Financial Statements (Consolidated) Q1.2024

FECON CORPORATION

15th Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune, Nam Tu Lieni District, Hanoi City, Viet Nain.

FECON CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS

For the accounting period from 1stJanuary 2025 to 31stMarch 2025

Security symbol: FCN

This report includes:

Balance Sheet Income Statement Cash Flow Statement

Notes to Financial Statements

Hanoi, April 2025

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune, Nam Tu Liem District, Hanoi City, Viet Nam

Form B 01 - DN/HN

Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

CONSOLIDATED BALANCE SHEET

As at 31" March 2025

ASSETS

Code Note

FECON CORPORATION

• I H I tn • n fl ' 8

  Form B 02 - DNfHN

  15" Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune, Nam Tu Liem District, Hanoi City, Viet Nam

  Issued under Circular No. 202/2014/TT-BTC December 22°', 2014 of the Ministry of Finance

  CONSOLIDATED INCOME STATEMENT

  For the year ended 31" March 2025

  ITEMS					Code		Note	I" Quarter	Accumulated from the beginning of year to the end of this quarter
  								2025	2024	2025	2024
  1.	Revenues from sales of goods and provision of services				01		6.1	820,683,657,085	61 I ,622,362,836	820,683,657,085	611,622,362,836
  2.	Revenue deductions				02
  	Net Revenues from sales of goods and provision of services (10 = 0 I -02)				lO	820,683,657,085	6 I 1,622,362,836	820,683,657,085	611,622,362,836
  4.	Costs of goods sold				1 l		6.2	689,4B3,072,464	314,813,868,632	G89,483,072,464	514,813,8G8,632
  .	cross profit from sa les of goods a nd provision of services (20 - I 0-11)				2s	131,200,584,621	96,808,494,204	131,200,584,62 I	96,808,49d,204
  6. 7.	Financial income				2 I 22		6.3 6.4	5,843,000,962	9,010,452,551	5,843,000,962	9,010,452,55 I
  	Financial expenses							67,687,872,895	48,423,004,486	67,687,872,895	48,423,004,486
  	In which: interest expenses				23	57,563,834,1 82	47,644,643,983	57,563,834,182	47,644,645,983
  8.	Share of profit/loss in associates/joint venture				24	25,184		25,184
  9.	Selling expenses				25		6.5	6,777,684,956	5,213,904,920	6,777,684,956	5,213,904,920
  10.	General and administrative expenses				26		6.5	54,348,721,219	49,739,884,800	54,348,72 I ,219	49,739,884,800
  $ $	t	)	ts	from operating activities {30 = 20*(21-22)+24-	$p	8,229,331,696	2,442, 152,549	8,229.331.G96	2,442,152,549
  1 2.	Other income				3 l		6.6	846,312, 127	1,254,472,683	846,3 12,1 27	1,254,472,683
  13.	Other expenses				32	]	6.7	4,864,972,4 13	2,047,09 T,920	4,864,972,4 13	2,04?,09J,920
  Id.	Other profits/loss (40 = 31-32)					(4,018,660,286)	(792,619,237)	(4,018,660,286)	t*92,619,237)
  15.	Accountingjirofit before tax (50 = 30+40a				&]	4,210,671,d11	1,649,533,312	d,210,671,d31	1,649,533,312
  1 6.	Current corporate income tax expenses				IQ5		6.8	3,337,190,207	1,392,902,905	3,337,190,207	1,392,902,905
  1 7.	Deferred corporate income tax expenses				52	( 175,108,692)	(378,81 1,524)	(175, 108,692)	(378,811,524)
  18.	Profits ufter enterprise income tax (60 = 50-51-52)				60	1,048,589,896	635,441,931	1,048,589,896	635,441,931
  19	Net profit after tax attributable to shareholders of the parent				6 I	(6,567,397,288)	(7,327,261,497)	(6,567,397,288)	(7,327,261,497)
  20	Net profit after tax attributable to non - controlling interests				62	7,615,987,184	7,962,703,428	7,615,987,184	7,962,703,428
  21.	Basic earnings per share				70		6.9	(42		60.z gg (42	(47

  Chief

  Pham Van Tung

  
  
  

  il 29", 2025

  FE

  
  
  

  Prepares

  
  
  

  Tran Thu Trang Pham Viet Klioa

  3

  FECON CORPORATION Form B 03 - DN/HN

  15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha

  Urban Area, Pham Hung• Road, Me Tri Commune, Issued under Circular No. 202/2014/TT-BTC Nam Tu Liem District, Hanoi City, Viet Nain December 22"', 2014 of the MlniSt Of Finance

  CONSOLIDATED CASH FLOW STATEMENT

  (Iiulirc•ct method)

  For the year ended 31" March 2025

  ITEMS
  Cas li flows from operating activities
  
  

  Code Note

  For the period from For the period from 01/01/2025 01/01/2024 to 31/03/2025 to 31/03/2024

  VND VND

  1. Profit byfoi'c› tyx	01	4,210,671,411	1,649,533,312
  2. Ailjastments far
  - Depreciation and amortization	02	42,902,655,251	42,197,579,688
  - Allowances and provisions	03
  - Foreign exchange (gains) loss a i-isen from
  revaluation of monetary accounts denominated in	04	5,786,569,535
  foreign currency
  -Gain, 1oss from investment activities	05	(4,570,090,841)	(3,876,955,364)
  - Interes I ex pe rises		57,563,834,182	47,644,645,983
  3. Opc•i-utiii g picofit		105,893,639,538	87,614,803,6d 9
  - Increase (decrease) in receivables	09	40,374,325,931	(223,370,713,274)
  - Increase (decrease) in inventor ies	10	(216,683,293,265)	(782,315,059)
  - Increase (decrease) in payables (other than interest, corporate income tax)		(6,077,736, 178)	64,011,392,409
  - Increase (decrease) in prepaid ex penses	12	(7,389,528,678)	(8,933,294,220)
  - Irite rest pa id	I4	(73,147,055, 666)	(67,554,835,105)
  - Corporate inco me tax paid	15	(4,722,765,779)	(6,872,342,038)
  - Other receipts from operating activities	1.6
  - Ot her payments for operating activities	17	(1,1.8.7,692,166)	(618,000,000)
  Next cash flotvs froyi operatiii g activities II. Cash floivs front investing activities	20	(162,940,106,263)	(156,505,303,668)

  1	(191,035,696,549)	(3,917,878,759)
  22	6,440,000,884	19,669,266, 118
  23	(140,096,215)	(2,300,000,000)
  24	4.5,030,000,000	5,461,406,902
  25		(5,889,958,220)
  26

  1. Pu rchase, construction of fixed assets And other Ions terns a sects

     
     
     

  2. P ioceede fi'oiii d is posals of fixed assets and ether

     °

  3. Payment for le nding, purchasing debt instruments other entities

  4. Recovery of

     other entities

     loans, resell ing debt instruments of

  5. Payments for investnients in other entities

  6. P rocee d fi-ona in vestment into other entities

FECON COItPORATION Form B 03 - DN/HN

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha

Urban Area, Pham Hung Road, Me Tri Commune, Issued under Circular No. 202/2014/TT-BTC Nam Tu Liein District, Hanoi City, Viet Nain December 22"d, 2014 of the Ministry of Finance

CONSOLIDATED CASH I LOW STATEMENT (Continued)

(In lirc•ct inetliod)

For the year ended 31" March 2025

ITEMS

Net cash flows during the year

Cash and cash equivalents at beginning

of the year

Code Note

50

60

For the period from For the period from

to 31/03/2025 to 31/03/2024

VND VND

(t94,026,839,336) (312,323,81 1,582)

472,986,710,028 70!,731,891,550

Effects of exchange

cash equivalents

rates fluctuations on cash and 6

34,925,583

Cash and cash equivalents at the end of the year 70

Chief Accountant

278,994,796,275 389,408,079,968

i-il 29", 2025

Tran Thu Trang

Pham Van Tung

Pham Viet Khoa '

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha

Urban Area, Pham Hung Road, Me Tri Coniniune, Issued under Circular No. 202/2014/TT-BTC Nam Tu Liem District, Hanoi City, Viet Nano December 22"', 2014 o1 the Ministry of Finance

For the year ended 31" March 2025

1. COMPANY INFORMATION

   1. Sti uctui"e oF Osne‹"sliip

      FECON Corporation was established and operated under Business Registration Certificate No. 0103004661 firstly issued by Hanoi Department of Planning and Investment dated 18" June 2004, registered to change many times, the eighth change dated 17"' November 2010 was about the change of company code into 0101502599 and the 20th change dated 6* May 2016 for change the name from "FECON Foundation Engineering and Underground Construction Joint Stock Company" to "FECON CORPORATION" and the 32"' change dated 14"' January 2022 on increasing charter capital.

      Charter capital of the Company according to the 32nd Business Registration Certificate dated 14t" January 2022 is VND 1,574,390,050,000 (ln words. One tlioiisail ‹1 five hung:lred and seventy four billion, three html:lreil anal ninety million, anal flfty thotisan‹l Vietnam done.

      Foreign name: FECON CORPORATION; Abbreviation name: FECON CORP.

      The Company's stock is currently listed on the HOSE Stock Exchange with stock code FCN.

      Registered Address: 15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Coininune, Nam Tu Liem District, Hanoi City, Viet Nam

   2. Operating industries and principal activities

      • Construction of foundation and underground structure for high building, industrial, transportation, irrigation structures;

      • Construction or engineering infrastructure of Industrial and urban zones;

      • Testing foundation bearing capacity by static load & Pile Dynamic analysis (PDA) method;

      • Testing for integrity and homogeneity of pile, foundation and reinforcement concrete structures by ultra-sonic test (SONIC) and pile integrity test (PIT);

      • Geological investigation, topographic survey, engineering hydrological and geological investigation;

      • Performance of geotechnical experiments for survey and design service, quality management and monitoring of the Foundation construction and underground works (not including construction design services);

      • Business in car renting services;

      • Testing and analysing technique.

        The Company's main activities during the period: Construction of foundation and underground structure for high building, industrial, ti ansportation, irrigation structures.

   3. Normal operating cycle

      The Company s normal operating cycle is 12 months.

      FECON CORPORATION

      15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Conirrrune,

      Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

      Nam Tu Liem District, Hanoi City, Viet Nano

      
      
      
   4. Statement of information comparability on the consolidated financial statements

      The Board of Directors ensures to follow all the requirements of the Vietnamese Accounting Standards and System, which were issued together with the Circular No. 200/2014/TT-BTC dated 22"' December 20.14 and Circular No. 53/20 16/TT-BTC on amending and supplementing a number ot articles of Circular No. 200/2014/TT-BTC dated Decerriber 22"', 2014 issued by the Ministry of Finance. Therefore, the information and figures presented in the consolidated financial statements are comparable.

2. ACCOUNTING CONVENTION AND ACCOUNTINC• PERIOD

   Fiscal year

   The Company's fiscal year applicable for the preparation of its financial statements starts on I" January and ends on 31"' December of solar year.

   Accounting currency

   The accompanying consolidated financial statements are presented in Vietnam Dong (VND).

3. ACCOUNTING STANDARDS AND SYSTEM

   Accounting System

   The Company applicd to Vietnamese Accounting System promulgated under Circular No. 200/2014/TT-B IC dated 22"' Deceiiiber 20.14 issued by the Ministry of Finance and Circular No. 53/2016/TT- BTC dated March 21", 20.16 amending and supplementing a number of articles of Circular 200/2014/TT- BTC dated December 22"', 2014.

4. SUFIMARY OF SIGNIFICANT ACCOU NTING POLICIES

Basis of preparation of the Consolidated financial statements

The attached Consolidated financial statements are expressed in Vietnam Dong (VND), under the historical cost convention and in accordance with Vietnamese Accounting Standards, Vietnamese Accounting Systems and legal regulations relevant to the preparation and presentation of Consolidated financial statements.

The accompanying Consolidated financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdiction other than Vietnam.

Consolidated financial statements of the Company are prepared in accordance with Circular 202/2014/TT-BTC guirling the method of preparation and presentation of Consolidated financial statements, specifically.

The Consolidated financial statements include the Company's separate financial statements and the financial statements of companies controlled by the Company (subsidiaries) prepared up to December 31stof each year. This control is achieved when the Company has the power to govern the financial and operating policies of the investee companies so as to obtain benefits from their activities.

The results of subsidiaries acquired or sold during the year are included in the Consoli dated Income Statement mom the date ot acquisition or until the date of sale of the investments in that Subsidiaries.

Where necessary, the financial statements of the Subsidiaries are adjusted so that the accounting policies applied at the Company and the Subsidiaries are the same.

All transactions and balances between companies within the same group are eliminated upon consolidation of the financial statements.

rEcON CORPORATION

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

Nain Tu Liem District, Hanoi City, Viet Nam

4. SUMMARY OF SIcNiricaNT AccouNTING POLICIES (CONTINUED)

Basis of preparation of the Consolidated financial statements (Continued)

Non-controlling interests include the amount of non-controlling interests at the date of the initial business combination and the non-controlling interest's share in changes in total equity as of the date of the business combination from the date of the business combination. Loss incurred at a Subsidiary must be distributed proportionally to the share of the non-controlling shareholder, even if such loss is greater than the non-controlling sliarelioldefs s1iai'e of the subsidiaiy s net assets.

The Consolidated financial statements at 31/3/2025 are consolidated on the basis of the Separate financial statements at 31/3/2025 of the parent company is FECON Corporation, the subsidiaries of Fecon Corporation are FECON Infrastructure Construction JSC, Y Yen High school, FECON Invest Corporation , FECON Raito Underground Construction Joint Stock Company, FECON South JSC, FECON Power JSC, Dong Khe Organic Agriculture Joint Stock Company, FECON RAINBOW FOUNDATION CONSTRUCTION CO LTD, FECON Haidang Mineral JSC, Fecon Machinery Supply JSC, Fecon Piling 1 JSC, Fecon Drilling & Basement Structure TSC, FECON Pile and Construction TSC, FECON Trung Cliinli JSC - Myanmar, ECOTECH Vietnam Energy investment JSC, Quoc Vinh Soc Trang Wind Power Joint Stock Company, FECON Hiep Hoa Joint Stock Company, FECON Plio Yen Joint Stock Company, GF Homes Joint Stock Company and Raito -FECON Innovative Geotechnical Engineeering Joint Stock Company.

Accounting estimntes

The preparation of the Consolidated financial statements in conformity with Vietnamese Standards on Accounting, Vietnamese Enterpi ise Accounting System and other prevailing accounting regulations in Vietnams requires the Board of General Directors to make estimates and assumptions that affect the reported amounts of liabilities, assets and disclosures of contingent assets and liabilities at the date of the Consolidated financial statements and the reported amounts of revenues and expenses during the fiscal year. Actual results may differ from those estimates and assumptions

Cash and cash equivalents

Cash comprises cash on hand, bank deposits

Cash equivalents comprise short-temi deposits and highly liquid investments with an original maturity of less than 3 months that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Foreign exchange rates applied in accounting Transactions in foreign currencies

Transactions in foreign currencies are exchanged at the rates ruling at the transaction date, foreign exchange differences arising from these transactions are recognized in the consolidated income statement.

Revaluation of monetary items denominated in foreign currencies at the date of the consolidated financial statements

1. The items denominated in foreign currencies are classified as assets (cash, receivables, ...): Revaluation under the buying rate of the bank which the Company opens its account as at 31" March 2025.

2. The items denominated in foreign currencies are classified as liabilities (payable, debts,...): Revaluation under the selling rate of the bank which the Company opens its account as at 31" March 2025.

The difference in exchange rates arising from the revaluation is transferred to the Exchange rate difference account - 413, the balance of this account will be transferred into the revenue or financial expenses at the time of' the consolidat ed financial statements.

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Coinintine,

Nam Tu Liem District, Hanoi City, Viet Nain

4. SUi4MARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

I-lylJ to iii attr rity invextiiients

Held-to-maturity investments include term deposits with banks and held-to-maturity loans for the purpose of earring periodic interest and other held-to-maturity investments.

Held-to-maturity investments are initially recognized at cost including the purchase cost and other transaction costs. Interest from these held-to-maturity investments after acquisition date is recognized in the profit or loss on the basis of the interest income to be received. Interests arising prior to the Company's acquisition of held-to-maturity investments are recorded as a decrease in the costs as at the acquisition lime.

Held-to-maturity investments are stated at cost less allowance for bad debts.

Allowance tor bad debts of held-to-maturity investiiients is made in conformity with current accounting regulations.

Loans are stated at cost less allowance for doubtful loans.

Allowance for doubtful loans is made in conforiiiity w itli current accounting regulations.

lii vrstm exits in as.sociates ay‹f other investments

Investments in associates and joint ventures over which the Company has significant influence are stated at cost method in the financial statements.

Investments in joint ventures and associates are presented in the balance sheet using the equity method.

Other iiivrstiiients: are i ecorded at cosl, including purchase price plus directly attributable acquisition costs. After the initial recognition, these investments are measured at cost less allowance tor climinution in value of investments.

Allowance J'ar loss of iii vestments

Allowance for losses of investments in subsidiaries, contributions to joint ventures, investments in associates and investments in equity instruments ot' other entities is made when there is apparent evidence for impairment in value of the investments as at the balance sheet date.

Receivables

The receivables comprise the customer receivables and other receivables. Receivables are recognized at the carrying arriounts less allowances for doubtful debts.

Allowance for doubtful debts is assessed and made for overdue receivables that are difficult to be collected, or the debtor is unable to pay due to dissolution, bankruptcy or similar difficulties.

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 20.14 of the Ministry of Finance

Nain Tu Liem District, Hanoi City, Viet Nam

Inventories

Inventories are stated at the historical cost. When historical cost is higher than net realizable value, inventories shall be stated at net realizable value. The historical cost of inventories comprises direct materials expenses, direct labour expenses and general production expenses based on normal levels of operating activity that have been incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the normal course of business minus all estimated costs of completion and costs of marketing, selling and distribution.

4 he Company's allowance for impairment of inventories is made when there is reliable evidence of irnpaimaent of the net realizable value coiiipared to the history cost of inventories.

Tangible fixed assets are stated at history cost less accumulated depreciation. Historical costs of tangible fixed assets include all the expenses paid by the Company to bring the asset to its working condition for its intended use.

Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives as follows:

Years

Buildings, structures i 0 - 50

Machinery and equipment 05 - 20

Motor vehicles 06 - 10

Office equipment 03 -08

Others 03 - 10

When a tangible fixed asset is sold or disposed, its historical cost and accumulated depreciation are written off, then any gain or loss arising from such disposal is included in the income or the expenses during the year.

Intangible fixed assets and Amortization

The total cost of company's intangible assets is expressed at history cost less accumulated amortization.

Copyrights, patents, computer software and others are amortized on a straight-line basis over their estimated useful lives of 3 - 10 years.

Finance leases as lessee

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incident to ownership belonging to the lessee. All other leases are considered operating leases.

A finance lease is recognized as a finance lease asset or finance lease liability on the balance sheet based on the low er value of the fair value of the leased asset and the present minimum value of the lease liability at the initial time of the lease.

Payments for finance leases are divided into finance charges and principal payables. Financial expenses are calculated for each accounting period during the lease term at a fixed rate of interest on the remaining outstanding ba lance.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22'd, 2014 of the Ministry of Finance

Nam Tu Liem District, Hanoi City, Viet Nam

Finance lcases as lessee

-inancia1 leased assets are depreciated in accordance with the straight-line method over their estimated useful lives like the Company owned assets or over the leased term in case the leased term is shorter, in details:

Machinery and equiprrient Motor vehicles

Business cooperation contract (BCC)

The Company as capital contributor

08 - 20

08 - 10

Cash and asset contributions under BCC are recognized as receivables in the financial statements.

Recognition of revenue and expenses according to BCC: One-time revenue recognition upon the expiration of the business cooperation term as prescribed in the contract.

Prepaid expenses

Prepaid expenses comprise actual expenses arising but relevant to financial performance in several accounting periods and the transfer of these expenses to operating expenses of subsequent accounting periods.

Prepaid expenses are stated at cost and are classified under short-tenn and long-term on the balance shect based on time payment up front of each contract.

Prepaid expenses are aiaiortized on a straight line basis over the lease term according to the useful time but no more than 3 years.

Land use right value at office building in Tower CEO, Lot HH2-1, Me Tri Ha New Urban Area, Pham Hung Road, Nain Tu Liem District, Hanoi in 48 year is amortized over 48 years.

Construction in progress

Construction in progress reflects the Properties in progress for production, leasing, administrative purposes, or for any other purposes are recognized at the historical cost. This cost includes relevant service fees, interest fees in accordance with the Company's accounting policies. Depreciation of these assets is the same as the other assets, commencing from these assets are ready for their intended use.

GOOk)Ci4l

Goodwill arising in the event of a business combination that does not result in a Parent - Subsidiary relationship is amortized on a straight-line basis over 10 years.

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"", 2014 of the Ministry of Finance

Nam Tu Liem District, Hanoi City, Viet Nano

1. SU9iMARY OF SIGNIFICONT ACCO L NTIN G POLICIES (CONTINUED)

   Payables

   The account payables are monitored in details by payable terns, payable parties, original currency and other factors depending on the Company's management requirement.

   The account payables include payables as trade payables, borrowings payable, intercompany payable and other payables which are determined almost certainly about the recorded value and term, which is not carried less than amount to be paid. They are classified as follows:

   • Trade payables: includes commercial payables arising from the purchase of goods, services and assets between the Company and the seller (independent entity with the Company).

   • Other payables reflect payables of non-commercial nature and irrelevant to purchase, sales of goods or provisions ot services.

     Borrowings and financial leasing liabilities
     
     
     

     Borrowings and financial leasing liabilities include borrowings, financial leases, excluding borrowings in the forint of bonds or preference shares with terms that the issuer is required to repurchase at a certain point in the future.

     
     
     

     The Company monitors loan amounts and financial liabilities in details by each type and classifies them into shon-terns and long-term according to repayment term.

     Expenses directly relaterl to the loan are recognized to financial expenses, except for expenses incurred from a Consolidated loan for investment, construction or production in progress, which are capitalized according to Accounting Standard Borrowing costs".

     Recognition and capitalization of Borrowing costs

     All other borrowing costs are recognised in the Income statement when incurring, except for the borrowing cost capitalized under Vietnamese Accounting Standards "Borrowing cost".

     Accrued expenses

     Accrued expenses are those already recorded in operating expenses in the year but not actually paid to ensure that when these expenses actually occur, they vill not have a significant influence on operating expenses based on matching principle between income and expenses.

     The Company recognizes Accrued expenses as follows:

   • Interest expense accrued in advance: made in advance according to the loan contract

   • Costs of labour, materials and fuel: advance according to the estimate dossier on the basis of completed work volume.

   • For construction works when having volumes acceptance. Unrealized revenues

Unearned revenue includes: the difference between the selling price and the sublease price of the financial leased asset aiiiortized on a straight-line basis over the lease term.

Owners' equity

Capital is recorded according to the actual amounts invested by shareholders.

Capital is recorded in accordance with the difference between the issuance price and face value upon the IPO, additional issue or re-issuance.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Conunune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

Nain Tu Liem District, Hanoi City, Viet Nain

4. SUMMARY OF SIGN II 1CANT ACCO U NTING POLICIES (CONTINUED)

Profit after tax of the Company is used to pay dividends to shareholders after having the approval of the Shareholders at the Annual General Meeting and after allocations to the reserve fund under the Company's Charter.

Dividends are disclosed and paid based on estimated earnings. Dividends are officially announced and paid in the following tiscal year trom undistributed earnings, based on the approval of the Board of General Directors at the Company's Annual General Meeting.

Revenue and other income

The Company's revenue includes revenue from sales of goods, revenue from construction and installation, provision.

Re veitiie Ji out sale o]'goo‹ls

Revenue from sale of goods shall be recognized when it satisfies all the five (5) conditions below:

• The Company has transferred to the buyer the signiticant risks and reward of ownership of the goods;

  
  
  

• The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• The amount ot revenue can be measured reliably;

  
  
  

• It is probable that the economic benefits associated with the transaction will flow to the Company; and

• Costs related to transactions can be deteriiained.

  Reveitiie front services

  Revenue from services is recognized when the outcome of that transaction can be reliably determined. Where a transaction involving the rendering of services is attributable to several periods, revenue is recognized in the year by reference to the percentage o I completion of the transaction at the balance sheet date of that period. The outcome of a transaction can be measured reliably when all four (4) following conditions are satisfied:

• The aiiiount of revenue can be measured reliably;

• It is probable that the economic benefits associated with the transaction will flow to the Company;

• Identify the completed work as at the balance sheet date; and

• Deters line the costs incurred for the transaction as well as the cost to complete the transaction to provide that service.

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DNfHN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

Nam Tu Liem District, Hanoi City, Viet Nain

1. SUIIMARY OF SIGNIFICANT ACCOUNTING POLICHES (CONTIN UED)

   Revenue and other income

   Reentire of coitstrHction

   Revenues of construction are reliably recognized in the follow ing cases:

   • For construction contracts stipulating that the contractor is paid according to the planned schedule, the revenue and expenses related to the contract are recognized in equivalent proportion to the completed work determined by the Company as at the balance sheet date.

   • For construction contracts stipulating that the contractor is paid according to the value of the

     ›'oluinc performed, the revenue and expenses related to the contract are recognized in equivalent proportion to the completed work confirmed by the customer and reflected on the issued invoice.

     Increases and decreases in construction volume, compensation and other revenues are recognized as revenue only when agreed with the custoiiier.

     Revenues of construction are not recognized in the following cases:

     » Revenue is iecognized in equivalent proportion to contract costs which is probable to be paid.

   • The contract costs are recognized to expenses only when they actually incur.

     
     
     

   • The difference between the total accumulated revenue of the recognized construction contract and the accumulated amount recorded on the payment invoice according to the planned progress ot the contract is recorded as a receivable or payable amount according to the planned progress ot construction contracts.

The revenue is recognized when the Company can obtain econorrñc benefits from the above activities and when it is reliably measured.

Cost of goods sold

Cost ot goods sold including of cost ot products, goods and services, real estate sold in the period are i ecogni zed in accoi dance with revenue in the period.

I or the cost of direct materials consumed exceeds normal levels, labour costs, fixed general administration expense which are not allocated to finished goods will be recognized in cost of sales (after minus the amount of compensation, if any) even if the goods have not been determined to be consumed.

Financial expenses

• Losses related to financial investment aclivities:

• Cost borrowing: Recorded monthly based on the loan principles, the interest rate and number of actual borrowing days.

• Foreign exchange loss: Recognized when there is a dii'ference between the actual exchange rate and the bookkeeping rate and when there is a loss when revaluation of monetary items denominated in foreign currencies.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune,

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

Nain 3 u Liem District, Hanoi City, Viet Nano

Current corporate income tax expense and deferred corporate income tax expense

Corporate income tax expenses (or corporate income tax income): is total current and deferred income tax expenses (or total current and deferred tax) in determining profit or loss of a period.

Current income tax expenses: are corporate income tax payable calculated on taxable profit during the year and current corporate income tax rate. Current income tax is calculated on taxable income and applicable tax rate during the tax period.

Difference between taxable income and accounting profit is from adjustment of differences between accounting profit and taxable income in accordance with current tax policies.

Deferred income tax expenses. is corporate income tax payable in the future araising from: recognising deferred income tax payable during the year; reversing deferred tax assets recognised in previous years/periods; not recognising def'erred tax assets or def'erred tax liabilities raising from transactions that directly recorded to equity.

The Company has an obligation to pay corporate income tax at the rate of 20% on taxable profits, The contractor tax rate on CIT for income received from foreign investment is 25%.

The determination of the Company's income tax is bascd on current tax regulations. However, these regulations change from time to tiiiie and the final deterrrñnation of corporate income tax depends , on the examination results or the corrlpetent tax authorities.

Earnings per share

Basic earnings per share are calculated by dividing net protit (loss) after tax for the year attributable , to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year.

Related parties

A party is considered a related party of the Corporation in case that party is able to control the Corporation or to cause material effects on the financial decisions as well as the operations of the Corporation. A party is also considered a related party of the Corporation in case that party is under the same control or is subject to the same material effects.

When considering the relationship of related parties, the nature of relationship is focused more than its legal form.

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Ai ea, Pham Hung Road, Me Tri Coinnaune,

Form B 09 - DN/UN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

go*'ernment budget

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune, Nain Tu Liem District, Hanoi City, Viet Nani

Form B 09 - DN/HN lssued under Circular No. 202/2014/TT-BTC December 22"', 2014

of the Ministry of Finance

HISTORY COST

Copyright, patent

Soft›vare

Other intangible fixed assets

Total

Unit VND

As at 01/01/2025 Increase Decrease

As at 31/0ñ/202fi

ACCUM U LATED AMORTIZATION

As at 01/01/2025

Increase Amortization Decrease

As at 31/03/2025

NET BOOK VALUE

As at 01/01/2025

27.015.257.544

30.439.854.6S0

2.399.392.55...5.........

. .6.0.0..96.30.4.749

11.248.551.037

413.89?.389

11.662.444.426

181.267.192 _

835.508.434

39.627.14 2.01

413.893.3fi9

15.766.706.S07

241.800.000

173.814.452

7.4T2.740

7.452.740

67.985.548

30.439.854.650

26.037.004.880

910.917.081

910.917.08 I

4.402.849.770

2.399.392.55S

783.679.203

S1.829.231 51.829.231

1.615.713.352

60.096.304.749

3It.243.049.572

1.384.092.441

21.853.255.177

As at 31/03/2025

15.352.813.118 60.532.808

19

3.491.932.689 1.563.884.121

20.469.t62736

FECON CORPORATION Form B 09 - DN/HN

15' Floor CEO Power, Plot Hl42- 1. byte Tri Ha Urban Issued under Circular No. 202/2014/TT-BTC Area, Pham Hung Road, Me Tri Commune, Nam Tu December 22"d, 2014 of the Ministry of Finance

Liem District, l-lanoi City, Viet Nain

Interest expenses, cost of construction projects,

others

Total

5.13 O ther short-term Payables

20

FECON CORPORATION

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune, Nam Tu Liem District, Hanoi City, Viet Nam

5.15 Owners' equity Changes of owners' equity

Form B 09 - DN/BN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

Unit.

shareholder iaferest

21

FECON CORPORATION Form B 09 - DN/HN

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Issued under Circular No. 202/2014/TT-BTC Area, Pham Hung Road, Me Tri Commune, Nam Tu December 22"d, 2014 of the Ministry of Finance

Liem District, Hanoi City, Viet Nam

5.15 Owners' equity (Continued)

For the period from

01/01/2025 to

31/03/2025

For the period from

01/01/2024 to

31/03/2024

1. ADDITIONAL INFORMATION ON THE lTEf4S OF THE CONSOLIDATED INCOME STATEMENT

   1. Revenue from sales of goods and provision of services

      For the period from 01/01/2025 to 31/03/2025

      VND

      For the period from

      01/01/2024 to 31/03/2024

      VND

      611.622.362.836

      611.622 3,62.836

      
      
      

      Sales of goods and provision of services Total

   2. Cost of goods sold

      Cost of goods sold, construction, Services

      Total

      For the period from

      01/01/2025 to

      31/03/2025

      VND

      689.483.072.464

      689.483.072.464

      For the period from 01/01/2024 to 31/03/2024

      VND 514.813.868.632

      514.813.868.632

      FECON CORPORATION Form B 09 - DN/HN

      15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Issued under Circular No. 202/2014/TT-BTC Area, Pham Hung Road, Me Tri Commune, Nam Tu December 22"d, 2014 of the Ministry of Finance

      Liem District, Hanoi City, Viet Nam

   3. Financial income

      For the period from

      01/01/2025 to 31/03/2025

      VND

      For the period from

      01/01/2024 to 31/03/2024

      VND

      
      
      

      Interest income front deposits and loans	3.848.404. 285		3.869.127.796
      Interest income front disposal of investirients
      Gain on exchange difference Payment discount	1.994.596.677		5.141.324.755
      Dividend, profit received
      Investment entrustinent interest
      Others
      Total
      Financial expenses	For the period from		For the period from
      	01/01/2025 to		01/01/2024 to
      	31/03/2025		31/03/2024
      Interest expenses	57.563.834.182		47.644.645.983
      Payment discount and Interest expenses for deferred p:	22.528.115		82.259.355
      Foreign exchange losses	8.526.446.084		256.478.708
      Loss of disposal of financial investments
      Others	1.575.064,514		439.620.440
      Total	67.687.872.895		48.423.004.486
      Selling expenses and General and administrative expenses
      	For the period from		For the period from
      	01/01/2025 to		01/01/2024 to
      	3 J/03/2025		31/03/2024
      	VND		VND
      Selling expenses	6.777.684.956		5.213.904.920
      Erriployee expenses	3.829.107.857		3.997.055.193
      Cost of tools and supplies	31.558.028		20.664.548
      Depreciation expenses	56.111. 811		32.253.852
      Outsourcing expenses	2.185.654.691		757.690.898
      Other expenses in cash	675.252.569		406.240.429
      General and administrative expenses	54.348.721.219		49.739.884.800
      Employee expenses	36.070.905.355		33.395.442.708
      Material expenses	577.604.890		813.426.063
      Office supplies expenses	1.980.242.069		1.366.142.057
      Depreciation expenses	1.602.077.635		1.604.289.475
      Tax charges and fees	I .035.367.728		599.157.460
      Provision expenses
      Outsoucing expenses	8.209.543.571		7.168.304.992
      O ther expenses in cash	3.130.394.5 69		2.930.261.277
      Goodwill amortizasion	1.742. 585.402		1.862.860.767

   4. 
      
      

FECON CORPORATION Form B 09 - DN/HN

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Issued under Circular No. 202/2014/TT-BTC Area, Pham Hung Road, Me Tri Commune, Nain Tu December 22"', 2014 of the Ministry of Finance

Liem District, Hanoi City, Viet Nam

Corporate income tax expense calculated on taxable income of the current year

3,337,190,207

3,337,190,207

1,392,902,905

1,392,902,905

FECON CORPORATION Form B 09 - DN/HN

15* Floor CEO Tower, Plot HId2-1, Me Tri Ha Urban Issued under Circular No. 202/2014/TT-BTC Area, Pham Hung Road, the Tri Commune, Nam Tu December 22"', 2014 of the Ministry of Finance

Liem District, Hanoi City, Viet Nam

Average number of outstanding common shares during the period (shares)

Basic en rnings per share (VND/share)

(6,567,397,288)

157,439,005

(42)

(7,327,261,497)

157,439,005

(47)

i, April 29", 2025

Preparer

Tran Thu Trang

Chief Accountant

Pham Van Tung

FE "