Phat Dat Real Estate Development : Interim Consolidated financial statements IIIQ2023

Phat Dat Real Estate Development Corporation

Interim Consolidated Financial Statements

30th September 2023

Phat Dat Real Estate Development Corporation

CONTENTS
	Pages
General information	1 - 2
Report of the Board of Management	3
Interim consolidated balance sheet	4 - 5
Interim consolidated income statement	6
Interim consolidated cash flow statement	7 - 8
Notes to the interim consolidated financial statements	9 - 42

Phat Dat Real Estate Development Corporation

GENERAL INFORMATION

THE COMPANY

Phat Dat Real Estate Development Corporation ("the Company") fomerly known as Phat Dat Housing Construction and Trading Joint Stock Company, is a shareholding company incorporated under the Law on Enterprises of Vietnam pursuant to the Business Registration Certificate ("BRC") No. 4103002655 issued by the Department of Planning and Investment of Ho Chi Minh City on 13th September 2004 with amendments as follows:

BRC amendments:	Date:
4103002655
1st amendment	11th December 2004
2nd amendment	16th November 2005
3rd amendment	11th July 2006
4th amendment	19th December 2006
5th amendment	23rd April 2007
6th amendment	24th May 2007
7th amendment	29th November 2007
8th amendment	23rd January 2008
9th amendment	29th February 2008
10th amendment	29th June 2009
0303493756
11th amendment	27th August 2009
12th amendment	04th December 2009
13th amendment	04th May 2010
14th amendment	13th September 2010
15th amendment	22nd October 2010
16th amendment	03rd November 2010
17th amendment	28th January 2011
18th amendment	11th August 2011
19th amendment	22nd September 2011
20th amendment	16th May 2012
21st amendment	15th August 2012
22nd amendment	04th September 2015
23rd amendment	01st October 2015
24th amendment	07th June 2017
25th amendment	05th June 2018
26th amendment	14th May 2019
27th amendment	07th May 2020
28th amendment	03rd July 2020
29th amendment	20th November 2020
30th amendment	20th April 2021
31st amendment	17th May 2021
32nd amendment	6th December 2021
33rd amendment	13th May 2022
34th amendment	31st May 2022

The Company's shares were listed on the Ho Chi Minh Stock Exchange in accordance with the License No. 1207/SGDHCM-NY issued by the HOSE on 9th July 2010.

The current principal business activities of the Company are to construct and trade residential properties, to undertake the civil, industrial, and infrastructure construction projects, to provide real estate brokerage and valuation services, real estate trading center and management.

The Company's registered head office is located at Floors 8 and 9, Tower B, Viettel Complex Building, 285 Cach Mang Thang Tam Street, Ward 12, District 10, Ho Chi Minh City, Vietnam.

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,

and in the event of any discrepancy, the Vietnamese language original shall prevail.]

1

Phat Dat Real Estate Development Corporation

GENERAL INFORMATION

BOARD OF DIRECTORS

Members of the Board of Directors during the period and at the date of this report are:

Mr. Nguyen Van Dat	Chairman
Ms. Tran Thi Huong	Vice Chairwoman	Leaving the Board on 30th June 2023
Mr. Nguyen Tan Danh	Vice Chairman
Mr. Bui Quang Anh Vu	Member
Mr. Le Quang Phuc	Member
Mr. Doan Viet Dai Tu	Member	Leaving the Board on 30th June 2023
Mr. Khuong Van Muoi	Independent member	Leaving the Board on 30th June 2023
Mr. Tran Trong Gia Vinh	Independent member
Mr. Duong Hao Ton	Independent member	Appointed on 30th June 2023

AUDIT COMMITTEE

Members of the Audit Committee during the period and at the date of this report are:

Mr. Duong Hao Ton	Head of the Audit Committee	Appointed on 30th June 2023
Mr. Tran Trong Gia Vinh	Head of the Audit Committee	Dismissed on 30th June 2023
	Member	Appointed on 30th June 2023
Ms. Tran Thi Huong	Member	Dismissed on 30th June 2023
Mr. Le Quang Phuc	Member

THE BOARD OF MANAGEMENT

Members of the Board of Management during the period and at the date of this report are:

Mr. Bui Quang Anh Vu	Chief Executive Officer
Mr. Nguyen Dinh Tri	Vice President
Mr. Truong Ngoc Dung	Vice President
Mr. Nguyen Khac Sinh	Vice President
Mr. Phan Le Hoa	Vice President	Appointed on 1st September 2023
Mr. Vu Kim Dien	Vice President	Resigned on 29th April 2023

LEGAL REPRESENTATIVES

The legal representatives of the Company during the period and at the date of this report are:

Mr. Nguyen Van Dat	Chairman of the BOD
Mr. Bui Quang Anh Vu	Chief Executive Officer

AUDITORS

The auditor of the Company is Ernst & Young Vietnam Limited.

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,

and in the event of any discrepancy, the Vietnamese language original shall prevail.]

2

Phat Dat Real Estate Development Corporation

REPORT OF THE BOARD OF MANAGEMENT

The Board of Management ("BOM") of Phat Dat Real Estate Development Corporation ("the Company") is pleased to present the interim consolidated financial statements of the Company and its subsidiaries ("the Group") for Quarter III - 2023 ended 30th September 2023.

THE BOM'S RESPONSBILITY IN RESPECT OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The BOM is responsible for the interim consolidated financial statements of the Group of each accounting period which give a true and fair view of the interim consolidated financial position of the Group, and of the interim consolidated results of its operation and the interim consolidated cash flows for the period. In preparing these interim consolidated financial statements, the BOM is required to:

• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements for Quarter III-2023 ended 30th September 2023; and
• Prepare the interim consolidated financial statements for Quarter III-2023 on the going concern basis unless it is inappropriate to presume that the Group will continue its business.

The BOM is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim consolidated financial position of the Group and to ensure that the accounting records comply with the applied accounting system. The BOM is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The BOM confirmed that it has complied with the above requirements in preparing the accompanying interim consolidated financial statements.

STATEMENT BY THE BOARD OF MANAGEMENT

The Board of Management does hereby state that, in its opinion, the accompanying interim consolidated financial statements give a true and fair view of the interim consolidated financial position of the Group as at 30th September 2023, and of the interim consolidated results of its operations and its interim consolidated cash flows for Quarter III-2023 then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and presentation of the interim consolidated financial statements.

For and on behalf of the Board of Management

(Signed and stamped)

Bui Quang Anh Vu

Chief Executive Officer

20th October 2023

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,

and in the event of any discrepancy, the Vietnamese language original shall prevail.]

3

Phat Dat Real Estate Development Corporation	B01a-DN/HN
INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2023
As at 30th September 2023
								VND
		Code			ASSETS	Notes	As at	As at
				30th September 2023	December 31, 2022
100	A.	CURRENT ASSETS		16,504,257,982,540	18,216,542,992,545
110	I.	Cash and cash equivalents	4	52,588,363,778	261,762,460,542
111		1.	Cash		52,588,363,778	255,762,460,542
112		2.	Cash equivalents		-	6,000,000,000
120	II.	Short-term investment		15,370,299,200	9,370,299,200
123		1.	Held-to-maturity investments	5	15,370,299,200	9,370,299,200
130	III.	Current accounts receivable		4,198,757,359,133	5,649,830,393,200
131		1.	Short-term trade receivables	6	2,376,928,458,937	2,076,872,008,346
132		2.	Short-term advances to
					suppliers	7	939,266,600,851	976,276,816,642
136		3.	Other short-term receivables	8	883,603,843,720	2,597,723,112,587
137		4.	Provision for doubtful short-
					term receivables	6	(1,041,544,375)	(1,041,544,375)
140	IV. Inventory	9	12,157,739,204,076	12,181,241,340,224
141		1.	Inventories		12,157,739,204,076	12,181,241,340,224
150	V.	Other current assets		79,802,756,353	114,338,499,379
151		1.	Short-term prepaid expenses		4,480,873,503	33,744,378,293
152		2.	Value-added tax deductible	18	75,321,882,850	75,245,801,086
153		3.	Tax and other receivables
					from the State	18	-	5,348,320,000
200	B.	NON-CURRENT ASSETS		4,086,493,026,341	4,626,752,514,617
210	I.	Long-term receivables		730,636,788,580	731,764,056,580
216		1.	Other long-term receivables	8	730,636,788,580	731,764,056,580
220	II.	Fixed assets		29,780,999,002	38,159,996,196
221		1.	Tangible fixed assets	11	24,943,688,070	30,410,462,177
222			Cost		78,951,512,437	78,876,512,437
223			Accumulated depreciation		(54,007,824,367)	(48,466,050,260)
227		2.	Intangible fixed assets	12	4,837,310,932	7,749,534,019
228			Cost		15,006,259,881	15,006,259,881
229			Accumulated amortisation		(10,168,948,949)	(7,256,725,862)
230	III.	Investment properties	13	65,167,456,832	66,319,546,112
231		1.	Cost		75,664,270,272	75,664,270,272
232		2.	Accumulated depreciation		(10,496,813,440)	(9,344,724,160)
240	IV. Long-term asset in progress		1,095,454,459,299	1,052,153,293,147
242		1.	Construction in progress	14	1,095,454,459,299	1,052,153,293,147
250	V.	Long-term investments		1,211,047,669,262	1,776,215,637,325
252		1.	Investments in associates	15	1,208,237,669,262	1,773,405,637,325
255		2.	Held-to-maturity investments	5	2,810,000,000	2,810,000,000
260	VI. Other long-term assets		954,405,653,366	962,139,985,257
261		1.	Long-term prepaid expenses	10	946,451,612,164	954,158,573,547
262		2.	Deferred tax assets		7,954,041,202	7,981,411,710

270

TOTAL ASSETS

20,590,751,008,881

22,843,295,507,162

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in

the event of any discrepancy, the Vietnamese language original shall prevail.]

4

Phat Dat Real Estate Development Corporation	B01a-DN/HN
INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2023 (continued)
As at 30th September 2023
									VND
		Code				RESOURCES	Notes	As at	As at
					30th September 2023	December 31, 2022
300	A.	LIABILITIES		11,967,955,695,066	13,582,765,739,708
310	I.	Current liabilities		9,372,356,080,695	11,028,794,139,708
311		1.	Short-term trade payables	16	276,769,704,662	456,503,036,903
312		2.	Short-term advances from
					customers	17	3,613,736,364	1,239,363,636,364
313		3.	Statutory obligations	18	229,169,642,894	341,253,479,545
314		4.	Payables to employees		8,843,788,005	11,407,127,175
315		5.	Short-term accrued
					expenses	19	131,910,793,587	484,106,089,523
318		6.	Short-term unearned
					revenue		3,064,373,327	3,201,225,865
319		7.	Other short-term payables	20	7,141,820,069,793	5,796,465,047,119
320		8.	Short-term loans	21	1,552,325,916,797	2,667,966,838,466
322		9.	Bonus and welfare fund		24,838,055,266	28,527,658,748
330	II.	Non-current liabilities		2,595,599,614,371	2,553,971,600,000
337		1.	Other long-term liabilities	20	781,902,100,000	782,059,100,000
338		2.	Long-term loans	21	1,813,697,514,371	1,771,912,500,000
400	B.	OWNERS' EQUITY		8,622,795,313,815	9,260,529,767,454
410	I.	Capital		8,622,795,313,815	9,260,529,767,454
411		1.	Share capital	22	6,716,462,190,000	6,716,462,190,000
412		2.	Share premium	22	71,680,300,000	71,680,300,000
418		3.	Investment and development
					fund	22	230,128,842,335	207,383,584,076
421		4.	Undistributed earnings	22	1,550,168,528,206	1,155,081,291,069
		421a			-	Undistributed earnings by
						the end of prior period		1,152,324,180,431	23,050,044,780
		421b			-	Undistributed earnings of
						current period		397,844,347,775	1,132,031,246,289
429		5.	Non-controlling interests		54,355,453,274	1,109,922,402,309

440 TOTAL LIABILITIES AND OWNERS'

	EQUITY	20,590,751,008,881 22,843,295,507,162

(Signed)		(Signed)		(Signed and stamped)
Pham Thi Doan Dung		Ngo Thuy Van		Bui Quang Anh Vu
Preparer		Chief Accountant	Chief Executive Officer
20th October 2023

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in

the event of any discrepancy, the Vietnamese language original shall prevail.]

5

	Phat Dat Real Estate Development Corporation	B02a-DN/HN
	INTERIM CONSOLIDATED INCOME STATEMENT FOR QUARTER III-2023
							VND
						Accumulated from	Accumulated from the
						the beginning of the
				Quarter III	Quarter III	beginning of the year
Code		Items	Notes	year to the end of
	to the end of Quarter
	- Current year	- Previous year	Quarter III - Current
				III - Previous year
						year
10	1.	Net revenue from sale of
		goods and rendering of		354,821,292,801	11,114,896,003	549,544,580,916	1,489,940,192,929
		services	23
11	2.	Cost of goods sold and		(43,638,448,894)	(4,948,067,546)	(64,728,333,365)	(199,503,749,808)
		services rendered	24
20	3.	Gross profit		311,182,843,907	6,166,828,457	484,816,247,551	1,290,436,443,121
21	4.	Finance income	25	550,568,961	1,249,028,315,242	532,892,292,422	1,250,394,061,332
22	5.	Finance expenses	25	(113,120,297,485)	(157,385,090,349)	(313,851,784,615)	(417,306,313,600)
23		In which: Interest expenses		(86,137,270,717)	(132,220,048,686)	(267,556,851,390)	(363,885,645,275)
24	6.	Loss in associates and		(6,793,992,676)	(12,625,171)	(12,656,078,820)	(43,756,613)
	joint ventures
25	7.	Selling expenses	26	(3,473,973,034)	(8,136,697,194)	(10,718,947,296)	(20,043,243,302)
26	8.	General and		(44,828,275,262)	(66,064,049,863)	(128,309,810,378)	(208,222,171,699)
		administrative expenses	26
30	9.	Operating profit		143,516,874,411	1,023,596,681,122	552,171,918,864	1,895,215,019,239
31	10.	Other income	27	15,300,000	101,814,022	165,355,665	183,381,607
32	11.	Other expenses	27	(2,646,049,265)	(102,904,008,038)	(14,747,544,981)	(105,208,832,331)
40	12.	Other profit		(2,630,749,265)	(102,802,194,016)	(14,582,189,316)	(105,025,450,724)
50	13.	Accounting profit before		140,886,125,146	920,794,487,106	537,589,729,548	1,790,189,568,515
		tax
51	14.	Current corporate income		(39,208,368,165)	(209,589,866,831)	(137,734,720,067)	(391,061,052,537)
		tax expense	28
52	15.	Deferred tax income	28	-	-	(27,370,508)	-
60	16.	Net profit after tax		101,677,756,981	711,204,620,275	399,827,638,973	1,399,128,515,978
	In which:
61	16.1. Net profit after tax		101,684,269,659	717,749,736,759	401,389,347,775	1,412,389,768,483
		attributable to
		shareholders of the parent
62	16.2. Net profit (loss) after tax		(6,512,678)	(6,545,116,484)	(1,561,708,802)	(13,261,252,505)
		attributable to non-
		controlling interests
70	17.	Earnings per share		146	1,031	577	2,029

(Signed)		(Signed)		(Signed and stamped)
Pham Thi Doan Dung		Ngo Thuy Van		Bui Quang Anh Vu
Preparer		Chief Accountant	Chief Executive Officer
20th October 2023

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in

the event of any discrepancy, the Vietnamese language original shall prevail.]

6

Phat Dat Real Estate Development Corporation		B03a-DN/HN
INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2023
						VND
		Code	ITEMS	Notes	Quarter III-2023	Quarter III- 2022

1. CASH FLOWS FROM OPERATING ACTIVITIES

01	Accounting profit before tax		140,886,125,146	920,794,487,106
	Adjustments for:
02	Depreciation and amortization of
	fixed assets and investment	11,
	properties	12,13	3,087,528,105	3,701,873,582

04 Foreign exchange gain arising from revaluation of monetary

	accounts denominated in foreign
	currency	25	20,700,000,000	18,000,000,000
05	Profit from investment activities		6,243,423,715	(1,147,076,632,498)
06	Interest expenses	25	92,420,297,485	139,385,090,349
08	Operating profit before changes in
	working capital		263,337,374,451	(65,195,181,461)
09	Decrease (increase) in			(1,887,499,932,401)
receivables		(122,155,381,892)
10	Decrease (increase) in			(271,409,513,463)
inventories		22,290,864,304
11	Increase in payables		443,060,156,608	658,866,167,929
12	Increase (decrease) in prepaid			(20,283,482,370)
expenses		2,580,117,345
14	Interest paid		(90,117,675,675)	(109,929,549,813)
15	Corporate income tax paid		(110,591,149,783)	(59,347,865,262)
17	Other cash outflows for operating
	activities		(2,893,568,306)	(3,658,698,730)

20

21

23

25

26

27

30

33

34

40

Net cash flows from operating activities

1. CASH FLOWS FROM INVESTING ACTIVITIES Purchase and construction of fixed assets
   Payments for term deposits at banks
   Payments for investments in other entities
   Collections of investments in other entities
   Interests received

Net cash flows used in investing activities

1. CASH FLOWS FROM FINANCING ACTIVITIES Drawdown from borrowings Repayment of borrowings

Net cash flows (used in) from financing activities

405,510,737,052

(12,084,435,194)

(878,000,000)

-

56,818,758

(12,905,616,436)

127,429,503,840

(681,189,198,000)

(553,759,694,160)

(1,758,458,055,571)

(5,054,442,059)

(776,190,000,000)

1,592,900,000,000

334,440,065

811,989,998,006

815,140,773,795

(417,024,699,000)

398,116,074,795

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in

the event of any discrepancy, the Vietnamese language original shall prevail.]

7

Phat Dat Real Estate Development Corporation	B03a-DN/HN
INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2023 (continued)
					VND
	Code	ITEMS	Notes	Quarter III-2023	Quarter III- 2022
	50	Net (decrease) increase in cash
		and cash equivalents for the
		period		(161,154,573,544)	(548,351,982,770)
	60	Cash and cash equivalents at the
		beginning of the period		213,742,937,322	599,076,439,532
	70	Cash and cash equivalents at the	4
		end of the period		52,588,363,778	50,724,456,762

(Signed)		(Signed)		(Signed and stamped)
Pham Thi Doan Dung		Ngo Thuy Van		Bui Quang Anh Vu
Preparer		Chief Accountant	Chief Executive Officer
20th October 2023

[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in

the event of any discrepancy, the Vietnamese language original shall prevail.]

8