HAP Balance Sheet - Hapaco Group JSC

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Price: 7 090 VND 1% Market Closed

Market Cap: ₫786.6B

H	Hapaco Group JSC VN:HAP	VN
	Svenska Cellulosa SCA AB STO:SCA B	SE
W	West Fraser Timber Co Ltd XHAN:WFC	CA
P	Prysmian SpA XHAN:AEU	IT
C	Cathay Pacific Airways Ltd OTC:CPCAF	HK

Financial profile · Q2 FY2026

A paper-and-forest model with volatile earnings and uneven cash conversion

HAP has a volatile top line and unstable operating profitability, while reported net income can diverge from core operations because financial and other items are material. Cash conversion is uneven, with working-capital swings and episodic investment spending able to dominate free cash flow.

What is developing

Q2 2026 restored quarterly operating income and common net income, but trailing operating income, common net income, operating cash flow, and free cash flow remained negative. The latest results therefore show earnings recovery without restored cash conversion, which is a development rather than a proven change in the underlying model.

What matters next

Whether operating cash flow returns to positive while working-capital outflows and capital spending normalize.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	6.3B	105.5B	5.1B	8.7B	55.4B	15.3B	137.1B	15.2B	18.6B	36.9B
Cash	6.3B	105.5B	5.1B	8.7B	55.4B	15.3B	37.1B	15.2B	17.6B	36.9B
Cash Equivalents	—	—	—	—	—	0	100B	0	1B	0
Short-Term Investments	46.7B	15.9B	22.7B	44.7B	37.7B	16.1B	15B	15.1B	30.6B	473.6B
Total Receivables	385.8B	253.1B	266B	251B	250.8B	335.4B	549.7B	662.7B	258.1B	169.1B
Accounts Receivables	57.8B	50.7B	68.2B	55.5B	66.2B	75.8B	(42.2B)	(34B)	(97.9B)	(73.1B)
Other Receivables	328B	202.3B	197.8B	195.5B	184.6B	259.6B	592B	696.8B	355.9B	242.1B
Inventory	81.6B	80.1B	84.2B	108.1B	79.5B	88.4B	103.4B	86.3B	81.6B	32.4B
Other Current Assets	10.5B	19.3B	16.5B	11.2B	8.2B	3.5B	3.3B	2.1B	2.9B	11.5B
Total Current Assets	531B	473.9B	394.5B	423.6B	431.6B	458.6B	808.5B	777.4B	390.5B	722.4B
PP&E Net	84.9B	74.3B	82.3B	67.7B	58.6B	46.8B	36.8B	31.7B	383.1B	28.9B
PP&E Gross	84.9B	74.3B	82.3B	67.7B	58.6B	46.8B	36.8B	31.7B	383.1B	28.9B
Accumulated Depreciation	(164.3B)	(176.7B)	(184.9B)	(195.9B)	(208.4B)	(225.5B)	(238.7B)	(246.3B)	(446.7B)	(250.5B)
Intangible Assets	(2.1B)	(2.5B)	(3.1B)	(3.5B)	(3.9B)	(4.4B)	(4.8B)	1.2B	1.9B	533m
Goodwill	0	—	—	—	—	—	—	—	285.6B	0
Note Receivable	6.9B	6.6B	103.5B	78.6B	60.3B	58.3B	30B	350m	269B	0
Long-Term Investments	381B	231.9B	231.9B	231.9B	249.2B	232.8B	441.3B	459.3B	55.9B	495.1B
Other Long-Term Assets	11.7B	11.4B	11.3B	13.5B	12.4B	13.4B	13.3B	5.3B	287.8B	5.6B
Other Assets	0	—	—	—	—	—	—	—	285.6B	0
Total Assets	1T	795.6B	820.4B	811.9B	808.1B	805.5B	1.3T	1.3T	1.7T	1.3T
Accounts Payable	23.3B	26B	21.3B	27B	16.7B	12.6B	13.3B	12.4B	15.9B	13.1B
Accrued Liabilities	10.3B	8.5B	12.3B	11.4B	10B	14.1B	13.9B	9.5B	19.2B	10.3B
Short-Term Debt	74.6B	46.2B	38.1B	41.6B	23.2B	14.8B	21.6B	14.9B	17.5B	17.4B
Current Portion of Long-Term Debt	27.2B	6B	3B	1 000m	565.7m	—	—	—	12.3B	83.2m
Other Current Liabilities	86.5B	36.9B	40.2B	41.4B	40.1B	38.5B	34.8B	34.3B	65.8B	16.5B
Deferred Revenue	1.8B	2.7B	2B	51.4m	11m	368.5m	5.5m	5.5m	2B	13.9m
Total Current Liabilities	221.9B	123.5B	114.8B	122.3B	90.5B	80B	83.6B	71B	130.8B	57.4B
Long-Term Debt	123B	3.9B	3.4B	565.7m	0	0	0	0	20.4B	0
Deferred Income Tax	—	—	—	—	—	—	—	—	75.2B	0
Minority Interest	5B	5.3B	6.7B	7.3B	7.7B	6.5B	4.9B	5.5B	147.1B	1.7B
Other Liabilities	20.9m	20.9m	74.6m	15m	15m	15m	15m	15m	15m	0
Total Liabilities	349.9B	132.7B	125B	130.2B	98.3B	86.5B	88.6B	76.6B	373.5B	59.1B
Common Stock	556.3B	556.3B	556.3B	556.3B	556.3B	556.3B	1.1T	1.1T	1.1T	1.1T
Retained Earnings	15.1B	17.1B	49.7B	35.9B	64.2B	73.2B	36.1B	38.3B	140B	33.1B
Additional Paid In Capital	29.9B	29.9B	29.9B	29.9B	29.9B	29.9B	29.9B	29.9B	29.9B	29.9B
Treasury Stock	(4.7B)	(4.7B)	(4.7B)	(4.7B)	(4.6B)	(4.6B)	(4.5B)	(4.5B)	(4.5B)	(4.5B)
Other Equity	66.8B	64.2B	64.2B	64.2B	64B	64B	63.9B	23.9B	23.9B	23.9B
Total Equity	663.4B	662.9B	695.4B	681.7B	709.8B	718.9B	1.2T	1.2T	1.3T	1.2T
Total Liabilities & Equity	1T	795.6B	820.4B	811.9B	808.1B	805.5B	1.3T	1.3T	1.7T	1.3T
Common Shares Outstanding	61.3m	61.3m	61.3m	61.3m	61.3m	55.5m	110.9m	110.9m	110.9m	110.9m