Income Statement Son Ha Development of Renewable Energy

Stocks

SHE

VN000000SHE3

Electrical Components & Equipment

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05-06	Son Ha Development of Renewable Energy Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
01-22	Son Ha Development of Renewable Energy Joint Stock Company Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2025	CI

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Published financial data: SON HA DEVELOPMENT OF RENEWABLE ENERGY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2024	2025
Revenues	196B	373B
Total Revenues	196B	373B
Cost of Goods Sold, Total	167B	344B
Gross Profit	29.11B	28.67B
Selling General & Admin Expenses, Total	13.15B	13.95B
Other Operating Expenses, Total	13.15B	13.95B
Operating Income	15.95B	14.72B
Interest Expense, Total	-4.26B	-5.27B
Interest And Investment Income	169M	521M
Net Interest Expenses	-4.09B	-4.75B
Currency Exchange Gains (Loss)	-122M	148M
Other Non Operating Income (Expenses)	3.63B	5.58B
EBT, Excl. Unusual Items	15.37B	15.7B
Gain (Loss) On Sale Of Assets	-	18.3M
EBT, Incl. Unusual Items	15.37B	15.72B
Income Tax Expense	3.12B	3.19B
Earnings From Continuing Operations	12.25B	12.53B
Net Income to Company	12.25B	12.53B
Net Income - (IS)	12.25B	12.53B
Preferred Dividend and Other Adjustments	122M	-
Net Income to Common Incl Extra Items	12.13B	12.53B
Net Income to Common Excl. Extra Items	12.13B	12.53B
Per Share Items
Net EPS - Basic	811.02	838.05
Basic EPS - Continuing Operations	811.02	838.05
Basic Weighted Average Shares Outstanding	14.95M	14.95M
Net EPS - Diluted	811	838
Diluted EPS - Continuing Operations	811	838
Diluted Weighted Average Shares Outstanding	14.95M	14.95M
Normalized Basic EPS	642.48	656.34
Normalized Diluted EPS	642.48	656.34
Supplemental Items
EBITDA	18.22B	16.72B
EBITA	15.95B	14.72B
EBIT	15.95B	14.72B
Total Revenues (As Reported)	196B	373B
Effective Tax Rate - (Ratio)	20.31	20.29
Total Current Taxes	3.12B	3.19B
Normalized Net Income	9.61B	9.81B
Supplemental Operating Expense Items
Selling and Marketing Expenses	3.31B	2.1B
General and Administrative Expenses	9.84B	11.85B

Fiscal Period: December	2024	2025
Assets
Cash And Equivalents	3.96B	2.2B
Short Term Investments	8.2B	11.21B
Total Cash And Short Term Investments	12.16B	13.41B
Accounts Receivable, Total	125B	203B
Other Receivables	1.13B	1.26B
Total Receivables	126B	204B
Inventory	83.51B	59.26B
Prepaid Expenses	156M	151M
Other Current Assets, Total	6.48B	4.89B
Total Current Assets	229B	282B
Gross Property Plant And Equipment	39.29B	39.41B
Accumulated Depreciation	-16.31B	-18.28B
Net Property Plant And Equipment	22.98B	21.13B
Other Intangibles, Total	0	0
Other Long-Term Assets, Total	975M	481M
Total Assets	253B	303B
Liabilities
Accounts Payable, Total	27.02B	43.36B
Accrued Expenses, Total	3.8B	4.27B
Short-term Borrowings	62.3B	86.26B
Current Portion of Long-Term Debt	1.48B	1.48B
Current Income Taxes Payable	2.1B	1.89B
Other Current Liabilities	1.59B	900M
Total Current Liabilities	98.3B	138B
Long-Term Debt	2.94B	1.46B
Other Non Current Liabilities	915M	915M
Total Liabilities	102B	141B
Common Stock, Total	115B	150B
Retained Earnings	35.58B	13.31B
Total Common Equity	151B	163B
Total Equity	151B	163B
Total Liabilities And Equity	253B	303B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14.95M	14.95M
ECS Total Common Shares Outstanding	14.95M	14.95M
Book Value / Share	10.07K	10.89K
Tangible Book Value	151B	163B
Tangible Book Value Per Share	10.07K	10.89K
Total Debt	66.73B	89.21B
Net Debt	54.57B	75.8B
Account Code - Inventory Valuation	-	6
Inventories - Work In Process, Total	562M	307M
Inventories - Finished Goods, Total	23.67B	14.67B
Inventories - Others	59.28B	47.8B
Buildings, Total	1.1B	1.1B
Machinery, Total	38.19B	38.31B
Full Time Employees	-	54
Accumulated Allowance for Doubtful Accounts (Supple)	3.39B	7.23B

Fiscal Period: December	2024	2025
Net Income	12.25B	12.53B
Depreciation & Amortization - CF	2.26B	2B
Depreciation & Amortization, Total	2.26B	2B
(Gain) Loss From Sale Of Asset	-167M	-527M
Other Operating Activities, Total	-391M	6.87B
Change In Accounts Receivable	-34.58B	-79.67B
Change In Inventories	4.26B	20.74B
Change In Accounts Payable	6.65B	16.09B
Change in Other Net Operating Assets	862M	499M
Cash from Operations	-8.86B	-21.47B
Capital Expenditure	-367M	-148M
Sale of Property, Plant, and Equipment	-	10M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-3.89B	-3B
Other Investing Activities, Total	444M	373M
Cash from Investing	-3.81B	-2.77B
Long-Term Debt Issued, Total	130B	163B
Total Debt Issued	130B	163B
Long-Term Debt Repaid, Total	-115B	-141B
Total Debt Repaid	-115B	-141B
Cash from Financing	14.67B	22.48B
Net Change in Cash	2B	-1.76B
Supplemental Items
Cash Interest Paid	4.27B	5.23B
Cash Income Tax Paid (Refund)	5.64B	3.4B
Levered Free Cash Flow	-11.73B	-28.06B
Unlevered Free Cash Flow	-9.07B	-24.77B
Change In Net Working Capital	20.93B	35.82B
Net Debt Issued / Repaid	14.67B	22.48B

Fiscal Period: December	2024	2025
Profitability
Return on Assets	4.2	3.31
Return on Total Capital	4.89	3.92
Return On Equity %	8.47	8
Return on Common Equity	8.39	8
Margin Analysis
Gross Profit Margin %	14.82	7.69
SG&A Margin	6.7	3.74
EBITDA Margin %	9.27	4.49
EBITA Margin %	8.12	3.95
EBIT Margin %	8.12	3.95
Income From Continuing Operations Margin %	6.24	3.36
Net Income Margin %	6.24	3.36
Net Avail. For Common Margin %	6.17	3.36
Normalized Net Income Margin	4.89	2.63
Levered Free Cash Flow Margin	-5.97	-7.53
Unlevered Free Cash Flow Margin	-4.62	-6.64
Asset Turnover
Asset Turnover	0.83	1.34
Fixed Assets Turnover	8.21	16.9
Receivables Turnover (Average Receivables)	1.82	2.27
Inventory Turnover (Average Inventory)	1.95	4.82
Short Term Liquidity
Current Ratio	2.33	2.04
Quick Ratio	1.41	1.57
Operating Cash Flow to Current Liabilities	-0.09	-0.16
Days Sales Outstanding (Average Receivables)	201.51	160.67
Days Outstanding Inventory (Average Inventory)	187.22	75.72
Average Days Payable Outstanding	53.75	40.16
Cash Conversion Cycle (Average Days)	334.98	196.23
Long Term Solvency
Total Debt/Equity	44.31	54.78
Total Debt / Total Capital	30.7	35.39
LT Debt/Equity	1.96	0.9
Long-Term Debt / Total Capital	1.36	0.58
Total Liabilities / Total Assets	40.42	46.32
EBIT / Interest Expense	3.74	2.79
EBITDA / Interest Expense	4.27	3.17
(EBITDA - Capex) / Interest Expense	4.19	3.15
Total Debt / EBITDA	3.66	5.33
Net Debt / EBITDA	3	4.53
Total Debt / (EBITDA - Capex)	3.74	5.38
Net Debt / (EBITDA - Capex)	3.06	4.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.31	89.79
Gross Profit, 1 Yr. Growth %	-22.86	-1.5
EBITDA, 1 Yr. Growth %	-	-8.21
EBITA, 1 Yr. Growth %	-33.25	-7.74
EBIT, 1 Yr. Growth %	-33.25	-7.74
Earnings From Cont. Operations, 1 Yr. Growth %	-31.16	2.3
Net Income, 1 Yr. Growth %	-31.16	2.3
Normalized Net Income, 1 Yr. Growth %	-31.37	2.16
Diluted EPS Before Extra, 1 Yr. Growth %	-31.85	3.33
Accounts Receivable, 1 Yr. Growth %	37.91	61.77
Inventory, 1 Yr. Growth %	-4.73	-29.03
Net Property, Plant and Equip., 1 Yr. Growth %	-7.62	-8.07
Total Assets, 1 Yr. Growth %	13.66	20.03
Tangible Book Value, 1 Yr. Growth %	8.67	8.13
Common Equity, 1 Yr. Growth %	8.67	8.13
Cash From Operations, 1 Yr. Growth %	-129.36	142.34
Capital Expenditures, 1 Yr. Growth %	-	-59.75
Levered Free Cash Flow, 1 Yr. Growth %	-135.28	139.25
Unlevered Free Cash Flow, 1 Yr. Growth %	-124.58	173.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-13.71	42.04
Gross Profit, 2 Yr. CAGR %	-13.18	-12.83
EBITA, 2 Yr. CAGR %	-17.41	-21.52
EBIT, 2 Yr. CAGR %	-17.41	-21.52
Earnings From Cont. Operations, 2 Yr. CAGR %	-20.97	-16.08
Net Income, 2 Yr. CAGR %	-20.97	-16.08
Normalized Net Income, 2 Yr. CAGR %	-20.86	-16.27
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-16.08
Accounts Receivable, 2 Yr. CAGR %	12.27	49.36
Inventory, 2 Yr. CAGR %	3.02	-17.77
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.93	-7.84
Total Assets, 2 Yr. CAGR %	0.14	16.8
Tangible Book Value, 2 Yr. CAGR %	11.49	8.4
Common Equity, 2 Yr. CAGR %	11.49	8.4
Cash From Operations, 2 Yr. CAGR %	-53.69	-15.65
Levered Free Cash Flow, 2 Yr. CAGR %	-	-8.13
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-18.05
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	12.22
Gross Profit, 3 Yr. CAGR %	-	-9.45
EBITA, 3 Yr. CAGR %	-	-14.3
EBIT, 3 Yr. CAGR %	-	-14.3
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-13.87
Net Income, 3 Yr. CAGR %	-	-13.87
Normalized Net Income, 3 Yr. CAGR %	-	-13.83
Accounts Receivable, 3 Yr. CAGR %	-	26.81
Inventory, 3 Yr. CAGR %	-	-9.02
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-8.64
Total Assets, 3 Yr. CAGR %	-	6.37
Tangible Book Value, 3 Yr. CAGR %	-	10.36
Common Equity, 3 Yr. CAGR %	-	10.36
Cash From Operations, 3 Yr. CAGR %	-	-19.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-4.48	-
Gross Profit, 5 Yr. CAGR %	-6.6	-
EBITA, 5 Yr. CAGR %	-11.79	-
EBIT, 5 Yr. CAGR %	-11.79	-
Earnings From Cont. Operations, 5 Yr. CAGR %	-13.79	-
Net Income, 5 Yr. CAGR %	-13.79	-
Normalized Net Income, 5 Yr. CAGR %	-13.77	-
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.37	-
Accounts Receivable, 5 Yr. CAGR %	11.59	-
Inventory, 5 Yr. CAGR %	32.35	-
Net Property, Plant and Equip., 5 Yr. CAGR %	39.1	-
Total Assets, 5 Yr. CAGR %	16.31	-
Tangible Book Value, 5 Yr. CAGR %	14.46	-
Common Equity, 5 Yr. CAGR %	14.44	-
Cash From Operations, 5 Yr. CAGR %	-11.37	-
Levered Free Cash Flow, 5 Yr. CAGR %	3.63	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.57	-