Perspective of a corner at Golden Hill Center Service Center, the central project of Flamingo Golden Hill project in Ha Nam.
By the end of 2023, Flamingo's equity was VND 2,601 billion, down slightly by 1% compared to the end of 2022. Short-term loans and financial leases decreased by 42.6% (from VND 1,036 billion in 2022 to VND 594.3 billion in 2023). The current ratio improved, increasing from 1.08 to 1.32. At the same time, the quick ratio also increased from 0.48 to 0.58. The company's asset structure is gradually being adjusted to assets with better liquidity.
Flamingo's business results.
Regarding outstanding bonds, Flamingo Group recorded a ratio of outstanding privately issued corporate bonds to equity of nearly 0.11, down more than 50% over the same period. As of December 31, 2023, the company's outstanding bonds were about VND 284.8 billion. It is known that in 2023, Flamingo Group bought back bonds before maturity with a value of VND 315.2 billion. Recently, in March 2024, Flamingo Group also completed the continued early repurchase of an additional VND 30 billion of bonds, bringing the outstanding bonds to VND 254.8 billion. At the end of 2023, Flamingo Holding Group's equity was nearly VND 2,602 billion, down slightly compared to the beginning of the year. The debt/equity ratio was 1.8 times, equivalent to nearly VND 4,684 billion in debt. In particular, Flamingo's bond debt/equity ratio decreased from 0.2 to 0.1 times (equivalent to a bond debt of nearly VND 285 billion). Thus, Flamingo's total assets reached VND 7,286 billion. According to Flamingo's financial report, in 2023, Flamingo Holding continuously implemented 3 new projects. In 2024, this enterprise also expanded its investment to Ha Nam and Tuyen Quang. Most recently, on January 28, 2024, in Ba Sao town, Kim Bang district, Ha Nam province, Flamingo officially launched the Golden Hill Center Service Center, the central project of the Flamingo Golden Hill project - the first four-season commercial - entertainment - tourism - resort city in Ha Nam province. Flamingo Golden Hill is expected to open in October this year. Previously, on July 6, 2023, Flamingo also topped out the Ibiza Party Resort building of the Flamingo Ibiza 1 Resort project at Linh Truong cape, Hoang Truong commune, Hoang Hoa district, Thanh Hoa province, and launched the Four Seasons Resort Center. These are two key projects of Flamingo Ibiza Hai Tien. According to the plan, Flamingo Ibiza Hai Tien will be inaugurated this April. Another project is Flamingo Heritage Tan Trao City in Tan Trao commune, Son Duong district, Tuyen Quang province. The project has completed the infrastructure of the entire area, colorful art park, light park, and Check-in landscape spots. It is expected that in December 2024, Flamingo Heritage Tan Trao city will be inaugurated and put into operation. Following the success of Flamingo Cat Ba (Hai Phong) and Flamingo Dai Lai (Vinh Phuc), the above 3 new projects, once put into operation, are expected to contribute to Flamingo's revenue and improve profits in 2024.
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