Vinh Son - Song Hinh Hydropower JSC (HOSE:VSH)

Accolade Income Statement

Financials in millions VND. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,189,270	1,825,139	2,572,042	3,084,637	1,611,301	340,618
Revenue Growth (YoY)	22.67%	-29.04%	-16.62%	91.44%	373.05%	-14.91%
Selling, General & Admin	34,078	22,282	28,522	32,191	9,648	7,527
Depreciation & Amortization	516.94	516.94	587.31	589.13	495.6	592.4
Provision for Bad Debts	-	-	-	922.47	8,186	-
Other Operating Expenses	1,033,318	976,533	1,044,583	1,105,835	823,424	218,819
Total Operating Expenses	1,067,914	999,331	1,073,692	1,139,537	841,753	226,939
Operating Income	1,121,356	825,808	1,498,350	1,945,100	769,548	113,680
Interest Expense	-277,800	-277,800	-392,413	-408,092	-323,440	-1,251
Interest Income	13,781	13,781	5,309	5,905	3,299	2,334
Net Interest Expense	-264,019	-264,019	-387,104	-402,187	-320,140	1,083
Income (Loss) on Equity Investments	-	-	-	-	-	792
Currency Exchange Gain (Loss)	-19,277	-19,277	-13,700	-20,833	7,252	1,440
Other Non-Operating Income (Expenses)	81,598	-20,599	-5,113	-113,360	-5,626	-217.8
EBT Excluding Unusual Items	919,659	521,913	1,092,433	1,408,720	451,034	116,777
Gain (Loss) on Sale of Investments	-	-	-	-	-	118,925
Legal Settlements	-	-	-	-28,886	-	-
Pretax Income	919,659	521,913	1,092,433	1,379,834	451,034	235,702
Income Tax Expense	105,306	73,584	98,443	114,989	63,761	47,405
Net Income	814,353	448,329	993,990	1,264,845	387,273	188,297
Preferred Dividends & Other Adjustments	-	-	5,532	8,048	11,749	5,322
Net Income to Common	814,353	448,329	988,458	1,256,797	375,524	182,975
Net Income Growth	150.99%	-54.90%	-21.41%	226.60%	105.67%	18.41%
Shares Outstanding (Basic)	235	236	236	236	233	206
Shares Outstanding (Diluted)	235	236	236	236	233	206
Shares Change (YoY)	-1.01%	-	-	1.23%	13.15%	-
EPS (Basic)	3469.63	1897.76	4184.10	5319.97	1609.17	887.19
EPS (Diluted)	3469.63	1897.76	4184.00	5319.97	1609.00	887.00
EPS Growth	157.97%	-54.64%	-21.35%	230.64%	81.40%	19.11%
Free Cash Flow	1,201,460	1,558,116	1,031,437	1,347,728	425,820	-586,962
Free Cash Flow Per Share	5118.94	6595.44	4366.03	5704.88	1824.70	-2846.00
Dividend Per Share	500.000	1500.000	4000.000	3000.000	1000.000	-
Dividend Growth	-75.00%	-62.50%	33.33%	200.00%	-	-
Profit Margin	37.20%	24.56%	38.43%	40.74%	23.31%	53.72%
Free Cash Flow Margin	54.88%	85.37%	40.10%	43.69%	26.43%	-172.32%
EBITDA	1,712,018	1,415,768	2,085,617	2,536,837	1,239,609	197,112
EBITDA Margin	78.20%	77.57%	81.09%	82.24%	76.93%	57.87%
D&A For EBITDA	590,662	589,960	587,267	591,738	470,061	83,433
EBIT	1,121,356	825,808	1,498,350	1,945,100	769,548	113,680
EBIT Margin	51.22%	45.25%	58.26%	63.06%	47.76%	33.37%
Effective Tax Rate	11.45%	14.10%	9.01%	8.33%	14.14%	20.11%
Revenue as Reported	364,131	-	-	-	-	-

Updated Mar 6, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.