Income Statement The Southern Rubber Industry

Stocks

CSM

VN000000CSM7

Tires & Rubber Products

End-of-day quote Ho Chi Minh S.E. 2026-08-14			5-day change	1st Jan Change
13,850.00 ^VND	-0.72%		-4.81%	+3.75%

08-04	The Southern Rubber Industry Joint Stock Company Provides Earnings Guidance for the Third Quarter and Full Year 2026	CI
07-20	The Southern Rubber Industry Joint Stock Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

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Published financial data: THE SOUTHERN RUBBER INDUSTRY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4,840B	5,321B	5,235B	4,712B	4,143B
Total Revenues	4,840B	5,321B	5,235B	4,712B	4,143B
Cost of Goods Sold, Total	4,289B	4,731B	4,678B	4,087B	3,610B
Gross Profit	550B	590B	557B	625B	533B
Selling General & Admin Expenses, Total	382B	340B	386B	509B	419B
Other Operating Expenses, Total	382B	340B	386B	509B	419B
Operating Income	168B	250B	171B	116B	114B
Interest Expense, Total	-109B	-115B	-153B	-95.83B	-69.62B
Interest And Investment Income	13.37B	20.64B	10.93B	16.19B	8.5B
Net Interest Expenses	-95.91B	-94.1B	-142B	-79.64B	-61.12B
Currency Exchange Gains (Loss)	4.63B	-36.86B	39.28B	43.27B	31.49B
Other Non Operating Income (Expenses)	-21.17B	-17.15B	2B	9.91B	-22.88B
EBT, Excl. Unusual Items	55.89B	102B	70.2B	89.1B	61.31B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	-700M	-	-	-	-
EBT, Incl. Unusual Items	55.19B	102B	70.2B	89.1B	61.31B
Income Tax Expense	13.18B	22.54B	9.83B	17.03B	18.75B
Earnings From Continuing Operations	42.02B	79.18B	60.37B	72.07B	42.55B
Net Income to Company	42.02B	79.18B	60.37B	72.07B	42.55B
Net Income - (IS)	42.02B	79.18B	60.37B	72.07B	42.55B
Preferred Dividend and Other Adjustments	-	21.76B	20.6B	27.25B	-
Net Income to Common Incl Extra Items	42.02B	57.43B	39.77B	44.82B	42.55B
Net Income to Common Excl. Extra Items	42.02B	57.43B	39.77B	44.82B	42.55B
Per Share Items
Net EPS - Basic	405.45	554.19	383.81	432.56	410.66
Basic EPS - Continuing Operations	405.45	554.19	383.81	432.56	410.66
Basic Weighted Average Shares Outstanding	104M	104M	104M	104M	104M
Net EPS - Diluted	405.45	554.19	383.81	432.56	410.66
Diluted EPS - Continuing Operations	405.45	554.19	383.81	432.56	410.66
Diluted Weighted Average Shares Outstanding	104M	104M	104M	104M	104M
Normalized Basic EPS	337.11	613.53	423.42	537.4	369.78
Normalized Diluted EPS	337.11	613.53	423.42	537.4	369.78
Dividend Per Share	300	300	300	300	-
Payout Ratio	120.61	39.26	51.49	43.13	73.09
Supplemental Items
EBITDA	377B	464B	372B	306B	270B
EBITA	171B	252B	173B	118B	116B
EBIT	168B	250B	171B	116B	114B
EBITDAR	379B	466B	374B	308B	272B
Total Revenues (As Reported)	4,840B	5,321B	5,235B	4,712B	4,143B
Effective Tax Rate - (Ratio)	23.87	22.16	14	19.11	30.59
Current Domestic Taxes	12.77B	20.04B	11.74B	-	-
Total Current Taxes	12.77B	20.04B	11.74B	12.37B	24.2B
Deferred Domestic Taxes	404M	2.5B	-1.91B	-	-
Total Deferred Taxes	404M	2.5B	-1.91B	4.66B	-5.45B
Normalized Net Income	34.93B	63.58B	43.88B	55.69B	38.32B
Supplemental Operating Expense Items
Selling and Marketing Expenses	208B	174B	200B	214B	196B
General and Administrative Expenses	173B	166B	186B	296B	223B
Net Rental Expense, Total	2.2B	2.2B	2.2B	2.2B	2.2B
Imputed Operating Lease Interest Expense	895M	886M	1.26B	864M	650M
Imputed Operating Lease Depreciation	1.3B	1.31B	940M	1.34B	1.55B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	78.94B	28.15B	290B	473B	575B
Short Term Investments	-	-	-	-	223B
Total Cash And Short Term Investments	78.94B	28.15B	290B	473B	798B
Accounts Receivable, Total	679B	594B	814B	670B	493B
Other Receivables	27.37B	53.52B	23.19B	22.29B	13.48B
Total Receivables	707B	647B	837B	693B	506B
Inventory	1,648B	1,879B	1,313B	1,220B	1,323B
Prepaid Expenses	2.77B	4.13B	2.32B	2.17B	7.75B
Other Current Assets, Total	367B	454B	420B	519B	330B
Total Current Assets	2,803B	3,012B	2,863B	2,908B	2,965B
Gross Property Plant And Equipment	3,181B	3,226B	3,272B	3,365B	3,464B
Accumulated Depreciation	-1,981B	-2,193B	-2,392B	-2,580B	-2,708B
Net Property Plant And Equipment	1,200B	1,033B	880B	785B	756B
Long-term Investments	6.25B	6.25B	6.25B	6.99B	6.99B
Other Intangibles, Total	88.56B	86.16B	83.77B	81.57B	78.98B
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	55.13B	66.7B	51.84B	34.31B	15.43B
Total Assets	4,153B	4,204B	3,884B	3,815B	3,822B
Liabilities
Accounts Payable, Total	284B	336B	341B	265B	265B
Accrued Expenses, Total	173B	164B	186B	231B	286B
Short-term Borrowings	2,056B	2,143B	1,900B	1,864B	1,774B
Current Portion of Long-Term Debt	-	-	-	3.84B	22.16B
Current Income Taxes Payable	1.97B	1.54B	-	-	-
Other Current Liabilities	148B	107B	31.3B	20.75B	44.85B
Total Current Liabilities	2,664B	2,751B	2,458B	2,385B	2,392B
Long-Term Debt	170B	81.94B	77.15B	48.71B	53.99B
Long-Term Leases	50.52B	54.54B	9.6B	-	-
Deferred Tax Liability Non Current	200M	2.7B	790M	5.45B	-
Other Non Current Liabilities	11.36B	12.36B	14.21B	16.21B	11.92B
Total Liabilities	2,896B	2,903B	2,560B	2,455B	2,458B
Common Stock, Total	1,036B	1,036B	1,036B	1,036B	1,036B
Retained Earnings	221B	265B	288B	324B	328B
Treasury Stock	-12.05M	-12.05M	-12.05M	-12.05M	-12.05M
Total Common Equity	1,257B	1,301B	1,324B	1,360B	1,364B
Total Equity	1,257B	1,301B	1,324B	1,360B	1,364B
Total Liabilities And Equity	4,153B	4,204B	3,884B	3,815B	3,822B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	104M	104M	104M	104M	104M
ECS Total Common Shares Outstanding	104M	104M	104M	104M	104M
Book Value / Share	12.13K	12.56K	12.78K	13.13K	13.16K
Tangible Book Value	1,169B	1,215B	1,240B	1,279B	1,285B
Tangible Book Value Per Share	11.28K	11.73K	11.97K	12.34K	12.4K
Total Debt	2,277B	2,279B	1,987B	1,917B	1,850B
Net Debt	2,198B	2,251B	1,697B	1,443B	1,052B
Debt Equivalent Oper. Leases	17.6B	17.6B	17.6B	17.6B	17.6B
Equity Method Investments, Total	6.25B	6.25B	6.25B	6.99B	6.99B
Account Code - Inventory Valuation	6	6	6	3	6
Inventories - Raw Materials, Total	945B	1,139B	747B	725B	813B
Inventories - Work In Process, Total	-	-	-	-	6.4B
Inventories - Finished Goods, Total	686B	721B	548B	479B	483B
Inventories - Others	17.33B	19.05B	18.74B	16.78B	21.03B
Buildings, Total	937B	941B	952B	959B	958B
Machinery, Total	2,070B	2,097B	2,262B	2,322B	2,413B
Full Time Employees	1.13K	1.22K	998	1.16K	1.78K
Assets under Capital Lease - Gross	166B	166B	41.13B	41.13B	-
Assets under Capital Lease - Accumulated Depreciation	-43.42B	-57.37B	-11.46B	-14.89B	-
Accumulated Allowance for Doubtful Accounts (Supple)	29.34B	27.51B	26.54B	87.76B	32.28B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	42.02B	79.18B	60.37B	72.07B	42.55B
Depreciation & Amortization - CF	207B	212B	199B	188B	154B
Amortization of Goodwill and Intangible Assets - (CF)	2.2B	2.2B	2.2B	2.2B	2.2B
Depreciation & Amortization, Total	209B	214B	201B	190B	156B
Amortization of Deferred Charges, Total - (CF)	196M	196M	196M	2.75B	399M
(Gain) Loss From Sale Of Asset	-21.81B	-25.8B	-19.74B	-34.46B	-8.25B
Other Operating Activities, Total	-9.09B	38.49B	-6.94B	45.58B	-61.49B
Change In Accounts Receivable	-244B	-25.8B	-147B	3.72B	428B
Change In Inventories	-312B	-231B	566B	92.83B	-103B
Change In Accounts Payable	46.94B	5.2B	-45.26B	-41.06B	70.4B
Change in Other Net Operating Assets	18.14B	-12.9B	8.63B	17.68B	12.34B
Cash from Operations	-271B	42.03B	617B	349B	537B
Capital Expenditure	-22.13B	-44.85B	-46.1B	-95.52B	-130B
Sale of Property, Plant, and Equipment	-	-	-	-	4.97B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-220B
Other Investing Activities, Total	13.37B	20.64B	10.93B	16.19B	8.96B
Cash from Investing	-8.76B	-24.21B	-35.17B	-79.33B	-336B
Long-Term Debt Issued, Total	4,974B	5,062B	4,269B	3,624B	3,543B
Total Debt Issued	4,974B	5,062B	4,269B	3,624B	3,543B
Long-Term Debt Repaid, Total	-4,716B	-5,099B	-4,562B	-3,694B	-3,610B
Total Debt Repaid	-4,716B	-5,099B	-4,562B	-3,694B	-3,610B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-50.67B	-31.09B	-31.09B	-31.09B	-31.1B
Common & Preferred Stock Dividends Paid	-50.67B	-31.09B	-31.09B	-31.09B	-31.1B
Cash from Financing	207B	-68.2B	-323B	-101B	-97.59B
Foreign Exchange Rate Adjustments	-534M	-420M	3.03B	14.69B	-1.74B
Net Change in Cash	-73.99B	-50.79B	262B	184B	102B
Supplemental Items
Cash Interest Paid	109B	115B	153B	95.83B	69.62B
Cash Income Tax Paid (Refund)	16.45B	24.69B	13.58B	17.9B	20.87B
Levered Free Cash Flow	-296B	-4.22B	527B	207B	390B
Unlevered Free Cash Flow	-228B	67.49B	623B	266B	434B
Change In Net Working Capital	520B	258B	-361B	-96.73B	-337B
Net Debt Issued / Repaid	257B	-37.11B	-292B	-70.04B	-66.49B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.64	3.74	2.64	1.88	1.86
Return on Total Capital	3.08	4.39	3.1	2.19	2.19
Return On Equity %	3.32	6.19	4.6	5.37	3.12
Return on Common Equity	3.32	4.49	3.03	3.34	3.12
Margin Analysis
Gross Profit Margin %	11.37	11.08	10.64	13.26	12.87
SG&A Margin	7.89	6.39	7.38	10.81	10.12
EBITDA Margin %	7.79	8.72	7.1	6.49	6.51
EBITA Margin %	3.52	4.74	3.3	2.5	2.8
EBIT Margin %	3.48	4.7	3.26	2.45	2.75
Income From Continuing Operations Margin %	0.87	1.49	1.15	1.53	1.03
Net Income Margin %	0.87	1.49	1.15	1.53	1.03
Net Avail. For Common Margin %	0.87	1.08	0.76	0.95	1.03
Normalized Net Income Margin	0.72	1.19	0.84	1.18	0.92
Levered Free Cash Flow Margin	-6.12	-0.08	10.08	4.38	9.42
Unlevered Free Cash Flow Margin	-4.71	1.27	11.9	5.66	10.47
Asset Turnover
Asset Turnover	1.21	1.27	1.29	1.22	1.08
Fixed Assets Turnover	3.75	4.77	5.47	5.66	5.38
Receivables Turnover (Average Receivables)	7.78	8.36	7.44	6.35	7.12
Inventory Turnover (Average Inventory)	2.87	2.68	2.93	3.23	2.84
Short Term Liquidity
Current Ratio	1.05	1.09	1.16	1.22	1.24
Quick Ratio	0.29	0.25	0.46	0.49	0.55
Operating Cash Flow to Current Liabilities	-0.1	0.02	0.25	0.15	0.22
Days Sales Outstanding (Average Receivables)	46.94	43.67	49.07	57.64	51.24
Days Outstanding Inventory (Average Inventory)	126.98	136.08	124.56	113.45	128.61
Average Days Payable Outstanding	20.73	22.81	30.08	27.77	26.07
Cash Conversion Cycle (Average Days)	153.19	156.93	143.55	143.32	153.77
Long Term Solvency
Total Debt/Equity	181.12	175.12	150.04	140.92	135.63
Total Debt / Total Capital	64.43	63.65	60.01	58.49	57.56
LT Debt/Equity	17.56	10.49	6.55	3.58	3.96
Long-Term Debt / Total Capital	6.25	3.81	2.62	1.49	1.68
Total Liabilities / Total Assets	69.73	69.04	65.91	64.35	64.31
EBIT / Interest Expense	1.54	2.18	1.12	1.21	1.63
EBITDA / Interest Expense	3.45	4.05	2.44	3.19	3.87
(EBITDA - Capex) / Interest Expense	3.25	3.65	2.13	2.2	2
Total Debt / EBITDA	6.04	4.91	5.34	6.27	6.86
Net Debt / EBITDA	5.83	4.85	4.56	4.72	3.9
Total Debt / (EBITDA - Capex)	6.42	5.44	6.1	9.11	13.28
Net Debt / (EBITDA - Capex)	6.19	5.37	5.21	6.86	7.55
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.14	9.94	-1.61	-9.99	-12.08
Gross Profit, 1 Yr. Growth %	-25.1	7.18	-5.49	12.17	-14.68
EBITDA, 1 Yr. Growth %	-17.43	23.01	-19.93	-17.77	-12.61
EBITA, 1 Yr. Growth %	-29.2	49.71	-30.8	-31	0.39
EBIT, 1 Yr. Growth %	-30.11	48.4	-31.68	-32.29	-1.51
Earnings From Cont. Operations, 1 Yr. Growth %	-53.66	88.47	-23.75	19.37	-40.96
Net Income, 1 Yr. Growth %	-53.66	88.47	-23.75	19.37	-40.96
Normalized Net Income, 1 Yr. Growth %	-50.33	82	-30.99	26.92	-31.19
Diluted EPS Before Extra, 1 Yr. Growth %	-48.94	51.01	-21.83	35.17	-34.11
Accounts Receivable, 1 Yr. Growth %	20.11	-12.58	37.04	-17.61	-26.53
Inventory, 1 Yr. Growth %	23.38	14	-30.11	-7.07	8.42
Net Property, Plant and Equip., 1 Yr. Growth %	-13.32	-13.94	-14.8	-10.84	-3.64
Total Assets, 1 Yr. Growth %	8.92	1.23	-7.61	-1.78	0.19
Tangible Book Value, 1 Yr. Growth %	-1.33	3.98	2.07	3.08	0.51
Common Equity, 1 Yr. Growth %	-1.42	3.51	1.75	2.72	0.29
Cash From Operations, 1 Yr. Growth %	-185.74	-115.49	1.37K	-43.37	53.76
Capital Expenditures, 1 Yr. Growth %	-77.07	102.65	2.79	107.22	36.45
Levered Free Cash Flow, 1 Yr. Growth %	-220.62	-98.58	-12.61K	-60.83	79.84
Unlevered Free Cash Flow, 1 Yr. Growth %	-170.43	-129.62	822.94	-57.22	56.65
Dividend Per Share, 1 Yr. Growth %	-	0	0	0	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.52	6.49	4	-5.89	-11.04
Gross Profit, 2 Yr. CAGR %	-2.34	-10.4	0.64	2.96	-2.17
EBITDA, 2 Yr. CAGR %	-1.55	0.81	-0.74	-18.84	-14.85
EBITA, 2 Yr. CAGR %	-5.25	2.29	1.34	-31.34	-17.55
EBIT, 2 Yr. CAGR %	-5.86	1.84	0.69	-31.99	-18.34
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.5	-6.54	19.87	-4.6	-16.05
Net Income, 2 Yr. CAGR %	-10.5	-6.54	19.87	-4.6	-16.05
Normalized Net Income, 2 Yr. CAGR %	-7.67	-4.92	12.07	-6.41	-6.55
Diluted EPS Before Extra, 2 Yr. CAGR %	-10.5	-16.46	2.26	-6.14	13.28
Accounts Receivable, 2 Yr. CAGR %	0.88	2.47	9.45	6.26	-22.19
Inventory, 2 Yr. CAGR %	16.04	18.6	-10.74	-19.41	0.38
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.6	-13.63	-14.37	-12.84	-7.31
Total Assets, 2 Yr. CAGR %	4.33	5	-3.29	-4.74	-0.8
Tangible Book Value, 2 Yr. CAGR %	0.92	1.29	3.02	2.57	1.79
Common Equity, 2 Yr. CAGR %	0.66	1.01	2.63	2.23	1.5
Cash From Operations, 2 Yr. CAGR %	44.88	-63.56	50.77	188.32	-6.69
Capital Expenditures, 2 Yr. CAGR %	-36.3	-31.83	44.33	45.94	68.15
Levered Free Cash Flow, 2 Yr. CAGR %	146.4	-86.9	33.45	599.92	-14
Unlevered Free Cash Flow, 2 Yr. CAGR %	33.52	-54.33	65.33	98.71	-16.57
Dividend Per Share, 2 Yr. CAGR %	-22.54	-	0	0	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.53	7.65	3.72	-0.88	-8
Gross Profit, 3 Yr. CAGR %	9.15	0.74	-8.79	4.35	-3.29
EBITDA, 3 Yr. CAGR %	3.28	6.05	-6.63	-6.76	-16.56
EBITA, 3 Yr. CAGR %	2.78	9.88	-10.47	-11.23	-22.56
EBIT, 3 Yr. CAGR %	2.34	9.56	-10.85	-11.79	-23.05
Earnings From Cont. Operations, 3 Yr. CAGR %	90.82	14.72	-12.67	19.71	-18.7
Net Income, 3 Yr. CAGR %	90.82	14.72	-12.67	19.71	-18.7
Normalized Net Income, 3 Yr. CAGR %	88.26	15.77	-14.55	16.82	-15.53
Diluted EPS Before Extra, 3 Yr. CAGR %	64.55	3.07	-21.52	5.63	-5.78
Accounts Receivable, 3 Yr. CAGR %	4.8	-3.82	12.9	-0.43	-6.04
Inventory, 3 Yr. CAGR %	13.59	15.36	-0.57	-9.53	-11.03
Net Property, Plant and Equip., 3 Yr. CAGR %	-9.96	-11.73	-14.02	-13.21	-9.88
Total Assets, 3 Yr. CAGR %	2.45	3.28	0.62	-2.79	-3.12
Tangible Book Value, 3 Yr. CAGR %	2.23	1.93	1.55	3.04	1.88
Common Equity, 3 Yr. CAGR %	1.86	1.6	1.26	2.66	1.58
Cash From Operations, 3 Yr. CAGR %	-5.69	-31.24	24.91	8.78	133.81
Capital Expenditures, 3 Yr. CAGR %	-50.81	-6.31	-21.83	62.82	42.71
Levered Free Cash Flow, 3 Yr. CAGR %	19.73	-55.78	29.03	-11.31	352.26
Unlevered Free Cash Flow, 3 Yr. CAGR %	-3.1	-19.18	24.4	5.35	85.9
Dividend Per Share, 3 Yr. CAGR %	-	-15.66	-	0	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.05	8.63	6.11	2.01	-2.46
Gross Profit, 5 Yr. CAGR %	-4.17	6.36	5.66	1.62	-6.2
EBITDA, 5 Yr. CAGR %	-8.4	7.61	1.67	-4.7	-10
EBITA, 5 Yr. CAGR %	-16.06	11.04	1.94	-9.12	-13.59
EBIT, 5 Yr. CAGR %	-16.19	10.84	1.68	-9.46	-13.92
Earnings From Cont. Operations, 5 Yr. CAGR %	-30.6	7.56	58.44	6.56	-14.04
Net Income, 5 Yr. CAGR %	-30.6	7.56	58.44	6.56	-14.04
Normalized Net Income, 5 Yr. CAGR %	-30.07	8.38	52.99	6.33	-11.44
Diluted EPS Before Extra, 5 Yr. CAGR %	-32.96	0.78	33.36	-3.09	-12.35
Accounts Receivable, 5 Yr. CAGR %	4.2	-2.17	6.64	0.09	-2.72
Inventory, 5 Yr. CAGR %	10.91	7.19	3.15	-0.06	-0.19
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.38	-8.87	-11.75	-12.17	-11.4
Total Assets, 5 Yr. CAGR %	4.23	0.9	0.11	-0	0.05
Tangible Book Value, 5 Yr. CAGR %	-1.11	1.41	2.55	2.19	1.65
Common Equity, 5 Yr. CAGR %	-1.17	1.15	2.17	1.85	1.35
Cash From Operations, 5 Yr. CAGR %	21.13	-31.79	13.78	22	11.16
Capital Expenditures, 5 Yr. CAGR %	-39.93	-27.89	-24.34	11.86	6.2
Levered Free Cash Flow, 5 Yr. CAGR %	38.47	-61	25.04	33.46	9.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	61.64	-30.25	19.99	15.83	6.03
Dividend Per Share, 5 Yr. CAGR %	-33.46	-5.59	-	-9.71	-