Cash flow Baan Rock Garden

Stocks

BROCK

TH0887010Z00

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 2026-07-30			5-day change	1st Jan Change
1.190 ^THB	-1.65%		-1.65%	-7.03%

05-12	Baan Rock Garden Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
02-24	Baan Rock Garden Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2025	CI

0ca840e9507c3297167426.1TYhb0fh2yHzM2Ejlgt8SPAyl5nphUb1wBZ8vrUiHEc.hk9qPXOPiVWACyd77l4TK4dL8NuR8jKP7XsV-YNUKje2d0Uoc9adcasABg

Published financial data: BAAN ROCK GARDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	249M	219M	72.17M	45.84M	85.45M
Other Revenues, Total	-	-	-	4.61M	3.08M
Total Revenues	249M	219M	72.17M	50.45M	88.53M
Cost of Goods Sold, Total	148M	133M	41.45M	24.9M	50.61M
Gross Profit	100M	85.53M	30.72M	25.55M	37.92M
Selling General & Admin Expenses, Total	48.44M	52.93M	43.65M	42.99M	45.08M
Other Operating Expenses, Total	48.44M	52.93M	43.65M	42.99M	45.08M
Operating Income	52.01M	32.6M	-12.93M	-17.44M	-7.16M
Interest Expense, Total	-186K	-1.13M	-393K	-476K	-1.15M
Net Interest Expenses	-186K	-1.13M	-393K	-476K	-1.15M
Other Non Operating Income (Expenses)	2.68M	5.17M	5.36M	-	-
EBT, Excl. Unusual Items	54.5M	36.64M	-7.96M	-17.92M	-8.31M
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	54.5M	36.64M	-7.96M	-17.92M	-8.31M
Income Tax Expense	16.5M	12.77M	1.1M	-2.15M	1.51M
Earnings From Continuing Operations	38.01M	23.87M	-9.06M	-15.77M	-9.81M
Net Income to Company	38.01M	23.87M	-9.06M	-15.77M	-9.81M
Net Income - (IS)	38.01M	23.87M	-9.06M	-15.77M	-9.81M
Net Income to Common Incl Extra Items	38.01M	23.87M	-9.06M	-15.77M	-9.81M
Net Income to Common Excl. Extra Items	38.01M	23.87M	-9.06M	-15.77M	-9.81M
Per Share Items
Net EPS - Basic	0.04	0.02	-0.01	-0.02	-0.01
Basic EPS - Continuing Operations	0.04	0.02	-0.01	-0.02	-0.01
Basic Weighted Average Shares Outstanding	1.03B	1.03B	1.03B	1.03B	1.03B
Net EPS - Diluted	0.04	0.02	-0.01	-0.02	-0.01
Diluted EPS - Continuing Operations	0.04	0.02	-0.01	-0.02	-0.01
Diluted Weighted Average Shares Outstanding	1.03B	1.03B	1.03B	1.03B	1.03B
Normalized Basic EPS	0.03	0.02	-0	-0.01	-0.01
Normalized Diluted EPS	0.03	0.02	-0	-0.01	-0.01
Dividend Per Share	0.01	0.01	-	-	-
Payout Ratio	-	42.94	-113.12	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	53.88M	33.78M	-11.67M	-16.16M	-5.93M
EBITA	52.01M	32.6M	-12.93M	-17.44M	-7.16M
EBIT	52.01M	32.6M	-12.93M	-17.44M	-7.16M
Total Revenues (As Reported)	-	-	-	50.45M	88.53M
Effective Tax Rate - (Ratio)	30.26	34.86	-13.8	12.01	-18.15
Current Domestic Taxes	16.52M	12.6M	775K	-	-
Total Current Taxes	16.52M	12.6M	775K	-	-
Deferred Domestic Taxes	-27.58K	172K	324K	-2.15M	1.51M
Total Deferred Taxes	-27.58K	172K	324K	-2.15M	1.51M
Normalized Net Income	34.06M	22.9M	-4.98M	-11.2M	-5.19M
Interest on Long-Term Debt	186K	1.13M	393K	305K	390K
Non-Cash Pension Expense	42.7K	49.14K	17.45K	19.14K	31.2K
Supplemental Operating Expense Items
Selling and Marketing Expenses	23.13M	20.89M	8M	6.86M	10.43M
General and Administrative Expenses	25.31M	32.04M	35.64M	36.13M	34.65M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	131M	99.58M	41.01M	23.5M	50.34M
Short Term Investments	-	44.86M	45.17M	20.57M	607K
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	131M	144M	86.18M	44.07M	50.95M
Accounts Receivable, Total	6K	5K	276K	-	-
Other Receivables	425K	311K	353K	675K	1.11M
Total Receivables	431K	316K	629K	675K	1.11M
Inventory	215M	145M	148M	327M	306M
Prepaid Expenses	912K	632K	579K	588K	486K
Other Current Assets, Total	57.75K	25.54K	126K	364K	152K
Total Current Assets	348M	290M	236M	373M	359M
Gross Property Plant And Equipment	24.23M	26.05M	39.05M	29.61M	34.06M
Accumulated Depreciation	-17.47M	-10.67M	-16.3M	-11.06M	-12.25M
Net Property Plant And Equipment	6.76M	15.38M	22.75M	18.55M	21.81M
Other Intangibles, Total	15.75K	11.04K	6.33K	1.61K	-
Deferred Tax Assets Long-Term	2.27M	2.08M	1.83M	3.93M	2.42M
Other Long-Term Assets, Total	961M	1.03B	1.03B	921M	921M
Total Assets	1.32B	1.34B	1.29B	1.32B	1.3B
Liabilities
Accounts Payable, Total	3.43M	5.09M	542K	6.59M	1.88M
Accrued Expenses, Total	11.93M	9.04M	8.39M	9.36M	8.19M
Short-term Borrowings	-	-	-	30M	30M
Current Portion of Leases	745K	2.51M	3.21M	942K	3.09M
Current Income Taxes Payable	9.03M	3.85M	-	-	-
Unearned Revenue Current, Total	176K	182K	78K	199K	45.99K
Other Current Liabilities	16.69M	23.71M	10.67M	15.27M	14.41M
Total Current Liabilities	41.99M	44.39M	22.88M	62.35M	57.62M
Long-Term Leases	1.94M	4.98M	3.33M	1.6M	4.41M
Pension & Other Post Retirement Benefits	1.06M	1.02M	1.46M	985K	624K
Deferred Tax Liability Non Current	2.02K	-	-	-	-
Other Non Current Liabilities	1.81M	1.98M	1.37M	676K	1.1M
Total Liabilities	46.8M	52.37M	29.04M	65.61M	63.75M
Common Stock, Total	1.03B	1.03B	1.03B	1.03B	1.03B
Additional Paid In Capital	32.12M	32.12M	32.12M	32.12M	32.12M
Retained Earnings	213M	227M	207M	192M	182M
Comprehensive Income and Other	1.15M	1.15M	1.15M	1.15M	1.15M
Total Common Equity	1.27B	1.29B	1.27B	1.25B	1.24B
Total Equity	1.27B	1.29B	1.27B	1.25B	1.24B
Total Liabilities And Equity	1.32B	1.34B	1.29B	1.32B	1.3B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.03B	1.03B	1.03B	1.03B	1.03B
ECS Total Common Shares Outstanding	1.03B	1.03B	1.03B	1.03B	1.03B
Book Value / Share	1.24	1.25	1.23	1.22	1.21
Tangible Book Value	1.27B	1.29B	1.27B	1.25B	1.24B
Tangible Book Value Per Share	1.24	1.25	1.23	1.22	1.21
Total Debt	2.69M	7.5M	6.54M	32.54M	37.49M
Net Debt	-129M	-137M	-79.64M	-11.53M	-13.46M
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.06M	1.02M	1.46M	985K	624K
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	124M	28.55M	69.77M	201M	103M
Inventories - Finished Goods, Total	92.72M	118M	78.44M	126M	204M
Land - (BS)	92.84K	92.84K	2.64M	4.26M	4.26M
Buildings, Total	2.63M	2.63M	10.18M	10.18M	10.18M
Machinery, Total	14.29M	9.17M	9.15M	9.87M	9.84M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-	23.87M	-9.06M	-15.77M	-9.81M
Depreciation & Amortization - CF	-	3.73M	5.4M	5.57M	5.39M
Depreciation & Amortization, Total	-	3.73M	5.4M	5.57M	5.39M
(Gain) Loss From Sale Of Asset	-	-1.21M	-	-10.44K	15.81K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	4	5	-5.72K
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-	129M	13.05M	21.71M	52.24M
Change In Accounts Receivable	-	286K	-272K	29.68K	271K
Change In Inventories	-	-63.06M	-44.86M	-90.98M	-29.39M
Change In Accounts Payable	-	-2.08M	-7.68M	11.85M	-7.17M
Change in Other Net Operating Assets	-	-114M	-555K	-959K	754K
Cash from Operations	-	-23.81M	-43.97M	-68.55M	12.29M
Capital Expenditure	-	-2.29M	-484K	-779K	-27.19K
Sale of Property, Plant, and Equipment	-	1.47M	-	-	1.7K
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-44.86M	-314K	24.6M	19.96M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	50.26M	-284K	1.93M	-762K
Cash from Investing	-	4.58M	-1.08M	25.75M	19.17M
Short Term Debt Issued, Total	-	-	-	30M	-
Total Debt Issued	-	-	-	30M	-
Long-Term Debt Repaid, Total	-	-2.41M	-3.27M	-4M	-2.88M
Total Debt Repaid	-	-2.41M	-3.27M	-4M	-2.88M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-10.25M	-10.25M	-	-
Common & Preferred Stock Dividends Paid	-	-10.25M	-10.25M	-	-
Other Financing Activities, Total	-	-	-	-713K	-1.75M
Cash from Financing	-	-12.66M	-13.52M	25.29M	-4.63M
Net Change in Cash	-	-31.89M	-58.57M	-17.51M	26.84M
Supplemental Items
Cash Interest Paid	-	890K	-	713K	1.75M
Cash Income Tax Paid (Refund)	-	17.78M	4.72M	539K	1.06M
Levered Free Cash Flow	-	92.55M	-29.37M	-174M	13.8M
Unlevered Free Cash Flow	-	93.25M	-29.13M	-174M	14.52M
Change In Net Working Capital	-29.48M	-71.44M	25.96M	167M	-13.64M
Net Debt Issued / Repaid	-	-2.41M	-3.27M	26M	-2.88M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.48	1.53	-0.61	-0.84	-0.34
Return on Total Capital	2.57	1.59	-0.63	-0.85	-0.35
Return On Equity %	3.01	1.87	-0.71	-1.25	-0.79
Return on Common Equity	3.01	1.87	-0.71	-1.25	-0.79
Margin Analysis
Gross Profit Margin %	40.42	39.06	42.56	50.65	42.83
SG&A Margin	19.49	24.17	60.48	85.22	50.91
EBITDA Margin %	21.68	15.43	-16.17	-32.03	-6.7
EBITA Margin %	20.92	14.89	-17.91	-34.57	-8.08
EBIT Margin %	20.92	14.89	-17.91	-34.57	-8.08
Income From Continuing Operations Margin %	15.29	10.9	-12.56	-31.25	-11.08
Net Income Margin %	15.29	10.9	-12.56	-31.25	-11.08
Net Avail. For Common Margin %	15.29	10.9	-12.56	-31.25	-11.08
Normalized Net Income Margin	13.71	10.46	-6.9	-22.2	-5.86
Levered Free Cash Flow Margin	-	42.26	-40.7	-344.51	15.59
Unlevered Free Cash Flow Margin	-	42.59	-40.36	-343.92	16.4
Asset Turnover
Asset Turnover	0.19	0.16	0.05	0.04	0.07
Fixed Assets Turnover	25.95	19.78	3.79	2.44	4.39
Receivables Turnover (Average Receivables)	-	39.81K	513.67	-	-
Inventory Turnover (Average Inventory)	0.64	0.74	0.28	0.1	0.16
Short Term Liquidity
Current Ratio	8.29	6.54	10.3	5.98	6.23
Quick Ratio	3.14	3.26	3.79	0.72	0.9
Operating Cash Flow to Current Liabilities	-	-0.54	-1.92	-1.1	0.21
Days Sales Outstanding (Average Receivables)	-	0.01	0.71	-	-
Days Outstanding Inventory (Average Inventory)	571.97	492.3	1.29K	3.49K	2.28K
Average Days Payable Outstanding	18.63	24.66	22.92	6.4	51.55
Cash Conversion Cycle (Average Days)	-	467.65	1.27K	-	-
Long Term Solvency
Total Debt/Equity	0.21	0.58	0.52	2.6	3.02
Total Debt / Total Capital	0.21	0.58	0.51	2.54	2.93
LT Debt/Equity	0.15	0.39	0.26	0.13	0.36
Long-Term Debt / Total Capital	0.15	0.39	0.26	0.12	0.34
Total Liabilities / Total Assets	3.55	3.91	2.24	4.99	4.89
EBIT / Interest Expense	280.17	28.93	-32.88	-36.62	-6.23
EBITDA / Interest Expense	290.24	32.24	-19.14	-24.92	-1.54
(EBITDA - Capex) / Interest Expense	290.24	30.21	-20.37	-26.55	-1.56
Total Debt / EBITDA	0.05	0.21	-0.87	-2.74	-21.19
Net Debt / EBITDA	-2.39	-3.77	10.58	0.97	7.6
Total Debt / (EBITDA - Capex)	0.05	0.22	-0.82	-2.57	-20.87
Net Debt / (EBITDA - Capex)	-2.39	-4.02	9.94	0.91	7.49
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.19	-11.89	-67.04	-34.92	75.48
Gross Profit, 1 Yr. Growth %	3.71	-14.85	-64.08	-29.17	48.4
EBITDA, 1 Yr. Growth %	10.08	-36.06	-134.54	156.06	-63.29
EBITA, 1 Yr. Growth %	10.48	-37.31	-139.65	130.42	-58.96
EBIT, 1 Yr. Growth %	10.48	-37.31	-139.65	130.42	-58.96
Earnings From Cont. Operations, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Net Income, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Normalized Net Income, 1 Yr. Growth %	8.06	-32.77	-121.73	125.03	-53.64
Diluted EPS Before Extra, 1 Yr. Growth %	10.42	-37.2	-137.96	73.98	-37.75
Accounts Receivable, 1 Yr. Growth %	-	-16.67	5.42K	-	-
Inventory, 1 Yr. Growth %	-13.56	-32.71	2.35	120.68	-6.31
Net Property, Plant and Equip., 1 Yr. Growth %	-45.5	127.62	47.89	-18.45	17.57
Total Assets, 1 Yr. Growth %	0.93	1.46	-3.21	1.63	-0.89
Tangible Book Value, 1 Yr. Growth %	1.38	1.07	-1.52	-1.22	-0.78
Common Equity, 1 Yr. Growth %	1.38	1.07	-1.52	-1.22	-0.78
Cash From Operations, 1 Yr. Growth %	-	31.94	84.67	55.89	-117.93
Capital Expenditures, 1 Yr. Growth %	-	-42.65	-78.9	60.75	-96.51
Levered Free Cash Flow, 1 Yr. Growth %	-	52.31	-131.74	567.93	-107.94
Unlevered Free Cash Flow, 1 Yr. Growth %	-	53.17	-131.23	573.15	-108.37
Dividend Per Share, 1 Yr. Growth %	-50	0	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	27.74	-6.22	-46.11	-52	6.86
Gross Profit, 2 Yr. CAGR %	31.97	-6.03	-44.7	-45.34	2.52
EBITDA, 2 Yr. CAGR %	77.09	-16.92	-53.01	-30.84	-3.04
EBITA, 2 Yr. CAGR %	81.6	-16.78	-50.14	-26.86	-2.76
EBIT, 2 Yr. CAGR %	81.6	-16.78	-50.14	-26.86	-2.76
Earnings From Cont. Operations, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Net Income, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Normalized Net Income, 2 Yr. CAGR %	69.4	-14.76	-61.78	-30.07	2.13
Diluted EPS Before Extra, 2 Yr. CAGR %	53.06	-16.72	-51.17	-18.73	4.07
Accounts Receivable, 2 Yr. CAGR %	-	-	578.23	-	-
Inventory, 2 Yr. CAGR %	-17.78	-23.73	-17.01	50.29	43.79
Net Property, Plant and Equip., 2 Yr. CAGR %	7.05	11.38	83.47	9.82	-2.08
Total Assets, 2 Yr. CAGR %	1.9	1.19	-0.9	-0.82	0.37
Tangible Book Value, 2 Yr. CAGR %	1.22	1.23	-0.23	-1.37	-1
Common Equity, 2 Yr. CAGR %	1.23	1.22	-0.23	-1.37	-1
Cash From Operations, 2 Yr. CAGR %	-	-56.19	56.09	69.67	-47.13
Capital Expenditures, 2 Yr. CAGR %	-	-17.89	-65.21	-41.76	-76.31
Levered Free Cash Flow, 2 Yr. CAGR %	-	-27.93	-30.48	37.04	-27.17
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-27.68	-30.83	36.41	-24.94
Dividend Per Share, 2 Yr. CAGR %	-29.29	-29.29	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	25.34	12.86	-33.82	-41.23	-26.06
Gross Profit, 3 Yr. CAGR %	28.3	14.04	-31.8	-36.64	-23.75
EBITDA, 3 Yr. CAGR %	52.07	25.29	-37.99	-32.63	-44
EBITA, 3 Yr. CAGR %	54.83	27.39	-35	-30.52	-39.67
EBIT, 3 Yr. CAGR %	54.83	27.39	-35	-30.52	-39.67
Earnings From Cont. Operations, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Net Income, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Normalized Net Income, 3 Yr. CAGR %	43.22	24.49	-45.95	-30.98	-39.03
Diluted EPS Before Extra, 3 Yr. CAGR %	27.97	13.74	-35.91	-25.42	-25.64
Inventory, 3 Yr. CAGR %	-11	-23.09	-15.88	14.97	28.39
Net Property, Plant and Equip., 3 Yr. CAGR %	0.38	37.66	22.42	40.02	12.35
Total Assets, 3 Yr. CAGR %	0.52	1.75	-0.3	-0.06	-0.84
Tangible Book Value, 3 Yr. CAGR %	0.7	1.17	0.3	-0.56	-1.18
Common Equity, 3 Yr. CAGR %	0.7	1.18	0.3	-0.56	-1.18
Cash From Operations, 3 Yr. CAGR %	-	12.96	-29.23	56.03	-19.78
Capital Expenditures, 3 Yr. CAGR %	-	50.46	-47.8	-42.05	-77.2
Levered Free Cash Flow, 3 Yr. CAGR %	-	2.77	-45.17	41.95	-46.97
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	3.04	-45.33	41.78	-46.2
Dividend Per Share, 3 Yr. CAGR %	-20.63	-20.63	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	32.07	19.33	-10.58	-19.83	-18.68
Gross Profit, 5 Yr. CAGR %	33.83	20.76	-8.37	-15.02	-17.1
EBITDA, 5 Yr. CAGR %	57.69	104.87	-5.3	-1.22	-34.43
EBITA, 5 Yr. CAGR %	51.25	133.26	-1.6	2.04	-31.39
EBIT, 5 Yr. CAGR %	51.25	133.26	-1.6	2.04	-31.39
Earnings From Cont. Operations, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Net Income, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Normalized Net Income, 5 Yr. CAGR %	100.9	51.83	-15.56	-1.16	-30.29
Diluted EPS Before Extra, 5 Yr. CAGR %	47.43	47.02	-12.96	-0.57	-22.2
Inventory, 5 Yr. CAGR %	15.93	-3.86	-13.45	0.54	4.24
Net Property, Plant and Equip., 5 Yr. CAGR %	-4.17	15.59	27.77	25.76	11.96
Total Assets, 5 Yr. CAGR %	1.02	1.2	-0.05	0.72	-0.03
Tangible Book Value, 5 Yr. CAGR %	0.77	0.92	0.33	0.15	-0.22
Common Equity, 5 Yr. CAGR %	0.77	0.92	0.33	0.15	-0.22
Cash From Operations, 5 Yr. CAGR %	-	2.6	-14.6	32.92	-37.02
Capital Expenditures, 5 Yr. CAGR %	-	35.5	-3.03	2.93	-61.94
Levered Free Cash Flow, 5 Yr. CAGR %	-	6.23	-21.62	15.31	-40.04
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	6.41	-21.75	15.28	-39.44
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-