growth %	1.38	1.07	-1.52	-1.22	-0.78
Common Equity, 1 Yr. Growth %	1.38	1.07	-1.52	-1.22	-0.78
Cash From Operations, 1 Yr. Growth %	-	31.94	84.67	55.89	-117.93
Capital Expenditures, 1 Yr. Growth %	-	-42.65	-78.9	60.75	-96.51
Levered Free Cash Flow, 1 Yr. Growth %	-	52.31	-131.74	567.93	-107.94
Unlevered Free Cash Flow, 1 Yr. Growth %	-	53.17	-131.23	573.15	-108.37
Dividend Per Share, 1 Yr. Growth %	-50	0	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	27.74	-6.22	-46.11	-52	6.86
Gross Profit, 2 Yr. CAGR %	31.97	-6.03	-44.7	-45.34	2.52
EBITDA, 2 Yr. CAGR %	77.09	-16.92	-53.01	-30.84	-3.04
EBITA, 2 Yr. CAGR %	81.6	-16.78	-50.14	-26.86	-2.76
EBIT, 2 Yr. CAGR %	81.6	-16.78	-50.14	-26.86	-2.76
Earnings From Cont. Operations, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Net Income, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Normalized Net Income, 2 Yr. CAGR %	69.4	-14.76	-61.78	-30.07	2.13
Diluted EPS Before Extra, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Accounts Receivable, 2 Yr. CAGR %	-	-	578.23	-	-
Inventory, 2 Yr. CAGR %	-17.78	-23.73	-17.01	50.29	43.79
Net Property, Plant and Equip., 2 Yr. CAGR %	7.05	11.38	83.47	9.82	-2.08
Total Assets, 2 Yr. CAGR %	1.9	1.19	-0.9	-0.82	0.37
Tangible Book Value, 2 Yr. CAGR %	1.22	1.23	-0.23	-1.37	-1
Common Equity, 2 Yr. CAGR %	1.23	1.22	-0.23	-1.37	-1
Cash From Operations, 2 Yr. CAGR %	-	-56.19	56.09	69.67	-47.13
Capital Expenditures, 2 Yr. CAGR %	-	-17.89	-65.21	-41.76	-76.31
Levered Free Cash Flow, 2 Yr. CAGR %	-	-27.93	-30.48	37.04	-27.17
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-27.68	-30.83	36.41	-24.94
Dividend Per Share, 2 Yr. CAGR %	-29.29	-29.29	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	25.34	12.86	-33.82	-41.23	-26.06
Gross Profit, 3 Yr. CAGR %	28.3	14.04	-31.8	-36.64	-23.75
EBITDA, 3 Yr. CAGR %	52.07	25.29	-37.99	-32.63	-44
EBITA, 3 Yr. CAGR %	54.83	27.39	-35	-30.52	-39.67
EBIT, 3 Yr. CAGR %	54.83	27.39	-35	-30.52	-39.67
Earnings From Cont. Operations, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Net Income, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Normalized Net Income, 3 Yr. CAGR %	43.22	24.49	-45.95	-30.98	-39.03
Diluted EPS Before Extra, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Inventory, 3 Yr. CAGR %	-11	-23.09	-15.88	14.97	28.39
Net Property, Plant and Equip., 3 Yr. CAGR %	0.38	37.66	22.42	40.02	12.35
Total Assets, 3 Yr. CAGR %	0.52	1.75	-0.3	-0.06	-0.84
Tangible Book Value, 3 Yr. CAGR %	0.7	1.17	0.3	-0.56	-1.18
Common Equity, 3 Yr. CAGR %	0.7	1.18	0.3	-0.56	-1.18
Cash From Operations, 3 Yr. CAGR %	-	12.96	-29.23	56.03	-19.78
Capital Expenditures, 3 Yr. CAGR %	-	50.46	-47.8	-42.05	-77.2
Levered Free Cash Flow, 3 Yr. CAGR %	-	2.77	-45.17	41.95	-46.97
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	3.04	-45.33	41.78	-46.2
Dividend Per Share, 3 Yr. CAGR %	-20.63	-20.63	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	32.07	19.33	-10.58	-19.83	-18.68
Gross Profit, 5 Yr. CAGR %	33.83	20.76	-8.37	-15.02	-17.1
EBITDA, 5 Yr. CAGR %	57.69	104.87	-5.3	-1.22	-34.43
EBITA, 5 Yr. CAGR %	51.25	133.26	-1.6	2.04	-31.39
EBIT, 5 Yr. CAGR %	51.25	133.26	-1.6	2.04	-31.39
Earnings From Cont. Operations, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Net Income, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Normalized Net Income, 5 Yr. CAGR %	100.9	51.83	-15.56	-1.16	-30.29
Diluted EPS Before Extra, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Inventory, 5 Yr. CAGR %	15.93	-3.86	-13.45	0.54	4.24
Net Property, Plant and Equip., 5 Yr. CAGR %	-4.17	15.59	27.77	25.76	11.96
Total Assets, 5 Yr. CAGR %	1.02	1.2	-0.05	0.72	-0.03
Tangible Book Value, 5 Yr. CAGR %	0.77	0.92	0.33	0.15	-0.22
Common Equity, 5 Yr. CAGR %	0.77	0.92	0.33	0.15	-0.22
Cash From Operations, 5 Yr. CAGR %	-	2.6	-14.6	32.92	-37.02
Capital Expenditures, 5 Yr. CAGR %	-	35.5	-3.03	2.93	-61.94
Levered Free Cash Flow, 5 Yr. CAGR %	-	6.23	-21.62	15.31	-40.04
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	6.41	-21.75	15.28	-39.44
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-