Phat Dat Real Estate Development : Interim Separate financial statements IIIQ2023

Phat Dat Real Estate Development Corporation

Interim Separate 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 separate balance sheet	4 - 5
Interim separate income statement	6
Interim separate cash flow statement	7 - 8
Notes to the interim separate financial statements	9 - 39

[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.]

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 ("HOSE") 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, 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 separate financial statements of the Company for Quarter III-2023 ended 30th September 2023.

BOM'S RESPONSBILITIES IN RESPECT OF THE INTERIM SEPARATE FINANCIAL STATEMENTS

The BOM is responsible for the interim separate financial statements of the Company of each accounting period which give a true and fair view of the interim separate financial position during the period, and of the interim separate results of its operation and the interim separate cash flows of the Company for the period. In preparing these interim separate financial statements for the period, 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 separate financial statements; and
• Prepare the interim separate financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 separate financial position of the Company and to ensure that the accounting records comply with the applied accounting system. The BOM is also responsible for safeguarding the assets of the Company 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 separate financial statements for Quarter III-2023.

STATEMENT BY THE BOARD OF MANAGEMENT

The Board of Management does hereby state that, in its opinion, the accompanying interim separate financial statements for Quarter III-2023 give a true and fair view of the interim separate financial position for Quarter III-2023 of the Company as at 30th September 2022, and of the interim separate results of its operations for Quarter III-2023 and its interim separate cash flows for the period then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the relevant statutory requirements.

The Company has subsidiaries as disclosed in Note No. 15 of the interim separate financial statements. The Company also prepared consolidated financial statements of the Company and its subsidiaries ("the Group") for Quarter III-2023 ended 30th September 2023 to meet the prevailing requirements in relation to the disclosure of information.

Users of the interim separate financial statements should read them together with the said consolidated financial statements in order to obtain full information of the consolidated financial position, consolidated results of operations and consolidated cash flows of the Group.

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
INTERIM SEPARATE BALANCE SHEET FOR QUARTER III-2023
As at 30th September 2023
							VND
	Code			ASSETS	Notes	As at	As at
			30th September 2023	30th December 2022
	100	A.	CURRENT ASSETS		9,090,376,420,776	9,635,953,557,903
	110	I.	Cash and cash equivalents	4	52,303,602,490	254,645,598,293
	111		1.	Cash		52,303,602,490	248,645,598,293
	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		4,018,805,756,505	4,346,133,790,153
	131		1.	Short-term trade receivables	6	2,386,729,024,513	2,082,256,436,227
	132		2.	Short-term advances to
				suppliers	7	768,172,305,351	778,707,984,142
	136		3.	Other short-term receivables	8	864,945,971,016	1,486,210,914,159
	137		4.	Provision for doubtful short-
				term receivables	6	(1,041,544,375)	(1,041,544,375)
	140	IV. Inventory	9	4,980,928,499,592	5,004,157,077,769
	141		1.	Inventories		4,980,928,499,592	5,004,157,077,769
	150	V.	Other current assets		22,968,262,989	21,646,792,488
	151		1.	Short-term prepaid expenses		4,467,394,595	2,177,749,765
	152		2.	Value-added tax deductible	19	18,500,868,394	14,119,042,723
	153		3.	Tax and other receivables
				from the State	19	-	5,350,000,000
	200	B. NON-CURRENT ASSETS		14,257,406,488,679	14,775,239,055,049
	210	I.	Long-term receivables		1,123,854,566,318	1,294,985,270,759
	216		2.	Other long-term receivables	8	1,123,854,566,318	1,294,985,270,759
	220	II.	Fixed assets		17,387,278,864	24,741,439,940
	221		1.	Tangible fixed assets	11	12,549,967,932	16,991,905,921
	222			Cost		42,260,090,948	42,185,090,948
	223			Accumulated depreciation		(29,710,123,016)	(25,193,185,027)
	227		2.	Intangible fixed assets	12	4,837,310,932	7,749,534,019
	228			Cost		14,820,270,381	14,820,270,381
	229			Accumulated amortisation		(9,982,959,449)	(7,070,736,362)
	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		664,902,312,435	621,601,146,283
	242		1.	Construction in progress	14	664,902,312,435	621,601,146,283
	250	V.	Long-term investments		11,449,910,097,959	11,823,691,345,855
	251		1.	Investments in subsidiaries	15	10,231,382,990,959	10,049,985,990,959
	252		2.	Investments in associates	16	1,218,527,107,000	1,773,705,354,896
	260	VI. Other long-term assets		936,184,776,271	943,900,306,100
	261		1.	Long-term prepaid expenses	10	931,197,705,716	938,913,235,545
	262		2.	Deferred tax assets		4,987,070,555	4,987,070,555
	270	TOTAL ASSETS		23,347,782,909,455	24,411,192,612,952

[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
INTERIM SEPARATE BALANCE SHEET FOR QUARTER III-2023 (Continued)
As at 30th September 2023
								VND
	Code				RESOURCES	Notes	As at	As at
				30th September 2023	31st December 2022
	300	C.	LIABILITIES		14,790,208,577,197	16,187,453,367,493
	310	I.	Current liabilities		9,362,882,250,595	10,660,094,663,493
	311		1.	Short-term trade payables	17	118,031,971,334	132,325,557,729
	312		2.	Short-term advances from
				customers	18	3,613,736,364	1,239,363,636,364
	313		3.	Statutory obligations	19	189,850,840,343	315,020,466,532
	314		4.	Payables to employees		8,359,620,852	9,281,866,069
	315		5.	Short-term accrued
				expenses	20	136,816,575,766	483,737,878,565
	319		6.	Other short-term payables	21	7,361,045,533,873	5,807,370,761,020
	320		7.	Short-term loans	22	1,520,325,916,797	2,644,466,838,466
	322		8.	Bonus and welfare fund		24,838,055,266	28,527,658,748
	330	II.	Non-current liabilities		5,427,326,326,602	5,527,358,704,000
	337		3.	Other long-term liabilities	21	4,470,948,277,200	4,237,446,204,000
	338		4.	Long-term loans	22	956,378,049,402	1,289,912,500,000
	400	D.	OWNERS' EQUITY		8,557,574,332,258	8,223,739,245,459
	410	I.	Capital	23	8,557,574,332,258	8,223,739,245,459
	411		1.	Share capital		6,716,462,190,000	6,716,462,190,000
	412		2.	Share premium		71,680,300,000	71,680,300,000
	418		3.	Investment and development
				fund		230,128,842,335	207,383,584,076
	421		4.	Undistributed earnings		1,539,302,999,923	1,228,213,171,383
	421a			-	Undistributed earnings
					by the end of prior
					period		1,205,467,913,124	34,131,883,330
	421b			-	Undistributed earnings
					of current period		333,835,086,799	1,194,081,288,053
	440	TOTAL LIABILITIES AND		23,347,782,909,455	24,411,192,612,952
		OWNERS' EQUITY

(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
	INTERIM SEPARATE INCOME STATEMENT FOR QUARTER III-2023
								VND
							Accumulated from the	Accumulated from the
Code		Items	Notes	Quarter III -	Quarter III - Previous	beginning of the year	beginning of the year to
	to the end of Quarter	the end of Quarter III -
	Current year	year
					III - Current year	Previous year
10		1.	Net revenue from sale of
			goods and rendering of
			services	24	356,174,031,695	11,114,896,003	550,870,399,519	1,490,006,656,929
11		2.	Cost of goods sold and
			services rendered	25	(44,991,187,788)	(4,948,067,546)	(66,190,923,561)	(199,570,213,808)
20		3.	Gross profit		311,182,843,907	6,166,828,457	484,679,475,958	1,290,436,443,121
21		4.	Finance income	26	509,997,885	1,251,388,984,945	528,737,159,290	1,252,346,560,480
22		5.	Finance expenses	26	(148,614,161,135)	(149,596,219,116)	(416,887,001,053)	(392,666,454,285)
23			In which: Interest
		expenses		(121,631,134,367)	(124,431,177,453)	(370,618,918,973)	(339,247,495,960)
25		6.	Selling expenses	27	(3,473,973,034)	(4,296,877,658)	(10,716,095,444)	(12,332,547,926)
26		7.	General and
			administrative expenses	27	(42,760,665,237)	(57,109,764,527)	(120,717,893,891)	(187,338,633,583)
30		8.	Operating profit		116,844,042,386	1,046,552,952,101	465,095,644,860	1,950,445,367,807
31		9.	Other income	28	15,300,000	35,101,322	164,753,390	115,733,354
32		10.	Other expenses	28	(2,310,725,035)	(89,908,911)	(13,039,173,013)	(629,964,496)
40		11.	Other profit		(2,295,425,035)	(54,807,589)	(12,874,419,623)	(514,231,142)
50		12.	Accounting profit before
			tax		114,548,617,351	1,046,498,144,512	452,221,225,237	1,949,931,136,665
51		13.	Current corporate income
			tax expense	29	(31,221,244,495)	(209,589,866,831)	(114,841,138,438)	(391,061,052,537)
60		14.	Net profit after tax		83,327,372,856	836,908,277,681	337,380,086,799	1,558,870,084,128

(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
INTERIM SEPARATE INCOME 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		114,548,617,351	1,046,498,144,512
	Adjustments for:
02	Depreciation and amortization of
	fixed assets and investment	11,
	properties	12,13	2,745,916,066	2,819,464,611
04	Foreign exchange loss arising
	from revaluation of monetary
	accounts denominated in foreign
	currency	26	20,700,000,000	18,000,000,000
05	Interest income		(509,997,885)	(1,251,388,984,945)
06	Interest expenses	26	127,914,161,135	131,596,219,116

08	Operating profit before changes in
	working capital	265,398,696,667	(52,475,156,706)
09	(Increase) in receivables	(126,147,412,276)	(3,281,442,138,851)
10	Decrease (increase) in inventories	37,004,653,570	(42,764,290,306)
11	Increase in payables	510,508,099,944	3,449,447,981,267
12	Decrease (increase) in prepaid	2,970,557,283	(1,636,539,145)
	expenses
14	Interest paid	(91,218,567,865)	(105,129,668,988)
15	Corporate income tax paid	(100,000,000,000)	(59,347,865,262)
17	Other cash outflows for operating
	activities	(2,893,568,306)	(3,658,698,730)

1. Net cash flows from (used in) operating activities
2. 1. CASH FLOWS FROM INVESTING ACTIVITIES
3. Purchase and construction of fixed assets

1. Payments for investments in other entities
2. Collections of investments in other entities
3. Interest received

30 Net cash flows used in investing activities

1. CASH FLOWS FROM FINANCING ACTIVITIES

1. Drawdown from borrowings
2. Repayment of borrowings

40 Net cash flows (used in) from financing activities

495,622,459,017

(12,084,435,194)

(3,105,000,000)

-

16,247,682

(15,173,187,512)

28,110,038,871

(669,741,498,000)

(641,631,459,129)

(97,006,376,721)

(4,837,268,448)

(2,169,431,000,000)

1,592,900,000,000

120,101,207

(581,248,167,241)

515,140,773,795

(397,024,699,000)

118,116,074,795

[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
INTERIM SEPARATE 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		(161,182,187,624)		(560,138,469,167)
	60	Cash and cash equivalents at the
		beginning of the period		213,485,790,114		583,183,860,753
	70	Cash and cash equivalents at the
		end of the period	4	52,303,602,490		23,045,391,586

(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