Thriven Global Berhad

Revenue, loss and operating cash营业额、亏损与营运现金

Assets, equity and borrowings资产、权益与借款

20232023 年

In 2023, the report stated that the group achieved an 8.0% reduction in finance costs, but total borrowings rose from RM76.5 million to RM83.5 million after RM18.9 million of drawdowns. Net cash from operating activities was RM4.4 million, while purchase of property, plant and equipment took RM5.3 million. Borrowings repayments were RM14.5 million, and payments of lease liabilities were RM2.7 million. Completed properties were written down by RM3,761,000, inventories were written off by RM2.0 million, and impairment of property, plant and equipment was RM2,628,000. No dividend was declared to conserve funds.2023 年，年报称集团财务成本减少 8.0%，但在提取 RM18.9 million 借款后，借款总额由 RM76.5 million 升至 RM83.5 million。营运活动所得现金净额为 RM4.4 million，购买物业、厂房及设备支出 RM5.3 million。偿还借款 RM14.5 million，支付租赁负债 RM2.7 million。已竣工房产减值 RM3,761,000，存货注销 RM2.0 million，物业、厂房及设备减值 RM2,628,000。为储备资金，未宣布派发股息。

Source: annual report 2023, pages 36, 41, 115, 116, 117, 118, 137, 151.出处：2023 年年报第 36、41、115、116、117、118、137、151 页。

20242024 年

In 2024, investing cash flow was RM7.4 million, including RM9.7 million from sales of investment properties, while purchase of property, plant and equipment took RM3.1 million. Net cash used in financing activities was RM16.7 million, with repayments of borrowings of RM20.2 million against drawdowns of RM3.8 million, and payments of lease liabilities of RM1.2 million. Goodwill was impaired by RM5,314,000. The review expected 36.1 acres of land sales to complete in 2025 generating revenue of RM34.4 million, but the notes showed only RM5.8 million in unsatisfied obligations. The sustainability report recorded dividends of RM4.8 million, while the accounts stated no dividend was paid.2024 年，投资现金流为 RM7.4 million，其中包括出售投资物业所得 RM9.7 million，而购买物业、厂房及设备支出 RM3.1 million。融资活动所用现金净额为 RM16.7 million，偿还借款 RM20.2 million，提取借款 RM3.8 million，支付租赁负债 RM1.2 million。商誉减值 RM5,314,000。管理层报告预计约 36.1 英亩土地出售将于 2025 年完成并产生 RM34.4 million 营业额，但附注仅显示 RM5.8 million 的未履行履约义务。可持续发展报告记录派发股息 RM4.8 million，而账目说明未派发股息。

Source: annual report 2024, pages 35, 38, 89, 110, 127, 128, 158, 190.出处：2024 年年报第 35、38、89、110、127、128、158、190 页。

20252025 年

In 2025, operating cash flow was negative RM5,132,000, and the notes stated negative operating cash flows and net current liabilities of RM7,583,000 may cast significant doubt on the ability to continue as a going concern, while management described liquidity risk as temporary. Investing activities generated RM15.6 million, including RM17.3 million from disposal of investment properties, while purchase of property, plant and equipment took RM2.1 million. Borrowing repayments were RM8.7 million against drawdowns of RM0.5 million, and interest paid was RM2.1 million. The report stated gross profit margin was 25% compared to 21% in 2024, but this rested on a RM770k reversal of prior-year accrued cost (24.5% margin, or 20.6% without it, the same as 20.6% in 2024). The report also stated higher tax of RM1.83 million was mainly from charged out deferred tax assets on 23 units of investment properties sold, but the deferred tax note showed investment property deferred tax assets unchanged at RM423k with a RM1,643k reversal in inventories. The review expected sale of 176 bungalow lots to complete by first quarter of 2026, while the notes showed RM12,760,000 completed on 29 January 2026 and RM2,240,000 of RM15,000,000 remained uncompleted. The sustainability report recorded dividends of RM4.8 million, matching finance costs of RM4,836,000, while no dividend was declared or paid.2025 年，营运现金流为负 RM5,132,000，附注说明负营运现金流与 RM7,583,000 的流动负债净额可能对持续经营能力构成重大疑虑，而管理层则将流动性风险描述为暂时的。投资活动产生 RM15.6 million，其中包括出售投资物业所得 RM17.3 million，购买物业、厂房及设备支出 RM2.1 million。偿还借款 RM8.7 million，提取借款 RM0.5 million，支付利息 RM2.1 million。年报称毛利率为 25%（2024 年为 21%），但这依托于对过往应计费用的 RM770k 回拨（毛利率为 24.5%，若扣除该回拨则为 20.6%，与 2024 年的 20.6% 相同）。年报亦称税费增加至 RM1.83 million 主要源于已售 23 个单位投资物业递延税项资产的冲销，但递延税项附注显示投资物业递延税项资产维持在 RM423k，RM1,643k 的回拨实际位于存货中。管理层预计 176 块独立洋房地段出售将于 2026 年第一季度完成，而附注显示 RM12,760,000 已于 2026 年 1 月 29 日完成，RM15,000,000 中仍有 RM2,240,000 尚未完成。可持续发展报告记录派发股息 RM4.8 million，与 RM4,836,000 的财务成本相符，而实际并未宣布或派发股息。

Source: annual report 2025, pages 34, 35, 38, 99, 144, 160, 162, 163, 196, 199, 215.出处：2025 年年报第 34、35、38、99、144、160、162、163、196、199、215 页。

Across the three years三年合看

Across the three reports, total assets decreased from RM334.6 million in 2022 to RM161.5 million in 2025, while total equity decreased from RM160.6 million to RM60.4 million. Total borrowings fell from RM84.3 million in 2023 to RM70.1 million in 2024 and RM61.9 million in 2025. Practice Note 17 requires the group to maintain consolidated shareholders' equity of more than 25% of issued and paid-up capital and not less than RM40.0 million; total equity stood at RM60.4 million at end 2025. No dividends were declared or paid in any of the years.三份年报合看，总资产由 2022 年的 RM334.6 million 缩减至 2025 年的 RM161.5 million，总权益由 RM160.6 million 降至 RM60.4 million。借款总额由 2023 年的 RM84.3 million 降至 2024 年的 RM70.1 million 和 2025 年的 RM61.9 million。第 17 项备忘录（PN17）要求集团维持占已发行及缴足股本 25% 以上且不低于 RM40.0 million 的合并股东权益；2025 年底总权益为 RM60.4 million。各年均未宣布或派发股息。

Source: annual report 2023, page 41; annual report 2024, pages 38, 137; annual report 2025, pages 99, 144, 167.出处：2023 年年报第 41 页；2024 年年报第 38、137 页；2025 年年报第 99、144、167 页。

Still to be spent尚未支出的承诺

At end 2025, net current liabilities were RM7,583,000. Under a buyback option agreement, subsidiary MVSB is obligated to repurchase retail space for RM34,716,981 if requested by the purchaser prior to lease expiry, recorded as other borrowings of RM34.7 million. For ongoing arbitration with Setiakon, Setiakon claims RM4,431,800 for work done and RM2,783,050 in late payment interest, against which MVSB recognized a provision of RM3,421,701. A separate claim of RM1,114,911 was fully provided for.2025 年底，流动负债净额为 RM7,583,000。根据一项回购期权协议，若买方在租约到期前提出要求，子公司 MVSB 有义务以 RM34,716,981 回购零售空间，账面列为其他借款 RM34.7 million。在与 Setiakon 正在进行的仲裁中，Setiakon 索赔已完成工程款 RM4,431,800 及逾期付款利息 RM2,783,050，MVSB 对此计提了 RM3,421,701 的拨备。另一项 RM1,114,911 的索赔亦已全额计提拨备。

Source: annual report 2024, page 150; annual report 2025, pages 162, 178, 223, 224, 228.出处：2024 年年报第 150 页；2025 年年报第 162、178、223、224、228 页。

Four years of figures四年数字

Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。

On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。

Said and done说过的与做到的

What the reports leave open年报留下待看的事

• Whether the group can resolve its liquidity position, with net current liabilities of RM7,583,000 and negative operating cash flows of RM5,132,000 in 2025.集团能否解决流动性问题，2025 年流动负债净额为 RM7,583,000，营运现金流为负 RM5,132,000。

  Source: annual report 2025, page 162.出处：2025 年年报第 162 页。

• Whether the purchaser exercises its option requiring subsidiary MVSB to repurchase retail space for RM34,716,981.买方是否会行使其期权，要求子公司 MVSB 以 RM34,716,981 回购零售空间。

  Source: annual report 2025, page 178.出处：2025 年年报第 178 页。

• The outcome of arbitration proceedings with Setiakon, where claims total RM4,431,800 for work done and RM2,783,050 for late payment interest, against a provision of RM3,421,701.与 Setiakon 仲裁程序的结果，索赔包括工程款 RM4,431,800 及逾期利息 RM2,783,050，对应拨备为 RM3,421,701。

  Source: annual report 2025, pages 223, 224.出处：2025 年年报第 223、224 页。

• Whether the Bagan Jermal project with 293 units and estimated Net Development Value over RM145 million launches in the 3rd Quarter of 2026.拥有 293 个单位、预估净开发价值超过 RM145 million 的 Bagan Jermal 项目能否在 2026 年第三季度推出。

  Source: annual report 2025, page 35.出处：2025 年年报第 35 页。