BGE

BCG Energy ·UPCOM ·2025Q3

▲ Showing improvement

Price

3,300

Latest close

29 May 2026

P/E -366.67x

P/B 0.27x

EPS -9

BVPS 12,390

ROE -0.1%

ROA -0.0%

Profit Margin -0.5%

Asset Turnover 0.07x

Equity Mult. 1.99x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2024 basis, BGE has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,278bn
	                                
+13.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 394bn
	                                
+358.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    15443.2%
	                                
affects earnings quality

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	349.4	362.9	296.5	248.5	339.7	369.3
Growth	-4%	+22%	+19%	-27%	-8%	—
Net Income	67.5	20.9	6.5	-109.9	213.6	225.2
Net Margin	19.32%	5.75%	2.20%	-44.24%	62.87%	60.97%

Drivers of BGE's profit

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Minority interests ↓ 25.6bn

Tax ↓ 24.5bn

Financial income ↓ 129.4bn

Finance costs ↑ 54.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -1.20% +44.4pp

Gross Margin 48.54% —

SG&A / Revenue 5.54% —

Non-core / Revenue -40.36% —

TTM YoY · 2024Q3 -> 2025Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (18044.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of -1.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC currently stands at -1.53%. Track NOPAT margin and capital turnover to assess capital efficiency.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC -1.53% —

NOPAT Margin -18.77% —

Capital Turnover 0.08x —

Average Invested Capital 15,469.8bn —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.92x equity, net debt at 0.62x equity.

Over the last 12 months, working capital released 605.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +630.5bn

Inventories increased → lower CFO: −2.1bn

Payables decreased → lower CFO: −22.7bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.62x and interest coverage only at 0.09x.

At present, short-term debt accounts for 24.5% of total debt, cash equals 4.3% of debt, and total debt stands at 5,823.8bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Interest coverage is thin

Interest coverage is 0.09x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.62x +0.02x

Interest Coverage 0.09x —

Cash / Debt 4.3% +0.5pp

Short-term Debt / Total Debt 24.5% −3.3pp

CFO / NI -200.70x —

TTM YoY · 2024Q3 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,207.0bn in 2024, against investing cash flow of -894.6bn.

Post-investment cash flow was positive +312.4bn. Financing cash flow was negative +415.2bn.

CFO / net income was -200.70x.

After spending +70.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,186.0bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,256.8bn —

Cash Capex 70.8bn —

FCF TTM +1,186.0bn —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.09x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15443.2% of PBT and CFO / net income currently at -200.70x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.09x.

Statement Data

Item	2024	2023	2022
Revenue	1,278.0	1,125.6	1,063.8
Revenue Deductions	0.0	0.0	0.0
Net Revenue	1,278.0	1,125.6	1,063.8
Cost of Goods Sold	649.3	590.6	547.0
Gross Profit	628.7	535.0	516.8
Financial Income	784.2	744.1	948.1
Financial Expenses	852.7	1,345.3	1,196.5
Interest Expense	587.2	967.4	883.7
Share of Associates and Joint Ventures	-45.7	-50.2	23.6
Selling Expenses	0.0	0.0	6.1
General and Administrative Expenses	73.2	70.4	81.5
Operating Profit	441.3	-186.7	204.4
Other Income	44.0	49.1	140.6
Other Expenses	17.2	9.9	11.9
Other Profit	26.8	39.2	128.7
Profit Before Tax	468.0	-147.5	333.1
Current Income Tax Expense	75.6	6.6	42.5
Deferred Income Tax Expense	-1.9	-1.4	-5.0
Net Income	394.3	-152.7	295.5
Non-controlling Interest	37.6	-116.8	-64.4
Profit Attributable to Parent	356.7	-35.9	360.0
Earnings per Share	489.00	-77.00	1,041.00
Diluted EPS	489.00	-77.00	1,041.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,159.7	7,578.0	6,485.2
I. Cash and cash equivalents	221.6	324.3	334.6
1. Cash	183.5	74.5	305.0
2. Cash equivalents	38.0	249.7	29.6
II. Short-term financial investments	39.0	39.2	121.5
1. Available for sale securities	0.0	0.0	34.9
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	39.0	39.2	86.6
III. Short-term receivables	7,847.3	7,159.0	5,791.5
1. Short-term trade accounts receivable	697.5	317.9	170.9
2. Short-term prepayments to suppliers	1,549.6	1,108.5	1,488.9
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	509.2	109.6	95.3
6. Other short-term receivables	5,091.1	5,623.0	4,036.3
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	1.7	0.8	0.8
1. Inventories	1.7	0.8	0.8
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	50.1	54.7	236.8
1. Short-term prepayments	9.8	8.5	12.3
2. Value added tax to be reclaimed	40.3	46.3	224.4
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	11,286.0	11,458.6	14,363.7
I. Long-term receivables	220.1	510.9	3,417.5
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	56.4
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	197.6	10.7	50.0
6. Other long-term receivables	22.5	500.3	3,311.1
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	8,842.4	9,399.7	7,884.8
1. Tangible fixed assets	8,448.0	8,994.9	7,492.5
- Cost	10,380.3	10,403.0	8,406.4
- Accumulated depreciation	-1,932.3	-1,408.1	-914.0
2. Financial leased fixed assets	0.7	1.0	1.2
- Cost	1.2	1.2	1.2
- Accumulated depreciation	-0.5	-0.3	-0.0
3. Intangible fixed assets	393.6	403.8	391.1
- Cost	420.8	420.8	399.5
- Accumulated depreciation	-27.2	-17.0	-8.4
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	1,182.7	1,073.4	2,578.5
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	1,182.7	1,073.4	2,578.5
V. Long-term financial investments	905.7	339.1	342.4
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	841.5	258.1	260.8
3. Investments in other entities	81.0	81.0	81.6
4. Provision for diminution in value of long-term investments	-16.9	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	135.2	135.4	140.6
1. Long-term prepayments	69.7	61.1	59.1
2. Deferred income tax assets	8.2	8.6	7.5
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0
5. Goodwill	57.3	65.7	74.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	19,445.7	19,036.6	20,848.8
A. LIABILITIES (300=210+330)	9,328.4	9,300.5	13,671.8
I. Short -term liabilities	3,275.7	3,079.3	4,207.0
1. Short-term trade accounts payable	1,386.2	1,223.1	1,345.4
2. Short-term advances from customers	0.0	0.0	303.0
3. Taxes and other payables to state authorities	82.9	35.6	51.0
4. Payable to employees	3.7	2.8	3.5
5. Short-term acrrued expenses	284.7	265.2	363.2
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	182.8	189.3	677.0
10. Short-term borrowings and financial leases	1,335.4	1,363.4	1,464.0
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	6,052.7	6,221.2	9,464.8
1. Long-term trade payables	369.2	250.9	191.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	856.0	856.0	1,697.7
8. Long-term borrowings and financial leases	4,748.8	5,034.9	7,500.6
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	78.7	79.4	75.4
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	10,117.4	9,736.1	7,177.1
I. Owner's equity	10,117.4	9,736.1	7,177.1
1. Owner's capital	7,300.0	7,300.0	4,500.0
- Common stock with voting right	7,300,000,000,000.00	7,300,000,000,000.00	4,500,000,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0
11. Undistributed earnings after tax	541.0	186.6	248.2
- Accumulated retained earning at the end of the previous period	184.3	247.1	81.3
- Undistributed earnings in this period	356.7	-60.5	166.9
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	2,276.3	2,249.5	2,428.9
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	19,445.7	19,036.6	20,848.8

Item	2024	2023	2022
Profit Before Tax	468.0	-147.5	333.1
Depreciation of Fixed Assets and Investment Property	542.5	496.3	305.4
Provision (Increase)/Reversal	16.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	114.5	99.7	17.0
Gain/Loss from Investment Activities	-89.7	23.4	-355.5
Interest Expense	589.3	986.6	887.1
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,641.5	1,458.6	1,187.2
Increase/(Decrease) in Receivables	507.3	-994.5	1,112.5
Increase/(Decrease) in Inventory	-0.9	-0.1	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-280.0	499.3	-1,654.0
Increase/(Decrease) in Prepaid Expenses	-9.9	2.5	13.7
Changes in Trading Securities	0.0	34.9	-25.3
Interest Paid	-623.8	-1,011.8	-737.6
Corporate Income Tax Paid	-27.3	-22.7	-27.5
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,207.0	-33.7	-131.0
Payments for Fixed Assets and Other Long-term Assets	-149.9	-200.4	-2,852.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.5	17.7	76.6
Loans and Purchases of Debt Instruments	-707.1	-420.1	-199.2
Receipts from Loan Repayments and Sale of Debt Instruments	120.9	492.5	199.2
Investments in Other Entities	-787.3	-47.4	-2,662.6
Proceeds from Investments in Other Entities	597.3	0.6	1,707.1
Dividends and Interest Income Received	9.1	44.9	31.1
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-894.6	-112.1	-3,700.4
Proceeds from Equity Issuance and Capital Contributions	3,156,000,000.00	2,800,000,000,000.00	2,108,218,771,398.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	1,369.6	1,950.0	3,625.3
Repayment of Borrowings	-1,787.7	-4,606.7	-1,844.9
Repayment of Finance Leases	-0.3	-0.3	0.0
Dividends Paid	0.0	-7.7	-121.8
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-415.2	135.4	3,766.9
Net Cash Flow During the Period	-102.8	-10.4	-64.5
Cash and Cash Equivalents at Beginning of Period	324.3	334.6	399.2
FX Difference from Revaluation	0.1	0.1	-0.0
Cash and Cash Equivalents at End of Period	221.6	324.3	334.6

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	349.4	362.9	296.5	248.5	339.7	369.3
Revenue Deductions	—	—	—	0.0	0.0	0.0
Net Revenue	349.4	362.9	296.5	248.5	339.7	369.3
Cost of Goods Sold	161.9	159.2	163.0	162.8	163.0	155.1
Gross Profit	187.5	203.7	133.5	85.7	176.7	214.3
Financial Income	48.8	33.5	59.2	172.6	178.2	295.5
Financial Expenses	142.2	178.7	155.0	272.6	87.6	242.2
Interest Expense	124.1	126.0	125.4	158.7	137.5	121.6
Share of Associates and Joint Ventures	-2.7	0.7	-9.9	-24.2	-5.0	-19.2
Selling Expenses	—	—	—	-0.0	0.0	0.0
General and Administrative Expenses	15.0	15.0	17.0	22.7	18.6	17.1
Operating Profit	76.3	44.2	11.0	-61.2	243.8	231.2
Other Income	0.0	10.0	2.9	-43.8	0.4	47.3
Other Expenses	4.0	27.6	1.9	8.8	1.6	5.4
Other Profit	-4.0	-17.6	1.1	-52.6	-1.2	41.9
Profit Before Tax	72.4	26.6	12.0	-113.8	242.5	273.2
Current Income Tax Expense	4.9	6.4	6.2	-3.2	29.4	48.2
Deferred Income Tax Expense	0.0	-0.7	-0.7	-0.7	-0.4	-0.3
Net Income	67.5	20.9	6.5	-109.9	213.6	225.2
Non-controlling Interest	30.1	12.0	2.2	-53.1	55.7	27.2
Profit Attributable to Parent	37.4	8.8	4.4	-56.9	157.9	198.0
Earnings per Share	51.00	12.00	6.00	-78.00	216.00	271.00
Diluted EPS	51.00	12.00	6.00	489.00	216.00	271.00

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,169.4	8,016.8	8,335.0	8,159.7	8,582.6	8,039.7
I. Cash and cash equivalents	252.3	357.5	318.4	221.6	243.4	328.4
1. Cash	103.9	205.6	154.1	183.5	185.7	216.8
2. Cash equivalents	148.5	151.9	164.2	38.0	57.7	111.6
II. Short-term financial investments	23.0	23.0	23.0	39.0	39.0	33.5
1. Available for sale securities	—	—	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	0.0	0.0	0.0
3. Held to maturity investments	23.0	23.0	23.0	39.0	39.0	33.5
III. Short-term receivables	7,843.7	7,572.7	7,945.1	7,847.3	8,245.6	7,615.8
1. Short-term trade accounts receivable	842.8	689.0	588.1	697.5	629.5	558.4
2. Short-term prepayments to suppliers	1,089.9	1,135.6	1,849.0	1,549.6	1,040.7	1,035.9
3. Short-term inter-company receivables	—	—	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	0.0	0.0	0.0
5. Short-term loan receivables	520.4	451.4	452.5	509.2	195.3	204.6
6. Other short-term receivables	5,864.3	5,770.3	5,055.5	5,091.1	6,380.2	5,817.0
7. Provision for short-term doubtful debts (*)	-473.8	-473.6	—	0.0	0.0	0.0
8. Assets awaiting resolution	0.1	—	—	0.0	0.0	0.0
IV. Inventories	3.5	4.3	1.7	1.7	1.4	1.2
1. Inventories	3.5	4.3	1.7	1.7	1.4	1.2
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0
V. Other short-term assets	46.9	59.3	46.9	50.1	53.2	60.8
1. Short-term prepayments	8.3	11.0	7.2	9.8	11.2	16.2
2. Value added tax to be reclaimed	37.4	47.1	39.6	40.3	42.0	44.6
3. Taxes and other receivables from state authorities	1.2	1.2	—	0.0	0.0	0.0
4. Government bonds	—	—	—	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10,129.0	10,255.2	10,987.3	11,286.0	11,466.5	11,925.1
I. Long-term receivables	59.7	59.7	58.8	220.1	167.9	618.2
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	0.0
5. Long-term loan receivables	1.7	1.7	1.7	197.6	120.2	91.4
6. Other long-term receivables	58.0	58.0	57.1	22.5	47.7	526.8
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0
II. Fixed assets	8,442.4	8,576.0	8,709.4	8,842.4	8,973.4	9,104.6
1. Tangible fixed assets	8,055.9	8,186.8	8,317.6	8,448.0	8,576.4	8,705.1
- Cost	—	—	—	10,380.3	10,376.6	10,374.4
- Accumulated depreciation	—	—	—	-1,932.3	-1,800.2	-1,669.3
2. Financial leased fixed assets	0.5	0.6	0.7	0.7	0.8	0.8
- Cost	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	386.0	388.5	391.1	393.6	396.2	398.7
- Cost	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	1,133.8	1,122.4	1,192.0	1,182.7	1,159.8	1,139.9
1. Long-term production in progress	—	—	—	0.0	0.0	0.0
2. Construction in progress	1,133.8	1,122.4	1,192.0	1,182.7	1,159.8	1,139.9
V. Long-term financial investments	376.3	379.0	895.8	905.7	1,044.1	936.2
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	376.3	379.0	831.7	841.5	980.0	872.1
3. Investments in other entities	81.0	81.0	81.0	81.0	81.0	81.0
4. Provision for diminution in value of long-term investments	-81.0	-81.0	-16.9	-16.9	-16.9	-16.9
5. Held to maturity investments	—	—	—	0.0	0.0	0.0
6. Other long-term investments	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	116.8	118.2	131.4	135.2	121.2	126.1
1. Long-term prepayments	57.0	56.0	67.5	69.7	52.6	55.6
2. Deferred income tax assets	8.7	9.0	8.6	8.2	9.3	9.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	0.0
5. Goodwill	51.0	53.1	55.2	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	57.3	59.4	61.5
TOTAL ASSETS (280=100+200)	18,298.4	18,272.0	19,322.3	19,445.7	20,049.1	19,964.8
A. LIABILITIES (300=210+330)	9,254.1	9,291.7	9,201.8	9,328.4	9,818.2	9,944.1
I. Short -term liabilities	3,610.0	3,418.6	3,238.3	3,275.7	4,089.0	3,872.8
1. Short-term trade accounts payable	1,438.4	1,377.0	1,371.4	1,386.2	1,715.2	1,751.0
2. Short-term advances from customers	—	—	—	0.0	98.3	98.3
3. Taxes and other payables to state authorities	92.5	76.0	82.6	82.9	93.2	68.9
4. Payable to employees	2.9	0.1	0.7	3.7	2.7	2.7
5. Short-term acrrued expenses	315.2	334.5	238.0	284.7	278.6	291.1
6. Short-term inter-company payables	—	—	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	0.0	0.0	0.0
8. Short-term unearned revenue	114.0	114.0	—	0.0	0.0	0.0
9. Other short-term payables	218.2	173.0	213.3	182.8	134.3	140.4
10. Short-term borrowings and financial leases	1,428.9	1,343.9	1,332.4	1,335.4	1,766.7	1,520.5
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	5,644.1	5,873.1	5,963.5	6,052.7	5,729.2	6,071.2
1. Long-term trade payables	315.2	369.2	369.2	369.2	224.9	224.9
2. Long-term advances from customers	—	—	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	856.0	856.0	856.0	856.0	856.0	856.0
8. Long-term borrowings and financial leases	4,395.0	4,569.8	4,659.9	4,748.8	4,569.4	4,911.3
9. Convertible bonds	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	77.8	78.1	78.4	78.7	78.9	79.0
12. Provision for long-term liabilities	—	—	—	0.0	0.0	0.0
13. Fund for technology development	—	—	—	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	9,044.4	8,980.3	10,120.5	10,117.4	10,230.9	10,020.7
I. Owner's equity	9,044.4	8,980.3	10,120.5	10,117.4	10,230.9	10,020.7
1. Owner's capital	7,300.0	7,300.0	7,300.0	7,300.0	7,300.0	7,300.0
- Common stock with voting right	7,300,000,000,000.00	7,300,000,000,000.00	7,300,000,000,000.00	7,300,000,000,000.00	7,300,000,000,000.00	7,300,000,000,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00
2. Share premium	—	—	—	0.0	0.0	0.0
3. Convertible bond option	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	0.0	0.0	0.0
5. Treasury shares	—	—	—	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0
8. Investment and development fund	—	—	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-535.4	-569.4	545.4	541.0	600.2	442.3
- Accumulated retained earning at the end of the previous period	-575.8	-575.8	541.0	184.3	186.7	186.7
- Undistributed earnings in this period	40.4	6.4	4.4	356.7	413.6	255.7
12. Reserves for investment in construction	—	—	—	0.0	0.0	0.0
13. Minority's interest	2,279.8	2,249.7	2,275.1	2,276.3	2,330.7	2,278.4
14. Financial reserves	—	—	—	0.0	0.0	0.0
II. Other resources and funds	—	—	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	18,298.4	18,272.0	19,322.3	19,445.7	20,049.1	19,964.8

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	72.4	26.6	12.0	-113.8	242.5	339.3
Depreciation of Fixed Assets and Investment Property	135.6	135.6	135.6	135.8	135.5	271.2
Provision (Increase)/Reversal	0.1	—	—	0.0	0.0	16.9
FX Gain/Loss from Revaluation of Monetary Items	10.9	47.8	25.0	77.0	-78.1	115.6
Gain/Loss from Investment Activities	-9.0	-9.7	0.8	-101.3	0.5	11.1
Interest Expense	125.3	125.9	125.9	159.2	138.0	292.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	0.0	0.0	0.0
Other Adjustments	—	—	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	335.2	326.3	299.4	156.9	438.5	1,046.1
Increase/(Decrease) in Receivables	119.0	-115.6	-190.7	817.8	137.2	-447.8
Increase/(Decrease) in Inventory	0.8	-2.6	0.1	-0.3	-0.2	-0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.6	17.8	-28.1	-16.9	-406.1	143.0
Increase/(Decrease) in Prepaid Expenses	1.4	8.0	4.8	-15.7	8.0	-2.2
Changes in Trading Securities	—	—	—	0.0	0.0	0.0
Interest Paid	-104.5	-72.6	-132.4	-150.6	-188.4	-284.8
Corporate Income Tax Paid	0.0	-3.4	-1.8	-0.0	-7.2	-20.0
Other Operating Receipts	—	—	—	0.0	0.0	0.0
Other Operating Payments	—	—	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	356.6	157.9	-48.8	791.1	-18.1	433.9
Payments for Fixed Assets and Other Long-term Assets	-0.9	-2.0	-20.8	-47.1	-28.2	-74.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	1.7	20.8
Loans and Purchases of Debt Instruments	-70.4	-5.8	-18.1	-467.1	-46.4	-193.6
Receipts from Loan Repayments and Sale of Debt Instruments	1.3	6.9	286.7	75.8	21.4	23.7
Investments in Other Entities	—	—	—	-651.7	0.0	-135.6
Proceeds from Investments in Other Entities	—	—	—	597.3	0.0	0.0
Dividends and Interest Income Received	2.1	0.7	13.2	2.1	1.4	5.6
Increase/(Decrease) in Term Deposits	—	—	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	0.0	0.0	0.0
Other Investing Receipts	—	—	—	0.0	0.0	0.0
Other Investing Payments	—	—	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-361.9	-0.3	261.1	-490.7	-50.2	-353.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	2,400,000,000.00	0.00	756,000,000.00
Share Repurchases	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	76.7	0.9	200.8	800.5	280.4	288.7
Repayment of Borrowings	-176.4	-119.3	-316.2	-1,125.2	-297.2	-365.4
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Dividends Paid	—	—	—	0.0	0.0	0.0
Other Financing Receipts	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-99.9	-118.5	-115.4	-322.3	-16.8	-76.1
Net Cash Flow During the Period	-105.2	39.1	96.8	-21.8	-85.2	4.2
Cash and Cash Equivalents at Beginning of Period	357.5	318.4	221.6	324.3	324.3	324.3
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	252.3	357.5	318.4	221.6	243.4	328.4

Explore Other Stocks In The Same Sector

REE, GEG, DNH, VSH, SBH, HNA, CHP, TMP, SHP, AVC, VPD, TBC, TTA, ND2, SBA, BHA, BSA, SJD, SEB, SBM, GSM, TTE, ISH, QPH, NTH, SP2, SVH, SD9, DRL, DL1, HJS, NED, TDB, XMP, SD3, HPD, PTC, KOS, HIO, SMA, S72, DTE

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

BGE

What Is Changing

Drivers of BGE's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow