Income Statement Hoa Binh Rubber

Stocks

HRC

VN000000HRC9

Tires & Rubber Products

End-of-day quote Ho Chi Minh S.E. 30/09/2026			5-day change	1st Jan Change
30,600.00 ^VND	-5.70%		-1.29%	+3.38%

11/08	Hoa Binh Rubber Joint Stock Company Reports Operating Results for the Second Quarter of 2026	CI
11/08	Hoa Binh Rubber Joint Stock Company Provides Operating and Earnings Guidance for the Third Quarter and Full Year of 2026	CI

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Published financial data: HOA BINH RUBBER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Revenues	18TCr	18TCr	18TCr	21TCr	24TCr
Total Revenues	18TCr	18TCr	18TCr	21TCr	24TCr
Cost of Goods Sold, Total	16TCr	16TCr	17TCr	17TCr	20TCr
Gross Profit	2.89TCr	1.7TCr	941.58Cr	4.52TCr	4.03TCr
Selling General & Admin Expenses, Total	1.99TCr	1.77TCr	2.06TCr	1.87TCr	2.24TCr
Other Operating Expenses, Total	1.99TCr	1.77TCr	2.06TCr	1.87TCr	2.24TCr
Operating Income	895.43Cr	-69Cr	-1.11TCr	2.65TCr	1.79TCr
Interest Expense, Total	-1.55TCr	-1.4TCr	-1.55TCr	-1.2TCr	-1.06TCr
Interest And Investment Income	2.5TCr	1.52TCr	3.7TCr	1.62TCr	2.12TCr
Net Interest Expenses	952.13Cr	123.64Cr	2.15TCr	422.35Cr	1.06TCr
Currency Exchange Gains (Loss)	-9.05Cr	72Cr	30Cr	2.61Cr	38Cr
Other Non Operating Income (Expenses)	326.28Cr	300.55Cr	333.75Cr	926.55Cr	777.69Cr
EBT, Excl. Unusual Items	2.16TCr	426.68Cr	1.4TCr	4TCr	3.67TCr
Gain (Loss) On Sale Of Investments	-50.98L	20Cr	-34Cr	-132.25Cr	196.64Cr
Gain (Loss) On Sale Of Assets	64Cr	569.78Cr	328.77Cr	2.85TCr	11Cr
Other Unusual Items	-6.88Cr	-30L	-	-	-
EBT, Incl. Unusual Items	2.22TCr	1.02TCr	1.7TCr	6.71TCr	3.88TCr
Income Tax Expense	14Cr	-	-	574.88Cr	364.1Cr
Earnings From Continuing Operations	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Net Income to Company	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Net Income - (IS)	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Net Income to Common Incl Extra Items	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Net Income to Common Excl. Extra Items	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Per Share Items
Net EPS - Basic	730.69	336.31	562.06	2.03T	1.16T
Basic EPS - Continuing Operations	730.69	336.31	562.06	2.03T	1.16T
Basic Weighted Average Shares Outstanding	3.02Cr	3.02Cr	3.02Cr	3.02Cr	3.02Cr
Net EPS - Diluted	730.69	336	562	2.03T	1.16T
Diluted EPS - Continuing Operations	730.69	336	562	2.03T	1.16T
Diluted Weighted Average Shares Outstanding	3.02Cr	3.02Cr	3.02Cr	3.02Cr	3.02Cr
Normalized Basic EPS	447.91	88.28	290.35	827.44	759.17
Normalized Diluted EPS	447.91	88.28	290.35	827.44	759.17
Dividend Per Share	-	300	-	-	-
Payout Ratio	-	-	52.18	-	-
Supplemental Items
EBITDA	2.44TCr	1.68TCr	793.83Cr	4.67TCr	3.84TCr
EBITA	899.43Cr	-65Cr	-1.11TCr	2.65TCr	1.79TCr
EBIT	895.43Cr	-69Cr	-1.11TCr	2.65TCr	1.79TCr
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	18TCr	18TCr	18TCr	21TCr	24TCr
Effective Tax Rate - (Ratio)	0.62	-	-	8.56	9.39
Total Current Taxes	14Cr	-	-	-	364.1Cr
Normalized Net Income	1.35TCr	266.68Cr	877.04Cr	2.5TCr	2.29TCr
Supplemental Operating Expense Items
Selling and Marketing Expenses	319.89Cr	334.54Cr	413.23Cr	329.96Cr	273.6Cr
General and Administrative Expenses	1.67TCr	1.43TCr	1.64TCr	1.54TCr	1.96TCr
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Assets
Cash And Equivalents	2.5TCr	1.32TCr	1.8TCr	7.5TCr	5.41TCr
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	2.5TCr	1.32TCr	1.8TCr	7.5TCr	5.41TCr
Accounts Receivable, Total	701.11Cr	679.36Cr	3.19TCr	685.73Cr	502.76Cr
Other Receivables	1.08TCr	389.87Cr	32Cr	2.9Cr	428.28Cr
Total Receivables	1.78TCr	1.07TCr	3.22TCr	688.63Cr	931.04Cr
Inventory	3.89TCr	2.46TCr	1.43TCr	2.74TCr	6.61TCr
Prepaid Expenses	83Cr	279.6Cr	144.07Cr	83Cr	94Cr
Other Current Assets, Total	11Cr	41Cr	56Cr	29Cr	38Cr
Total Current Assets	8.27TCr	5.17TCr	6.65TCr	11TCr	13TCr
Gross Property Plant And Equipment	63TCr	64TCr	65TCr	65TCr	66TCr
Accumulated Depreciation	-11TCr	-12TCr	-14TCr	-15TCr	-17TCr
Net Property Plant And Equipment	52TCr	52TCr	51TCr	49TCr	48TCr
Long-term Investments	24TCr	24TCr	24TCr	24TCr	24TCr
Other Intangibles, Total	91Cr	87Cr	83Cr	79Cr	89Cr
Other Long-Term Assets, Total	275.88Cr	237.77Cr	245.36Cr	357.88Cr	350.72Cr
Total Assets	85TCr	81TCr	82TCr	85TCr	86TCr
Liabilities
Accounts Payable, Total	336.92Cr	81Cr	484.2Cr	499.68Cr	2.09TCr
Accrued Expenses, Total	1.85TCr	2.18TCr	2.26TCr	2.33TCr	3.69TCr
Short-term Borrowings	11TCr	9.55TCr	12TCr	11TCr	9.47TCr
Current Portion of Long-Term Debt	2.09TCr	2.51TCr	2.71TCr	2.56TCr	1.95TCr
Current Income Taxes Payable	-	-	-	547.83Cr	167.02Cr
Other Current Liabilities	216.61Cr	180.57Cr	225.51Cr	620.05Cr	355.63Cr
Total Current Liabilities	15TCr	15TCr	18TCr	17TCr	18TCr
Long-Term Debt	14TCr	12TCr	9.03TCr	6.47TCr	4.53TCr
Other Non Current Liabilities	-	-	-	309.08Cr	764.19Cr
Total Liabilities	30TCr	26TCr	27TCr	24TCr	23TCr
Common Stock, Total	30TCr	30TCr	30TCr	30TCr	30TCr
Retained Earnings	25TCr	25TCr	26TCr	31TCr	33TCr
Comprehensive Income and Other	-553.26Cr	-553.26Cr	-553.26Cr	-553.26Cr	-553.26Cr
Total Common Equity	55TCr	55TCr	55TCr	60TCr	63TCr
Total Equity	55TCr	55TCr	55TCr	60TCr	63TCr
Total Liabilities And Equity	85TCr	81TCr	82TCr	85TCr	86TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.02Cr	3.02Cr	3.02Cr	3.02Cr	3.02Cr
ECS Total Common Shares Outstanding	3.02Cr	3.02Cr	3.02Cr	3.02Cr	3.02Cr
Book Value / Share	18.24T	18.15T	18.28T	19.97T	20.8T
Tangible Book Value	55TCr	55TCr	55TCr	60TCr	63TCr
Tangible Book Value Per Share	18.21T	18.12T	18.25T	19.94T	20.77T
Total Debt	27TCr	24TCr	24TCr	20TCr	16TCr
Net Debt	25TCr	22TCr	22TCr	12TCr	11TCr
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	68Cr	81Cr	62Cr	57Cr	42Cr
Inventories - Work In Process, Total	-	-	-	463.83Cr	392.72Cr
Inventories - Finished Goods, Total	3.79TCr	2.4TCr	1.33TCr	2.19TCr	6.14TCr
Inventories - Others	32Cr	62Cr	35Cr	30Cr	38Cr
Buildings, Total	5.76TCr	5.76TCr	5.79TCr	5.93TCr	5.96TCr
Machinery, Total	1.97TCr	1.99TCr	1.96TCr	2.02TCr	2.31TCr
Full Time Employees	608	516	634	564	528

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Net Income	2.21TCr	1.02TCr	1.7TCr	6.14TCr	3.51TCr
Depreciation & Amortization - CF	1.54TCr	1.75TCr	1.9TCr	2.02TCr	2.05TCr
Amortization of Goodwill and Intangible Assets - (CF)	3.99Cr	3.99Cr	3.99Cr	39.95T	-
Depreciation & Amortization, Total	1.55TCr	1.75TCr	1.91TCr	2.02TCr	2.05TCr
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	4.87Cr
Other Operating Activities, Total	-27TCr	-2.12TCr	-5.07TCr	-3.23TCr	-5.37TCr
Cash from Operations	-23TCr	640.76Cr	-1.46TCr	4.93TCr	196.3Cr
Capital Expenditure	-1.3TCr	-1.25TCr	-917.4Cr	-738.37Cr	-390.15Cr
Sale of Property, Plant, and Equipment	17Cr	626.63Cr	126.32Cr	3.63TCr	-
Investment in Marketable and Equity Securities, Total	22TCr	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	3.1TCr	2.28TCr	3.7TCr	1.62TCr	2.12TCr
Cash from Investing	24TCr	1.66TCr	2.91TCr	4.51TCr	1.73TCr
Long-Term Debt Issued, Total	18TCr	15TCr	14TCr	17TCr	20TCr
Total Debt Issued	18TCr	15TCr	14TCr	17TCr	20TCr
Long-Term Debt Repaid, Total	-19TCr	-18TCr	-14TCr	-21TCr	-24TCr
Total Debt Repaid	-19TCr	-18TCr	-14TCr	-21TCr	-24TCr
Common Dividends Paid	-	-	-885.97Cr	-	-
Common & Preferred Stock Dividends Paid	-	-	-885.97Cr	-	-
Cash from Financing	-1.11TCr	-3.47TCr	-976.27Cr	-3.74TCr	-4.03TCr
Foreign Exchange Rate Adjustments	-57.36L	-12Cr	3.59Cr	6.01Cr	9.76Cr
Net Change in Cash	-464.91Cr	-1.18TCr	475.59Cr	5.7TCr	-2.09TCr
Supplemental Items
Cash Interest Paid	1.56TCr	1.37TCr	1.55TCr	1.3TCr	1.14TCr
Cash Income Tax Paid (Refund)	14Cr	-	-	-	-
Levered Free Cash Flow	-22TCr	1.53TCr	-1.15TCr	4.53TCr	291.42Cr
Unlevered Free Cash Flow	-21TCr	2.4TCr	-183.06Cr	5.28TCr	951.14Cr
Change In Net Working Capital	22TCr	-1.95TCr	477.08Cr	-2.34TCr	1.83TCr
Net Debt Issued / Repaid	-1.11TCr	-3.47TCr	-90Cr	-3.74TCr	-4.03TCr

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Profitability
Return on Assets	0.59	-0.05	-0.85	1.99	1.31
Return on Total Capital	0.68	-0.05	-0.88	2.08	1.41
Return On Equity %	4.06	1.85	3.09	10.63	5.71
Return on Common Equity	4.06	1.85	3.09	10.63	5.71
Margin Analysis
Gross Profit Margin %	15.63	9.48	5.14	21.1	16.49
SG&A Margin	10.79	9.87	11.22	8.75	9.17
EBITDA Margin %	13.22	9.38	4.33	21.79	15.73
EBITA Margin %	4.86	-0.36	-6.06	12.36	7.33
EBIT Margin %	4.84	-0.39	-6.08	12.36	7.33
Income From Continuing Operations Margin %	11.94	5.67	9.27	28.66	14.39
Net Income Margin %	11.94	5.67	9.27	28.66	14.39
Net Avail. For Common Margin %	11.94	5.67	9.27	28.66	14.39
Normalized Net Income Margin	7.32	1.49	4.79	11.66	9.39
Levered Free Cash Flow Margin	-119.96	8.54	-6.29	21.16	1.19
Unlevered Free Cash Flow Margin	-114.72	13.41	-1	24.65	3.9
Asset Turnover
Asset Turnover	0.19	0.22	0.22	0.26	0.29
Fixed Assets Turnover	0.36	0.34	0.36	0.43	0.5
Receivables Turnover (Average Receivables)	20.22	25.96	9.47	11.05	41.09
Inventory Turnover (Average Inventory)	5.06	5.1	8.93	8.11	4.36
Short Term Liquidity
Current Ratio	0.54	0.36	0.38	0.63	0.74
Quick Ratio	0.28	0.16	0.28	0.47	0.36
Operating Cash Flow to Current Liabilities	-1.5	0.04	-0.08	0.28	0.01
Days Sales Outstanding (Average Receivables)	18.05	14.06	38.56	33.11	8.88
Days Outstanding Inventory (Average Inventory)	72.11	71.51	40.87	45.11	83.7
Average Days Payable Outstanding	7.8	5.16	6.32	9.88	19.47
Cash Conversion Cycle (Average Days)	82.37	80.4	73.11	68.33	73.11
Long Term Solvency
Total Debt/Equity	49.49	43.42	42.95	33.11	25.37
Total Debt / Total Capital	33.11	30.28	30.04	24.87	20.24
LT Debt/Equity	25.87	21.43	16.36	10.73	7.2
Long-Term Debt / Total Capital	17.3	14.94	11.44	8.06	5.74
Total Liabilities / Total Assets	35	32.38	32.58	28.7	26.8
EBIT / Interest Expense	0.58	-0.05	-0.72	2.21	1.69
EBITDA / Interest Expense	1.58	1.2	0.51	3.91	3.64
(EBITDA - Capex) / Interest Expense	0.74	0.31	-0.08	3.29	3.27
Total Debt / EBITDA	11.16	14.16	29.87	4.28	4.15
Net Debt / EBITDA	10.13	13.38	27.61	2.67	2.74
Total Debt / (EBITDA - Capex)	23.89	55.77	-191.9	5.08	4.62
Net Debt / (EBITDA - Capex)	21.69	52.67	-177.35	3.17	3.05
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.91	-3.09	2.22	16.98	13.94
Gross Profit, 1 Yr. Growth %	203.73	-41.22	-44.58	380.2	-10.94
EBITDA, 1 Yr. Growth %	242.22	-31.24	-54.01	-540.24	-17.03
EBITA, 1 Yr. Growth %	-236.05	-107.27	1.51T	-337.75	-32.45
EBIT, 1 Yr. Growth %	-235.44	-107.71	1.51T	-337.75	-32.45
Earnings From Cont. Operations, 1 Yr. Growth %	146.06	-53.97	67.12	261.65	-42.79
Net Income, 1 Yr. Growth %	146.06	-53.97	67.12	261.65	-42.79
Normalized Net Income, 1 Yr. Growth %	99.1	-79.44	40.87	184.98	-8.25
Diluted EPS Before Extra, 1 Yr. Growth %	3.38T	12.37	172.82	828.18	-31.67
Accounts Receivable, 1 Yr. Growth %	-37.84	-3.1	369.67	-78.51	-26.68
Inventory, 1 Yr. Growth %	71.39	-36.74	-42	91.7	141.45
Net Property, Plant and Equip., 1 Yr. Growth %	1.74	-1.15	-1.19	-3.26	-2.02
Total Assets, 1 Yr. Growth %	-20.28	-4.38	1.02	3.3	1.47
Tangible Book Value, 1 Yr. Growth %	2.57	-0.52	0.73	9.27	4.16
Common Equity, 1 Yr. Growth %	2.56	-0.52	0.73	9.24	4.17
Cash From Operations, 1 Yr. Growth %	-4.6T	-102.77	-328.37	-437.14	-96.02
Capital Expenditures, 1 Yr. Growth %	-51.25	-3.75	-26.84	-19.51	-47.16
Levered Free Cash Flow, 1 Yr. Growth %	518.53	-106.9	-173.07	-250.82	-93.51
Unlevered Free Cash Flow, 1 Yr. Growth %	735.73	-111.33	-107.48	-359.19	-81.84
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7	-2.5	-0.47	9.35	15.45
Gross Profit, 2 Yr. CAGR %	95.4	33.62	-42.92	63.13	106.8
EBITDA, 2 Yr. CAGR %	119.03	53.4	-43.01	64.48	90.26
EBITA, 2 Yr. CAGR %	17.75	-68.63	11.32	519.11	26.73
EBIT, 2 Yr. CAGR %	17.49	-67.68	11.52	519.11	26.73
Earnings From Cont. Operations, 2 Yr. CAGR %	68.99	6.42	-12.3	145.85	43.85
Net Income, 2 Yr. CAGR %	68.99	6.42	-12.3	145.85	43.85
Normalized Net Income, 2 Yr. CAGR %	32.74	-37.36	-17.77	100.36	61.7
Diluted EPS Before Extra, 2 Yr. CAGR %	68.99	300	37.1	214.13	130.44
Accounts Receivable, 2 Yr. CAGR %	113.88	-22.39	113.33	0.47	-60.31
Inventory, 2 Yr. CAGR %	-3.99	4.13	-39.42	5.45	115.14
Net Property, Plant and Equip., 2 Yr. CAGR %	0.53	0.29	-1.17	-2.23	-2.64
Total Assets, 2 Yr. CAGR %	-10.51	-12.69	-1.72	2.15	2.38
Tangible Book Value, 2 Yr. CAGR %	1.42	1.01	0.11	4.91	6.68
Common Equity, 2 Yr. CAGR %	1.41	1.01	0.1	4.9	6.68
Cash From Operations, 2 Yr. CAGR %	3.33	11.49	-74.87	177.47	-63.37
Capital Expenditures, 2 Yr. CAGR %	-29.45	-31.5	-16.08	-23.26	-34.79
Levered Free Cash Flow, 2 Yr. CAGR %	12.02	-34.66	-77.21	69.6	-68.87
Unlevered Free Cash Flow, 2 Yr. CAGR %	6.85	-2.69	-90.71	46.86	-31.68
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.23	3.53	-0.95	5.03	10.86
Gross Profit, 3 Yr. CAGR %	9.6	30.93	-0.35	16.09	33.33
EBITDA, 3 Yr. CAGR %	11.47	48.86	3.58	24.08	30.54
EBITA, 3 Yr. CAGR %	0.71	-53.54	18.84	43.53	195.84
EBIT, 3 Yr. CAGR %	0.56	-52.6	18.98	43.53	195.84
Earnings From Cont. Operations, 3 Yr. CAGR %	40.46	9.54	23.7	40.64	51.22
Net Income, 3 Yr. CAGR %	40.46	9.54	23.7	40.64	51.22
Normalized Net Income, 3 Yr. CAGR %	50.65	-29.71	8.88	24.44	54.44
Diluted EPS Before Extra, 3 Yr. CAGR %	352.01	9.51	199.12	89.44	78.06
Accounts Receivable, 3 Yr. CAGR %	-8.14	64.27	41.43	-0.74	-9.55
Inventory, 3 Yr. CAGR %	16.92	-16.46	-14.32	-11.06	38.98
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.19	-0.03	-0.21	-1.87	-2.16
Total Assets, 3 Yr. CAGR %	0.29	-8.51	-8.34	-0.07	1.93
Tangible Book Value, 3 Yr. CAGR %	0.95	0.77	0.92	3.07	4.66
Common Equity, 3 Yr. CAGR %	0.94	0.76	0.91	3.06	4.65
Cash From Operations, 3 Yr. CAGR %	238.63	-69.09	41.59	-40.29	-32.59
Capital Expenditures, 3 Yr. CAGR %	-29.53	-21.75	-29.98	-17.24	-32.24
Levered Free Cash Flow, 3 Yr. CAGR %	80.43	-55.76	-31.52	-41.09	-43.03
Unlevered Free Cash Flow, 3 Yr. CAGR %	87.71	-49.43	-58.38	-37.09	-27.04
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.7	1.1	0.55	5.82	5.31
Gross Profit, 5 Yr. CAGR %	21	-8.87	-15.57	42.97	33.44
EBITDA, 5 Yr. CAGR %	29.47	-4.8	-14.77	55.75	39.98
EBITA, 5 Yr. CAGR %	39.8	-45.58	4.73	32.48	22.02
EBIT, 5 Yr. CAGR %	39.68	-44.92	4.81	32.48	22.02
Earnings From Cont. Operations, 5 Yr. CAGR %	18.82	3.48	16.34	51.36	31.39
Net Income, 5 Yr. CAGR %	18.82	3.48	16.34	51.36	31.39
Normalized Net Income, 5 Yr. CAGR %	29.05	-14.75	17.25	26.62	27.54
Diluted EPS Before Extra, 5 Yr. CAGR %	46.9	84.98	134.58	51.36	123.19
Accounts Receivable, 5 Yr. CAGR %	67.58	-3.55	28.68	34.94	-14.92
Inventory, 5 Yr. CAGR %	45.51	16.18	-10.12	-8.3	23.82
Net Property, Plant and Equip., 5 Yr. CAGR %	1.39	0.3	-0.58	-0.92	-1.19
Total Assets, 5 Yr. CAGR %	2.28	0.16	-0.52	-4.39	-4.19
Tangible Book Value, 5 Yr. CAGR %	0.64	0.46	0.61	2.41	3.19
Common Equity, 5 Yr. CAGR %	0.63	0.45	0.6	2.4	3.18
Cash From Operations, 5 Yr. CAGR %	276.96	42.57	19.65	-25.64	-17.56
Capital Expenditures, 5 Yr. CAGR %	-20.12	-15.59	-24.43	-22.36	-31.94
Levered Free Cash Flow, 5 Yr. CAGR %	42.51	-9.04	-21.14	-23.83	-39.47
Unlevered Free Cash Flow, 5 Yr. CAGR %	41.9	2.54	-43.6	-22.24	-17.82