ALT

Listed Company · HNX

Price

13,400

Latest close

02 Apr 2026

P/E 8.3x

EPS (TTM) 1,621

ROE (TTM) 4.3%

P/B 0.4x

BVPS (Latest) 35,690

ROA (TTM) 2.6%

What Is Changing

ALT no longer looks like a business simply rebounding from a weak base. Revenue posted +2.7% YoY, while net margin reached 2.29% with an additional +1.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 9.8bn in 2025.
Net margin improved from 0.76% in the prior period to 2.29% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	426.2	414.8	303.7	261.5	223.0
Growth	+3%	+37%	+16%	+17%	—
Net Income	9.8	3.2	7.0	9.4	4.4
Net Margin	2.29%	0.76%	2.31%	3.61%	1.99%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	115.5	114.4	113.1	82.9	140.4	77.1	107.8	89.5	86.8	69.4	80.6	68.8
Growth	+1%	+1%	+36%	-41%	+82%	-28%	+21%	+3%	+25%	-14%	+17%	—
Net Income	6.4	1.2	2.4	-0.7	4.6	-0.9	0.4	-3.3	2.3	0.8	4.1	2.2
Net Margin	5.58%	1.06%	2.10%	-0.88%	3.31%	-1.13%	0.38%	-3.68%	2.60%	1.13%	5.10%	3.23%

Financial Statements

Profitability

Net margin reached 2.29% while Revenue posted +2.7% YoY.

Balance Sheet

Inventory stood at 35.9bn, liabilities at 134.7bn, and equity at 220.3bn.

Cash Flow

Operating cash flow was 19.4bn in 2024, while investing cash flow was -1.1bn.

Financing cash flow: -10.9bn.

Item	2025	2024	2023	2022	2021
Revenue	426.4	415.0	304.1	261.7	224.4
Revenue Deductions	0.2	0.2	0.4	0.2	0.0
Net Revenue	426.2	414.8	303.7	261.5	223.0
Cost of Goods Sold	362.3	365.1	260.6	218.1	0.0
Gross Profit	63.9	49.7	43.1	43.4	41.7
Financial Income	4.7	4.5	5.6	4.3	3.0
Financial Expenses	4.7	4.2	3.5	3.3	-2.3
Interest Expense	2.8	2.4	1.9	1.4	-1.7
Share of Associates and Joint Ventures	2.9	1.0	0.1	1.2	0.3
Selling Expenses	24.2	17.9	12.4	11.9	-13.2
General and Administrative Expenses	30.6	27.8	26.0	22.7	-22.2
Operating Profit	12.0	5.3	7.0	11.1	7.3
Other Income	0.2	0.2	2.2	0.5	0.0
Other Expenses	1.0	0.1	0.7	0.2	0.0
Other Profit	-0.8	0.0	1.5	0.2	-1.5
Profit Before Tax	11.1	5.3	8.6	11.3	5.8
Current Income Tax Expense	1.6	0.5	1.6	2.5	-1.4
Deferred Income Tax Expense	-0.3	1.7	-0.1	-0.6	0.0
Net Income	9.8	3.2	7.0	9.4	4.4
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.8	3.2	7.0	9.4	4.4
Earnings per Share	1,702.00	552.00	1,224.00	1,644.00	773.00
Diluted EPS	1,581.97	512.70	1,137.21	1,528.07	719.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	213.0	227.3	184.0	198.6	155.0
I. Cash and cash equivalents	13.4	14.0	6.7	14.1	14.4
1. Cash	10.4	12.0	6.7	12.4	0.0
2. Cash equivalents	3.0	2.0	0.0	1.7	0.0
II. Short-term financial investments	74.0	58.3	72.7	62.2	0.0
1. Available for sale securities	0.7	0.7	0.6	0.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.0	-0.2	0.0
3. Held to maturity investments	73.4	57.6	72.0	61.7	0.0
III. Short-term receivables	88.1	99.5	61.8	70.7	56.1
1. Short-term trade accounts receivable	65.0	84.8	47.6	48.9	0.0
2. Short-term prepayments to suppliers	23.2	14.7	14.0	21.3	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.2	0.3	0.8	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	35.9	52.8	40.2	48.7	24.5
1. Inventories	35.9	52.8	40.2	48.7	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	2.6	2.6	2.9	0.1
1. Short-term prepayments	1.3	1.5	0.4	0.8	0.0
2. Value added tax to be reclaimed	0.0	0.9	2.1	1.7	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.1	0.5	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	142.0	130.9	142.7	113.7	123.0
I. Long-term receivables	1.7	0.4	0.2	0.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	6.7
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.7	0.4	0.2	0.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	75.7	65.2	61.1	53.3	62.2
1. Tangible fixed assets	58.9	61.4	57.3	49.0	57.5
- Cost	239.7	224.1	203.7	182.2	0.0
- Accumulated depreciation	-180.8	-162.7	-146.5	-133.2	0.0
2. Financial leased fixed assets	13.3	0.1	0.4	0.6	0.9
- Cost	16.0	1.1	1.1	1.1	0.0
- Accumulated depreciation	-2.6	-1.0	-0.8	-0.5	0.0
3. Intangible fixed assets	3.5	3.7	3.5	3.7	3.8
- Cost	7.3	7.3	6.9	6.9	0.0
- Accumulated depreciation	-3.9	-3.6	-3.4	-3.3	0.0
III. Investment properties	23.7	30.5	25.2	25.9	26.7
- Cost	51.5	57.6	51.5	51.5	0.0
- Accumulated depreciation	-27.8	-27.1	-26.3	-25.6	0.0
IV. Long-term assets in progress	1.9	2.1	9.7	6.3	4.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	2.1	9.7	6.3	0.0
V. Long-term financial investments	27.1	22.9	24.9	24.4	20.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.0	22.3	24.4	24.2	0.0
3. Investments in other entities	0.2	0.2	0.2	0.2	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.4	0.3	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.8	9.8	21.7	3.6	0.0
1. Long-term prepayments	11.7	9.6	21.5	3.4	0.0
2. Deferred income tax assets	0.1	0.1	0.2	0.2	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	2.1
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	354.9	358.2	326.7	312.3	278.0
A. LIABILITIES (300=210+330)	134.7	143.3	106.2	93.0	62.4
I. Short -term liabilities	122.3	139.9	104.3	89.7	57.8
1. Short-term trade accounts payable	39.3	60.4	38.9	19.9	14.3
2. Short-term advances from customers	4.4	3.7	1.1	3.4	1.3
3. Taxes and other payables to state authorities	3.0	2.2	1.4	2.2	0.0
4. Payable to employees	11.8	11.0	8.7	10.7	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	4.5	0.0
9. Other short-term payables	9.9	30.2	17.2	16.3	0.0
10. Short-term borrowings and financial leases	47.2	31.7	36.3	31.9	18.9
11. Provision for short-term liabilities	6.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	12.3	3.4	1.9	3.4	4.6
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.2	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	10.0	0.3	0.9	2.3	4.6
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	2.3	2.7	1.0	1.1	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	220.3	214.9	220.5	219.3	215.6
I. Owner's equity	220.3	214.9	220.5	219.3	0.0
1. Owner's capital	61.7	61.7	61.7	61.7	215.6
- Common stock with voting right	61.7	61.7	61.7	61.7	61.7
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	137.7	137.7	137.7	137.7	137.7
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.1	2.1	2.1	2.1	2.1
5. Treasury shares	-11.7	-11.7	-11.7	-11.7	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2.2	2.2	2.2	2.2	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.2	22.8	28.4	27.2	23.5
- Accumulated retained earning at the end of the previous period	18.4	19.6	21.4	17.7	19.1
- Undistributed earnings in this period	9.8	3.2	7.0	9.4	4.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	354.9	358.2	326.7	312.3	278.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	5.3	8.6	11.3	5.8	5.3
Depreciation of Fixed Assets and Investment Property	17.3	14.9	14.1	15.9	14.2
Provision (Increase)/Reversal	0.1	-0.2	0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.5	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-4.7	-5.7	-5.3	0.0	0.0
Interest Expense	2.4	1.9	1.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	20.6	19.9	21.7	23.8	18.9
Increase/(Decrease) in Receivables	-36.9	8.8	-18.8	0.0	0.0
Increase/(Decrease) in Inventory	-12.6	8.5	-24.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.1	10.4	17.6	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	10.8	-17.8	-2.0	0.0	0.0
Changes in Trading Securities	-0.1	0.1	-0.4	0.0	0.0
Interest Paid	-2.4	-1.9	-1.4	0.0	0.0
Corporate Income Tax Paid	-1.0	-2.4	-0.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	19.4	25.6	-8.3	40.0	-11.1
Payments for Fixed Assets and Other Long-term Assets	-22.0	-25.4	-7.0	-44.8	-10.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.2	0.1	0.2	0.0	0.1
Loans and Purchases of Debt Instruments	-39.2	-72.4	-25.6	-6.2	-56.7
Receipts from Loan Repayments and Sale of Debt Instruments	53.6	61.7	34.6	5.6	44.9
Investments in Other Entities	0.0	0.0	-2.8	-0.5	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.7	0.0	0.0
Dividends and Interest Income Received	4.4	5.7	4.3	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.1	-30.3	4.3	-41.8	-18.4
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	117.1	81.1	59.8	42.2	52.3
Repayment of Borrowings	-122.0	-77.9	-48.5	-36.2	-20.1
Repayment of Finance Leases	-0.2	-0.2	-0.2	0.0	0.0
Dividends Paid	-5.8	-5.7	-4.0	-4.0	-5.2
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-10.9	-2.7	7.2	2.0	27.0
Net Cash Flow During the Period	7.3	-7.4	3.1	-9.9	-1.4
Cash and Cash Equivalents at Beginning of Period	6.7	14.1	11.0	14.1	17.3
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.0	6.7	14.1	14.4	14.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	115.7	114.4	113.1	82.9	140.5	77.1	107.9	89.5	87.1	69.4	80.9	68.8
Revenue Deductions	0.2	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.3	0.0	0.3	0.0
Net Revenue	115.5	114.4	113.1	82.9	140.4	77.1	107.8	89.5	86.8	69.4	80.6	68.8
Cost of Goods Sold	91.7	101.3	98.2	70.9	121.3	66.8	95.5	83.3	78.1	56.7	69.0	56.0
Gross Profit	23.8	13.2	14.8	12.0	19.2	10.3	12.3	6.2	8.7	12.7	11.6	12.9
Financial Income	1.6	1.4	0.9	0.8	0.1	0.7	2.2	1.8	1.1	1.6	2.0	0.8
Financial Expenses	1.9	1.0	1.0	0.7	1.7	1.1	0.9	0.8	0.9	0.5	0.8	0.7
Interest Expense	0.8	0.8	0.7	0.5	0.7	0.7	0.6	0.6	0.5	0.5	0.6	0.6
Share of Associates and Joint Ventures	1.4	0.8	0.2	0.5	1.0	0.2	-0.2	0.1	0.3	0.2	0.3	0.1
Selling Expenses	7.6	5.5	4.7	6.4	5.0	4.1	4.0	4.8	2.3	3.7	3.8	4.9
General and Administrative Expenses	10.0	7.0	7.8	5.9	7.5	7.0	7.3	5.9	4.9	10.2	6.1	5.4
Operating Profit	7.3	1.9	2.5	0.2	6.1	-1.1	2.2	-3.4	2.0	0.1	3.3	2.7
Other Income	0.0	0.1	0.5	0.0	0.0	0.0	0.0	0.1	1.1	0.6	1.6	0.0
Other Expenses	0.2	0.4	0.5	0.4	0.1	0.0	0.0	0.0	0.2	0.0	0.0	0.3
Other Profit	-0.2	-0.2	0.0	-0.3	-0.1	-0.0	-0.0	0.1	0.9	0.6	1.6	-0.3
Profit Before Tax	7.1	1.7	2.5	-0.1	6.1	-1.1	2.1	-3.3	2.9	0.7	4.9	2.5
Current Income Tax Expense	0.9	0.4	0.4	0.4	1.7	0.0	0.0	0.0	0.6	-0.1	0.9	0.3
Deferred Income Tax Expense	-0.3	0.1	-0.3	0.2	-0.3	-0.3	1.7	0.0	-0.0	-0.0	-0.2	0.0
Net Income	6.4	1.2	2.4	-0.7	4.6	-0.9	0.4	-3.3	2.3	0.8	4.1	2.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.4	1.2	2.4	-0.7	4.6	-0.9	0.4	-3.3	2.3	0.8	4.1	2.2
Earnings per Share	1,123.00	212.00	414.00	-128.00	810.00	-152.00	71.00	-575.00	394.00	136.00	717.00	388.00
Diluted EPS	1,044.01	197.21	384.48	-118.50	752.63	-141.53	66.32	-534.00	365.79	126.67	666.16	360.20

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	213.0	202.3	209.4	254.8	234.0	257.7	236.4	208.4	190.3	176.1	179.8	195.2
I. Cash and cash equivalents	13.4	22.6	21.8	22.8	22.1	22.8	20.5	15.8	9.7	7.7	16.4	17.8
1. Cash	10.4	19.8	17.0	18.1	13.3	14.1	12.8	13.2	6.7	3.1	14.8	14.8
2. Cash equivalents	3.0	2.8	4.7	4.7	8.7	8.6	7.7	2.6	3.0	4.6	1.6	3.0
II. Short-term financial investments	74.0	64.5	56.6	56.5	51.9	52.9	58.4	67.7	70.0	73.5	68.4	65.3
1. Available for sale securities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.1	0.7	0.7
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	-0.0	-0.0	-0.0	0.0	-0.3	-0.2
3. Held to maturity investments	73.4	63.8	55.9	55.9	51.3	52.1	57.7	67.1	69.4	73.4	68.0	64.9
III. Short-term receivables	88.1	76.7	81.7	107.0	105.9	100.7	110.3	74.2	68.2	54.2	56.7	67.6
1. Short-term trade accounts receivable	65.0	67.4	62.5	83.7	92.0	87.6	90.8	59.4	53.7	38.9	39.9	43.8
2. Short-term prepayments to suppliers	23.2	9.4	18.9	23.2	14.0	12.2	18.1	14.6	14.5	15.3	16.5	23.7
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.1	0.5	0.3	0.2	1.1	1.6	0.4	0.2	0.2	0.4	0.3
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	35.9	37.1	47.2	65.8	51.5	76.3	45.3	48.6	40.2	38.6	38.1	43.4
1. Inventories	35.9	37.1	47.2	65.8	51.5	76.3	45.3	48.6	40.2	38.6	38.1	43.4
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.4	2.0	2.6	2.6	5.0	1.9	2.1	2.1	2.2	0.1	1.0
1. Short-term prepayments	1.3	1.2	1.3	1.0	1.5	1.9	0.2	0.1	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	0.0	0.0	0.6	1.5	0.9	2.7	1.3	1.6	2.1	2.1	0.0	0.8
3. Taxes and other receivables from state authorities	0.2	0.2	0.1	0.2	0.2	0.5	0.5	0.4	0.0	0.0	0.0	0.1
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	142.0	137.3	145.3	135.7	133.0	125.7	133.5	136.7	143.3	134.3	118.3	115.1
I. Long-term receivables	1.7	1.4	1.1	0.5	0.5	0.5	0.6	0.3	0.3	0.5	0.4	0.4
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0
6. Other long-term receivables	1.7	1.4	1.1	0.5	0.5	0.5	0.6	0.3	0.3	0.2	0.4	0.4
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	75.7	74.7	69.8	60.6	64.8	55.2	56.8	57.5	61.7	54.5	54.4	54.1
1. Tangible fixed assets	58.9	57.1	57.0	56.9	60.9	51.2	52.7	53.7	57.9	50.5	50.3	49.9
- Cost	239.7	233.0	227.9	223.2	224.1	210.0	207.3	204.4	204.2	193.1	190.0	186.3
- Accumulated depreciation	-180.8	-175.9	-170.8	-166.4	-163.1	-158.7	-154.6	-150.7	-146.3	-142.5	-139.6	-136.4
2. Financial leased fixed assets	13.3	14.1	9.2	0.1	0.1	0.2	0.2	0.3	0.4	0.4	0.5	0.5
- Cost	16.0	16.0	10.6	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.6	-1.9	-1.4	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.5	3.5	3.6	3.6	3.7	3.8	3.8	3.5	3.5	3.5	3.6	3.6
- Cost	7.3	7.3	7.3	7.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	-3.8	-3.7	-3.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	23.7	23.9	30.1	30.3	24.5	24.7	24.8	25.0	25.2	25.4	25.6	25.7
- Cost	51.5	51.5	57.6	57.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-27.8	-27.6	-27.4	-27.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.9	1.7	2.2	2.1	8.1	8.0	10.8	10.4	9.7	9.7	9.6	7.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	1.7	2.2	2.1	8.1	8.0	10.8	10.4	9.7	9.7	9.6	7.0
V. Long-term financial investments	27.1	24.3	23.6	22.9	25.5	24.5	24.5	24.7	24.5	24.4	24.8	24.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.0	24.1	23.4	22.8	25.3	24.4	24.3	24.5	24.4	24.2	24.6	24.3
3. Investments in other entities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.8	11.3	18.5	19.2	9.7	12.9	16.0	18.8	21.9	19.9	3.5	3.4
1. Long-term prepayments	11.7	11.2	18.4	19.1	9.7	12.9	16.0	18.8	21.9	19.9	3.5	3.4
2. Deferred income tax assets	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	354.9	339.6	354.7	390.4	367.0	383.4	369.9	345.1	333.5	310.4	298.1	310.3
A. LIABILITIES (300=210+330)	134.7	127.3	135.7	176.8	149.8	171.0	152.4	128.0	111.4	84.5	72.5	88.8
I. Short -term liabilities	122.3	114.0	126.0	174.0	149.0	170.0	149.5	126.7	110.5	83.4	71.3	87.6
1. Short-term trade accounts payable	39.3	44.9	53.4	85.7	67.3	106.2	76.4	52.3	39.1	27.9	20.0	28.7
2. Short-term advances from customers	4.4	3.9	4.0	4.6	3.8	1.9	0.9	1.6	5.8	3.6	1.4	7.8
3. Taxes and other payables to state authorities	3.0	2.2	0.8	1.0	3.0	0.3	1.6	0.2	1.5	1.9	2.1	0.4
4. Payable to employees	11.8	8.2	7.6	6.0	10.9	6.1	5.6	4.2	9.5	8.8	10.3	7.2
5. Short-term acrrued expenses	0.0	0.0	0.0	3.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	1.1	1.1	1.1	1.1	0.0	0.0	0.0	0.0
9. Other short-term payables	9.9	14.9	19.1	24.5	30.3	31.0	21.8	21.3	17.0	15.2	14.9	15.3
10. Short-term borrowings and financial leases	47.2	39.2	40.5	47.5	31.9	22.7	41.3	45.3	37.0	25.3	22.0	27.6
11. Provision for short-term liabilities	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	12.3	13.3	9.7	2.9	0.7	1.1	2.9	1.3	0.9	1.1	1.2	1.2
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	10.0	10.5	6.9	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.4
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	2.3	2.7	2.8	2.9	0.6	0.9	2.7	1.0	0.6	0.8	0.8	0.8
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	220.3	212.3	219.0	213.6	217.3	212.4	217.5	217.1	222.1	225.9	225.5	221.5
I. Owner's equity	220.3	212.3	219.0	213.6	217.3	212.4	217.5	217.1	222.1	225.9	225.5	221.5
1. Owner's capital	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7
- Common stock with voting right	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7	61.7
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
5. Treasury shares	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7	-11.7
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.2	20.2	26.9	21.5	25.1	20.3	25.4	25.0	30.0	33.8	33.4	29.4
- Accumulated retained earning at the end of the previous period	18.4	16.9	24.9	22.2	23.4	23.2	28.3	28.3	21.4	27.1	27.1	27.2
- Undistributed earnings in this period	9.8	3.3	2.1	-0.7	1.7	-2.9	-2.9	-3.3	8.7	6.7	6.3	2.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	354.9	339.6	354.7	390.4	367.0	383.4	369.9	345.1	333.5	310.4	298.1	310.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	7.1	3.8	0.3	-0.1	6.1	-1.1	2.2	-3.3	1.2	0.7	4.2	2.5
Depreciation of Fixed Assets and Investment Property	5.5	12.9	-2.4	5.0	4.6	4.5	3.9	4.5	4.4	3.6	3.5	3.4
Provision (Increase)/Reversal	-0.1	0.3	-0.4	0.0	0.0	-0.1	0.0	-0.0	-0.2	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.8	0.7	0.0	0.2	0.4	1.0	-0.2	0.2	0.5	-0.1	0.1	0.0
Gain/Loss from Investment Activities	-1.4	0.6	-1.6	-0.4	-1.0	2.7	-3.3	0.0	-6.7	3.4	-2.7	0.3
Interest Expense	0.8	1.9	-0.4	0.5	0.7	0.7	0.6	0.6	0.3	0.5	0.5	0.6
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.8	20.2	-4.7	5.2	10.9	7.7	3.1	2.0	-0.5	8.2	5.5	6.7
Increase/(Decrease) in Receivables	-11.6	1.6	19.8	-6.1	10.6	-5.1	-36.6	3.9	7.5	-14.5	12.8	3.0
Increase/(Decrease) in Inventory	1.2	12.6	16.1	-13.0	24.8	-28.3	0.5	-8.3	-1.6	-0.5	5.3	5.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.0	-21.2	-32.2	17.0	-31.2	49.4	16.4	10.5	9.6	8.5	-7.2	-0.5
Increase/(Decrease) in Prepaid Expenses	-0.6	-1.3	9.0	-8.9	3.6	1.3	2.7	3.1	-2.0	-16.3	-0.1	0.6
Changes in Trading Securities	-0.1	-0.1	0.0	0.0	0.0	0.1	-0.1	0.0	0.1	0.0	0.0	0.0
Interest Paid	-0.8	-1.9	0.4	-0.5	-0.7	-0.7	-0.6	-0.6	-0.3	-0.5	-0.5	-0.6
Corporate Income Tax Paid	0.0	-0.5	0.4	-0.6	0.0	0.0	-0.8	-0.2	-0.6	0.1	-0.0	-1.9
Other Operating Receipts	0.0	0.2	0.0	0.0	0.0	0.1	-0.1	0.1	-2.2	2.2	-0.0	0.0
Other Operating Payments	-0.2	-0.8	0.0	-0.4	-0.1	-0.1	0.0	-0.0	0.3	-0.3	0.2	-0.3
Net Cash Flow from Operating Activities	3.7	8.8	9.2	-7.1	18.0	24.5	-15.4	10.4	10.3	-13.1	16.0	12.4
Payments for Fixed Assets and Other Long-term Assets	-7.3	-11.4	-0.7	-0.6	-14.1	-1.5	-4.4	-0.8	-14.0	-0.4	-7.0	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.0	-2.2	2.2	0.0	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-6.4	0.0	0.0	21.0	-21.0	0.0	-72.4	19.8	-19.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	9.1	0.0	0.0	-33.0	33.0	0.0	61.7	-11.9	11.9	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.4	1.0	0.8	0.8	0.6	-0.1	1.1	1.8	1.1	1.6	1.5	1.5
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3.8	-13.1	2.9	0.2	-13.5	-15.7	10.8	1.0	-23.5	9.0	-13.4	-2.5
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	19.8	97.3	-34.8	37.9	1.8	61.9	38.9	15.2	46.2	11.6	14.1	9.1
Repayment of Borrowings	-23.9	-86.4	16.0	-22.1	-7.0	-65.9	-32.2	-17.5	-28.1	-14.8	-19.7	-15.3
Repayment of Finance Leases	-1.5	0.0	0.0	0.0	0.0	0.1	-0.1	0.0	-0.2	0.1	-0.1	0.0
Dividends Paid	-3.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-5.7	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-9.1	10.9	-18.8	15.8	-5.2	-3.9	6.5	-2.3	12.2	-3.1	-5.7	-6.2
Net Cash Flow During the Period	-9.2	6.5	-6.7	8.8	-0.7	5.0	2.0	9.1	-1.0	-7.1	-3.0	3.7
Cash and Cash Equivalents at Beginning of Period	22.6	5.8	22.8	14.0	6.7	6.7	6.7	6.7	14.1	14.1	14.1	14.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.4	22.6	5.8	22.8	22.1	22.8	17.8	15.8	6.7	7.7	14.8	17.8

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