The financial statements of TRT

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022
Revenue	669.4	637.9	510.7	676.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	669.4	637.9	510.7	676.0
Cost of Goods Sold	587.3	577.9	480.2	580.3
Gross Profit	82.1	60.0	30.5	95.7
Financial Income	1.2	0.9	0.8	0.4
Financial Expenses	9.3	13.2	18.6	16.2
Interest Expense	9.2	12.9	18.6	15.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	20.4	9.6	15.3	14.4
General and Administrative Expenses	24.0	22.5	16.6	27.4
Operating Profit	29.6	15.7	-19.3	38.2
Other Income	2.8	2.3	2.6	1.4
Other Expenses	11.1	13.3	16.7	3.3
Other Profit	-8.3	-11.0	-14.1	-2.0
Profit Before Tax	21.2	4.7	-33.4	36.2
Current Income Tax Expense	—	0.0	0.3	7.5
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	21.2	4.7	-33.7	28.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	21.2	4.7	-33.7	28.7
Earnings per Share VND per share	1,935.00	428.00	-3,068.00	2,614.00
Diluted EPS VND per share	1,935.00	426.55	-3,060.72	2,607.64

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	299.4	250.2	279.1	328.3
I. Cash and cash equivalents	17.3	8.1	15.6	11.5
1. Cash	17.3	8.1	15.6	11.5
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	59.2	47.9	45.5	42.8
1. Short-term trade accounts receivable	36.0	26.2	24.4	11.8
2. Short-term prepayments to suppliers	2.7	2.8	1.5	14.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	25.8	24.6	25.2	22.3
7. Provision for short-term doubtful debts (*)	-5.7	-6.0	-5.9	-5.8
8. Assets awaiting resolution	0.3	0.3	0.3	0.3
IV. Inventories	221.1	190.7	213.9	269.2
1. Inventories	226.4	197.3	222.7	277.9
2. Provision for decline in value of inventories	-5.3	-6.6	-8.7	-8.7
V. Other short-term assets	1.8	3.5	4.1	4.8
1. Short-term prepayments	0.7	2.1	3.6	2.6
2. Value added tax to be reclaimed	0.6	0.9	0.0	1.8
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	201.1	229.3	261.6	273.1
I. Long-term receivables	10.2	10.2	10.2	12.2
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	10.2	10.2	10.2	12.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	167.5	198.0	230.3	240.0
1. Tangible fixed assets	166.4	196.8	230.3	240.0
- Cost	568.6	560.8	555.1	542.6
- Accumulated depreciation	-402.2	-364.0	-324.8	-302.6
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	1.1	1.2	0.0	0.0
- Cost	1.4	1.4	0.1	0.1
- Accumulated depreciation	-0.3	-0.2	-0.1	-0.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	2.8	0.1	1.3	1.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	2.8	0.1	1.3	1.6
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	20.7	20.9	19.8	19.3
1. Long-term prepayments	20.7	20.9	19.8	19.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	500.5	479.5	540.7	601.4
A. LIABILITIES (300=210+330)	349.2	349.5	415.4	431.4
I. Short -term liabilities	328.8	316.1	343.9	330.9
1. Short-term trade accounts payable	139.4	132.5	97.4	88.3
2. Short-term advances from customers	14.6	15.9	19.4	16.6
3. Taxes and other payables to state authorities	0.0	0.1	0.9	2.3
4. Payable to employees	12.9	9.7	6.6	19.8
5. Short-term acrrued expenses	8.3	1.2	1.3	0.9
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	15.0	11.8	12.3	1.1
10. Short-term borrowings and financial leases	138.5	144.8	205.6	201.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.2	0.4	0.3
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	20.5	33.3	71.5	100.6
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.1	13.2	50.0	79.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	17.4	20.1	21.5	21.5
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	151.3	130.0	125.3	170.0
I. Owner's equity	151.3	130.0	125.3	170.0
1. Owner's capital	110.0	110.0	110.0	110.0
- Common stock with voting right VND per share	110,000,000,000.00	110,000,000,000.00	110,000,000,000.00	110,000,000,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00
2. Share premium	3.7	3.7	3.7	3.7
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares VND per share	-272,320,000.00	-272,320,000.00	-272,320,000.00	-272,320,000.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	0.6	0.6	0.6	0.6
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	37.2	16.0	11.3	56.0
- Accumulated retained earning at the end of the previous period	16.0	11.3	45.0	27.3
- Undistributed earnings in this period	21.2	4.7	-33.7	28.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	500.5	479.5	540.7	601.4

Item	2025	2024	2023	2022
Profit Before Tax	21.2	4.7	-33.4	36.2
Depreciation of Fixed Assets and Investment Property	39.0	39.3	37.7	36.6
Provision (Increase)/Reversal	-4.3	-3.5	0.1	6.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.3	-0.0	-0.5	-0.0
Interest Expense	9.2	12.9	18.6	15.8
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	64.8	53.4	22.4	94.7
Increase/(Decrease) in Receivables	-10.8	-3.3	-9.3	-20.4
Increase/(Decrease) in Inventory	-29.1	25.4	55.2	-84.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.9	42.9	-0.6	-11.1
Increase/(Decrease) in Prepaid Expenses	1.6	0.3	-1.5	6.1
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-8.8	-13.0	-18.6	-15.6
Corporate Income Tax Paid	—	0.0	-2.5	-8.4
Other Operating Receipts	—	0.2	0.6	0.0
Other Operating Payments	-0.1	-0.5	-0.4	-1.4
Net Cash Flow from Operating Activities	33.6	105.4	45.2	-40.3
Payments for Fixed Assets and Other Long-term Assets	-8.4	-5.8	-15.1	-15.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-8.1	-5.8	-14.5	-15.1
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00
Proceeds from Borrowings	508.7	423.4	358.7	434.5
Repayment of Borrowings	-525.0	-521.0	-383.9	-387.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.0	-9.5	-1.4	-10.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-16.3	-107.1	-26.6	35.9
Net Cash Flow During the Period	9.2	-7.5	4.0	-19.5
Cash and Cash Equivalents at Beginning of Period	8.1	15.6	11.5	31.0
FX Difference from Revaluation	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	17.3	8.1	15.6	11.5

Item	Q4'25
Profit Before Tax	21.2
Depreciation of Fixed Assets and Investment Property	39.0
Provision (Increase)/Reversal	-4.3
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-0.3
Interest Expense	9.2
Operating Profit Before Changes in Working Capital	64.8
Increase/(Decrease) in Receivables	-10.8
Increase/(Decrease) in Inventory	-29.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.9
Increase/(Decrease) in Prepaid Expenses	1.6
Interest Paid	-8.8
Other Operating Payments	-0.1
Net Cash Flow from Operating Activities	33.6
Payments for Fixed Assets and Other Long-term Assets	-8.4
Dividends and Interest Income Received	0.3
Net Cash Flow from Investing Activities	-8.1
Proceeds from Borrowings	508.7
Repayment of Borrowings	-525.0
Dividends Paid	-0.0
Net Cash Flow from Financing Activities	-16.3
Net Cash Flow During the Period	9.2
Cash and Cash Equivalents at Beginning of Period	8.1
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	17.3

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