Cash flow Ba Ria Thermal Power

Stocks

BTP

VN000000BTP0

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. 2026-09-08			5-day change	1st Jan Change
7,350.00 ^VND	-0.41%		-0.54%	-18.24%

07-17	Ba Ria Thermal Power Joint Stock Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-21	Ba Ria Thermal Power Joint Stock Company Announces Cash Dividend for 2025; Provides Divined Guidance for 2026	CI

7e1d2b0fbc95d8ffa958f6df1ff1e6c.Xk3fqTj3qqfd4lqs4r8VGlOl4xLbmOz1PF_rNvswon0.FTqM702Z5smckA3IhvZ2XB2cjmOa7aWHTxrdApx30RIHeZfrX6jy05mQFw

Published financial data: BA RIA THERMAL POWER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Revenues - (Utility Template)	1,213B	513B	780B	357B	263B
Total Revenues	1,213B	513B	780B	357B	263B
Selling General & Admin Expenses, Total	37.14B	33.98B	37.33B	39.95B	39.22B
Other Operating Expenses	1,146B	481B	767B	344B	216B
Total Operating Expenses	1,183B	515B	805B	384B	255B
Operating Income (REIT / Utility Template)	30.14B	-1.2B	-24.86B	-26.43B	7.9B
Interest Expense, Total	-8.27B	-6.3B	-2.48B	-3.98B	-2.79B
Interest and Investment Income	81.96B	74.15B	94.88B	58.17B	46.62B
Net Interest Expenses	73.69B	67.85B	92.4B	54.2B	43.83B
Currency Exchange Gains (Loss)	39.08B	11.48B	5.09B	16.18B	-2.74B
Other Non Operating Income (Expenses)	185M	155M	270M	-1.13B	-1.93B
EBT, Excl. Unusual Items	143B	78.29B	72.9B	42.82B	47.06B
Gain (Loss) on Sale of Investments	6.22B	-	-	-	-2.86B
EBT, Incl. Unusual Items	149B	78.29B	72.9B	42.82B	44.2B
Income Tax Expense	22.11B	7.54B	1.07B	-	1.63B
Earnings From Continuing Operations	127B	70.74B	71.82B	42.82B	42.57B
Net Income to Company	127B	70.74B	71.82B	42.82B	42.57B
Net Income - (IS)	127B	70.74B	71.82B	42.82B	42.57B
Net Income to Common Incl Extra Items	127B	70.74B	71.82B	42.82B	42.57B
Net Income to Common Excl. Extra Items	127B	70.74B	71.82B	42.82B	42.57B
Per Share Items
Net EPS - Basic	2.1K	1.17K	1.19K	707.88	703.82
Basic EPS - Continuing Operations	2.1K	1.17K	1.19K	707.88	703.82
Basic Weighted Average Shares Outstanding	60.49M	60.49M	60.49M	60.49M	60.49M
Net EPS - Diluted	2.1K	1.17K	1.19K	707.88	703.82
Diluted EPS - Continuing Operations	2.1K	1.17K	1.19K	707.88	703.82
Diluted Weighted Average Shares Outstanding	60.49M	60.49M	60.49M	60.49M	60.49M
Normalized Basic EPS	1.48K	808.94	753.24	442.43	486.3
Normalized Diluted EPS	1.48K	808.94	753.24	442.43	486.3
Dividend Per Share	1.5K	1.2K	3.13K	330	-
Payout Ratio	52.12	127.82	100.76	459.83	46.75
Supplemental Items
Utility Revenues	-	-	-	351B	-
Non Utility Revenues	-	-	-	6.68B	-
EBITDA	71.3B	46.93B	28.73B	27.38B	60.98B
EBITA	30.14B	-1.2B	-24.86B	-26.43B	7.9B
EBIT	30.14B	-1.2B	-24.86B	-26.43B	7.9B
Total Revenues (As Reported)	1,213B	-	780B	357B	263B
Effective Tax Rate - (Ratio)	14.81	9.63	1.47	-	3.69
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	22.11B	7.54B	1.07B	-	1.63B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	89.44B	48.93B	45.56B	26.76B	29.41B
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	16.96M	23.16M	13.78M	13.02M	17.69M
General and Administrative Expenses	37.13B	33.96B	37.31B	39.93B	39.2B
Maintenance & Repair Expenses, Total	-	-	-	-	37.53B

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Assets
Cash And Equivalents	105B	138B	123B	89.29B	86.49B
Short Term Investments - (Utility / Insurance Templates)	303B	258B	255B	200B	177B
Accounts Receivable, Total	438B	244B	51.21B	48.64B	49.37B
Other Receivables	12.98B	18.41B	32.19B	23.04B	18.52B
Accounts Receivable (Summary Subtotal)	451B	263B	83.4B	71.68B	67.9B
Inventory - (Utility Template)	107B	106B	167B	151B	140B
Prepaid Expenses	569M	407M	580M	802M	747M
Other Current Assets, Total	3.46B	20.46B	21.69B	12.96B	1.47B
Total Current Assets	970B	785B	650B	526B	474B
Gross Property Plant And Equipment	2,720B	2,764B	2,785B	2,779B	2,783B
Accumulated Depreciation	-2,392B	-2,440B	-2,493B	-2,547B	-2,598B
Net Property Plant And Equipment	328B	325B	292B	232B	185B
Other Intangibles, Total	2.17B	2.95B	2.23B	1.6B	989M
Long-Term Investments - (Utility Template)	541B	415B	447B	447B	496B
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Other Long-Term Assets, Total	67.71B	70.9B	66.02B	64.72B	62.72B
Total Assets	1,909B	1,599B	1,457B	1,272B	1,219B
Liabilities
Accounts Payable, Total	294B	79.03B	6.66B	39.06B	9.16B
Accrued Expenses, Total	27.08B	24.11B	16.52B	24.05B	29.35B
Current Portion of Long-Term Debt	48.24B	49.15B	48.88B	45.16B	47.4B
Current Income Taxes Payable	2.91B	-	-	-	3.95M
Other Current Liabilities - (Bank / Utility Template)	7.44B	7.51B	36.73B	9.43B	8.86B
Total Current Liabilities	380B	160B	109B	118B	94.78B
Long-Term Debt	254B	197B	147B	90.31B	47.4B
Total Liabilities	634B	356B	255B	208B	142B
Common Stock, Total	605B	605B	605B	605B	605B
Additional Paid In Capital	7.56B	7.56B	7.56B	7.56B	7.56B
Retained Earnings	643B	611B	570B	431B	444B
Comprehensive Income and Other	19.97B	19.79B	19.79B	19.79B	19.79B
Total Common Equity	1,275B	1,243B	1,202B	1,064B	1,076B
Total Equity	1,275B	1,243B	1,202B	1,064B	1,076B
Total Liabilities And Equity	1,909B	1,599B	1,457B	1,272B	1,219B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	60.49M	60.49M	60.49M	60.49M	60.49M
ECS Total Common Shares Outstanding	60.49M	60.49M	60.49M	60.49M	60.49M
Book Value / Share	21.08K	20.55K	19.87K	17.58K	17.8K
Tangible Book Value	1,273B	1,240B	1,200B	1,062B	1,076B
Tangible Book Value Per Share	21.05K	20.5K	19.84K	17.56K	17.78K
Total Debt	302B	246B	196B	135B	94.81B
Net Debt	-106B	-149B	-182B	-154B	-169B
Equity Method Investments, Total	83.75B	83.75B	174B	174B	226B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	106B	106B	166B	151B	140B
Inventories - Work In Process, Total	-	-	301M	-	-
Inventories - Finished Goods, Total	17.96M	56.83M	58.11M	44.11M	95M
Inventories - Others	72.05M	73.43M	140M	20.83M	17.03M
Buildings, Total	-	99.3B	99.3B	99.3B	100B
Machinery, Total	-	2,661B	2,682B	2,677B	2,682B
Full Time Employees	260	241	240	235	226
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Net Income	127B	70.74B	71.82B	42.82B	42.57B
Depreciation, Depletion & Amortization	41.15B	48.13B	53.59B	53.81B	53.09B
Total Depreciation, Depletion & Amortization	41.15B	48.13B	53.59B	53.81B	53.09B
Amortization of Deferred Charges, Total	422M	618M	727M	622M	616M
(Gain) Loss On Sale of Asset - (CF)	-82B	-74.19B	-97.66B	-56.84B	-44.71B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Change in Accounts Receivable	-343B	168B	193B	11.12B	9.36B
Change In Inventories	8.34B	1.1B	-59.66B	15.75B	8.97B
Change in Accounts Payable	195B	-181B	-67.25B	35.19B	-24.98B
Change in Other Net Operating Assets (Collected)	5.31B	-4.1B	4.31B	5.61B	3.82B
Other Operating Activities	-50.86B	-27.67B	-10.5B	-23.04B	-2.74B
Cash from Operations	-98.72B	1.39B	87.89B	85.04B	46B
Capital Expenditure	-55.01B	-77.37B	-33.96B	-309M	-7.65B
Sale of Property, Plant, and Equipment	36.36M	41.67M	92.59K	45.46K	77.54M
Investment in Marketable and Equity Securities, Total	-320B	-295B	-90B	55B	-28.83B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-394B	-	-
Other Investing Activities, Total	499B	544B	537B	67.51B	50.9B
Cash from Investing	124B	172B	18.93B	122B	14.5B
Long-Term Debt Issued, Total	140B	120B	-	-	-
Total Debt Issued	140B	120B	-	-	-
Long-Term Debt Repaid, Total	-196B	-170B	-49.15B	-43.87B	-43.39B
Total Debt Repaid	-196B	-170B	-49.15B	-43.87B	-43.39B
Common Dividends Paid	-66.31B	-90.43B	-72.37B	-197B	-19.9B
Common & Preferred Stock Dividends Paid	-66.31B	-90.43B	-72.37B	-197B	-19.9B
Cash from Financing	-122B	-141B	-122B	-241B	-63.3B
Net Change in Cash	-96.57B	32.18B	-14.71B	-33.52B	-2.8B
Supplemental Items
Cash Interest Paid	8.52B	6.46B	5.4B	4.14B	2.9B
Cash Income Tax Paid (Refund)	19.32B	18.17B	537M	-	-
Net Debt Issued / Repaid	-55.93B	-50.38B	-49.15B	-43.87B	-43.39B
Levered Free Cash Flow	-89.53B	-82.86B	70.45B	83.52B	50.14B
Unlevered Free Cash Flow	-84.36B	-78.93B	72B	86.01B	51.89B
Change In Net Working Capital	89.77B	49.55B	-67.18B	-48.4B	-902M

Fiscal Period: December	2021 (VND)	2022 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Profitability
Return on Assets	1.04	-0.04	-1.02	-1.21	0.4
Return on Total Capital	1.18	-0.05	-1.08	-1.27	0.42
Return On Equity %	10.18	5.62	5.88	3.78	3.98
Return on Common Equity	10.18	5.62	5.88	3.78	3.98
Margin Analysis
Gross Profit Margin %	5.55	6.38	1.6	3.78	17.9
SG&A Margin	3.06	6.62	4.79	11.18	14.9
EBITDA Margin %	5.88	9.14	3.68	7.66	23.16
EBITA Margin %	2.49	-0.23	-3.19	-7.39	3
EBIT Margin %	2.49	-0.23	-3.19	-7.39	3
Income From Continuing Operations Margin %	10.49	13.78	9.21	11.98	16.17
Net Income Margin %	10.49	13.78	9.21	11.98	16.17
Net Avail. For Common Margin %	10.49	13.78	9.21	11.98	16.17
Normalized Net Income Margin	7.37	9.53	5.84	7.49	11.17
Levered Free Cash Flow Margin	-7.38	-16.14	9.03	23.37	19.05
Unlevered Free Cash Flow Margin	-6.96	-15.37	9.23	24.06	19.71
Asset Turnover
Asset Turnover	0.67	0.29	0.51	0.26	0.21
Fixed Assets Turnover	4.05	1.57	2.53	1.36	1.26
Receivables Turnover (Average Receivables)	4.63	1.5	5.28	7.16	5.37
Inventory Turnover (Average Inventory)	10.35	4.51	5.62	2.17	1.48
Short Term Liquidity
Current Ratio	2.55	4.91	5.98	4.47	5
Quick Ratio	2.26	4.12	4.24	3.07	3.5
Operating Cash Flow to Current Liabilities	-0.26	0.01	0.81	0.72	0.49
Days Sales Outstanding (Average Receivables)	78.76	242.61	69.18	51.12	67.94
Days Outstanding Inventory (Average Inventory)	35.26	80.86	64.93	168.99	245.91
Average Days Payable Outstanding	57.31	141.77	18.9	25.48	42.83
Cash Conversion Cycle (Average Days)	56.71	181.7	115.21	194.63	271.02
Long Term Solvency
Total Debt/Equity	23.7	19.77	16.27	12.74	8.81
Total Debt / Total Capital	19.16	16.51	13.99	11.3	8.09
LT Debt/Equity	19.92	15.82	12.2	8.49	4.4
Long-Term Debt / Total Capital	16.1	13.21	10.49	7.53	4.05
Total Liabilities / Total Assets	33.21	22.28	17.53	16.36	11.67
EBIT / Interest Expense	3.64	-0.19	-10.03	-6.65	2.83
EBITDA / Interest Expense	8.62	7.45	11.59	6.89	21.85
(EBITDA - Capex) / Interest Expense	1.97	-4.83	-2.11	6.81	19.11
Total Debt / EBITDA	4.24	5.24	6.8	4.95	1.55
Net Debt / EBITDA	-1.48	-3.18	-6.34	-5.62	-2.77
Total Debt / (EBITDA - Capex)	18.56	-8.07	-37.42	5	1.78
Net Debt / (EBITDA - Capex)	-6.49	4.91	34.89	-5.68	-3.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	61.68	-57.66	51.87	-54.17	-26.34
Gross Profit, 1 Yr. Growth %	-28.11	-51.29	-61.97	8.45	248.51
EBITDA, 1 Yr. Growth %	-32.12	-34.57	-39.57	-7.06	117.79
EBITA, 1 Yr. Growth %	-53.39	-103.99	1.97K	6.32	-129.88
EBIT, 1 Yr. Growth %	-53.39	-103.99	1.97K	6.32	-129.88
Earnings From Cont. Operations, 1 Yr. Growth %	57.2	-44.39	1.52	-40.38	-0.57
Net Income, 1 Yr. Growth %	57.2	-44.39	1.52	-40.38	-0.57
Diluted EPS Before Extra, 1 Yr. Growth %	75.88	-38.53	20.63	-28.05	28.64
Normalized Net Income, 1 Yr. Growth %	39.05	-45.29	-6.89	-41.26	9.92
Net Property, Plant and Equip., 1 Yr. Growth %	21.52	-1.07	-10.19	-20.41	-20.41
Inventory, 1 Yr. Growth %	-7.26	-0.03	56.41	-9.33	-7.11
Accounts Receivable, 1 Yr. Growth %	414.39	-44.23	-79.05	-5.02	1.51
Total Assets, 1 Yr. Growth %	11.69	-16.23	-8.88	-12.75	-4.16
Tangible Book Value, 1 Yr. Growth %	4.3	-2.6	-3.25	-11.48	1.27
Cash From Operations, 1 Yr. Growth %	-131.6	-101.4	6.24K	-3.25	-45.91
Capital Expenditures, 1 Yr. Growth %	465.47	40.65	-56.11	-99.09	2.38K
Levered Free Cash Flow, 1 Yr. Growth %	-122.88	-7.45	-195.85	21.55	-39.97
Unlevered Free Cash Flow, 1 Yr. Growth %	-121.21	-6.44	-191.23	19.45	-39.67
Dividend Per Share, 1 Yr. Growth %	36.36	-20	160.58	-89.45	-
Common Equity, 1 Yr. Growth %	4.26	-2.53	-3.3	-11.51	1.21
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-19.99	-17.27	-19.82	-16.57	-41.9
Gross Profit, 2 Yr. CAGR %	-41.51	-40.82	-56.96	-35.78	94.41
EBITDA, 2 Yr. CAGR %	-39.08	-33.16	-36.7	-24.11	43.88
EBITA, 2 Yr. CAGR %	-55.92	-86.36	-9.19	368.81	-43.63
EBIT, 2 Yr. CAGR %	-55.92	-86.36	-9.19	368.81	-43.63
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.49	-6.5	-24.86	-22.2	-23.01
Net Income, 2 Yr. CAGR %	-16.49	-6.5	-24.86	-22.2	-23.01
Diluted EPS Before Extra, 2 Yr. CAGR %	-11.9	-1.1	-21	-15.2	-15.42
Normalized Net Income, 2 Yr. CAGR %	-17.43	-12.78	-28.63	-26.05	-19.65
Net Property, Plant and Equip., 2 Yr. CAGR %	4.54	9.65	-5.74	-15.45	-20.41
Inventory, 2 Yr. CAGR %	-16.15	-3.71	25.04	19.08	-8.23
Accounts Receivable, 2 Yr. CAGR %	-16.28	69.37	-65.82	-55.39	-1.81
Total Assets, 2 Yr. CAGR %	-2.23	-3.28	-12.63	-10.83	-8.56
Common Equity, 2 Yr. CAGR %	1.94	0.81	-2.92	-7.5	-5.36
Tangible Book Value, 2 Yr. CAGR %	1.97	0.79	-2.92	-7.46	-5.32
Cash From Operations, 2 Yr. CAGR %	-25.11	-93.34	-5.65	683.13	-27.66
Capital Expenditures, 2 Yr. CAGR %	-35.86	182.02	-21.43	-93.69	-52.52
Levered Free Cash Flow, 2 Yr. CAGR %	-59.73	-53.98	-11.29	6.6	-14.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	-60.65	-55.45	-7.62	4.39	-15.11
Dividend Per Share, 2 Yr. CAGR %	16.77	4.45	44.38	-47.56	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.09	-35.29	1.3	-33.46	-19.96
Gross Profit, 3 Yr. CAGR %	-17.94	-44.97	-48.93	-41.43	12.86
EBITDA, 3 Yr. CAGR %	-15.7	-37.49	-35.08	-27.46	8.65
EBITA, 3 Yr. CAGR %	-30.25	-80.21	-27.29	-4.29	87.27
EBIT, 3 Yr. CAGR %	-30.25	-80.21	-27.29	-4.29	87.27
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.51	-27.08	-3.9	-30.44	-15.57
Net Income, 3 Yr. CAGR %	-2.51	-27.08	-3.9	-30.44	-15.57
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.52	-24.43	-0.23	-28.08	-10.58
Normalized Net Income, 3 Yr. CAGR %	-2.42	-28.02	-10.86	-33.12	-15.6
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.32	2.64	2.59	-10.91	-17.14
Inventory, 3 Yr. CAGR %	-10.22	-11.09	13.19	12.34	9.62
Accounts Receivable, 3 Yr. CAGR %	105.91	-26.88	-15.6	-51.94	-41.32
Total Assets, 3 Yr. CAGR %	0.35	-7.14	-5.18	-12.67	-8.66
Common Equity, 3 Yr. CAGR %	5.43	0.42	-0.58	-5.87	-4.68
Tangible Book Value, 3 Yr. CAGR %	5.38	0.43	-0.57	-5.86	-4.63
Cash From Operations, 3 Yr. CAGR %	-16.19	-80.1	-34.47	-4.85	221.31
Capital Expenditures, 3 Yr. CAGR %	-2.57	-16.67	51.7	-82.23	-53.75
Levered Free Cash Flow, 3 Yr. CAGR %	-31.87	-46.86	-43.53	-2.29	-11.97
Unlevered Free Cash Flow, 3 Yr. CAGR %	-33.8	-47.48	-43.43	0.65	-13.05
Dividend Per Share, 3 Yr. CAGR %	-10.47	2.94	41.66	-39.63	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-6.17	-26.8	-6.77	-28.37	-18.89
Gross Profit, 5 Yr. CAGR %	-11.7	-23.33	-36.61	-41.46	-12.83
EBITDA, 5 Yr. CAGR %	-8.93	-16.48	-24.74	-32.27	-10.3
EBITA, 5 Yr. CAGR %	-20.23	-57.85	-22.48	-29.81	-34.33
EBIT, 5 Yr. CAGR %	-20.23	-57.85	-22.48	-29.81	-34.33
Earnings From Cont. Operations, 5 Yr. CAGR %	1.2	-5.15	-12.16	-25.16	-12.06
Net Income, 5 Yr. CAGR %	1.2	-5.15	-12.16	-25.16	-12.06
Diluted EPS Before Extra, 5 Yr. CAGR %	1.2	-5.15	-12.16	-23.55	-10.06
Normalized Net Income, 5 Yr. CAGR %	0.82	-3.84	-13.9	-27.23	-14.49
Net Property, Plant and Equip., 5 Yr. CAGR %	13.03	4.28	-5.49	-5.02	-7.32
Inventory, 5 Yr. CAGR %	-6.59	-6.49	2.5	-0.07	4.08
Accounts Receivable, 5 Yr. CAGR %	9.46	-27.83	0.4	-40	-10.34
Total Assets, 5 Yr. CAGR %	1.11	-11.67	-5.06	-8.64	-6.55
Common Equity, 5 Yr. CAGR %	2.88	2.08	2.01	-2.82	-2.52
Tangible Book Value, 5 Yr. CAGR %	2.85	2.03	1.97	-2.8	-2.5
Cash From Operations, 5 Yr. CAGR %	7.19	-63.07	-12.12	-13.54	-31.83
Capital Expenditures, 5 Yr. CAGR %	-11.75	-6.89	-10.6	-70.31	-4.68
Levered Free Cash Flow, 5 Yr. CAGR %	85.61	1.81	-24.29	-31.46	-33.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	80.56	-1.27	-24.36	-30.87	-33.46
Dividend Per Share, 5 Yr. CAGR %	8.45	3.71	8.39	-21.4	-