Income Statement Ben Thanh Rubber

Stocks

BRC

VN000000BRC2

Tires & Rubber Products

End-of-day quote Ho Chi Minh S.E. 14/08/2026			5-day change	1st Jan Change
12,500.00 ^VND	0.00%		+4.17%	-

15/07	Ben Thanh Rubber Joint Stock Company Approves the Election of Tran Quang Hoa as Member of the Board of Directors	CI
15/07	Ben Thanh Rubber Joint Stock Company Provides Dividend Guidance for the Year 2026	CI

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Published financial data: BEN THANH RUBBER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2023	2024	2025
Revenues	33TCr	42TCr	44TCr
Total Revenues	33TCr	42TCr	44TCr
Cost of Goods Sold, Total	26TCr	34TCr	37TCr
Gross Profit	7.2TCr	8.26TCr	6.86TCr
Selling General & Admin Expenses, Total	4.62TCr	5.6TCr	4.41TCr
Other Operating Expenses, Total	4.62TCr	5.6TCr	4.41TCr
Operating Income	2.58TCr	2.66TCr	2.45TCr
Interest Expense, Total	-295.76Cr	-187.33Cr	-163.51Cr
Interest And Investment Income	14Cr	8.78Cr	16Cr
Net Interest Expenses	-282Cr	-178.54Cr	-147.77Cr
Currency Exchange Gains (Loss)	141.69Cr	218.81Cr	226.97Cr
Other Non Operating Income (Expenses)	-21Cr	12Cr	74Cr
EBT, Excl. Unusual Items	2.42TCr	2.71TCr	2.6TCr
EBT, Incl. Unusual Items	2.42TCr	2.71TCr	2.6TCr
Income Tax Expense	476.84Cr	538.64Cr	525.25Cr
Earnings From Continuing Operations	1.94TCr	2.18TCr	2.08TCr
Net Income to Company	1.94TCr	2.18TCr	2.08TCr
Net Income - (IS)	1.94TCr	2.18TCr	2.08TCr
Net Income to Common Incl Extra Items	1.94TCr	2.18TCr	2.08TCr
Net Income to Common Excl. Extra Items	1.94TCr	2.18TCr	2.08TCr
Per Share Items
Net EPS - Basic	1.57T	1.76T	1.68T
Basic EPS - Continuing Operations	1.57T	1.76T	1.68T
Basic Weighted Average Shares Outstanding	1.24Cr	1.24Cr	1.24Cr
Net EPS - Diluted	1.57T	1.76T	1.68T
Diluted EPS - Continuing Operations	1.57T	1.76T	1.68T
Diluted Weighted Average Shares Outstanding	1.24Cr	1.24Cr	1.24Cr
Normalized Basic EPS	1.22T	1.37T	1.32T
Normalized Diluted EPS	1.22T	1.37T	1.32T
Dividend Per Share	1.1T	1.2T	-
Payout Ratio	80.73	62.42	71.42
Supplemental Items
EBITDA	4.04TCr	4.16TCr	3.91TCr
EBITA	2.58TCr	2.66TCr	2.45TCr
EBIT	2.58TCr	2.66TCr	2.45TCr
Total Revenues (As Reported)	33TCr	42TCr	44TCr
Effective Tax Rate - (Ratio)	19.71	19.85	20.17
Current Domestic Taxes	-	538.64Cr	525.25Cr
Total Current Taxes	-	538.64Cr	525.25Cr
Total Deferred Taxes	476.84Cr	-	-
Normalized Net Income	1.51TCr	1.7TCr	1.63TCr
Supplemental Operating Expense Items
Selling and Marketing Expenses	3.49TCr	4.18TCr	3.39TCr
General and Administrative Expenses	1.13TCr	1.42TCr	1.02TCr

Fiscal Period: December	2023	2024	2025
Assets
Cash And Equivalents	2.58TCr	2.95TCr	2.71TCr
Short Term Investments	1.08Cr	35Cr	1.05TCr
Total Cash And Short Term Investments	2.58TCr	2.99TCr	3.76TCr
Accounts Receivable, Total	8.94TCr	9.71TCr	8.71TCr
Other Receivables	11.11L	3.45Cr	15Cr
Total Receivables	8.94TCr	9.72TCr	8.73TCr
Inventory	7.79TCr	8.99TCr	8.86TCr
Prepaid Expenses	6.91Cr	23Cr	16Cr
Other Current Assets, Total	400.31Cr	739.73Cr	761.67Cr
Total Current Assets	20TCr	22TCr	22TCr
Gross Property Plant And Equipment	26TCr	27TCr	27TCr
Accumulated Depreciation	-20TCr	-21TCr	-23TCr
Net Property Plant And Equipment	6.49TCr	5.62TCr	4.4TCr
Long-term Investments	27Cr	5Cr	5Cr
Other Long-Term Assets, Total	2.83TCr	2.82TCr	2.53TCr
Total Assets	29TCr	31TCr	29TCr
Liabilities
Accounts Payable, Total	2.75TCr	3.65TCr	3.19TCr
Accrued Expenses, Total	921.45Cr	1.27TCr	1.49TCr
Short-term Borrowings	4.01TCr	4.05TCr	2.41TCr
Current Income Taxes Payable	120.48Cr	90Cr	121.17Cr
Other Current Liabilities	275.42Cr	589.4Cr	691.55Cr
Total Current Liabilities	8.08TCr	9.65TCr	7.91TCr
Total Liabilities	8.08TCr	9.65TCr	7.91TCr
Common Stock, Total	12TCr	12TCr	12TCr
Additional Paid In Capital	2.63TCr	2.63TCr	2.63TCr
Retained Earnings	5.97TCr	6.25TCr	6.15TCr
Total Common Equity	21TCr	21TCr	21TCr
Total Equity	21TCr	21TCr	21TCr
Total Liabilities And Equity	29TCr	31TCr	29TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.24Cr	1.24Cr	1.24Cr
ECS Total Common Shares Outstanding	1.24Cr	1.24Cr	1.24Cr
Book Value / Share	16.95T	17.18T	17.1T
Tangible Book Value	21TCr	21TCr	21TCr
Tangible Book Value Per Share	16.95T	17.18T	17.1T
Total Debt	4.01TCr	4.05TCr	2.41TCr
Net Debt	1.43TCr	1.06TCr	-1.35TCr
Account Code - Inventory Valuation	-	6	6
Inventories - Raw Materials, Total	4.14TCr	4.74TCr	5.24TCr
Inventories - Work In Process, Total	350.87Cr	721.06Cr	914.44Cr
Inventories - Finished Goods, Total	3.26TCr	3.47TCr	2.57TCr
Inventories - Others	45Cr	56Cr	133.51Cr
Buildings, Total	3.79TCr	3.79TCr	3.79TCr
Machinery, Total	22TCr	23TCr	23TCr
Full Time Employees	-	231	235
Accumulated Allowance for Doubtful Accounts (Supple)	382.12Cr	571.91Cr	258.51Cr

Fiscal Period: December	2023	2024	2025
Net Income	1.94TCr	2.18TCr	2.08TCr
Depreciation & Amortization - CF	1.46TCr	1.5TCr	1.46TCr
Depreciation & Amortization, Total	1.46TCr	1.5TCr	1.46TCr
Other Operating Activities, Total	-509.96Cr	-771.31Cr	-914.53Cr
Change In Accounts Receivable	322.83Cr	-1.22TCr	213.11Cr
Change In Inventories	882.51Cr	-1.2TCr	133.97Cr
Change In Accounts Payable	42Cr	1.91TCr	-222.08Cr
Change in Other Net Operating Assets	-138.49Cr	-98Cr	204.79Cr
Cash from Operations	4TCr	2.29TCr	2.95TCr
Capital Expenditure	-557.21Cr	-593.1Cr	-118.76Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	136.3Cr	-4.76Cr	33Cr
Other Investing Activities, Total	19Cr	5.9Cr	17Cr
Cash from Investing	-401.63Cr	-591.96Cr	-69Cr
Short Term Debt Issued, Total	9.47TCr	9.78TCr	8.51TCr
Total Debt Issued	9.47TCr	9.78TCr	8.51TCr
Short Term Debt Repaid, Total	-11TCr	-9.74TCr	-10TCr
Total Debt Repaid	-11TCr	-9.74TCr	-10TCr
Common Dividends Paid	-1.57TCr	-1.36TCr	-1.49TCr
Common & Preferred Stock Dividends Paid	-1.57TCr	-1.36TCr	-1.49TCr
Cash from Financing	-3.31TCr	-1.32TCr	-3.12TCr
Foreign Exchange Rate Adjustments	4.51Cr	36.82L	2.11Cr
Net Change in Cash	295.05Cr	377.13Cr	-238.14Cr
Supplemental Items
Cash Interest Paid	303.72Cr	186.64Cr	169.33Cr
Cash Income Tax Paid (Refund)	445.77Cr	569.13Cr	494.07Cr
Levered Free Cash Flow	-	1.65TCr	3.76TCr
Unlevered Free Cash Flow	-	1.77TCr	3.86TCr
Change In Net Working Capital	-	800.56Cr	-995.15Cr
Net Debt Issued / Repaid	-1.74TCr	40Cr	-1.64TCr

Fiscal Period: December	2023	2024	2025
Profitability
Return on Assets	-	5.55	5.11
Return on Total Capital	-	6.61	6.27
Return On Equity %	-	10.3	9.8
Return on Common Equity	-	10.3	9.8
Margin Analysis
Gross Profit Margin %	21.67	19.72	15.7
SG&A Margin	13.9	13.36	10.09
EBITDA Margin %	12.16	9.92	8.94
EBITA Margin %	7.77	6.35	5.61
EBIT Margin %	7.77	6.35	5.61
Income From Continuing Operations Margin %	5.85	5.19	4.76
Net Income Margin %	5.85	5.19	4.76
Net Avail. For Common Margin %	5.85	5.19	4.76
Normalized Net Income Margin	4.55	4.05	3.73
Levered Free Cash Flow Margin	-	3.94	8.61
Unlevered Free Cash Flow Margin	-	4.22	8.84
Asset Turnover
Asset Turnover	-	1.4	1.46
Fixed Assets Turnover	-	6.92	8.72
Receivables Turnover (Average Receivables)	-	4.49	4.74
Inventory Turnover (Average Inventory)	-	4.01	4.13
Short Term Liquidity
Current Ratio	2.44	2.33	2.8
Quick Ratio	1.43	1.32	1.58
Operating Cash Flow to Current Liabilities	0.5	0.24	0.37
Days Sales Outstanding (Average Receivables)	-	81.45	76.97
Days Outstanding Inventory (Average Inventory)	-	91.32	88.47
Average Days Payable Outstanding	-	33.66	34.05
Cash Conversion Cycle (Average Days)	-	139.11	131.39
Long Term Solvency
Total Debt/Equity	19.11	19.05	11.41
Total Debt / Total Capital	16.04	16	10.24
Total Liabilities / Total Assets	27.8	31.22	27.2
EBIT / Interest Expense	8.72	14.21	14.99
EBITDA / Interest Expense	13.66	22.2	23.89
(EBITDA - Capex) / Interest Expense	11.78	19.03	23.16
Total Debt / EBITDA	0.99	0.97	0.62
Net Debt / EBITDA	0.35	0.26	-0.34
Total Debt / (EBITDA - Capex)	1.15	1.14	0.64
Net Debt / (EBITDA - Capex)	0.41	0.3	-0.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	26.13	4.26
Gross Profit, 1 Yr. Growth %	-	14.77	-16.96
EBITDA, 1 Yr. Growth %	-	2.91	-6.06
EBITA, 1 Yr. Growth %	-	3.14	-7.9
EBIT, 1 Yr. Growth %	-	3.14	-7.9
Earnings From Cont. Operations, 1 Yr. Growth %	-	12	-4.4
Net Income, 1 Yr. Growth %	-	12	-4.4
Normalized Net Income, 1 Yr. Growth %	-	12.19	-4.02
Diluted EPS Before Extra, 1 Yr. Growth %	-	12	-4.4
Accounts Receivable, 1 Yr. Growth %	-	8.65	-10.28
Inventory, 1 Yr. Growth %	-	15.38	-1.49
Net Property, Plant and Equip., 1 Yr. Growth %	-	-13.33	-21.77
Total Assets, 1 Yr. Growth %	-	6.36	-5.97
Tangible Book Value, 1 Yr. Growth %	-	1.32	-0.46
Common Equity, 1 Yr. Growth %	-	1.32	-0.46
Cash From Operations, 1 Yr. Growth %	-	-42.87	29.04
Capital Expenditures, 1 Yr. Growth %	-	6.44	-79.98
Levered Free Cash Flow, 1 Yr. Growth %	-	-	128
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	118.67
Dividend Per Share, 1 Yr. Growth %	-	9.09	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	14.67
Gross Profit, 2 Yr. CAGR %	-	-	-2.37
EBITDA, 2 Yr. CAGR %	-	-	-1.68
EBITA, 2 Yr. CAGR %	-	-	-2.54
EBIT, 2 Yr. CAGR %	-	-	-2.54
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	3.48
Net Income, 2 Yr. CAGR %	-	-	3.48
Normalized Net Income, 2 Yr. CAGR %	-	-	3.77
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	3.48
Accounts Receivable, 2 Yr. CAGR %	-	-	-1.27
Inventory, 2 Yr. CAGR %	-	-	6.61
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-17.66
Total Assets, 2 Yr. CAGR %	-	-	0.01
Tangible Book Value, 2 Yr. CAGR %	-	-	0.42
Common Equity, 2 Yr. CAGR %	-	-	0.42
Cash From Operations, 2 Yr. CAGR %	-	-	-14.14
Capital Expenditures, 2 Yr. CAGR %	-	-	-53.83