Fecon CorporationHOSE: FCN

Financial Statements (Separate) Q1.2025

Apr 30, 2025 at 2:05 PM UTC · MarketScreener

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

Tu Liern District, 1-Ianoi City, Viet Nain

FINANCIAL STATEMENTS

For the accounting period from 1" January 2025 to 31" March 2025

Security symbol: FCN

This report includes: Balance Sheet Income Statement Cash Flow Stcitement

Notes to Financial Statements

Hanoi, April 2025

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Form B 01 - DN Urban Area, Phatn Hung Road, Me Tri Coiiiiaiune, Issued under Circular No. 200/2014/TT-BTC Nano Tu Liem District, Hanoi City, Viet Nain December 22"', 2014 of the Ministry of Finance

BALANCE SHEET

As at 31" March 2025

ASSETS

A - C URR ENT ASSETS

(ioo mo+i io-iso+two+is0)

Code Note 100

31/03/2025

VN D 4,272,036,832,192

01/01/2025

VND 4,216,414,2.31,306

Cash and cash equivalents

110

5.1

73,206,429,230

173,235,794,964

Cash

11 I

58,361,726,728

158,404,023,931

Cash equivalents

112

14,844,702,502

14,831,771,033

1I-

Short-term financial investments

120

19,719,898,975

19,579,802,760

He Id-to-maturity investments

1.23

1.9,7 19,898,975

19,579,802,760

I I I-

Sho rt-term recciv ii bles

130

2,710,763,342,928

2,697,922,401,859

Sliol-t-tei-ir iece ival 1es fioni custolners

13.1

1,459,03G.178, 124

1,509,186,468,409

Sliort-term all vances to supp1iel-s

13.2

768,27 1,589,539

74b,264,47l,263

Short-tenn 1oan receivables

28,050,000,000

Otfier short-tertn receivables

13.6

5.2

45.8,765,965,012

417,781,851,934

Short-term allowances for doubtful debts

13.7

(3,360.389,747)

(3,360,389,747)

IW-

Iinventories

140

1,425,91.3,129,067

1,299,879,812,978

Inventories

14.1

5.3

1,425,913, 129,067

1,299,879,812,978

V-

Other c urrent assets

150

42,434,031,992

25,796,418,745

Show-t-leir' prepaid expenses

151

15,495,242,492

14, 133,258,990

Deductib ie value added tax

152

5.4

1.1, 1.18,632,665

Tax and other recei vab les from go venrreiat budget

153

5.4

15,820,15 6,835

1.1,663, 155,755

B -

LONG-T ERM ASSETS

200

1,614,717,757,725

1,625,905,428,186

(200 = 210+220+230*240*250+260)

Lo ng-terni recciviibles

210

15,718,423,105

16,127,276,531

Other long-iel'iaa rece iva b1es

210

5.5

1.5,71 8,423, 105

1.6,127,276,531

Fixed assets

241,926,914,114

251,142,575,106

Tangib le fixe‹l assets

100,937,283,941

104,174,867,199

hi'.irol-len/s cost i

24.1,830,2 I 8,86 I

241,830,218,861

Acctim ii/atecl rfepreciaiio n

(140,892,934,920)

(137,655,351,662)

Finance Iease fixed assets

224

5.7

135,453,534, 1.53

140,515,548,321

167,623,868, 167

167,623,868,167

- .d c'c' i iJii i i1a fe cl ‹I em t'c'/ft rio i (32, 170,334,0 14)

(27,108,319,846)

In tan gi h ie fixed assets

5,53G,096,020

6,452,159,586

/-fi.iroric'ri/.s coils

30,858,535,939

Acciiiiiii1nie‹l riiiic'i-ii'zriiion

(25,322,439,919)

(24,406,376,353)

I V

Long-term assets in progress

240

1,043,428,000

Construction in progress

242

5.9

1,043,428,000

Long-term fi nn nci al investments

250

1,287,355,874,722

Investlnents in subsi‹l iari es

25.1

1,223,094,909,275

Other 1ong-term in vestments

253

60,810,027,447

Held to maturity in vestments

255

3,450,938,000

3.450,938,000

V{. ther long-te rni assets

260

68,673,117,784

70,236,273,827

1. Lori -term prepaid expenses

261

6.8,673, 117,784

70,236,273,827

TOTAL ASSESTS (270 = 100 +200)

270

5,886,754,589,917

5,842,319,659,492

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

Form B 01 - DN

Urban Area, Pham Hung Road, Me Tri Commune,

Issued under Circular No. 200/20 14/TT-BTC

Nam Tu Liem District, Hanoi City, Viet Nam

December 22 d, 2014 of the Ministry of Finance

BALANCE SHEET (Continued)

As at 31"' March 2025

RESOURCES

Code

Note

S1/0S/2025

01/01/2025

A-

LIABILITIES

300

3,457,482,396,263

3,399,596,965,049

(300=310 330)

Short-term liabilities

310

3,367,174,356,605

3,259,229,192,075

Short-term trade payables

3l I

946,820,352,809

834,947,102,207

Short-tern advances fiom customers

3I2

6I 1,83I,953,4S2

617,827,651,122

Taxes and other payables to government budget

oI3

3. I I

9,183,659,766

9,9l7,S0I,040

Payables to employees

3I4

4,762,035,056

I0,333,92l,002

Short-teiin accrued expeilscs

3l S

S. I?

1.82,614,471,039

213,658,096, 181

Othei slJoit-temp payineits

3 T9

5. I3

229,S03,fi89,224

227,747,0I3,J09

10.

Short-term borrowings and finance lease liabilities

320

5.10

1,382,457,895,259

1,344,797,907,014

Long-term liabilities

330

90,308,039,658

1J0,367,772,974

Long-tens unearned revenue

336

2,237,6S4,270

2,607,506,089

Lony-tern boi"rowiMgs and finance lease liabilities

338

3. I4

88,050,385,388

I37,760,266,885

B-

OWNERS' EQUITY

400

2,429,272,193,654

2,442,722,694,443

(400 = 4l0*430)

Owners' equity

410

5.15

2,429,272,193,654

2,442,722,694,443

Contributed capital

411

1,574,390,050,000

1,574,390,050000

(1rdiii‹ii y sJJ r-r.r ii i//i i oliiig rights

411c

1,574,390,050,000

1,574,390,030,000

Share prelniuin

412

5.1(,556,564,2 I(

5l7S56S64,27

Development and investiiient funds

418

297,446,985,202

2974698S,202

Undistributed profit afier tax

421

39,878,594,235

S5,529,093,024

UiiJislribiiled yrojit ajtet- fax brought %nrai d

J?/o

53,329,095,024

46,690,594,377

Un‹li.;lrihulc‹l j i'o|lI ufIc°r /‹/i foi llic› curi-c›nl fiic›riod

-/2)b

[| o",450,300,789)

6,63X,700,647

TOTAL RESOURCES

(440 - 300-t400)

440

5,886,754,589,917

5,842,319,659,492

9' April 2025

Preparer

Chief Accountant

Cli

Tran Thu Trang

Pham Van Tung

Pham Viet Khoa

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

INCOME STATEMENT

For the year ended 31" March 2025

Form B 02 - DN Issued under Circular No. 200/2014/TT-BTC December 22'd, 2014 of the Ministry of Finance

ITEMS

Code

Note

1" Quarter

Accumulated From the beginning oF year to

the end of this quarter

2025

2024 |

2025

2024

LRevenues from sales and provision of services

5 1 6

633,876,645,065

340,631,524,233

633,876,645,065

340,631,524,233

2. Revenue deductions

3.Net sales of goods and services t10 = 01 - 02)

633,876,645,065

340,631,524,133

633,876,645,065

340,631,524,233

4. Cost of goods sold

5.1 7

595,815,478,051

309,113,885,297

595,815,478,051

309,113,885,297

5. Gross profit from sales of goods and services (20 = 1 0 - 11)

38,061,1ä7,014

31,517,638,936 38,061,167,014

31,517,638,936

6.Financial income

5.18

10,222,952,951

12,029,833.405

10,222,952,951

12,029,833,405

7. Financial expenses

5.19

35,766,355,856

20,991,370,015

35,766,355,856

20,991,370,015

In which.' Inter-est expenses

31,611,5 19,315

20,5 I8,025,967

31,611,519,315

20,518,025,967

8. Selling expenses

2,082,427,450

1,845,425,878

2,082,427,450

1,845,425,878

9. General and administrative expensas

23,004,738.329

20,766.288.419 23,004,738.329

20,766,288,419

10. Net profits from operating activitics{30 = 20 + (21 - 22) - (24

25)}

(Î2,569,4OÎ,G70)

(55,611,971 ) (12,569,40l,G70)

(55,611,971)

11. Other income

5.20

G6,852,661

535,472,61 6

66,852,661

535,472,616

2.Other expenses

5.20

947,951,780

38,373,417

947,951,780

38,373,417

13. Other profit7Ioss (40 = 31 - 32)

(881,099,119)

497,099,199

(881,099,119)

497,099.199

14. Profit from other activities (50 = 30 + 40)

(13,450,500,789)

441,487,228 (13,d50,500,789)

441,487,228

15. Current corporate income tax

5.21

16. Deferred corporate income tax

i . mount arter tas tso - so - si - s2)

(13,450,500,789)

441,487,228s

,500,789)

441,487,228

Preparer

Tran Thu Trang

Chief Accountant

Pham Van Tung

CONG Cà

C0 PHA

Pham Viet Klioa

April 2025

Nam Tu Liem District, Hanoi City, Viet Nam December 22"', 2014 of the Ministry of Finance

SEPARATE CASH FLOW STATEMENT

(Indirect metlio 1)

For the year ended 31" March 2025

ITEMS

Code Note

l'or the period from 01/01/2025

to 3J/03/2025

1'or the period from 01/01/2024 to 31/03/2024

VND VND

Cash flows from operating activities

Profit beforc• tax

(13,450,500,789)

441,487,228

Adjastmeittspir

- Depreciation and amortization

9,217,663,183

9,157,599,828

- Gain, loss from in›'estinent activities

(8,241,635,779)

(12,029,833,405)

- Interest expenses

31,611,519,315

20,518,025,967

3. Ojic•i-atiit g profit befoi-e cliairqcs in workiit g 08 19,137,045,930 18,087,279,618

c'o th/

- (Increase) decrease rcceivables

(l 6,863,522,10 1)

(152,845,310,299)

- (Increase) decrease inventories

(126,033,316,089)

14,494,390,526

- (Increase) decrease accounts payable

69,210,485,690

17,095,345,338

- (Increase) decrease prepaid expenses

1.2

201,172,541

(809,804,978)

- Interest paid

(29,722,948,466)

(34,281,720,752)

- Corporate income tax pa id

(3,000,000,000)

(5,000,000,000)

- O ther payments for operating activities

(60,000,000)

(20,000,000)

(87,131,082,495)

(143,279,820,547)

II. Cash flows from investing activities

Payments for acquisition, construction fixed assets and other long- term assets
0''
Receipts from disposal or sale of fixed assets and other long-term assets

Payiiient for lending, purchasing

3 instruments or other entities

debt

4. Recovery of loans, reselling debt IUStrtt111RfIIS	24	-	5,184,344,902
7. Interest income, dividends received	27	212,196,461	1,223,458,405
R'et ra.str]lo iv froiii iii restiitg activities	30	533,591,633	25,601,202,425
Ill. Cash fioivs from financing activities 3. Proceeds from borrowings	33	532,350,478,475	342,914,146,532
4. Repayment of loan principal	34	(535,346,525,630)	(428,584,056,102)
5. Pa yr end for finance leasing debts	35	(10,435,827,717)	(14,922,975,014)
6. Dividends and profits paid to the owner	36		(15,739,345,400)
Sri cms/i Jlcirs/rein Jn«ncio/ iictivities	40	(13,431,874,872)	(116,332,229,984)

21	(304,500,000)	(439,567,000)
22	765,991,387	19,632,966,118
23	(140,096,215)

of other entities

Nam Tu Liem District, Hanoi City, Viet Nam December 22"d, 2014 of the Ministry of Finance

SEPARATE CASH FLOW STATEMENT (Continued)

(Inâi'rect metlio‹l)

For the year ended 31"' March 2025

Net cash 20+30-t40)

ITEMS C

01/01/2025 01/01/2024 ode Note to 31/03/2025 to 31/03/2024 VND VND
50		(100,029,365,734)	(234,010,848,106)
		173,235,794,964	446,521,979,042
61
7	5.›	73,206,429,230	212,511,130,936

flows during the periorl (50

l'or the period trom l'or tlie period from

Cash and cash equivalents beginning of the period

Effects of changes in foi eign exchange rates Cash and cash equivalents at the end of

the perioil (70 = 50+60+61)

Tran Thu Trang

Chief Accouiitant

Pham Van Tung

Hanoi, 29" April 2025

g0'50

FEC0

Pham Viet Khoa

Area, Pham Hung Road, Me Tri Commune, Nam Tu Liem District, Hanoi City, Viet Nano

NOTE TO THE SEPARATE FINANCIAL STATEMENT

For the year ended 31"' March 2025

I. COMPANY INFORMATION

1.1. Structure of ownership

Issued under Circular No. 200/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

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 20'" 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"dchange dated 14"' January 2022 on increasing charter capital.

Charter capital of the Company according to the 32"' Business Registration Certificate dated 14"' January 2022 is VND 1,574,350,050,000 (lii words. One thou.S an H fi»e hundred and seventy four lvi/lion, three litindreJ anJ ninety million, ancl fifty thoii›'unJ Vietnam ‹long).

Foreign Name: FECON CORPORATION; Abbreviations: FECON CORP.

The Company's stock is currently listed on Ho Chi Minh Stock Exchange with stock code: FCN.

Registered Address: 15"' Floor CEO Tower, Plot HH2-I, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Coininune, Nam Tu Liem District, Hanoi City, Viet Nain.

Operating industries and principal activities
- Construction ot' Foundation and underground structure for high building, industrial, transportation, irrigation structures;
- Construction of 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);
- Construction geological survey, topographic survey, construction hydrogeological survey;
- Perfomiance 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 Corripany's main activities during the period: Construction of foundation and underground structure for high building, industrial, transportation, irrigation structures.

1.3. Normal operating cycle

The Company's normal operating cycle is 12 months.

1.4 Statement of information comparability on tire separate financial statements

The Board ot Directors ensures to follow all the requirements of the Vietnamese Accounting Standards and System, which were issued together iv itla the Circular No. 200/2014/TT-BTC dated 22"dDecember 2014 and Circular No. 53/2016/TT-BTC on amending and supplementing a number of articles of Circular No. 200/20 14/TT-BTC dated December 22"', 2014 issued by the Ministry of Finance. Therefore, the information and figures presented in the separate financial statements are comparable.

FECON CORPORATION

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Form B 09 - DN Urban Area, Pham Hung Road, Me Tri Coiiiinune, Issued under Circular No. 200/2014/TT-BTC Nana Tu Liem District, Hanoi City, Viet Nano Decerriber 22"', 20.14 of the Ministry of Finance

FISCAL vEAn axD aCcOuNTlN G CURRENCY
Fiscal year
The Company's fiscal year applicable tor the preparation of its financial statements starts on 1" January and ends on 31" December of solar year.
Accounting currency
The accompanying separate financial stateiiients are expressed in Vietnam Dong (VND).
ACCOUNTING STANDARDS AND SYSTf M
Accounting System
The Company applied to Vietnamese Accounting System promulgated under Circular No. 200/2014/TT-BTC dated 22"dDecember 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/'I T- BTC stated December 22"', 2014.
Statements for the compliance with Accounting Standards and System
3 lie Board of General Directors ensures to follow all the requirements of the Vietnamese Accounting Standards and System, which were issued to guide the preparation and presentation of the Separate Financial Statements.

Accounting form applied

The coiiipany uses general jounial accounting using EU SAP FPT Accounting System software.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of the separate financial statements
The attached separate financial statements are expressed in Vietnam Dong (VND), under the historical cost convention and in accordance with Vietnamese Accounting Standards, Vietnamese Accounting Systerii and legal regulations relevant to the preparation arid presentation of separate financial statements.
1'1ie accoiiipanying se} arale tinancial siaterrients are the Company's ones, therefore, they do not include the tinancial staterrients ot subsidiaries. Users of the separate financial statements should read them together with the Company's consolidated financial statements for the year ended 31stMarch 2025 to obtain full information of the Company's financial position as well as the results of operations and cash tlows during the year.
3 lie accompanying sepai ate financial statements are not intended to present the financial position, rcsulls of operations and cash flows in accordance with accounting principles and practices Rei erally acQepteb ip countries and jurisdiction other than Vi etnaiii.
Foreign exchange rates applied in accounting
Transactions in foreit›n currencies
Transactions in foreign currencies are translated at the rates ruling at the transaction date, foreign exchange differences arising from these transactions are recognized as income and expenses in the Separate Incoiiie Statement.
Revaluation of monetary items denoiiiinated in foreign currencies at the date of the
1. I he items denoiaiinated in foreign cuiTencies are classified as assets (cash, receivables, ...): Itevaluati on under the buying i aIC c'1 ltte bank, which rfie Company opens, its account as at 31" March 2025.
2. he iteins clenoininated in toreign 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.

PECON CORPORATION

15"' Floor CEO Tower, Plot HI-12-1, Me Tri Ha Form B 09 - DN Ui-ban Area, Pham Hung Road, Me Tri Coniniune, Issued under Circular No. 200/2014/TT-BTC Nan Th Liem District, Hanoi City, Viet Nain December 22"', 2014 of the Ministry of Finance

Foreign exchange differences arising from the revaluation are transferred to accounts - 413 Exchange rate differences, the account balance will be transferred to financial income or expense at the time of separate financial statements.

Accounting estimates

The preparation of separate financial stateiaients in conformity with Vietnamese Standards on Accounting, Vietnamese Enterprise Accounting System and other prevailing accounting regulations in Vietnam 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 separate 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-term 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 iii value.

Financial investments

Held to iitaturiI)i iiivestiiieiits

I teld to iiiaturity investments includes: tenth bank deposits with original maturities of more than 3 iaionths, field-to-maturity loans for the purpose of earning periodic interest and other held-to-maturity investments.

Held-to-maturity investments are stated at cost and are measured at fair value based on the recoverability of the investment.

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

Allow ance for bad debts or held-to-iiiaturity investmcnts is made in conformity with current accounting regulations.

Loans

Loans under contracts between the parties but not allowed to buy, sell on the stock market.

All loans classified as monetary iteiais denominated in foreign currencies will be revaluated at actual exchange rates at the reporting date.

Allowance for doubtful loans is tHade for each of the doubtful debts based on the overdue payment ot principal under the original debt conunitinent (regardless of debt extension between parties), or based on expected loss level may occur.

Investments in subsidiaries: Investments in subsidiaries over which the Company has control are stated at cost method in the separate financial statements.
Profit distributions that Company received from the accumulated profits of the subsidiaries after the Company obtains control right are recognized in income statement. Other distributions are considered a recovery ot investment and are deducted to the investment value.
Other investments: are recorded at cost, including purchase price plus directly attributable acquisition costs. After the initial recognition, these investments are measured at cost less al1ow'ance for diininuti on in value of investments.
Allo waiter for lass oJ'iii vestiiiritts
Allowance for losses of investments in subsidiaries, contributions to joint ventures, investments in associates and investments in equity instruments of other entities is made when there is apparent evidence tor impairment in value of the investrrlents as at the balance sheet date.
15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Conunune, Nam Tu Liem District, Hanoi City, Viet Nam
Receivables
Form B 09 - DN Issued under Circular No. 200/2014/TT-BTC December 22"', 2014 of the Ministry of Finance
The receivables comprise the customer receivables and other receivables. Receivables are recognized at the carry ing aiiiounts 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.
Inventories
Inventories are measured at the lower of cost and net realizable value. Cost of inventories comprise costs of direct materials, direct labor, and general operation (if any) incurred in bringing the inventories to their present location and conditions. Net realizable value is the estimated selling price of inventory items less all estimated costs of completion and costs of marketing, selling and distribution. The Coiiipany uses the perpetual inventory method. The cost is calculated via specific identification method.
The Company's allowance for impairment of inventories is wade when there is reliable evidence of iiiipairrrieiit of the net realizable value compared to the history cost o2inventones.
Tangible fixed assets and Depreciation
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 10 - 20
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
Copyrights, patents, coiiiputer software and others are stated at cost less than accumulated amortization.
Copyrights, patents, computer software and others are amortized on a straight-line basis over their estimated useful lives of 3 - 10 years.
Fin:ince 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 tinance lease is recognized as a finance lease asset or finance lease liability on the balance sheet based on the lower 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 balance.
Financial 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 tenn in case the leased term is shorter, in details:
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 Nain
Machinery and equipiiient Motor vehicles
Business cooperation contract (BCC) The Company as capital contributor
Form B 09 - DN Issued under Circular No. 200/2014/TT-BTC December 22"d, 20.14 of the Ministry of Finance
Years
08-20
09-10
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-term and long-term on the balance sheet based on time payiiient up front of each contract.
Prepaid expenses are amortized on a straight line basis over the lease term (for the cost of rent, lease or an operating lease, ...), according to the useful time but no tnore 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, Nam 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.
Payables
4 he account payables are monitored in details by payable tents, payable parties, original currency and other factors depending on the Company s management requirement.
The account payables include payables as trade payables, loans 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:
4 rade payables: includes coiniiiercial payables arising from the purchase of goods, services and assets between the Company and the seller (independent entity with the Company, including amounts payable between the Holding company and its subsidiaries).
Other payables reflect payables of non-commercial nature and irrelevant to purchase, sales of goods or provisions of services.

Borrowings and financial leasing liabilities

Borrowings and financial leasing liabilities include loans, financial leases, excluding loans in the form of bonds or preference shares with tenns that the issuer is required to repurchase at a certain potilt in the future.

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

Expenses directly related to the loan are recognized to financial expenses, except for expenses incurred from a separate loan for investment, construction or production in progress, which are capitalixetl according to Accounting Slandard 'Borrowing costs".

15"' Floor CEO Tower, Plot HH2-1, Me Tri Isa Form B 09 - DN Urban Area, Pham Hung Road, Me 'fri Conriiune, Issued under Circular No. 200/2014/TT-BTC Nam Tu Liem District, Hanoi City, Viet Nain December 22", 2014 of the Ministry of Finance

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 period/year but not actually paid to ensure that when these expenses actually occur, they will not have a significant influence on operating expenses based on matching principle between income and expenses.

The Company recognizes Accrued expenses as follows: For construction works when having volumes acceptance,

Unrealized revenues

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

Owners' equity

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

Share premium is recognised by the difference between the actual price and face value of the shares

when firstly issued, additionally issued or when the Company reissue treasury share. i Treasury shares are recog'nized at actual value and presented in the Balance Sheet as a decrease in equity.

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 recognized as a liability when approved by the General Meeting of Shareholders/ Members' Council.

Revenue and other income

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

Re venae/rofn sale of gooJs

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

The Company has transferred to the buyer the significant risks and reward of ownership of the goods;
Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
The amount of revenue can be measured reliably;
The company will benefit economically from the sales transaction; and
Costs related to transactions can be determined. Pte veii ae front service.s
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 of 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 sa tisfied:
- The amount 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
  FECON COIIPORA'I ION
  15' Floor CEO Tower, Plot HH2-1, Me Tri I Ia Form B 09 - DN Urban Area, Pham Hung Road, Me Tri Conainune, Issued under Circular No. 200/2014/TT-BTC Nani Tu Liem District, 1-tanoi City, Viet Nano December 22"d, 2014 of the Ministry of Finance
- Determine the costs incurred for the transaction as well as the cost to complete the transaction to provide that service.
  Reveii ae of'coiisti-iictioii
  Revenues of construction are reliably recogni zcd in the following 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 deteriiiined by the Company as at the balance sheet date.
For construction contracts stipulating that the contractor is paid according to the value of the volume 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 customer.
Revenues of constmction are not recognized in the following cases:
Revenue is recognized 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 or the recognized construction contract and the accurriulated amount recorded on the payment invoice according to the planned progress of the contract is recorded as a receivable or payable amount according to the planned progress of construction contracts.

Revenue rind other income (Continued)
Revenue Jrofn lflterest income, Jivideii‹ls ant profits receivc•il mid otlter iitconie:
The revenue is recognized when the Company can obtain economic benefits from the above activities and when it is reliably measured.
Cost of goods sold
Cost of goods sold including of cost ot products, goods and services, real estate sold in the period are i ccognized in accordance with revenue in the period.
For the cost ot dii ect materials consumed exceeds nonnal 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 or compensation, if any) even if the goods have not been determined to be consumed.
Financial expenses
- Cost borrowing: Recorcled monthly based on the loan principles, the interest rate and number of actual borrowing days
Foreign exchunpe loss: Recognized when there is a difference between the actual exchange rate and the bookkeeping rate and when there is a loss when revaluation of monetary items denominated in foreign currencies.
Current corporate income tax expense and deferred corporate income tax expense/ Current and deferred corporate income tax expenses
Corporate income tax expenses (or corporate income tax income): is total current and deferred income tax expenses (or total current and de1'erred tax) in detenriiung protit or loss of a period..
- Current incoiaac tnx expenses: are cor{iorate income tax payable calculated on taxable profit during the year and current corporate incoiaie 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 or differences between accounting profit anal taxable income in accordance with current tax policies.
  Nam Tu Liem District, Hanoi City. Viet NaiTj December 22"d, 2014 of the Ministry of Finance
- Defeii ed 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 deferred tax assets or deferred 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 based on current tax regulations. However, these regulations change front time to time and the final determination of corporate income tax depends on the examination results of the competent tax authorities..

Related parties

A party is considered a related party or 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 i elationsliip of related parties, the nature of relationship is focused more than its legal fonn.

Nam Tu Liem District, Hanoi City, Viet Nam December 22"d, 2014 of the Ministry of Finance

5.	NOTES TO THE FINANCIAL STATEMENT
5.1	Cash and cash equivalents
		31/03/2025	01/01/2025
		VND	VND
	Cash on hand	3,620,127,337	3,244,696,351
	Cash at bank	54,741,599,391	155,159,327,580
	Cash equivalents	14,844,702,502	14,831,771,033
	Total	73,206,429,230	173,235,794,964
S.2	Other short-term receivables
		31/03/2025	01/01/2025
		VND	VND
	Advances	369,823,(27,674	335,868,482,804
	Short-term deposits	20,000,000	20,000,000
	Others	88,922,237,338	8 I ,893,369,130
	Total	458,765,965,012	417,781,851,934
5.3	In ventories
		31/03/2025	01/01/2025
	Raw materials	7,813,542,985	7,900,013,447
	Instrument & tools	723,138,694	717,388,694
	Cost for work in process	1,373,076,211,318	1,258,333,676,176
	Goods	44,300,236,070	32,928,734,661
	Total	t,425,9!3 129,067	1,299,879,812,978
5.4
		31/03/2025	01/01/2025
		VND	VND
	Deductible value added tax	11,118,632,665
	Value added tax	15,820,156,835	I 1,663,159,755
	Total	26,938,789,500	11663,159.755
5.5	O ther long-ter ni receivables
		31/03/2025	01/01/2025
		VND	VND
	Long-term deposits, other receivables	15,718,423,105	16,127,276,531
	Total	15,718,423,105	16,127,276,531

FECON CORPORATION

15"' Floor CEO Tower, Plot ITfl2-1, Me Tri Ha Urban Area, Pham Hung Road, Me Tri Commune Nain Tu Liem District, Hanoi City, Viet Main

Tanp•ible fixed assets

Form B 09 - DN Issued under Circular No. 200/20 14/TT-BTC December 22"', 2014 of the Ministry of Finance

Buildinp•s and Structures

Macliinery, equipment

Transportation means

Office equipment

Others

Total

HISTORY COST

As at 01/01/2025

23,780,948,400

182,S73,682,679

14,154,444,23 I

1,997,395,854

19,323,747,697

241,830,218,861

Increase

304,500,000

Purchase

304,500,000

Acquisition of financial lease assets

Decrease

304,500,000

Transfer to financial lease assets

Disposals

304,500,000

As at 31/03/2025

23.750.948.400

182,S73,6g2.ii79

14,154,444.23 I

19.323,747,fi97 241,8.30,218,flf›1

ACCUMULATED DEPRECIATION

As at 01/01/2025

6,832,180,976

102,707,715,21S

10,821,216,S76

1,471,353,565

lS,822,885,330

137,655,351,662

Increase

261,lfi3,954

2,474,497,750

208,986,301

47,531,392

247,386,052

3,239,585,449

Deprcciation

261,183,954

2,474,497,750

208,986 301

47,531,392

247,386,052

3,239,585,449

Acquisition of financial lease assets

Decrease

2,002,191

d ransfer to financial lease assets

Disposals

2,002,191

As at 31/03/2025

7.093,364,930

105,182,212,965

11,030.202.877

1,518,884.957 16,068,269,191

140.892,934,920

NET BOOK VALUE

As at 01/01/2025

16.948,767,424

79 865,967 464

3,333,227,655

526,042 289 3,500,862,367

104,174,867,199

As at 31/03/2025

16,687,583.470

77,391,469,714

3,124,241,354

478,510,897 3,255,478,506

100,937,283,941

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 Nam

Financial leasing fixed assets

iVlachinery, Transportation equipment means

Unit. VND

Total

HISTORY COST As at 01/01/2023	139,851,024,45J	7,772,843,716	167,623,868,167
Increase
Leasing
Decrease Acquisition of financial lease assets
As at 31/03/2025 ACCU34ULATED DEPRECIATION	1»9,851,024,451	7 772 843 716	167 623 868 167
As at 01/01/2025	25,231,910,731	1,B76,409,115	27,108,319,846
Increase	4,830,913,605	231,100,563	5,062,014,168
Depreciation	4,830,913,605	231,100,563	5,062,014,168
Decrease
Acquisition ot financial lease assets

	As at 31/03/2025	30,062,824,336		2 107 509 678		32 170 334 014
	NE"f BOOK VALUE
	As at 01/01/2025	134 619 113,720		5,896,434,601		140,515,548,321
	As ut 3J/03/2025	129 788 200 115		5,665,334,038		135,453,534,153
5.8	Intangible fixed assets
						Unit. VND
		License, patent IT software		Others		Total
	HISTOItY COST
	As at 01/01/2025	241,800,000 28,217,343,384		2,399,392,555		30,858,535,939
	Increase
	Decrease	- -		-
	As at 31/03/2025	241,800,000 28,217,343,384		2,399,392,555		30,858,535,939
ACC UTI U LATED AMORTIZATION
As ct 01/01/2025		173,814,4S2	23,448,882,698	783,679,203	24,406,376,353
Increase		7,452,740	856,781,595	51,829,231	916,063,566
Amortization		7,452,740	856,781,595	51,829,231	916,063,566
Decrease
As ct 31/03/2025		181,267,192	24 305 664 293 835,508,434 25,322,439,919
N ET BOOK VALUE
Asut0lON2025		67,985,548	4,768,460,686 1,615,713,352 6,452,159,586
0s# 31/03/2025		60,532,808	3,911,679,091 1,563.884,121 5,536,096,020

FECON CORPORATION

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

5.15 Owners' equity

Changes of owners' equity

Form B 09 - DN Issued under Circular No. 200/2014/TT-BTC December 22"d. 2014 o1 the Ministry of Finance

Unit. AND

	Share capital	Share premium	Investment and Development fund	Retained profits	Total
As at 01/01/2024	1,574,390,050,000	517,556,564,217	297,446,985,202	47,959,956,747	2,437,353,556,166
Net profit for the year				6,638,700,647	6,638,700,647
Appropriate Bonus and welfare funds				(1,269,562,370)	(1,269,562,370)
Payment of dividends in cash
As at 31/12/2024	1,574,390,050,000	517,556,564,217	297,446,985,102	53,329,095.024	2,442,722,694,443
As at OJ/01/2025	1,574,390,050,000	517,556,564,217	297,446,985,202	53,329,095,024	2,442,722,694,443
Net profit for the period				(I 3,450,500,789)	(13,450,500,789)
Appropriate Bonus and welfare funds
As at 31/03/2025	1,574,39(1,050,000	517,556,564,217	297,446,985,202	39,878,594,235	2,429,272,193,654

Ow'ners' equity (Continued)

Capital transactions with shareholders and appropriation of profits and dividends
For the period from For the period from 01/01/2025 01/01/2024 to
to 31/03/2025 31/03/2024
VND VND
Owner's equity
Capital contributed at the beginning ot the period 1,574,390,050,000 Capital contributed at the end of the period 1,574,390,050,000

1,574,390,050,000

	For the period from	For the period from
	01/01/2025	01/01/2024 to
	to 31/03/2025	31/03/2024
	VND	YN9
Number of shares registered for issuance	157,439,005	157,439,005
Number of shares sold to the public	157,439,005	157,439,005
Common shares	157,439,005	157,439,005
Number of outstanding shares	157,439,005	157,439,005
Connon shares	157,439,005	157,439,005
Par value of outstanding share (VND/per share)	1.0,000	10,000

Funds

Development and investment fiinds

Totiil

Revenue from sales of goods and provision of services
31/03/2025
297,446,985,202
297;446,985,202
01/01/2025
297,446,985,202
297,446,985,202
Sales of goods and provision of services
Total
Cost of goods sold

Cost of goods sold, construction, services Total

For the period from

01/01/2025

to 31/03/2025

VND 633,876,645,065

633,876,645,065

For the period from

01/01/2025

to 31/03/2025

VND 595,815,478,051

595,815,478,051

For the period from

01/01/2024 to

31/03/2024

VND 340,631,524,233

340,631,524,233

For the period from

01/01/2024 to

31/03/2024

VND 309,113,885,297

309,113,885,297

5.18 Financial income

For the period from

01/01/2025

01/01/2024 to

to 31/03/2025

31/03/2024

Interest income from deposits and loans

667,520,685

223,458,405

Realized gain on exchange difference

1,981,682,266

Dividend, profit received

7,573,750,000

11,806,375,000

Interest income from disposal of investments Payment discount

Others

Total

10,222,952,951

12.029.833.405

5.19 Financial expenses

For the period from

01/01/2025

01/01/2024 to

to 31/03/2025

31/03/2024

Interest expenses

31,611,519,315

20,5 I 8,025,967

Foreign exchange losses

2,648,830,369

92,962,458

Loss of disposat of financial investments

Otliers

1,506,006,172

380,381,590

Total

35,766,355,856

20,991,370,015

5.20 Selling expenses and General and administrative expenses

For the period from

01/01/2025

01/01/2024 to

to 31/03/2025

31/03/2024

VND

Selling expenses

2,082,427,450

1,845,425,878

Employee expenses

1,722,247,918

1,672,001,097

Cost of tools and supplies

8,261,095

10,480,055

Depreciation expenses

27,233,372

27,460,730

Outsourcing expenses

263,903,750

95,912,500

Other expenses in cash

60,751,315

39,571,496

General and administrative expenses

23,004,738,329

20,766,288,419

Employee expenses

14,863,031,295

14,287,407,045

Material expenses

357,783,204

331,829,906

Office supplies expenses

1,244,811,354

841,867,613

Depreciation expenses

1,288,811,873

1,282,054,489

tax charges and fees

403,714,010

146,251,822

Outsoucing expenses

3,036,159,595

2,458,997,687

Other expenses in cash

1,810,426,998

1,417,879,857

5.21 Other income/ Other expenses		For the period from	For the period from
		01/01/2025	01/01/2024 to
		to 31/03/2025	31/03/2024
		VND	VND
Other income Gain from disposal of' fixed assets		365,094
Gain from disposal of'Tools and supplies			535,462,864
Compensation and penalties		66,487,515
Others		52	9,752
Total		66,852,661	535,472,616
Other expenses
Net book value of Tools and supplies disposed			29,873,409
Penalty for breach of contract		943,129,840	8,500,000
	Fine of late payment of social insurance and tax, administrative penalty	4,821,877
	Others	63	8
	Total	947,951,780	38,373,417
	Net other profit	(881,099,119)	497,099)99
5.22	Current corporatc income tax expense

Accounting profit before tax Increased adjust ments Decreased adjustments

Taxable income Corporate Income Tax rate

Collecting corporate Income Tax arrears from

previous year adjusted in this period Current corporate income tax expense

For the period from

01/01/2025

to 31/03/2025

VND (13,450,500,789)

543,431,895

7,573,750,000

(20,480,818,894)

20%

For the period from

01/01/2024 to

31/03/2024

VND 441,487,228

682,716,304

11,806,375,000

(10,682,171,468)

20%

Preparer

man Thu Trang

Chief Accountant

Pham Van Tung

Hanoi, 29" April 2025

C0NG1

FEC

Pham Viet Khoa

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