How much debt and inventory are the giants Novaland and Nam Long carrying?

According to the consolidated financial report of Nam Long Investment Joint Stock Company (Nam Long, stock code: NLG), by the end of June 2024, the total net value of the company's inventories was VND 19,164 billion (an increase of nearly VND 2,000 billion compared to the end of 2023), accounting for 64.4% of total assets (equivalent to VND 29,731 billion).

Of which, the Izumi project (Dong Nai) accounts for the largest proportion, 45%, equivalent to 8,655 billion VND; following is the Waterpoint Phase 1 project ( Long An ) accounting for 20%, at 3,837 billion VND...

By the end of the second quarter of 2024, Nam Long's total liabilities were recorded at VND16,425 billion. Of which, short-term loans, long-term loans and debts accounted for nearly 40%, at VND6,531 billion.

Similarly, in the inventory structure of No Va Real Estate Investment Joint Stock Company ( Novaland , stock code: NVL) as of the end of June, real estate under construction was at nearly VND 134,000 billion, an increase of about VND 4,000 billion compared to the end of 2023, mainly including land use fees, design and construction consulting fees and other costs directly related to the project.

The real estate has been completed and is ready for sale at VND8,380 billion. However, Novaland did not explain in detail which specific projects the company is building or owning.

Notably, by the end of June 2024, Novaland's equity was only about VND45,647 billion while its liabilities were four times higher, up to VND194,531 billion. Of which, short-term and long-term loans were VND59,214 billion (accounting for 30.4%).

Also according to Novaland's second quarter 2024 financial report, the group has completed the transfer of capital contribution at Huynh Gia Huy Joint Stock Company with a transfer price of nearly VND 1.9 billion. This transfer price does not include the value of utility assets and outstanding debt obligations.

After this deal, Novaland recorded a loss of VND797 billion due to the difference between the total transfer value and the net asset book value.

Huynh Gia Huy became a subsidiary of Novaland in 2019. This company is known as the investor of the NovaHills Mui Ne project (Phan Thiet), with an area of ​​about 40 hectares.

Source: https://nld.com.vn/cac-dai-gia-novaland-nam-long-dang-ganh-bao-nhieu-no-va-hang-ton-kho-196240806145619501.htm