PHAT DAT REAL ESTATE DEVELOPMENT CORPORATION
REVIEWED INTERIM SEPARATE FINANCIAL STATEMENTS
For the period from 01/01/2025 to 30/06/2025
1'HAT DAT REAL ESTATE DEVELOPMENT CORP
39 Pham Ngoc Thacli, Xtian Hoa Wei d, Ho Chi Minh City, Vietnam.
TABLE OF CONTENTS
CONTENTS PAGES
STATEMENT OF THE BOARD OF GENERAL DIRECTORS | 2-4 |
REVIEW REPORT ON INTERIM SEPARATE FINANCIAL INFORMATION | -5 6 |
INTERIM SEPARATE BALANCE SHEET | 7- 8 |
INTERIM SEPARATE INCOME STATEMENT | 9 |
INTERIM SEPARATE CASH FLOW STATEMENT | 10- 11 |
NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS | 12 - 72 |
3.9 Pliam Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF GENERAL DIRECTORS
The Board of General Directors ot Phat Dat Real Estate Development Corp (hereinafter referred to as
the "Company") presents this report together with the Company's reviewed interim sepai ate financial statements for the period from 0.1 January 2025 to 30 June 2025.
THE BOARD OF MANAGEMENT AND THE BOARD OF GENERAL DIRECTORS
The membei s of the Board of Management and the Board of General Directors of the Company who held office during the period from 0.1 January 2025 to 30 June 2025 and to the date of this Report are as follows:
Board of ManagementMr. Nguyen Van Dat Mr. Nguyen Tan Danh Mr. But Quang Anh Vu Mr. Le Quang Phuc
Mr. Tran Trong Gia Vinh Mr. Duong Hao Ton
Mr. Vu Thanh Le
Audit committee Mr. Duong Hao Ton
Mr. Tran Trong Gia Vinh Mr. Le Quang Phuc
Board of General Directors Mr. Bui Qtiang Anh Vu
Mr'. Nguyen Dlnh Tri Mr. Truong Ngoc Dung Mr. Nguyen Khac Sinh Mr. Nguyen Huu
Mrs. Dang Viet Tu Uyen Mr. Phan Le Hoa
Chief Accountant
Ms. Tran Thi Thuy Trang Legal representative
Chairman
Vice Chairman Member Member
Independent member Independent member Independent member
Chairman of Audit committee Member
Member
General Director
Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director
Chief Accountant
Appointed on 27/06/2025
Appointed on 22/01/2025 Appointed on 22/01/2025 Resigned on 23/01/2025
The legal representatives of the Company to the date of this Report are Mr. Nguyen Van Dat - Chalrman and Mr. Bui Quang Anh Vu - General Director.
PHAT DAT REAL ESTATE DEVELOPMENT CORP39 Pham Ngoc Thacli, Xtian Hoa Ward, Ho Chi Minh City, Vietnam STATEMENT OF THE BOARD OF GENERAL DIRECTORS (CONT'D)
EVENTS AFTER THE REPORTING DATE
On 08 August 2025, the Company completed the issuance of 72,574,296 shares to pay dividends in accordance with Resolution No. 08/DHDCD-NQ.2025 dated 27 June 2025. Following the issuance, the total number o1 the Company's outstanding shares increased from 907,235,083 shares to 979,809,379 shares, equivalent to charter capital of VND 9,798,093,790,000.
The Board of General Directors confirms that, except for the aforementioned event, the Company has no other significant events after the balance sheet date that would materially affect the accompanying interim separate financial statements, requiring adjustment or disclosure.
THE AUDITOR
The accompanying interim separate financial statements have been reviewed by UHY Auditing and Consulting Company Limited.
RESPONSIBILITY OF THE BOARD OF GENERAL DIRECTORS
The Board of General Directors of the Company is responsible for preparing the interim separate financial statements that give a true and fair view of the Company's separate financial position as at 30 June 2025, as well as its separate results of operations and its separate cash flows lot the period from 01 January 2025 to 30 June 2025, in accordance with Vietnamese Accounting Standards, the Vietnamese Corporation Accounting System, and relevant legal regulations on the preparation and presentation of interim separate financial statements. In preparing these interim separate financial statements, the Board of General Directors is required to:
Select suitable accounting policies and apply them consistently;
Make judgments and estimates that are reasonable and prudent;
State whether applicable accounting principles have been followed, subject to any matei ial departures disclosed and explained in the interim separate fi nancial statements;
Prepare the interim separate financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue its business;
Design and implement an effective system of internal control to ensure preparation and fair presentation of the separate financial statelnents in order to limit risks and fraud.
The Board of General Directors confirms that the Company has complied with the above requirements in preparing the interim separate financial statements.
The Board of General Directors is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable acetnacy at any time, the separate financial position of the Company and to ensure that accounting record of the Companys comply with Vietnamese Accounting Standards, Vietnamese Corporate Accounting System, and related legal regulations on the preparation and presentation of separate financial statements. lt 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.
PHAT DAT REAL ESTATE DEVELOPMENT CORP39 Pliam Ngoc Thach, Xuan Hoa Ward, 1-Io Chi Minh City, Vietnam.
STATEMENT OF THE BOARD OF GENERAL DIRECTORS (CONT'D) OTHER COMMITMENTSAccordingly, we hereby approve the accompanying interim separate financial statements from page 07 to page 72. These interim separate financial statements present fairly, in all material respects, the Company's separate financial position as at 30 June 2025, as well as its separate results of operations and its separate cash flows for the period from 1 January 2025 to 30 June 2025, in accordance with Vietnamese Accounting Standards, the Vietnamese Corporate Accounting System, and relevant legal regulations on the preparation and presentation of financial statements.
Users of the Company's separate financial statements should read them in conjunction with the consolidated financial statements of the Company and its subsidiaries (together referred to as the "Corporation") for the period from 1 January 2025 to 30 June 2025, in order to obtain a complete understanding of the consolidated financial position, consolidated results of operations, and consolidated cash flows of the Company.
The Board of General Directors confirms that the Company has complied with Decree No. 155/2020/ND-CP, dated 31 December 2020, issued by the Government, which provides detailed guidance on the implementation of certain provisions of Securities Law No. 54/2019/QH14, and with Circular No. 116/2020/TT-BTC, dated 31 December 2020, issued by the Ministry of Finance, which provides guidance on certain corporate governance provisions applicable to public companies under Decree No. 155/2020/ND-CP. The Company also confirms that it has not violated its information disclosure obligations as stipulated in Circular No. 96/2020/TT-BTC, dated 16 November 2020, issued by the Ministry of Finance, concerning information disclosure in the securities market.
qq3 p on behalf of the Board of General Directors,
" I'HAI TRIEN
Bui Quang Anh Vu ' General Director
Ho Chi Minh City, 29 August 2025
t t
eUHV
5'" F-loor, I32 Tower, Roman Plaza, 1"o I-Iu i noad, Dai Mo Ward, Nan Tu Liem Dis ti ict, I-IaiJoi,
: +84 24 5670 3999
E : uhy-iinfo@uhy.vn
REPORT ON REVIEW OF
INTERIM SEPARATE FINANCIAL INFORMATION
On the interims separate financial stoteiiients of Phat Dat Real Estate Development Corp For the pei'ioJ fi our 01 January 2025 to 30 Jline 2025
To:
Shareholders, The Board of Management and Board of General Directors of Phat Dat Real Estate Development Corp
We have reviewed the accompanying interim separate financial statements of Phat Dat Real Estate Development Corp (hereinafter referred to as the "Company"), as prepared on 29 August 2025 and set out on pages 07 to 72, which comprise the separate balance sheet as at 30 June 2025, the separate income statement and the separate cash flow statement for the period from 01 January 2025 to 30 June 2025 and the notes to the interim separate financial statements.
The Board of General Director's responsibility
.
The Board of General Directors is responsible for the preparation and fair presentation of these interim
separate financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Corporate Accounting System, and the related legal regulations on the preparation and presentation of interim separate financial statements, and for such internal control as the Board of General Director determines is necessary to enable the preparation and presentation the interim separate financial statements are free from material misstatement, whether due to fraud or error.
Auditors' responsibility
Our responsibility is to express an conclusion on these interim separate financial statements based on the results of our review. We conducted our review in accordance with Vietnamese Standard on Review Engagements No. 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Vietnamese Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Audit's conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim separate financial statements do not give a true and fair view, in all material respects, of the intei'im separate financial position of Phat Dat Real Estate Development Joint Stock Company as at 30 June 2025, and of its interim separate financial performance and interim separate cash flows for the period from 1 January 2025 to 30 June 2025, in accordance with Vietnamese Accounting Standards, the Vietnamese Enterprise Accounting System, and the relevant statutory requirements on preparation and presentation of interim separate financial statements.
Auditing | Accounting Tax | Consulting | Craning | Va!uation
An independent mem b er of UHY Intern a tional. 5
REVIEW REPORT ON
INTERIM SEPARATE FINANCIAL INFORIYIATION (CONT'D)
E rhasis of matter
We draw attention to Notes 1.5 and 6 to the separate financial statements, which disclose the share transfer transaction of Ngo May Real Estate Investment Joint Stock Company to Quy Nhon 68 [nvestinent Company Limited. The outstanding receivable fi om Quy Nlion 68 Investment Company Limited. arising from this transfer transaction is committed by the Company to be recovered no later than 31 March 2026. Our audit conclusion is not modified in respect of this matter.
Other matter
en Tbi Thuy Trang udit Director
Auditor's Practicing Certificate No. 4710-2023-112-1
For anal on behcilf of
UHY AUDITIHG AND CONSUL TING COMPANY LIMITED
Ho Chi Ivliiill City, 29 August 2.025
P HAT DAT REA L ESTAT E DEVE LO PMEJNT CORP
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FINANCIAL STATEMENT
For the period li out 01 January 2025
to 30 June 2025 For in No. B01a-DN
INTERIM BALANCE SHE ETAs at 30,1une 2025
ASSETS | Code | Notes | As at 30/06/2025 VND | As at 01/fi1/2025 VND |
CURRENT ASSETS | 100 | 11,743,414,888,794 | 12,528,50J,38l,707 | |
Cash and cash equivalents | 110 | 4 | 25,078,639,706 | 343,468,770,451 |
Cash | 111 | 25,078,639,706 | 343,468,770,451 | |
Short-term invest ments | 120 | 5 | 100,000,000,000 | 115,370,299,200 |
Held to maturity investments | 123 | 100,000,000,000 | 115,370,299,200 | |
Current accounts receivable | 130 | 5,182,085,423,607 | 5,499,680,378,540 | |
Short-term trade receivables | 13.1 | 6 | 1,962,199,446,639 | 2,815,946,230,379 |
Short-term advances to | 132 | 7 | 2,822,708,616,542 | 1,651,329,453,495 |
suppliers | ||||
Short-term loan i eceivables | 135 | 10 | 60,000,000,000 | |
Other short-term receivables | 136 | 8 | 355,718,904,801 | 1,020,946,239,041 |
Provision for doubtful short- | 137 | 6, 8 | (18,541,544,3 75) | (18,541,544,375) |
term receivables | ||||
Inventories | 140 | 9 | 6,424,306,646,839 | 6,562,627,838,976 |
Inventories | 141 | 6,424,306,646,S39 | 6,562,627,838,976 | |
Other current assets | 150 | 11,944,178,642 | 7,357,094,540 | |
Short-term prepaid expenses | 151 | 11 | 7,782,398,634 | 3,351,554, 104 |
Value added tax deductible | 152 | 4,161,780,008 | 4,005,540,436 | |
NON-CURRENT ASSETS | 200 | 13,050,341,645,132 | 12,839,781,938,139 | |
Long-term receivables | 210 | 1,548,052,236,487 | 1,001,546,360,749 | |
Long-term loan receivables | 215 | 10 | 6.17,153,012,028 | 681,924,490,356 |
Other long-term receivables | 216 | 8 | 930,899,224,459 | 319,621,870,393 |
Fixed assets | 220 | 728,431,522,511 | 733,531,013,100 | |
Tangible fixed assets | 221 | 12 | 327,931,522,511 | 332,871, 107,306 |
- Cost | 222 | 3.74,106,634,614 | 374, 106,634,614 | |
- AccunnilateJ depi'eciation | 223 | (46,1.75,112,103) | (41,235, 52.7,308) | |
Intangible fixed assets | 227 | 13 | 400,500,000,000 | 400,659,905,794 |
- Cost | 228 | 415,320,270,381 | 415,320,270,381 | |
- AccuonilateJ aiiioi-tisation | 229 | (14,820,270,381) | (l4,660,364,587) | |
Investment properties | 230 | 14 | 62,479,248,512 | 63,247,308,032 |
- Cost | 231 | 75,664,270,272 | 75,664,270,272 | |
- Acciwnilatecl Jepi eciation | 232 | (13,185,021,760) | (12,416,962,240) | |
Long-term assets ia | 240 | 107,284,759,637 | 107,284,759,637 | |
progress | ||||
Construction in progress | 242 | 15 | 107,284,759,637 | 107,284,759,637 |
Long-term investments | 250 | 5 | 9,657,179,959,177 | 9,890,955,269,632 |
Investments in subsidiaries | 251 | 9,636,118,990,959 | 9,857,903,990,959 | |
Investments in associates, | 252 | 107,234,059,102 | 105,823,107,000 | |
jointly controlled entities | ||||
Provision for long-term | 254 | (86,173,090,884) | (72,771,828,327) | |
investments | ||||
Other long-term assets | 260 | 946,913,918,808 | 1,043,217,226,989 | |
Long-term prepaid expenses | 26.1 | 11 | 931,514,187,264 | 931,610,844,890 |
Defended tax assets | 262 | 15,399,731,544 | 111,606,3 82,099 | |
TOTAL ASSETS | 270 | 24,793,756,533,926 | 25,368,286,319,846 |
PHAT DAT REAL ESTATE DEVELOPS ENT CORP
39 Pham Ngoc Tliacli, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FINANCIAL STATEMENT
Eor the period front 01 January 2025
to 30 June 2025 Form No. B01a-DN
RESOURCES
INTERIM BALANCE SHEET (CONT'D)As at 30 June 2025
Code Notes As at 30/06/2025
As ct 01/01/2025
VND VND
LIABILITIES | 300 | 12,907,772,006,653 | 14,253,830,639,981 | |
Curre nt liabilitie s | 310 | 8,536,872,248,557 | 9,646,271,528,812 | |
Short-term trade payables | 311 | 16 | 90,601,426,121 | 260,922,515,152 |
Short-term advances from | 312 | 18 | 50,834,500,989 | 133,538,017,065 |
customers | ||||
Tax and other payables to the | 313 | 17 | 300,314,366,157 | 446,290,919,734 |
State budget | ||||
Payables to employees | 314 | 8,700,610,962 | 9,567,666,011 | |
ihort-term accrued expenses | 315 | 19 | 388,489,088,131 | 419,753,933,680 |
Short-term other payables | 319 | 20 | 7,197,117,778,469 | 7,194,651,803,130 |
Short-term loan and finance | 320 | 21 | 469,113,290,386 | 1,149,725,295,267 |
lease obligations | ||||
Bonus and welfare fund | 322 | 31,701,187,342 | 31,821,378,773 | |
Non-curre nt liabilities | 330 | 4,370,899,758,096 | 4,607,559,111,169 | |
Other long-term liabilities | 337 | 20 | 1,732,307,447,126 | 2,393,929,926,197 |
Long-term loans and finance | 338 | 21 | 2,638,592,310,970 | 2,213,629,184,972 |
lease obligations | ||||
OWNERS' EQUITY | 400 | 11,885,984,527,273 | 11,114,455,679,865 | |
Capital | 410 | 22 | 11,885,984,527,273 | 11,114,455,679,865 |
Contributed charter capital | 411 | 9,072,350,830,000 | 8,731,400,830,000 | |
- Shares with voting rights | 411a | 9,072,350. 83.0, 000 | 8,731,400,830,000 | |
Share premium | 412 | 410,424,800,000 | 70,474,800,000 | |
Investment and development | 418 | 248,462,645,103 | 243,810,014,529 | |
fund | ||||
Accumulated losses | 421 | 2,154,746,252,170 | 2,068,770,035,336 | |
- Accumulated losses by | !* | 2,059,464,774,168 | I, 920,71.7,592,205 | |
the end of prior year | ||||
- Undistributed earnings of | 8 ! 8 | 95,281,4.7.7,982 | 148,052,443,131 | |
the cui•rent period | ||||
TOTAL LIABILITIES | 440 | 24,793,756,533,926 25,368,286,319,846 | ||
Ho Chi Minh City, 29 August 2025 | ||||
Ciiief Accountant
al Director
CdNG TY CO PHAN pHAI TRIE
Preparer
Pham Tlii Doan Dung
Tran Thi Thuy Trang
Bui Quang Anh Vu
PLIAT DAT REAL ESTATE DEVELOPMENT CORP
39 Phalri Ngoc Thacli, Xuan Hoa Ward, I4o Chi Minh City, Vietnam
SEPARATE FI NANC IA L STATE MENT
For the period front 0.1 January 2025
to 30 June 2025 Form No. B02b-DN
INTERIM INCOME STATEMENTSFor' the pei-iod fi'om 01 Jaiiiiai 9.2025 to 30 June 2025
Ite ms | Code | Notes | From 01/01/2025 to 30/06/2025 | From 01/01/2024 to 30/06/2024 VND | |
Revenue from sale of goods and rendering of services | fi1 | 23 | 461,048,072,704 | 172,754,162,713 | |
Deductions | 02 | ||||
Net revenue from sale of goods and | 10 | 461,048,072,704 | 172,754,162,713 | ||
rendering of se rvices | |||||
Cost of goods sold and services rendered | 11 | 24 | 281, 857,030,031 | 9,808,222, 126 | |
Gross profit from sale of goods and | 20 | 179,191,042,673 | 162,945,940,587 | ||
re ride ring of services | |||||
Finance inc oine | 21 | 25 | 236,080,761,385 | 202,055,213,558 | |
Finance expenses | 22 | 26 | 183,340,998,138 | 194,607, 198, 567 | |
Hi which: In ferest expenses | 23 | 168,014, 613,893 | 194, 607, 198,567 | ||
Selling expenses | 25 | 27 | 7,869,911,631 | 5,856,061,491 | |
General and administrative expenses | 26 | 27 | 75,944,120,390 | 85,580,333,697 | |
Operating profit/(loss) | 30 | 148,116,773,899 | 78,957,560,390 | ||
Other income | 31 | 28 | 659,115,383 | 57,746,753,068 | |
Other expenses | 32 | 29 | 10,803,862,318 | 12,183,783,716 | |
Other profi t/(loss) | 40 | (10,144,746,935) | 45,562,969,352 | ||
Accounting profit/(loss) before tax | 50 | 137,972,026,964 | 124,520,529,742 | ||
Current corporate income tax expense | 5.1 | 3.1 | 43, 1.1.6,328,866 | 48,373,806,719 | |
Deferred tax expense | 52 | 31 | (1,581,075,855) | ||
Ne t profit/(Ios s) afte r tax | 60 | 96,436,773,953 | 76,146,723,023 |
Ho Chi Minh City, 29 August 2025
Chief Accountant
eneral Director
CONG TY CO PHAN PHAfTRl
BATOjNG
Preparer
Pham Tlii Doan Dung
Tran Thi Thuy Trang
Bui Qunng Anh Vu
PHAT DAT REA L ESTAT E DEVELOPMENT CORP
39 Phani Ngoc Thacli, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPAITATE FINANCI A L STAT EMENT
I or the per iod fi om 0.1 Januaiy 2025
to 30 June 2025 Form No. B03 b-DN
INTERIM CASH FLOWS STATEMENT(Appl rug indirect metliocll
For the p'ei iod from 01 Janu ii3› 2025 let 3D Jr+we 2025
Items Code | Notes | From 01/01/2025 to 30/06/2025 | Prom 01/01/2024 to 3fi/06/2024 |
VND VND | |||
Cash flows from operating activities | |||
Profit/(loss) befo re tax | 01 | 137,972,026,964 | 124,520,529,742 |
Adjustments for: | |||
Depreciation and amortisation | 02 | 5,867,550,109 | 7,310,397,7 15 |
Provisions | 03 | 13,401,262,557 | |
Foreign exchange (gains)/losses arisen from | 04 | 1,625,121,688 | |
revaluation of monetary accounts | |||
denominated in foreign currency | |||
(Profits) from investing activities | 05 | (151,450,761,385) | (202,055,213,558) |
fnteiest expenses | 06 | 168,014,613,893 | 194,607,198,567 |
Operatiitg profit(los›) before cli aitges iii | 0•S | 1.75,429,813,826 | 124,382,912,466 |
worI‹ing cupitul | |||
(Increase)/decrease in receivables | 09 | (187,429,296,899) | (102,599,691,9P5) |
(Increase)/decrease in inventories | 10 | 138,321, 192,137 | (189,980,483,202) |
Increase/(decrease) in payables (excluding | 11 | (651,933,084,452) | (997,428,157,230) |
interest, corporate income tax) | |||
{Increase)/deci ease in prepaid expenses | 12 | (J,33J,186,904) | 3,534,854,320 |
Interest paid | 14 | (261,371,289,291) | (169,692,057,105) |
Corporate income tax paid | 15 | (21,937,304) | (632,401) |
Other cash inflows from operating activities | 16 | 1,000,000 | |
Other cash outflows for operating activities | 17 | (5,387,566,293) | (4,164,772,386) |
Net cash flows frorri operating activities | 2h | (826,725,3SS,180) | (I,335,948,027,533) |
Cash flows from investing activities | |||
Purchase and construction of fixed assets | 21 | (27,159,681,402) | (35,802,416,256) |
and other long-term assets | |||
Loans to other entities and payments for | 23 | (13,694,568,486) | |
purchase of debt instruments of other entities | |||
Collections from borrowers and proceeds | 24 | 91,828,299,200 | |
fi om she of debt instruments of other entities | |||
Payments for investments in other entities | 25 | (82,406,952,102) | (7,853,000,000) |
Proceeds from sale of investments in other | 26 | 335,000,000,000 | 45,000,000,000 |
entities (net of cash hold by entity being | |||
disposed) Interest and dividends received | 27 | 14,830,466,393 | 4,475,536,346 |
Net cash flows froitt iii vesting activities | 30 | 318,397,563,603 | 5,820,120,090 |
Cash flows from financing activities | |||
Capital contribution and issuance of shares | 31 | (400,000,000) | I ,342,646,330,000 |
Drawdown of borrowings | 33 | 1,287,589,443,595 | 779,975,059,082 |
Repayment of borrowings | 34 | (1,097,251,782,763) | (107,704,561,327) |
Net cash flows front fiiiaiiciii• activities | 40 | 189,937,660,832 | 2,014,916,827,75S |
PHAT DAT REAL ESTATE DEVE LOPI4 ENT CORP
39 Pliani Ngoc Tliacli, Xuan Hoa Ward, Ho Chi Minh City,
Vietnam
SEPARATE FINANCIAL STATEMENT
For the period from 01 January 2025
to 30 June 2025 Form No. B03b-DN
INTERI M CASH FLOWS STATEMENT (CONT'D)
(Applying indii'ecl iiiethod)
For the per iod froiii 01 Janiiai5 2025 to 30 June 2025
Items | Code | Notes | From 01/01/2025 to 30/06/2025 VND | From 01/01/2024 to 30/06/2024 VND |
Net increase/(decrease) in cash for | 50 | (318,390,130,745) | 684,788,920,312 | |
the pe riod | ||||
Cas h and cash equivale nts at the begin nin g of the period | 60 | 5 | 343,468,770,451 | 504,770,435,103 |
Cas It and caslt equiv ale nts at the | 70 | 5 | 25,078,639,706 | 1,189,559,355,415 |
end of the period |
Ho Chi Minh City, 29 August 2025
Prepnrer
Chief Accountant
al Director
C0NQ TY CO PHAN T*HAI TRIEN
DAT DING S
Pliam Thi Doan Dung
Tran Thi Thuy Trang
But Quang Anli Vu
PHAT DAT RE A L ESTAT E DEVELOP M ENT CO1U•
39 Pham Ngoc Thach, X uan Hoa Ward, Ho Ch i Minh City,
Vietnam
SEPARATE FINANC lAL STATEMENTFor the l›erio‹t from 0.1 January 2025
to 30 June 2025
Form No. B09a-DN
COMPANY OVERVIEW
OWNERSHIP STRUCTURE
Phat Dat Real Estate Development Corp ("Company") is a jo int stock company incorporated under the Law on Enterprises of Vietnam under the Enterprise Registl ation Certificate ("ERC") No. 4103002655 issued foI' the first time by the Depaitinent or Planning and Investment ("DPl") of Ho Cli i Minh City on 13 September 2004 and amended for the 39th time on 19 August 2025.
The Company's shares are listed on the Ho Chi I'vIinh City Stock Exchange ("HOSE") under the ticker symbol PDR pursuant to Listing License No. 1207/SGDHCM-NY granted by HOSE on 09 July 20.10.
The Company's registered head office is located at No. 39 Pham Ngoc Thach Street, Vo Thi Sau Ward, District 3, Ho Chi Minh City, Vietnam (Now No. 39 Pham Ngoc Thacli Street, Xuan Hoa Ward, Ho Chi Minh City, Vietnam).
The number of employees of the Company as at 30 June 2025 was 246 employees (as at 31 December 2024 is 283 employees).
-
PRINC&AL BUSINESS ACTIVITIES AND BUSINESS SECTORS
The Company's principal business activities include: Real estate business, including land use rights owned, utilized, or leased.
Business sectors are the construction and trading of residential properties, and the provision of real estate brokerage and property management services.
-
NORMAL BUSINESS CYCLE
The Company's normal operating cycle is 12 months.
PHAT DAT REAL ESTATE DEVELOPMENT CORP39 Pham Ngoc Thach, Xuan Hoa Ward, Ho CA i Minh City, Viemam
NOTES TO TH E SEPARATE INTERIM FINANCIAL STATEM ENTS (CONT'D)(The notes are an trite ral port of an should be read in conjunction with the accompanying separate financial stotemen ts)
1. COMPANY OVERVIEW (CONT'D)
- COMPANY STRUCTURE
As at 30 June 2025, the Company had the following directly consolidated subsidiaries:
SEPARATE FINANCIAL STATE M ENTFor the period from 01 January 2025 to 30 June 2025
Form to. B09a-DN
Subsidiary
Head office
Business and As at 30/06/2025 As at 01/01/2025principal activities | Votin•q right percentage | Benefit percentage | Voting right percentage | Benefit percentage | |
Binh Duong Building Real Estate No. 352, XM2 Street, Quarter 3, Binh Duong Investment And Development Ward, Ho Chi Minh City | Real Estate Trading | 99.50% | 99.50% | 99.50% | 99.500/o |
Joint Stock Company | |||||
Ben Thanh - Long Hal Corporation Provincial Road 44A, Phuoc Hai Commune, Ho | Real Estate Trading | 99.90% | 99.90% | 99.90% | 99.90% |
Chi Minh City | |||||
Serenity Investment Ioint Stock Hai Tan Hamlet, Phuoc Hai Commune, Ho Chi | Real Estate Trading | 99.34% | 99.J4@o | QH.S4% | 99.J4% |
Company Minh City | |||||
Bac Cuong Investment Joint Stock 223-225 Tran Phu Street, Hai Chau Ward, Da | Rea1 Estate Trading | 99.00% | 99.00% | 99.00% | 99.00% |
Company Nang City | |||||
DK Phu Quoc Corporation No. 229, 30/4 Street, Quarter 1, Phu Quoc | Construction and | 99.00% | 99.00% | 99.00% | 99.00% |
Special Zone, An Giang Province | Trading of Real Estate | ||||
Coinin Construction Investment No. 39 Pham Ngoc Thacli Street, Xuan Hoa | Construction and | 99.900 o | 99.90% | 99.90% | 99.90% |
Infrastructure Company Limited Ward, Ho Chi Minh City | Trading of Real Estate | ||||
Ngo May Real Estate Investment to. 01 Ngo May Street, Quy Nhon Nam Ward, | Real Estate Trading | 0.00% | 0.00% | 94.00% | 94.00% |
Jolnt Stock Company Gia Lai Province |
13
* i
PHAT DAT REAL ESTATE DEVELOPMENT CORP39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
NOTES TO TH E SEPARATE FINANCIAL STATEMENTS (CONT'D)(The notes are an integral part of on should be read in conjunction with the accompanying separate financial statements)
COMPANY OVERVIEW (CONT'D)
COMPANY STRUCTURE (CONT'D)
SEPARAT E FIN ANC IA L STATE MENT
For the period from 0 I January 2025 to 30 June 2025
Form No. B09a-DN
In addition to the above directly consolidated subsidiaries, the Company also had 2 indirectly consolidated subsidiaries as follows:
Indirect subsidiary Head office Business and Asat 30/06/2025 Asat 01/01/2025
principal activities
Voting right percentage
Benefit percentage
Voting rip•ht percentage
Benefit percentage
Thien Long Building Real Estate Land lot to. 101, Map sheet to. 123, Hoa Lan
Real Estate Trading
99.900 »
99.40%
99.90%
99.40%
InveStment And Development 1 Quarter, Thuan Giao Ward, Ho Chi Minh Joint Stock Company City, Vietnam
Hoa Phu Building Real Estate Land lot No. 853, Map sheet to. 122, Hoa Lan Investment And Development 1 Quarter, Thuan Giao Ward, Ho Chi Minh Joint Stock Company City, Vietnam
Real Estate Trading
59.90%
99.40%
99.90%
99.40%
The Company had 2 joint vennires and associates as follows:
Associate Head office Business and Asat 30/06/2025 As at01/01/2025
principal activities
Voting rig•ht percentage
Benefit
percentaq•e
Voting
right
percenta
e
Benefit percenta•e
Commonwealth Properties Real
Estate Corporation
10th Floor, Tower B, Viettel Building, 285
Cach Mang Thang Tarn Street, Hoa Hung
Real Estate Trading
27.00%
27.00%
27.00%
27.00%
Ward, District 10, Ho Chi Minh City
PDP Project Construction
No. 39 Pham Ngoc Thacli Street, Xuan Hoa
Real Estate Trading
49.00%
49.00%
49.00%
49.00%
Investment Company Limited
Ward, Ho Chi Minh City
14
PHAT DAT REAL ESTATE DEVE LOPMENT CORP
39 Phan Ngoc Tliach, Xuar Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FI NANC lAL STATE M ENT
for the period from 01 Jan itary 2025
to 30 June 2025
Form No. B09a-DN NOTES TO THE SEPARATE INTERIM FINANCIAL STATE M ENTS (CONT'D)1. COMPANY OVERVIEW (CONT'D)
-
COMPANY OPERATIONS DURING THE YEAR IMPACT ING THE SEPARAT E FINANCI A L
STATEMENTS
Transfer of shares in Ngo May Real Estate Investment Joint Stock Company ("Ngo
On 20 June 2025, the Boar d of Management of the Company issued Decision No. 12/2025/HDQT-QD approving the transfer of all 30,278,100 shares, and the related financial obligations equivalent to 94% of the charter capital of Ngo May Real Estate Investment Joint Stock Company, at a transfer prlee not lower than the par value, with a total par value of VND 302,78 I ,000,000.
On 25 June 2025, the Company transferred 94% of its shares in Ngo May Real Estate Investment Joint Stock Company to Quy Nhon 68 Investment Company Limited under Share Transfer Agreement No. 01/2025/HDCNCP-NM signed on the Same date, with a transfer value of VND 435,000,000,000. Accordingly, the Company's ownership in Ngo May Real Estate Investment Joint Stock Company (Ngo May) decreased from 94% to 0%, and the Company ceased to be a shareholder of Ngo May. During the reporting period, the Company recognized financial income of VND 132,219,000,000 from this share transfer (the difference between the actual transfer value and the par value).
Issuance of shares for debt-to-equity convention:
On 21 April 2025, the Company completed the issuance of 34,095,000 ordinary shares at an issue price of VND 20,000 per share to convert a debt of USD 30 million with ACA Vietnam Real Estate III LP, in line with the financial restructuring strategy approved by the Minutes of the 2024 Annual General Meeting of Shareholders No. 01/BBH-OHDCD.2024, Resolution of the 2024 Annual General Meeting of Shareholders No. 07/OHOCD-NQ.2024 dated 26 April 2024, and the Board of Directors' Declsion No. 24/2024/HDQT-QD dated 21 October 2024. All these shares are subject to a one-year transfer restriction from the issuance date (16 April 2025). On 28 April 2025, the Company received the 38th amended Enterpr:se Registration Certificate issued by the Ho Chi Minh City Department of Planning and Investment (currently the Department of Finance), confirming the increase of the charter capital from VND 8,731,400,830,000 to VND 9,072,350,830,000 after completing the debt-to-equity convertion.
-
STATEMENT ON THE COMPARABILITY OF INFORMATION TN THE FINANCIAL STATEMENTS
The comparative information, data, and figures presented in the Company's separate financial statements are based on the audited separate financial statements of the Company for the financial year ended 3l December 2024, and the reviewed separate financial statements of the Company for the period from 01 January 2024 to 30 June 2024.
-
EVENTS AFTER REPORTING DATE
On 08 August 2025, the Company completed the issuance of 72,574,296 shares for dividend payment in accordance with Resolution No. 08/DHOCD-NQ.2025 dated 27 June 2025. Following the issuance, the Company's total outstanding shares increased from 907,235,083 shares to 979,809,379 shares, equivalent to a charter capital of VND 9,798,093,790,000.
PHAT DAT REA L ESTATE DEVE LOPMENT CORP
39 Pham N oc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FI NANC lAL STATEMENT
For th e period fJoin 01 January 2025
to 30 June 2025
Form No. B09a-DN NOTES TO TH E SEPARATE INTERIiYI FINANCIAL STATEMENTS (CONT'D)(The i Notes ai'e «ii ii1/egi'n/ per o/an s/toiild be i-cad in coiyirilclioii 1»if/i //ie accompaii viiig Sepoi-ctte K+'amici'al Sloteii tents)
BASIS OF PREPARATION AND FINANCIAL PERIOD
BASIS OF PREPARATION OF THE INTERIM SEPARATE FINANCIAL STATEMENTS
The accompanying interim separate financial statements ai e presented in Vietnamese dong (VND), prepared on the historical cost basis, and in compliance with Vietnainese Accounting Standards, the Vietnamese Corporate Accounting System, and related legal regulations governing the preparation and presentation of separate financial statements.
The Company's separate financial statements have been prepared in accordance with the Corporate Accounting Regime issued under Circular No. 200/2014/TT-BTC dated 22 December 20.14 by the Ministry of Finance, as amended and supplemented by Circular No. 53/2016/TT-BTC dated 21 March 201.6, and other applicable legal requirements relating to the preparation and presentation of separate financial statements.
Users of the interim separate financial statements should read them in conjunction with the Company's intei'iin consolidated financial statements of Company and Subsidiaries ("Group") for the period from 0.1 January 2025 to 30 June 2025 in order to obtain a complete understanding of the financial position, results of operatlons, and cash fiows of the Corporation.
- FINANCIAL PERIOD
The Company's financial year begins on 0.1 January and ends on 31 December each year. These separate financial statements are prepared for the period from 0.1 January 2025 to 30 June 2025.
SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies adopted by the Company in the preparation of these interim separate financial statements are as follows:
APPLIED ACCOUNTING STANDARDS AND REGULATIONS
The Company applies the Vietnamese Accounting Standards and System and the relevant legal regulations in preparing the Interim separate Financial Statements.
ACCOUNTING ESTIMATES
The preparation of Interim separate Financial Statements in accordance with Vietnamese Accounting Standards requires the Board of General Directors to make estimates and assumptions that affect the reported amounts of liabilities, assets and the disclosure of contingent liabilities and assets at the separate financial statements date as well as the reported amounts of revenues and expenses during the period. Actual results may differ from those estimates and assumptions.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, cash in bank, short-term investments, or highly liquid investments. Highly liquid investments are those that are readily convertible into known amounts of cash wlthin three months from the acquisition date and are subject to an insignificant risk of changes in value.
PHAT DAT REA L ESTATE DE V E LOPMENT CORP39 Pham Ngoc Thacli, Xuan Hoa Ward, Ho Chi Min h City, Vietnam
SEPARATE FIN ANCIA L STATE M ENT
for the period from 0.1 Jan uary 2025
to 30 June 2025
Form No. B09a-DN
NOTES TO THE SEPARATE INTERIM FINANCIAL STATE MENTS (CONT'D)(The notes ctre air tritegi'al p‹ii't of on z'/inii/r/ be read Us cci yirnetioii a«i//i I/ie ciccouiycmviiig E'eporate Nii aiic/a/ Stctteiiienls)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are translated into VND at the actual exchange rates prevailing on the dates of the transactions. Exchange differences arising from these transactions aI e recognized as income or expenses in the separate income statement.
Monetary assets and liabilities denominated in foreign currencies as at the date of the separate balance sheet are translated at the buying and selling e.xc1iange rates of the commercial bank with which the Company frequently conducts transactions, prevailing on the date of the separate balance sheet.
Foreign currency deposits at banks as at the date of the separate balance sheet are translated at the buying exchange rate of the commercial bank where the Company maintains its foreign currency accounts. Exchange differences arising from such translations are recognized as income or expenses in the separate income statement
FINANCIAL INVESTiMENTS
An investment is presented as an investment in a subsidiary when the Company obtains control over the investee. Control is the power to govern the tinancial and operating policies of an enterprise or a business activity so as to obtain economic benefits from its operations.
An investment is considered to confer control over the investee when the Company holds more than 50% of the ownership interest in that entity, unless such ownership does not entail control. Even when the Company does not hold more than 50% of the ownership interest, the Company may still have control over the investee if the Company:
Has more than 50% of the voting rights of the entity by virtue of an agreement with other investors;
Has the power to govern the financial and operating policies of the entlty under a statute or an agreement;
Has the power to appoint or remove the majority of the members of the Board of Directors (or an equivalent governing body) of the entity; or
Has the power to cast the majority of votes at meetings of the Board of Directors (or an equivalent governing body) of the entity.
The initial recognition date of an investment in a subsidiary acquired during the period is the date on which the Company obtains effective control over the investee. In the Company's separate financial statements, investments in subsidiaries are stated at cost (purchase price plus any directly attr ibtitable acqtjisition costs), less any provision for impairment.
Joint ventui'c• conh-ibution
Joint venture contributions are contractual arrangements under which the Company and other parties undertake economic activities subject to joint control. Joint control is understood as the contractually agreed sharing of controJ over strategic decisions relating to the financial and operating policies of the joint venture, wh:ch require unanimous consent of the parties sharing control.
PHAT DAT R EA L ESTATE DEVELOPME NT CORP39 Pham N•oc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE EI NANC lAL STATEMENTFor the period from 0.1 January 2025
to 30 June 2025
Form No. B09a-DN NOTES TO TH E SEPARATE INTERIM EI NANCIAL STATEMENTS (CONT' D)t'Tlie notes ca'e an ife gi al y‹ii't oj on shoals be i-ectd in coriyiti icli'oii ivitli r/ie ciccoruymn rug Sepca'ote Wiiiriitcis/ 5tnfeiiici4/sd
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 3.5 FINANCIAL INVESTMENTS (CONT'D)Joint ventiu'e conti'ibiition (con I'd)
In cases where a member company directly conducts business activities under joint venture arrangements, fhe contributed st are in jointly controlled assets and any jointly incvn ied liabilities together with other venturers arising from the joint venture's operations are accounted for in the Company's separate financial statements accordingly and classified based on the nature of the transactions. Liabilities and expenses directly attributable to the contributed share in jo:nt1y controlled assets are accounted for on an accnial basis. Income from the sale or use of the share of products allocated from the joint venture's operations and the related share of expenses incurred are recognized when it is certain that the economic benefits associated with these transactions will flow to or out of the Company and such economic benefits can be measured reliably.
Joint venture arrangements involving the establishment of a separate business entity in which the venturers participate are referred to as jointly controlled entities.
In›'estiiient i/7 aSSOcrates
An associate is an entity over which the Company has significant influence but not control over its financial and operating policies, and which is neither a subsidiary nor a joint venture of the Company. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not constitute control or joint control over those policies.
Investments in joint ventures and associates are initially recognized at cost, comprising the purchase price or capital contribiition together with any directly attributable investment-related expenses.
Dividends and profits earned in periods prior to the acquisition of the investment are deducted from the carrying amount of the investment. Dividends and profits earned in periods subsequent to the acquisition are recognized as income. Dividends received in the form of shares are only tracked as an increase in the number of shares held and are not recognized as income, but recorded at their par value.
Pi'ovisiois for iiiipoii-uient of investiiients
Provision for impaL4nent of investments in subsidiaries, joint ventures, and associates is made at the time of preparation of the separate financial statements when there is clear evidence that the value of such investments has been impaired. Increases or decreases in the provision balance are recorded as finance expenses in the separate income statement.
Held-to-iiiatwity invesfiiients
Held-to-mahirity investments include investments that the Company intends and is able to hold until maturity. Held-to-maturity investments comprise term deposits at banks (including treasury bills and promissory notes), bonds, redeemable preference shares that the issuer is required to repurchase at a specified future date, and other held-to-maturity investments.
Held-to-maturity investments are initially recognized on the date of acquisition and measured at cost, including purchase price and transaction costs directly attributable to the acquisition of the investments. Interest income on held-to-maturity investments after the acquisition date is recognized on an accrual basis in the income statement. Interest received in advance prior to acquisition is deducted fi om the acquisition cost at the purchase date.
PHAT DAT REA L ESTAT E DEVELOP MENT COR1•
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FINANC UL STATE MENTFor the period front 0.1 January 2025
to 30 June 2025
Form No. B09a-DNSIGNIFICANT ACCOUNTING POLICIES (CONT'D)
FINANCIAL INVESTMENTS (CONT'D)
Held-to-maturity investments are subsequently measured at cost less p1'ovision for doubtful debts.
When there is clear evidence that part or all of the investment may not be recoverable and the loss can be reliably determined, such loss is recognized as a finance expense in the period and directly deducted from the carrying amount of the investment.
TRADE RECEIVABLES AND PROVISION FOR DOUBTFUL DEBTS
Receivables are piesented at their carrying amount, net of any provision for doubtful debts. The classification of receivables is made based on the following principles:
Trade receivables represent commercial receivables arising fi-om sale and piti'chose transactions between the Company and independent buyer's, including receivables from entrusted export sales made through other entities.
Other receivables reflect non-commercial receivables not related to sale and purchase transactions.
Provision for doubtful debts represents the estimated amount of receivables that the Company does not expect to recover as at the balance sheet date. Any increase or decrease in the provision for doubtful debts at the reporting date is recorded as an administrative expense in the income statement.
INVENTORIES
Inventories are initially recognized at cost, which includes purchase costs, processing costs, and other directly am ibutable costs incurred to bring the inventories to their cun ent location and condition. After initial recogn:tion, at the financial statement date, inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price of inventories in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
The cost of inventories is determined using the weighted average method. The perpetual inventory system is applied.
Provision for inventory devaluation is made for the estimated loss in value (due to obsolescence, damage, or quality deterioration) of inventories owned by the Company based on evidence of impairment at the financial statement date.
Any increase or decrease in provision for inventory devaluation is recognized in the cost of goods sold for the period.
Real Estate Inventories
Rea1 estate acquired or constructed for sale in the ordinary course of the Company's business, not held for rental or capital appreciation, is recognized as real estate inventories. These inventories are measured at the lower of cost (to bring each item to its current location and condition) and net realizable value.
P HAT DAT HEAL ESTATE D EV E LOPMENT CORP39 Pham Ngoc fhach, Xuan Hoa War d, Ho Chi Minh City, Vietnam
SEPARATE FINANCI A L STAT EMENT
For the period fi on 01 January 2025
to 30 June 2025 Form No. B09a-DN
NOTES TO THE SEP ARATE INTERIM FINANCIAL STATE M ENTS (CONT'D)(The note.s ai'e an iiitegi'o/ po '/ o{riii s/ c›ii/I Ae -cad i i coiyii relishr i//i //ie ‹tecc'iiipan iJig Se pcii-ate Fiiiaii‹'ial Afar/cruel its)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
INVENTORIES (CONT'D)
The cost of real estate inventories includes direct costs incuiTed in the creation ot the real estate and allocated overheads based on the corresponding area. These costs include, but aI e not limited to:
Land use fees and land lease payments;
Construction costs paid to contractoi's;
Interest expenses;
Consulting and design fees;
Site clearance, compensation, and land leveling expenses;
Land transfer taxes;
General construction management costs;
And other related expenses.
Net realizable value is the estimated selling price of real estate inventories under normal business conditions, based on market prices as at the end of the interim accounting period, after deducting the estimated costs of completion and estimated selling expenses.
The cost of real estate sold is recorded in the interim separate income statement using the specific identification method.
TANGIBLE ASSETS, INTANGIBLE ASSETS
Tangible fixed assets and intangible fixed assets are initially recognized at histoi ical cost. During their useful lives, these assets ai'e presented at historical cost, accumulated depreciation (or amortization), and carrying value.
The historical cost of tangible fixed assets includes the purchase price and any directly attributable costs necessary to bring the asset to its intended operating condition.
Subsequent expenditures are only capitalized to the cost of fixed assets if it is certain that such expenditures will increase the future economic benefits derived from the use of the asset, Expenditures that do not meet this condition are recognized as production and business expenses in the period.
Fixed assets are depreciated using the straight-line method over their estimated iisefiil lives. The specific estimated useful lives are as follows:
Asset category
Buildings and structures Machlnery and equipment
Vehicles and transmission equipment Computer software
Estimated useful life (year)
25 - 50
06 - 07
03 - 06
03
f•HAT DA T RU L ESTA TE DE YE LOPMENT COR P
39 Pham Ngoc Tllach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEI•ARA TE FINANCIAL STATE MENTFor the period from 0.1 January 2025
to 30 June 2025
Form No. B09a-DN NOTES TO THE SEPARAT E INTERIM FINANCIA L STATEMENTS (CONT' D)(The› notes ui-e an iiitegi-cil part o] cm slioiilcl be i-ecid iii conjunction ›i'itli f/ e ice‹aiiipm rying Sepoi-6/e £/J ni rein/ .Y/ufeii rents)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
-
TANGIBLE ASSETS, INTANGIBLE ASSETS (CONT'D)
Land use rights are recognized as intangible fixed assets, representing the value of land use rights acquired or leased by the Company. Prepaid land i entals under lease contracts for which the Company has been granted Land Use Right Certificates are recorded as intangible fixed assets in accordance with Circular No. 45/2013/TT-BTC issued by the Ministry of Finance on 25 April 2013, guiding the management, use, and depreciation of fixed assets.
The useful life of land use rights is determined as either defuiite or indefinite. Accordingly, land use rights with definite tenns are amortized over the lease period, while land use rights with indefinite terms are not amortized.
Disposal.s
Gains or losses arising from the disposal of tangible fixed assets are determined as the difference between the net pi oceeds from disposal and the carrying amount of the assets, and are recognized as income or expenses in the separate income statement.
-
INVESTMENT PROPERTIES
Investment properties include land use rights, buildings or parts of buildings, or both, and infrastructure held by the Company for the purpose of earning rental income, capital appreciation, or both. These properties are not used for production, supply of goods or services, nor for administrative or operating purposes in the ordinary course of business.
Investment properties are initially recognized at cost, including transaction costs, and subsequently measured at cost less accumulated depreciation.
Subsequent expenditures are added to the carrying amount of investment properties when it is probable that future economic benefits in excess of the originally assessed benefits will flow to the Company fi-om the asset.
Depreciation of investment properties is calculated using the straight-llne method over the estimated useful lives of the assets, as follows:
Asset category
Buildings and structures
Land use rights with indefinite term: no depreciation is charged
Estimated useful life (year)
25 - 48
lnvestment properties are derecognised from the separate balance sheet upon disposal or when the investment properties are permanently withdrawn from use and no future economic benefits are expected from their disposal. The difference between the net proceeds from disposal and the car rying amount of the investment properties is recognized in the separate income statement.
Transfer's to investment properties from owner-occupied properties or inventories are made only when there is a change in rise, evidenced by the end of owner-occupation and commencement of an operating lease to another party, or upon completion of construction. Transfers from investment properties to owner-occupied properties or inventories are made only when there is a change in use, evidenced by commencement of owner-occupation or commencement of development for sale. Such transfers do not change the cost or the caiTying amount of the properties at the date of transfer.
PHAT DAT RE A L ESTATE DEVE LO PMENT CORP
39 Pham Ngoc Thacli, Xuan Hoa War d, Ho Chi M inli City, Vietnam
SE PARATE PINANC IA L STATEMENT
For the period from 0.1 January 2025
to 3.0 June 2025
Form No. B09a-DC
NOTES TO THE SEPARATE INTERI M FINANCI A L STATEMENTS (CONT'D)/TJie hole.s are. an iJ leg 'ri/ p«i i o/un s/ioii/cf 5e i'erid ir coitinic/ ion vitli the acc oop‹tin rug Sepai-nte Fiiiciiicial Stateiiieiits)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
CONSTRUCTION IN PROGRESS
Construction in pi'ogress includes tangible assets under purchase or construction that are not yet completed as at t!ie reporting date and are recognized at liistoricaJ cost. These costs coiiiprlse necessal y expenditures to bi ing the asset to its intended condition for use, including construction and installation costs, equipment costs, and other related expenses in accordance with the Company's accounting policies. Such costs will be transferred to the historical cost of property, plant, and equipment at a provisional value (if final settlement approval has not yet been obtained) when the assets are completed and put into use.
PREPAID EXPENSES
Pi epaid expenses include short-term and long-term prepaid expenses, which are actual costs incuiTed but related to the operating results of multiple accounting periods and are allocated over the prepaid period or the period during which the related economic benefits are realized.
Prepaid expenses include project compensation costs for The EverRich 2 project, apartment management fees, office renovation costs, and tools and equipment, which are recorded as long-tenn prepaid expenses to be gradually allocated or recognized in line with revenue in the separate income statement.
-
LOAN AND FINANCE LEASE OBLIGATIONS
Loans and finance lease liabilities are recognized based on receipts, bank documents, loan agreements, and finance lease contracts.
Loans and finance lease liabilities are monitored by counterparty, maturity, and original currency. At the date of preparation of the consolidated financial statements, loans that are due within 12 months or within the next operating cycle are classified as short-term loans. Loans with repayment terms exceeding 12 months or longer than one operating cycle are classified as long-term bon owings. In the case of foreign currency borrowings, detailed tracking is performed in the Original Currency.
BORROWING COSTS
Borrowing costs are recognized as expenses in the period in which they are lncurred, except for Borrowing costs that ai e directly attributable to the acquisition, construction, or production of qualifying assets, which are capitalized as part of the cost of those assets when the capitalization criteria under Vietnamese Accounting Standard No. 16 - Borrowing costs are satisfied.
LIABILITIES
Liabilities are classified based on their nature, including:
- Trade payables, which comprise amounts payable arising from the purchase of goods and services;
Other payables, which include amounts payable that are not of a commercial nature and are not related to the purchase of goods or services.
Liabilities are further classified as current or non-cuiTent on the separate balance sheet based on the remaining period from the balance sheet date to the settlement date.
PHAT DAT REAL ESTATE DEVELOPMENT CORP
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FINANC IA L STATEMENT
For the period front 0.1.1anuaiy 2025
to o"0 June 2025
Form No. B09a-DN
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
ACCRUED EXPENSES
Accrued expenses include amounts payable for goods and services received fi om siippliers during the period but not yet paid due to the absence of invoices or sufficient accounting documents. These expenses are recognized in the cost of goods solet or operating expenses for the period.
OWNERS' EQUITY
tvnei's' equity
Owners' equity is recognized at the amount actually contributed.
Other capital arises from retained earnings, revaluation of assets, and the residual value of assets received as donations, gifts, or sponsorships after deducting any rclated taxes payable, if applicable.
Shcu'e pi eiiiiiuii
Share premium is recognized as the difference between the issue price and the par value of shares upon lnitial issuance, additional issuance, the difference betveen the reissue price and the carrying amount of treasury shares, and the equity component of convertible bonds at maturity. Direct costs related to additional share issuances or reissuance of treasury shares are deducted from share premium.
PROFIT DISTRIBUTION
Profit after tax may be distributed to shareholders after appropriations to funds in accordance with the Company's charter and the regulations of Vietnamese law. Dividends are recognized as liabilities in the Balance Sheet after being approved by the Annual General Meeting of Shareholders through its resolution. Dividends payable to shareholders are tracked and recorded for each specific shareholder after the Company's Board of Managements announces the dividend distribution and the Vietnam Securlties Depository and Cleading Corporation announces the record date for entitlement.
-
REVENUE AND INCOME RECOGNITION
Revenue is recognized when the Company is certain to obtain identifiable economic benefits. Net revenue is determined at the fair value of the consideration received or receivable after deducting trade discounts, sales rebates, and returns. Revenue is recognized when the following conditions are satisfied:
Revenue fi'oiii Renclei'iiig of Services
Service revenue is recognized when all of the following conditions are met:
Revenue can be measured reliably;
It is probable that economic benefits will flow to the Company;
The stage of completion of the service at the balance sheet date can be reliably determined;
The costs incurred for the transaction and the costs to complete the service can be measured reliably.
PHAT DAT HEA L ESTATE D EVELOPM ENT CORP
Phan' ^s c Thach, Xuan Hoa Ward, Ho Chi Binh City, Vietnam
SE PARATE FI NANClA L STATEMENT
For the pei iod from 0.1 January 2025
to 30 June 2025
Form No. B09a-DN NOTES TO THE SEPARATE INTERIM FINANCIAL STATEME NTS (CONT'D)(The notes cii'c air iittegi u1 yr i-I o]'aii sli oiild be i-ecicl i'ii en yiiiic/ioii ii i'//i //ie accompctti3 ing Sepcii'ate Fitiaiicial Stateiiic°iits)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
3.18 REVENUE AND INCOME RECOGNITION (CONT'D)Revenue from real estate sales, where the Company is the developer, is recognized when all of the following conditions are met:
The real estate property has been fully completed and delivered to the buyer, and the Company has transferred the rislcs and rewards associated with ownership of the property to the buyer;
The Company no longer retains managerial control or effective control over the i'eal estate property;
Revenue can be measured reliably;
The Company has received or will receive economic benefits from the sale of the real estate; The costs associated with the real estate sale transaction can be reliably measured.
Reve•nue fi•oin lancl plot sales
Revenue from land plot sales under an irrevocable contract is recognised when all of the following conditions are met:
The risks and rewards associated with the land use rights have been transferred to the buyer;
Revenue can be measured reliably;
The costs associated with the land plot sale transaction can be reliably measured;
The Company has received or will certainly receive economic benefits from the land plot sale transaction.
Finance Incoiiie
Finance income, including interest, dividends, distributed profits, and other financial income, is recognized when both of the following conditions are satisfied:
It is probable that economic benefits will flow to the Company; The amount of revenue can be measured reliably.
Dividends and distributed profits are recognized when the Company has the right to receive payment.
Reventfe fi out oper-ating lease
Operating lease revenue is recognized on a straight-line basis over the lease term. Advance rental payments covering multiple periods are allocated to revenue in accordance with the lease term.
COST OF GOODS SOLD
Cost of goods sold reflects the cost of products, goods, or services delivered or provided during the period. The cost of transfered real estate is determined based on the estimated cost calculated from the total initial investment and approved adjustments of the pi ojects, as well as other directly attributable costs included in connection with the investment and construction of the real estate.
PHAT DAT RE A L ESTATE D E VELOPM ENT CORP
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARAT E PINANC fAL STATEMENTFor the 9eriod fi om 01 January 2025
to 30 June 2025
Form lNo. B09a-DN NOTES TO THE SE PARATE INTER IM FINANCE AL STATEMENTS (CONT'D)(1/e iiotes at-e an integt at yoi'I of ciii ylioitlcl be i eacl i'n coi1J1tiicti'oii u ff/ r/ie acco»ipaii /i›yg Yeparafe Fiti‹iiicl'ctl Stctteiiieiits)
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)TAX
Corporate income tax, if any, represents the total amount of current income tax and deferred income tax.
Current income tax is calculated based on taxable income for the period. Taxable income differs from accounting profit as presented in the income statement because it excludes taxable or deductible amounts in other years (including carried-forward tax losses, if any) and also excludes items that are non-taxable or non-deductible.
Deferred Corporate Income Tax is recognized for temporary differences at the end of the reporting period between the tax base ofassets and liabilities and their car g amounts in the Interim separate Financial Statements.
Deferred Corporate Income Tax liabilities are recognized for all taxable temporary differences. DefeiTed Corporate Income Tax assets are recognized for aIl deductible temporary differences, carried-forward tax losses, and unused tax incentives, to the extent that it is probable that future Wxable profits will be available against which the temporary differences can be utilized.
The carrying amount of Deferred Corporate Income Tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized. Previously iinrecognized Deferred Corporate Income Tax assets are reassessed at the end of the reporting period and recognized to the extent that it is probable that sufficient taxable profits will be available.
Deferred Corporate Income Tax is measured at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on tax laws enacted at the end of the reporting period.
Similar to current tax, Deferred Corporate Income Tax is recognized in the interim separate income statement, except to the extent that the tax arises from a transaction recognized directly in equity, in which case the deferred tax is also recognized in equity.
The Company offsets Defen'ed Corporate Income Tax assets and Deferred Corporate Income Tax liabilities onIy when:
There is a legally enforceable right to offset current lx assets against current two liabilities; and
- The deferred taxes relate to the same taxable entity and are levied by the same tax authority.
RELATED PARTIES
Related parties are considered to exist if one party has the ability to control or exercise significant influence over the other party in making financial and operating policy decisions. Related parties include:
Enterprises that have control or are controlled directly or indirectly through one or more intermediaries, or are under common control with the Company, including the Parent Company, subsidiaries within the Corporation, joint ventures, jointly controlled entities, and associates.
PHAT DAT REAL ESTATE DEVE LO PIYIENT CORP
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
SEPARATE FINANC IA L STATEMENT
Por the period from 0.1January 2025
to 30 June 2025
Form No. B09a-DN
NOTES TO THE SEPARATE INT ERIM FINANCIA L STATEMENTS (CONT'D)(The noles at-c air iniegral pca't of ‹m short Id be i'ectcl iii corijitiictioii ivitli the acc oiiipaiiviiig .Sepcirctte Niii«iic/‹i/ .Sioieireiié‹9
3. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
3.21 RELATED PARTIES (CONT'D)
Individuals who have direct or indirect voting power in the reporting enter pi ises that results in significant influence over such entities, as well as key management per sonnel who have authority and responsibility for planning, directing, and contI'Olling the activities of the Company, including close family members of these individuals.
Enterpi ises in which the individuals mentioned above directly or indirectly hold voting rights or are able to exercise significant influence over the enterprise.
When assessing related parties relationships, the substance of the relationship is considered rather than merely its legal form. All transactions and balances with related parties arising during the period from 0.1January 2025 to 30 June 2025 are presented in the notes below.
SEGMENT REPORTING
A business segment is a separately identifiable component of the Company that is engaged in producing or providing individual products, services, or a Corporation of related products or services, and which is subject to risks and economic benefits that are distinct from those of other business segments.
A geographical segment is a separately identifiable component of the Company that is engaged in producing or providing prodiicts and services within a specific economic environment, and which is subject to risks and economic benefits that are distinct from those of other business segments operating in different economic environments. The Company's entire business operations are not affected by reglonal or customer-specific factors. Therefore, the Company determines that there are no geographical differences across its business activities.
The Company does not present this note in the Interim separate Financial Statements because, in accordance with Vietnamese Accounting Standard No. 28 - Segment Reporting, when a company is required to prepare both separate and consolldated financial statements, segment information is presented in the consolidated financial statements in accordance with the provisions of this Standard.
PHAT DAT R EA L ESTATE DEVELOPMENT CORP
39 Pham Ngoc Th ach, Xuan Hoa War‹j, Ho Chi Minh City, Vietnam
SE PARATE FINANCE A L STAT E MENT
For the period fi om 01 January 2025
to 30 June 2025
Form No. B09a -DN
4. | CASH AND CASH EQUIVALENTS | ||
As at 30/06/2025 | As at 01/01/2025 | ||
Cash on hand | 17,287,291 | 31,414,076 | |
Cash at bank | 25,061,352,415 | 343,437,356,375 | |
Total | 25,078,639,706 | 343,468,770,451 | |
Supplementary Information to the Separate Cash Flows Statement:
From 01/01/2025 From 01/01/202J to 30/06/2025 to 30/06/202J
Debts converted into capital contributions through share issuance
Debts offset against receivables from capital contribution transfers to other entities
681,900,000,000
419,500,000,000
Total 681,900,000,000 419,500,000,000
PHAT DAT REAL ESTATE DEVELOPMENT CORP
39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
NOTES TO THE SE PARAT E INTERIM FINANCIAL STATEMENTS (CONT'D)
ifhe notes are an integral part of an shou Id be read in conyoncrion with the occompanying separate financicil statements)
FINANCIAL INVESTMENTS
SEPARATE FI NANC IAL STATEMENT
For the period from 01 January 2025 to 30 June 2025
Form No. B09a-DN
HELD-TO-MATURITY INVESTMENTS
As at 30 June 2025, the balance includes time deposits at Military Commercial Joint Stock Bank - Saigon Branch with a twelve-month original term, bearing interest at 4.6% per annum. The Company pledged a deposit contract worth VND 100,000,000,000 at Military Commercial Joint Stock Bank to secure a loan from the same bank for the Project of Ben Thanh- Long Hat Corporation.
PHAT DAT REAL ESTATE DEVELOPMENT CORP39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City, Vietnam
NOTES TO THE SEPARATE INTERIM FINANCIAL STATEMENTS (CONT'D)
(The notes are an integral part of an should be read in conjunction with the accompanying separate financial statements)
5. FINANCIAL INVESTMENTS (CONT'D)
LONG-TERM FINANCIAL INVESTMENTS (CONT'D)
SEPARATE FI NANCIAL STATEMENT
For the period from 01 January 2025 to 30 June 2025
Fo rm No. B09a- DN
30/06/2025 01/01/2025Cost | Provision | Book value | Cost | Provision | Book va lue | |
VND | VND | VND | VND | VND | VND | |
9,636,1t8,990,959 393,624,000,000 | (') (*) | 9,857,903,990,959 393,6?4000000 | (•) (") | |||
300,000,000,000 | (*) | ?00,000,000,000 | ||||
(*) | 221,785,000,000 | (*) | ||||
3,330,000,000,000 | (*) | 3,330,000,000,000 | ||||
1,360,000,000,000 | (*) | 1,360,000,000,000 | ||||
3,473,659,990,959 | (*) | 3,473,659,990,959 | (") | |||
758,835,000,000 | (*) | 758,835,000,000 | (*) | |||
107,234,059,102 | (86,173,090,884) | (*) | 105,823,107,000 | (72,771,828,327) | ||
21,374,059,102 | (313,090,884) | 15,563, I 07,000 | (281,496,411) | (') | ||
85,860,000,000 | (85,860,000,000) | (*) | 85,860,000,000 | (72,490,331,916) | ||
9,743,353,050,061 | (86,173,090,884) | (*) | 9,963,727,097,959 | (72,771,828,327) |
Investments in subsidiaries DK Phu Quoc Corporation
Coinin Construction Investment Infrastructure
Company Limited
Ngo May Real Estate Investment Joint Stock
Company (I)
Ben Thanh - Long Hai Corporation Serenity Investment Joint Stock Company
Binh Duong Building Real Estate Investment
And Development Joint Stock Company
Bac Cuong Investment Joint Stock Company
Investments in associates, jointly
controlled entities
PDP Project Construction Investment
Company Limited (2)
Commonwealth Properties Real Estate Corporation
Tota I
(*) The Company has not determined the fair value of the remaining financial investments as Vietnamese Accounting Standards and the Vietnamese Corporate Accounting System do not provide specific guidance on fair value measurement.