Cash flow Hwa Fong Rubber (Thailand)

Stocks

HFT

TH0755010Z09

Tires & Rubber Products

End-of-day quote Thailand S.E. 2026-08-11			5-day change	1st Jan Change
4.060 ^THB	-0.98%		-2.40%	-2.87%

08-05	Hwa Fong Rubber Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-08	Hwa Fong Rubber Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: HWA FONG RUBBER (THAILAND)

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.43B	3.41B	2.65B	3.02B	2.69B
Other Revenues, Total	-	-	-	-	-
Total Revenues	3.43B	3.41B	2.65B	3.02B	2.69B
Cost of Goods Sold, Total	2.74B	2.86B	2.19B	2.48B	2.31B
Gross Profit	683M	547M	463M	548M	379M
Selling General & Admin Expenses, Total	181M	162M	175M	178M	166M
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses, Total	181M	162M	175M	178M	166M
Operating Income	502M	385M	288M	370M	213M
Interest Expense, Total	-1.34M	-631K	-12.48K	-2.58M	-3.18M
Interest And Investment Income	2.72M	4.27M	15.26M	40.98M	25.82M
Net Interest Expenses	1.38M	3.63M	15.24M	38.41M	22.64M
Income (Loss) On Equity Invest.	127	158	449	-11.51K	262
Currency Exchange Gains (Loss)	52.5M	41.78M	-7.36M	-39.76M	-42.64M
Other Non Operating Income (Expenses)	4.91M	15.01M	9.37M	13.64M	10.81M
EBT, Excl. Unusual Items	561M	445M	305M	382M	204M
Gain (Loss) On Sale Of Investments	-	-12.72M	-10.53M	3.19M	-13.72M
Gain (Loss) On Sale Of Assets	126K	93.17K	11.38M	180K	463K
Asset Writedown	-969	-	-6.75M	-	2.47M
EBT, Incl. Unusual Items	561M	433M	299M	386M	193M
Income Tax Expense	100M	71.01M	49.18M	12.49M	-7.76M
Earnings From Continuing Operations	461M	362M	250M	373M	201M
Net Income to Company	461M	362M	250M	373M	201M
Net Income - (IS)	461M	362M	250M	373M	201M
Net Income to Common Incl Extra Items	461M	362M	250M	373M	201M
Net Income to Common Excl. Extra Items	461M	362M	250M	373M	201M
Per Share Items
Net EPS - Basic	0.7	0.55	0.38	0.57	0.3
Basic EPS - Continuing Operations	0.7	0.55	0.38	0.57	0.3
Basic Weighted Average Shares Outstanding	658M	658M	658M	658M	658M
Net EPS - Diluted	0.7	0.55	0.38	0.57	0.3
Diluted EPS - Continuing Operations	0.7	0.55	0.38	0.57	0.3
Diluted Weighted Average Shares Outstanding	658M	658M	658M	658M	658M
Normalized Basic EPS	0.53	0.42	0.29	0.36	0.19
Normalized Diluted EPS	0.53	0.42	0.29	0.36	0.19
Dividend Per Share	0.42	0.38	0.3	0.28	0.27
Payout Ratio	45	77.38	100.1	101.5	1.05
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	601M	499M	399M	475M	322M
EBITA	502M	385M	288M	370M	213M
EBIT	502M	385M	288M	370M	213M
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	17.87	16.42	16.44	3.24	-4.02
Current Domestic Taxes	102M	76.12M	51.34M	-	-
Total Current Taxes	102M	76.12M	51.34M	12.52M	14.97M
Deferred Domestic Taxes	-1.63M	-5.11M	-2.16M	-	-
Total Deferred Taxes	-1.63M	-5.11M	-2.16M	-29.64K	-22.72M
Normalized Net Income	351M	278M	191M	239M	127M
Interest on Long-Term Debt	-	38.62K	12.48K	-	-
Non-Cash Pension Expense	5.99M	6.05M	4.7M	4.78M	4.87M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	118M	103M	120M	118M	110M
General and Administrative Expenses	62.97M	59.05M	54.52M	59.7M	56.4M
Maintenance & Repair Expenses, Total	48.94M	43.49M	44.58M	46.05M	43.75M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	673M	964M	1.14B	1.23B	1.34B
Short Term Investments	30.1M	30.29M	98.59M	31.06M	30M
Trading Asset Securities, Total	-	85.38M	74.85M	78.04M	64.32M
Total Cash And Short Term Investments	703M	1.08B	1.31B	1.34B	1.44B
Accounts Receivable, Total	720M	489M	405M	541M	485M
Other Receivables	51.61M	34.22M	32.62M	48.25M	16.54M
Total Receivables	772M	523M	438M	589M	502M
Inventory	970M	691M	649M	711M	546M
Other Current Assets, Total	5.96M	3.36M	3.68M	3.06M	3.58M
Total Current Assets	2.45B	2.3B	2.4B	2.64B	2.49B
Gross Property Plant And Equipment	3.62B	3.67B	3.74B	3.93B	3.98B
Accumulated Depreciation	-2.06B	-2.16B	-2.25B	-2.35B	-2.45B
Net Property Plant And Equipment	1.56B	1.5B	1.49B	1.58B	1.53B
Long-term Investments	30.81M	23.55M	21.65M	26.75M	32.9M
Other Intangibles, Total	1.36M	919K	600K	615K	483K
Deferred Tax Assets Long-Term	37.79M	38.75M	40.91M	42.22M	64.94M
Other Long-Term Assets, Total	240M	226M	147M	140M	128M
Total Assets	4.32B	4.09B	4.11B	4.43B	4.24B
Liabilities
Accounts Payable, Total	402M	180M	221M	282M	192M
Accrued Expenses, Total	147M	123M	58.33M	68.06M	44.31M
Short-term Borrowings	-	-	-	243M	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	393K	384K	-	-	-
Current Income Taxes Payable	47.74M	24.09M	31.24M	258K	10.01M
Unearned Revenue Current, Total	56.58M	64.04M	46.31M	56.59M	36.78M
Other Current Liabilities	60.84M	38.83M	86.88M	104M	86.43M
Total Current Liabilities	714M	430M	444M	754M	370M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	384K	-	-	-	-
Pension & Other Post Retirement Benefits	71.15M	49.6M	50.14M	56.44M	57.25M
Total Liabilities	785M	480M	494M	811M	427M
Common Stock, Total	658M	658M	658M	658M	658M
Additional Paid In Capital	230M	230M	230M	230M	230M
Retained Earnings	2.72B	2.8B	2.8B	2.79B	2.99B
Comprehensive Income and Other	-68.5M	-77.12M	-77.2M	-56.39M	-65.76M
Total Common Equity	3.54B	3.61B	3.61B	3.62B	3.82B
Total Equity	3.54B	3.61B	3.61B	3.62B	3.82B
Total Liabilities And Equity	4.32B	4.09B	4.11B	4.43B	4.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	658M	658M	658M	658M	658M
ECS Total Common Shares Outstanding	658M	658M	658M	658M	658M
Book Value / Share	5.37	5.49	5.49	5.5	5.79
Tangible Book Value	3.54B	3.61B	3.61B	3.62B	3.81B
Tangible Book Value Per Share	5.37	5.48	5.48	5.5	5.79
Total Debt	777K	384K	0	243M	0
Net Debt	-702M	-1.08B	-1.31B	-1.1B	-1.44B
Debt Equivalent of Unfunded Proj. Benefit Obligation	71.15M	49.6M	50.14M	56.44M	57.25M
Equity Method Investments, Total	1.19M	1.19M	1.19M	1.17M	1.17M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	289M	238M	261M	267M	194M
Inventories - Work In Process, Total	52.91M	35.49M	28.82M	45M	39.72M
Inventories - Finished Goods, Total	570M	374M	330M	374M	294M
Inventories - Others	76.77M	75.91M	63.69M	61.29M	62.39M
Land - (BS)	319M	319M	319M	319M	319M
Buildings, Total	711M	720M	729M	731M	740M
Machinery, Total	2.26B	2.53B	2.55B	2.69B	2.92B
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	172M	170M	171M	174M	174M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	461M	362M	250M	373M	201M
Depreciation & Amortization - CF	98.86M	114M	112M	105M	109M
Depreciation & Amortization, Total	98.86M	114M	112M	105M	109M
Amortization of Deferred Charges, Total - (CF)	437K	438K	319K	194K	132K
(Gain) Loss From Sale Of Asset	-127K	-93.17K	-11.38M	-180K	-2.93M
(Gain) Loss on Sale of Investments - (CF)	-	12.72M	10.53M	-3.19M	13.72M
Asset Writedown & Restructuring Costs	969	-	6.75M	-	-
(Income) Loss On Equity Investments - (CF)	-127	-158	-449	11.51K	-262
Provision and Write-off of Bad Debts	1.13M	188K	543K	2.85M	264K
Other Operating Activities, Total	8.51M	6.66M	13.98M	-55.58M	-9.02M
Change In Accounts Receivable	-203M	224M	76.37M	-121M	48.96M
Change In Inventories	-445M	264M	33.77M	-70.85M	150M
Change In Accounts Payable	188M	-251M	29.41M	84.66M	-117M
Change in Unearned Revenues	-	7.46M	-17.73M	10.28M	-19.81M
Change in Other Net Operating Assets	-18.12M	8.15M	-1.19M	-38.16M	27.16M
Cash from Operations	91.49M	749M	503M	288M	401M
Capital Expenditure	-130M	-68.13M	-103M	-192M	-65.69M
Sale of Property, Plant, and Equipment	198K	684K	4.27M	396K	1.41M
Sale (Purchase) of Real Estate properties	-	-	85.28M	-	-
Sale (Purchase) of Intangible assets	-413K	-127K	-	-210K	-
Investment in Marketable and Equity Securities, Total	-30.1M	-98.29M	-68.3M	67.53M	1.06M
Other Investing Activities, Total	2.69M	4.36M	14.35M	41.31M	26.42M
Cash from Investing	-158M	-162M	-67.29M	-82.9M	-36.8M
Short Term Debt Issued, Total	-	-	-	369M	162M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	369M	162M
Short Term Debt Repaid, Total	-	-	-	-126M	-405M
Long-Term Debt Repaid, Total	-6.12M	-432K	-384K	-	-
Total Debt Repaid	-6.12M	-432K	-384K	-126M	-405M
Common Dividends Paid	-207M	-280M	-250M	-379M	-2.1M
Common & Preferred Stock Dividends Paid	-207M	-280M	-250M	-379M	-2.1M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-214M	-280M	-251M	-135M	-246M
Foreign Exchange Rate Adjustments	6.02M	-16.28M	-10.12M	23.28M	-9.5M
Net Change in Cash	-274M	291M	175M	92.66M	109M
Supplemental Items
Cash Interest Paid	78.28K	592K	12.48K	2.58M	3.18M
Cash Income Tax Paid (Refund)	109M	99.76M	44.2M	43.5M	5.21M
Levered Free Cash Flow	-191M	533M	330M	-3.03M	285M
Unlevered Free Cash Flow	-190M	533M	330M	-1.42M	287M
Change In Net Working Capital	473M	-246M	-141M	146M	-111M
Net Debt Issued / Repaid	-6.12M	-432K	-384K	243M	-243M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.67	5.72	4.39	5.42	3.07
Return on Total Capital	9.23	6.73	4.98	6.19	3.46
Return On Equity %	13.57	10.11	6.92	10.32	5.39
Return on Common Equity	13.57	10.11	6.92	10.32	5.39
Margin Analysis
Gross Profit Margin %	19.93	16.03	17.46	18.11	14.1
SG&A Margin	5.27	4.75	6.6	5.88	6.19
EBITDA Margin %	17.54	14.63	15.08	15.71	11.97
EBITA Margin %	14.66	11.28	10.86	12.24	7.91
EBIT Margin %	14.66	11.28	10.86	12.24	7.91
Income From Continuing Operations Margin %	13.45	10.6	9.43	12.34	7.46
Net Income Margin %	13.45	10.6	9.43	12.34	7.46
Net Avail. For Common Margin %	13.45	10.6	9.43	12.34	7.46
Normalized Net Income Margin	10.23	8.16	7.19	7.9	4.73
Levered Free Cash Flow Margin	-5.58	15.62	12.47	-0.1	10.6
Unlevered Free Cash Flow Margin	-5.56	15.63	12.47	-0.05	10.68
Asset Turnover
Asset Turnover	0.84	0.81	0.65	0.71	0.62
Fixed Assets Turnover	2.21	2.22	1.77	1.97	1.73
Receivables Turnover (Average Receivables)	5.45	5.64	5.92	6.39	5.25
Inventory Turnover (Average Inventory)	3.65	3.45	3.26	3.64	3.68
Short Term Liquidity
Current Ratio	3.43	5.34	5.41	3.51	6.73
Quick Ratio	2.07	3.73	3.94	2.56	5.24
Operating Cash Flow to Current Liabilities	0.13	1.74	1.13	0.38	1.08
Days Sales Outstanding (Average Receivables)	67.03	64.68	61.61	57.24	69.59
Days Outstanding Inventory (Average Inventory)	100.12	105.85	111.86	100.52	99.3
Average Days Payable Outstanding	37.83	41.04	34.11	36.24	40.29
Cash Conversion Cycle (Average Days)	129.32	129.49	139.36	121.52	128.6
Long Term Solvency
Total Debt/Equity	0.02	0.01	-	6.72	-
Total Debt / Total Capital	0.02	0.01	-	6.3	-
LT Debt/Equity	0.01	-	-	-	-
Long-Term Debt / Total Capital	0.01	-	-	-	-
Total Liabilities / Total Assets	18.16	11.72	12.03	18.28	10.07
EBIT / Interest Expense	373.99	609.82	23.05K	143.56	66.92
EBITDA / Interest Expense	447.6	791.02	32K	184.32	101.22
(EBITDA - Capex) / Interest Expense	350.77	683.05	23.76K	109.89	80.56
Total Debt / EBITDA	0	0	-	0.51	-
Net Debt / EBITDA	-1.17	-2.16	-3.29	-2.31	-4.46
Total Debt / (EBITDA - Capex)	0	0	-	0.86	-
Net Debt / (EBITDA - Capex)	-1.49	-2.5	-4.43	-3.87	-5.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	28.59	-0.44	-22.35	14.16	-11.04
Gross Profit, 1 Yr. Growth %	9.93	-19.92	-15.41	18.43	-30.77
EBITDA, 1 Yr. Growth %	6.66	-16.97	-19.98	18.99	-32.26
EBITA, 1 Yr. Growth %	7.27	-23.39	-25.23	28.66	-42.5
EBIT, 1 Yr. Growth %	7.27	-23.39	-25.23	28.66	-42.5
Earnings From Cont. Operations, 1 Yr. Growth %	11.7	-21.55	-30.89	49.41	-46.26
Net Income, 1 Yr. Growth %	11.7	-21.55	-30.89	49.41	-46.26
Normalized Net Income, 1 Yr. Growth %	13.38	-20.65	-31.5	25.41	-46.75
Diluted EPS Before Extra, 1 Yr. Growth %	11.7	-21.55	-30.89	49.41	-46.26
Accounts Receivable, 1 Yr. Growth %	33.7	-32.06	-17.17	33.47	-10.3
Inventory, 1 Yr. Growth %	81.45	-28.78	-6.08	9.56	-23.17
Net Property, Plant and Equip., 1 Yr. Growth %	1.67	-3.78	-0.83	5.94	-3.26
Total Assets, 1 Yr. Growth %	11.94	-5.38	0.34	8.01	-4.34
Tangible Book Value, 1 Yr. Growth %	8.79	2.08	-0	0.34	5.28
Common Equity, 1 Yr. Growth %	8.79	2.07	-0.01	0.34	5.28
Cash From Operations, 1 Yr. Growth %	-83.98	718.38	-32.87	-42.79	39.37
Capital Expenditures, 1 Yr. Growth %	-53.32	-47.61	51.03	86.53	-65.77
Levered Free Cash Flow, 1 Yr. Growth %	-216.54	-378.65	-38.02	-100.92	-9.52K
Unlevered Free Cash Flow, 1 Yr. Growth %	-214.93	-380.09	-38.06	-100.43	-20.38K
Dividend Per Share, 1 Yr. Growth %	34.92	-10.59	-21.05	-6.67	-3.57
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.9	13.15	-12.07	-5.85	0.78
Gross Profit, 2 Yr. CAGR %	17.45	-6.18	-17.7	0.09	-9.45
EBITDA, 2 Yr. CAGR %	16.95	-5.89	-18.49	-2.42	-10.22
EBITA, 2 Yr. CAGR %	20.69	-9.34	-24.32	-1.92	-13.99
EBIT, 2 Yr. CAGR %	20.69	-9.34	-24.32	-1.92	-13.99
Earnings From Cont. Operations, 2 Yr. CAGR %	28.56	-6.39	-26.37	1.61	-10.4
Net Income, 2 Yr. CAGR %	28.56	-6.39	-26.37	1.61	-10.4
Normalized Net Income, 2 Yr. CAGR %	29.11	-5.15	-26.27	-7.32	-18.28
Diluted EPS Before Extra, 2 Yr. CAGR %	28.56	-6.39	-26.37	1.61	-10.4
Accounts Receivable, 2 Yr. CAGR %	17.74	-4.69	-24.98	5.15	9.42
Inventory, 2 Yr. CAGR %	30.73	13.68	-18.21	1.44	-8.25
Net Property, Plant and Equip., 2 Yr. CAGR %	7.1	-1.1	-2.32	2.5	1.23
Total Assets, 2 Yr. CAGR %	8.79	2.92	-2.56	4.1	1.65
Tangible Book Value, 2 Yr. CAGR %	9.57	5.38	1.03	0.17	2.78
Common Equity, 2 Yr. CAGR %	9.57	5.37	1.02	0.16	2.78
Cash From Operations, 2 Yr. CAGR %	-54.66	14.55	134.39	-38.03	-10.71
Capital Expenditures, 2 Yr. CAGR %	-12.63	-50.55	-11.05	67.84	-20.1
Levered Free Cash Flow, 2 Yr. CAGR %	-8.11	80.2	31.42	-92.46	-7.06
Unlevered Free Cash Flow, 2 Yr. CAGR %	-8.95	79.42	31.71	-94.85	-6.74
Dividend Per Share, 2 Yr. CAGR %	71.2	9.83	-15.98	-14.16	-5.13
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.27	7.63	-0.19	-4.08	-7.61
Gross Profit, 3 Yr. CAGR %	17.89	3.37	-9.36	-7.08	-11.48
EBITDA, 3 Yr. CAGR %	21.33	4.33	-10.84	-7.53	-13.6
EBITA, 3 Yr. CAGR %	25.81	3.73	-14.98	-9.67	-17.91
EBIT, 3 Yr. CAGR %	25.81	3.73	-14.98	-9.67	-17.91
Earnings From Cont. Operations, 3 Yr. CAGR %	27.24	9.05	-15.4	-6.78	-17.83
Net Income, 3 Yr. CAGR %	27.24	9.05	-15.4	-6.78	-17.83
Normalized Net Income, 3 Yr. CAGR %	27.62	9.77	-14.9	-11.99	-22.95
Diluted EPS Before Extra, 3 Yr. CAGR %	27.24	9.05	-15.4	-6.78	-17.83
Accounts Receivable, 3 Yr. CAGR %	10.98	-1.98	-9.05	-9.1	-0.28
Inventory, 3 Yr. CAGR %	23.95	6.77	6.67	-9.84	-7.53
Net Property, Plant and Equip., 3 Yr. CAGR %	7.19	3.35	-1.01	0.36	0.54
Total Assets, 3 Yr. CAGR %	9.17	3.85	2.05	0.84	1.21
Tangible Book Value, 3 Yr. CAGR %	8.26	7.02	3.56	0.8	1.84
Common Equity, 3 Yr. CAGR %	8.25	7.01	3.55	0.79	1.84
Cash From Operations, 3 Yr. CAGR %	-32.87	18.96	-4.14	46.48	-18.81
Capital Expenditures, 3 Yr. CAGR %	-35.86	-26.32	-28.25	13.86	-1.21
Levered Free Cash Flow, 3 Yr. CAGR %	-6.99	33	26.26	-74.89	-18.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	-6.8	32.42	25.86	-80.48	-18.63
Dividend Per Share, 3 Yr. CAGR %	41.5	37.87	-1.61	-12.99	-10.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.09	4.43	0.72	2.02	0.19
Gross Profit, 5 Yr. CAGR %	-3.68	-1.85	2.11	2.04	-9.4
EBITDA, 5 Yr. CAGR %	4.29	3.77	3.48	1.58	-10.59
EBITA, 5 Yr. CAGR %	4.25	2.85	2.67	1.43	-14.59
EBIT, 5 Yr. CAGR %	4.25	2.85	2.67	1.43	-14.59
Earnings From Cont. Operations, 5 Yr. CAGR %	6.41	7.18	2.24	6.01	-13.43
Net Income, 5 Yr. CAGR %	6.41	7.18	2.24	6.01	-13.43
Normalized Net Income, 5 Yr. CAGR %	6.14	6.76	2.47	2.59	-16.27
Diluted EPS Before Extra, 5 Yr. CAGR %	6.41	7.18	2.24	6.01	-13.43
Accounts Receivable, 5 Yr. CAGR %	10.49	-1.28	-5.11	0.81	-2.07
Inventory, 5 Yr. CAGR %	16.86	4.83	4.96	4.61	0.43
Net Property, Plant and Equip., 5 Yr. CAGR %	14.31	6.51	3.28	3.01	-0.12
Total Assets, 5 Yr. CAGR %	7.66	5.29	4.32	3.95	1.89
Tangible Book Value, 5 Yr. CAGR %	6.69	5.74	5.31	4.22	3.24
Common Equity, 5 Yr. CAGR %	6.7	5.75	5.3	4.22	3.24
Cash From Operations, 5 Yr. CAGR %	-26.5	36.44	10.71	-8.35	-6.82
Capital Expenditures, 5 Yr. CAGR %	10.17	-29.45	-26.9	2.41	-25.09
Levered Free Cash Flow, 5 Yr. CAGR %	-7.58	12.17	6.8	-57.81	11.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	-7.67	12.2	7.03	-63.86	11.64
Dividend Per Share, 5 Yr. CAGR %	33.56	13.7	14.87	14.07	-3.04