VSH · CTCP Thủy điện Vĩnh Sơn - Sông Hinh

Báo cáo tài chính gốc theo dòng/kỳ (KQKD · Cân đối · Lưu chuyển tiền tệ).

Item	2025	2024	2023	2022	2021
Revenue	2,304.1	1,825.1	2,572.0	3,084.6	1,611.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,304.1	1,825.1	2,572.0	3,084.6	1,611.2
Cost of Goods Sold	1,075.9	951.7	1,013.0	1,062.3	0.0
Gross Profit	1,228.2	873.4	1,559.1	2,022.4	814.9
Financial Income	44.2	14.4	5.4	6.5	10.6
Financial Expenses	204.0	318.0	410.4	432.5	-324.4
Interest Expense	200.6	277.8	392.4	408.1	-323.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	68.3	47.6	60.7	77.3	-45.4
Operating Profit	1,000.2	522.2	1,093.4	1,519.2	455.8
Other Income	1.0	0.0	0.2	3.4	0.0
Other Expenses	43.7	0.3	1.1	142.8	0.0
Other Profit	-42.8	-0.3	-0.9	-139.3	-4.7
Profit Before Tax	957.4	521.9	1,092.4	1,379.8	451.0
Current Income Tax Expense	94.8	73.6	98.4	115.0	-63.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	862.6	448.3	994.0	1,264.8	387.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	862.6	448.3	994.0	1,264.8	387.3
Earnings per Share	3,651.00	1,898.00	4,208.00	5,354.00	1,671.00
Diluted EPS	3,651.00	1,898.00	4,208.00	5,354.00	1,639.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,267.7	1,099.7	1,462.0	1,073.9	691.1
I. Cash and cash equivalents	68.2	368.2	133.5	131.5	52.4
1. Cash	3.7	14.9	8.4	19.5	0.0
2. Cash equivalents	64.5	353.3	125.1	112.0	0.0
II. Short-term financial investments	397.3	39.0	35.0	36.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	397.3	39.0	35.0	36.5	0.0
III. Short-term receivables	700.0	584.9	1,188.9	805.5	497.5
1. Short-term trade accounts receivable	672.4	579.7	1,172.1	795.9	0.0
2. Short-term prepayments to suppliers	28.1	10.7	21.3	14.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	8.6	3.6	4.6	4.3	0.0
7. Provision for short-term doubtful debts (*)	-9.1	-9.1	-9.1	-9.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	102.2	107.7	104.6	100.4	101.9
1. Inventories	102.2	107.7	104.6	100.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,903.6	7,508.1	8,071.2	8,636.4	9,325.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6,885.9	7,465.4	8,006.8	8,565.4	9,135.8
1. Tangible fixed assets	6,885.9	7,465.4	8,006.8	8,565.4	9,135.8
- Cost	12,298.5	12,300.2	12,261.2	12,236.9	0.0
- Accumulated depreciation	-5,412.6	-4,834.8	-4,254.4	-3,671.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.6	27.0	49.6	55.8	175.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	27.0	49.6	55.8	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.0	15.7	14.8	15.2	0.0
1. Long-term prepayments	2.1	5.3	4.4	4.6	0.0
2. Deferred income tax assets	1.1	1.1	1.1	1.1	0.0
3. Long-term equipment, supplies, spare parts	9.8	9.2	9.3	9.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,171.3	8,607.9	9,533.2	9,710.3	10,016.6
A. LIABILITIES (300=210+330)	3,221.6	3,924.6	4,938.3	4,683.9	6,006.2
I. Short -term liabilities	426.8	485.2	1,194.0	567.7	1,079.1
1. Short-term trade accounts payable	125.0	145.2	137.6	167.2	515.2
2. Short-term advances from customers	—	0.0	0.0	0.0	2.1
3. Taxes and other payables to state authorities	145.7	70.2	118.5	163.8	0.0
4. Payable to employees	34.5	21.8	17.2	33.8	0.0
5. Short-term acrrued expenses	5.0	6.3	6.5	61.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.1	121.4	714.8	4.3	0.0
10. Short-term borrowings and financial leases	111.9	115.4	196.5	135.2	142.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	5.0	2.9	1.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,794.7	3,439.3	3,744.3	4,116.3	4,927.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	201.7	201.7	201.7	201.7	0.0
8. Long-term borrowings and financial leases	2,593.0	3,237.6	3,542.6	3,914.5	4,927.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,949.8	4,683.3	4,594.9	5,026.4	4,010.5
I. Owner's equity	4,949.8	4,683.3	4,594.9	5,026.4	0.0
1. Owner's capital	2,362.4	2,362.4	2,362.4	2,362.4	4,010.5
- Common stock with voting right	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	356.4	356.4	356.4	356.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	27.7	27.7	27.7	27.7	0.0
11. Undistributed earnings after tax	2,197.1	1,930.6	1,842.1	2,273.7	1,257.7
- Accumulated retained earning at the end of the previous period	1,334.4	1,482.3	848.2	1,008.8	870.5
- Undistributed earnings in this period	862.6	448.3	994.0	1,264.8	387.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,171.3	8,607.9	9,533.2	9,710.3	10,016.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	957.4	521.9	1,092.4	1,379.8	451.0
Depreciation of Fixed Assets and Investment Property	587.0	590.0	587.3	591.7	470.1
Provision (Increase)/Reversal	—	0.0	0.0	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.6	1.7	13.6	20.8	0.0
Gain/Loss from Investment Activities	9.7	-13.8	-5.3	106.0	0.0
Interest Expense	200.6	277.8	392.4	408.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,757.3	1,377.6	2,080.4	2,507.4	1,222.3
Increase/(Decrease) in Receivables	-108.6	604.5	-380.4	-309.1	0.0
Increase/(Decrease) in Inventory	5.0	-3.1	-4.0	1.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	68.6	-21.2	-32.2	13.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	-1.0	0.2	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-202.0	-298.4	-448.8	-595.6	0.0
Corporate Income Tax Paid	-73.7	-78.4	-130.0	-97.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.9	-3.5	-7.0	-12.1	0.0
Net Cash Flow from Operating Activities	1,441.8	1,576.5	1,078.2	1,506.5	650.5
Payments for Fixed Assets and Other Long-term Assets	-42.1	-18.4	-46.8	-158.8	-220.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-397.3	-39.0	-35.0	-104.5	-39.3
Receipts from Loan Repayments and Sale of Debt Instruments	39.0	35.0	36.5	107.3	35.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.9	13.4	5.1	6.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-382.4	-9.1	-40.2	-150.1	-222.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	299,939,500,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	1,258.0	0.0	10.0	0.9
Repayment of Borrowings	-650.6	-1,645.8	-327.3	-1,051.2	-691.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-708.7	-945.0	-708.7	-236.2	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,359.4	-1,332.8	-1,036.0	-1,277.4	-391.1
Net Cash Flow During the Period	-300.0	234.7	2.0	79.1	-79.3
Cash and Cash Equivalents at Beginning of Period	368.2	133.5	131.5	52.4	15.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.2	368.2	133.5	131.5	52.4

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	576.0	618.3	621.9	556.0	501.6	624.6	666.7	396.3	412.5	349.5	640.4	382.1
Revenue Deductions	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	576.0	618.3	621.9	556.0	501.6	624.6	666.7	396.3	412.5	349.5	640.4	382.1
Cost of Goods Sold	254.0	265.7	293.9	262.4	250.2	269.4	251.0	237.9	231.8	231.0	286.7	222.2
Gross Profit	322.0	352.5	328.0	293.7	251.3	355.2	415.7	158.5	180.7	118.5	353.8	160.0
Financial Income	11.5	6.5	9.0	6.2	5.3	23.9	5.2	6.1	2.8	1.0	0.8	1.3
Financial Expenses	49.7	47.3	45.5	49.5	52.8	56.4	61.9	65.2	83.5	107.9	85.2	110.1
Interest Expense	49.5	47.3	45.4	48.7	52.1	54.4	61.1	65.1	72.8	78.8	85.2	94.4
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	13.0	11.9	22.1	13.1	9.5	23.5	15.5	10.8	11.9	9.3	20.4	11.6
Operating Profit	270.9	299.7	269.4	237.3	194.3	299.2	343.5	88.5	88.0	2.2	249.0	39.6
Other Income	—	—	0.3	—	0.6	0.1	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.0	31.9	5.5	6.2	0.1	0.2	0.0	0.1	0.0	0.0	1.0
Other Profit	-0.1	-0.0	-31.6	-5.5	-5.6	-0.1	-0.2	-0.0	-0.1	0.0	0.0	-1.0
Profit Before Tax	270.7	299.7	237.8	231.8	188.8	299.1	343.3	88.5	88.0	2.2	249.1	38.7
Current Income Tax Expense	32.0	31.0	21.4	20.5	22.5	30.4	41.9	10.5	20.8	0.4	19.1	13.1
Deferred Income Tax Expense	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	238.7	268.7	216.4	211.3	166.3	268.7	301.4	78.0	67.2	1.8	229.9	25.6
Non-controlling Interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	238.7	268.7	216.4	211.3	166.3	268.7	301.4	78.0	67.2	1.8	229.9	25.6
Earnings per Share	1,011.00	1,137.00	916.00	894.00	727.00	1,114.00	1,276.00	330.00	284.00	7.00	973.00	108.00
Diluted EPS	1,010.43	1,137.35	915.94	894.34	703.75	1,137.36	1,275.91	330.09	284.26	7.49	973.31	108.35

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,414.6	1,526.2	1,267.7	1,158.7	1,334.8	1,281.0	1,099.7	947.7	1,215.1	1,322.4	1,462.0	1,332.7
I. Cash and cash equivalents	304.8	349.7	68.2	223.3	478.2	331.8	368.2	361.7	506.4	281.1	133.5	89.0
1. Cash	34.6	82.7	3.7	10.4	14.9	12.1	14.9	55.7	16.4	14.6	8.4	26.0
2. Cash equivalents	270.2	267.0	64.5	212.9	463.3	319.7	353.3	305.9	490.0	266.5	125.1	63.0
II. Short-term financial investments	588.7	348.3	397.3	360.1	—	39.0	39.0	39.0	39.0	35.0	35.0	35.0
1. Available for sale securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	588.7	348.3	397.3	360.1	—	39.0	39.0	39.0	39.0	35.0	35.0	35.0
III. Short-term receivables	395.5	698.3	700.0	477.9	747.5	800.5	584.9	439.9	562.1	901.8	1,188.9	1,101.3
1. Short-term trade accounts receivable	390.2	675.9	672.4	446.3	719.4	788.1	579.7	422.8	554.6	877.3	1,172.1	1,085.1
2. Short-term prepayments to suppliers	12.4	19.5	28.1	24.4	19.9	10.8	10.7	15.8	13.0	24.0	21.3	23.0
3. Short-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.1	12.1	8.6	16.3	17.4	10.7	3.6	10.4	3.5	9.6	4.6	2.4
7. Provision for short-term doubtful debts (*)	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	124.7	129.8	102.2	97.3	109.1	109.7	107.7	107.1	107.6	104.5	104.6	107.4
1. Inventories	124.7	129.8	102.2	97.3	109.1	109.7	107.7	107.1	107.6	104.5	104.6	107.4
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,638.9	6,756.8	6,903.6	7,071.1	7,218.7	7,359.3	7,508.1	7,637.7	7,801.8	7,928.0	8,071.2	8,201.5
I. Long-term receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,621.9	6,738.9	6,885.9	7,041.7	7,177.8	7,317.8	7,465.4	7,595.7	7,727.5	7,859.7	8,006.8	8,141.5
1. Tangible fixed assets	6,621.9	6,738.9	6,885.9	7,041.7	7,177.8	7,317.8	7,465.4	7,595.7	7,727.5	7,859.7	8,006.8	8,141.5
- Cost	12,328.7	12,298.5	—	—	—	—	12,300.2	12,292.2	12,276.4	12,261.2	12,261.2	12,250.4
- Accumulated depreciation	-5,706.8	-5,559.6	—	—	—	—	-4,834.8	-4,696.6	-4,548.9	-4,401.5	-4,254.4	-4,108.9
2. Financial leased fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.6	4.6	4.6	17.8	27.0	27.0	27.0	25.7	60.5	53.2	49.6	45.9
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	4.6	4.6	17.8	27.0	27.0	27.0	25.7	60.5	53.2	49.6	45.9
V. Long-term financial investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.4	13.3	13.0	11.6	13.9	14.5	15.7	16.4	13.8	15.1	14.8	14.0
1. Long-term prepayments	1.5	2.4	2.1	2.6	3.5	4.1	5.3	6.0	3.4	4.7	4.4	3.6
2. Deferred income tax assets	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
3. Long-term equipment, supplies, spare parts	9.7	9.8	9.8	7.8	9.2	9.2	9.2	9.3	9.3	9.3	9.3	9.3
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,053.5	8,283.0	8,171.3	8,229.8	8,553.5	8,640.3	8,607.9	8,585.4	9,016.9	9,250.3	9,533.2	9,534.1
A. LIABILITIES (300=210+330)	2,956.2	3,424.5	3,221.6	3,260.2	3,558.9	3,812.0	3,924.6	3,849.2	4,358.7	4,653.7	4,938.3	4,460.5
I. Short -term liabilities	542.0	686.8	426.8	282.6	347.5	457.2	485.2	277.4	1,226.3	916.5	1,194.0	604.8
1. Short-term trade accounts payable	133.2	112.7	125.0	114.8	125.6	139.1	145.2	134.8	136.9	131.5	137.6	132.8
2. Short-term advances from customers	—	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	354.5	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	115.2	110.5	145.7	109.1	99.8	97.8	70.2	68.2	61.8	38.7	118.5	118.9
4. Payable to employees	8.2	8.8	34.5	7.3	8.0	20.2	21.8	12.5	9.2	6.2	17.2	7.0
5. Short-term acrrued expenses	4.4	4.7	5.0	4.3	5.0	5.7	6.3	7.0	4.4	14.0	6.5	15.7
6. Short-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.0	2.3	2.1	16.8	0.2	118.6	121.4	3.6	476.6	572.9	714.8	196.8
10. Short-term borrowings and financial leases	273.2	85.7	111.9	26.2	102.4	67.4	115.4	45.3	530.6	150.5	196.5	127.0
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	7.6	2.6	4.1	6.3	8.5	5.0	5.9	6.7	2.7	2.9	6.6
13. Price stabilization fund	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,414.2	2,737.7	2,794.7	2,977.6	3,211.4	3,354.7	3,439.3	3,571.8	3,132.4	3,737.2	3,744.3	3,855.7
1. Long-term trade payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7
8. Long-term borrowings and financial leases	2,212.5	2,535.9	2,593.0	2,775.9	3,009.7	3,153.0	3,237.6	3,370.1	2,930.7	3,535.4	3,542.6	3,654.0
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,097.3	4,858.6	4,949.8	4,969.6	4,994.6	4,828.3	4,683.3	4,736.2	4,658.3	4,596.6	4,594.9	5,073.7
I. Owner's equity	5,097.3	4,858.6	4,949.8	4,969.6	4,994.6	4,828.3	4,683.3	4,736.2	4,658.3	4,596.6	4,594.9	5,073.7
1. Owner's capital	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4
- Common stock with voting right	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00
- Preferred stock	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7
11. Undistributed earnings after tax	2,344.6	2,105.9	2,197.1	2,216.9	2,241.9	2,075.6	1,930.6	1,983.5	1,905.5	1,843.9	1,842.1	2,320.9
- Accumulated retained earning at the end of the previous period	1,837.2	1,837.2	1,334.4	1,570.7	1,806.9	1,806.9	1,482.3	1,836.6	1,836.6	1,842.1	848.2	1,556.9
- Undistributed earnings in this period	507.4	268.7	862.6	646.2	434.9	268.7	448.3	146.9	68.9	1.8	994.0	764.1
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,053.5	8,283.0	8,171.3	8,229.8	8,553.5	8,640.3	8,607.9	8,585.4	9,016.9	9,250.3	9,533.2	9,534.1

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	270.7	299.7	237.8	231.8	188.8	299.1	343.3	88.5	88.0	2.2	249.1	38.7
Depreciation of Fixed Assets and Investment Property	147.2	147.0	144.1	147.7	147.6	147.6	147.8	147.7	147.3	147.2	149.8	144.2
Provision (Increase)/Reversal	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	-0.1	-0.2	0.4	0.7	1.6	-8.8	-0.6	0.9	10.1	-2.3	15.5
Gain/Loss from Investment Activities	-11.6	-6.4	25.3	-6.2	-5.3	-4.0	-4.6	-5.5	-2.8	-1.0	-0.7	-1.3
Interest Expense	49.5	47.3	45.4	48.7	52.1	54.4	61.1	65.1	72.8	78.8	87.5	94.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	456.1	487.6	452.3	422.3	383.9	498.8	538.8	295.2	306.2	237.3	483.4	291.5
Increase/(Decrease) in Receivables	294.0	1.2	-216.7	270.2	52.7	-214.9	-144.4	122.0	339.1	287.8	-84.9	226.4
Increase/(Decrease) in Inventory	5.1	-27.6	-6.8	16.9	-3.1	-2.0	-0.6	0.5	-3.1	0.1	2.8	-0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.0	-47.7	44.1	25.0	-32.0	31.5	4.2	-1.9	147.1	-170.6	49.7	-27.3
Increase/(Decrease) in Prepaid Expenses	0.9	-0.3	0.5	0.9	0.6	1.2	0.6	-2.5	1.2	-0.3	-0.8	-0.7
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-49.8	-47.5	-44.2	-50.0	-52.6	-55.2	-62.0	-62.5	-83.5	-90.4	-96.7	-85.2
Corporate Income Tax Paid	-5.1	-59.7	-14.2	-20.0	-1.0	-38.6	-35.0	0.0	0.0	-43.4	-55.0	0.0
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-0.7	-1.5	-2.2	-2.2	-2.0	-0.9	-0.8	-1.5	-0.3	-10.4	5.2
Net Cash Flow from Operating Activities	700.2	305.3	213.6	663.1	346.4	218.7	300.8	350.0	705.5	220.3	288.2	409.4
Payments for Fixed Assets and Other Long-term Assets	-30.2	—	-1.7	-16.9	-17.4	-6.1	-8.5	17.5	-17.7	-9.7	-11.7	-23.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-225.2	-348.3	-37.2	-360.1	—	—	0.0	0.0	-39.0	0.0	-36.5	36.5
Receipts from Loan Repayments and Sale of Debt Instruments	-3.0	397.3	0.0	0.0	39.0	—	0.0	0.0	35.0	0.0	36.5	-36.5
Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.7	10.3	3.4	5.7	5.5	3.3	4.0	5.6	3.4	0.3	0.7	1.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-254.7	59.4	-35.4	-371.4	27.2	-2.8	-4.4	23.0	-18.3	-9.4	-11.0	-21.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	—	0.0	0.0	440.0	818.0	0.0	0.0
Repayment of Borrowings	-136.2	-83.2	-97.0	-310.4	-109.0	-134.3	-53.6	-45.3	-665.7	-881.2	-39.6	-23.6
Repayment of Finance Leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-354.4	—	-236.3	-236.2	-118.1	-118.1	-236.2	-472.5	-236.2	0.0	-193.1	-397.5
Other Financing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-490.6	-83.2	-333.3	-546.6	-227.1	-252.4	-289.9	-517.8	-461.9	-63.2	-232.7	-421.1
Net Cash Flow During the Period	-45.1	281.5	-155.1	-254.9	146.4	-36.4	6.5	-144.8	225.3	147.6	44.5	-33.3
Cash and Cash Equivalents at Beginning of Period	349.7	68.2	223.3	478.2	331.8	368.2	133.5	133.5	133.5	133.5	131.5	131.5
FX Difference from Revaluation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	304.8	349.7	68.2	223.3	478.2	331.8	368.2	361.7	506.4	281.1	133.5	89.0

Giải mã BCTC

Điểm nhấn trong BCTC của CTCP Thủy điện Vĩnh Sơn - Sông Hinh (VSH) mà bạn nên biết

Q2/2026 On a TTM 2026Q2 basis, VSH has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods.

Want to know what to do next with this momentum? Talk to an advisor

Tiếp theo: Chuỗi số liệu & so sánh ngành → Tổng quan· Bóc tách BCTC· Nhận định