AVG

Phân bón Quốc tế Âu Việt ·UPCOM ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 4.44%

Price

9,200

Latest close

03 Jun 2026

P/E 9.90x

P/B 0.66x

EPS 929

BVPS 14,005

ROE 6.8%

ROA 3.7%

Profit Margin 2.2%

Asset Turnover 1.66x

Equity Mult. 1.84x

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

What Is Changing

On a TTM 2026Q1 basis, AVG is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 732bn
	                                
−0.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
−4.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.31x
	                                
negative cash flow vs profit

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	157.0	291.4	93.8	190.1	191.3	239.6	134.3	168.9
Growth	-46%	+210%	-51%	-1%	-20%	+78%	-20%	—
Net Income	4.4	8.3	2.0	1.8	6.0	4.8	3.6	3.0
Net Margin	2.83%	2.86%	2.13%	0.92%	3.13%	1.99%	2.69%	1.76%

Drivers of AVG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 3.5bn

Financial income ↑ 0.1bn

Administrative expenses ↑ 3.0bn

Selling expenses ↑ 0.9bn

Other profit ↓ 0.5bn

TTM

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

Finance costs ↓ 0.2bn

Gross profit ↓ 1.5bn

Administrative expenses ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.26%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.26% −0.1pp

Gross Margin 5.39% +0.5pp

SG&A / Revenue 1.63% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 4.44%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 4.44% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.44% —

NOPAT Margin 2.39% −0.0pp

Capital Turnover 1.86x —

Average Invested Capital 393.3bn —

Balance Sheet

Capital structure is balanced — liabilities at 0.93x equity, net debt at 0.72x equity.

Inventory ended the period at 57.6bn, roughly 12.3% of total assets.

Over the last 12 months, working capital absorbed 25.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −31.5bn

Inventories increased → lower CFO: −3.8bn

Payables increased → higher CFO: +9.8bn

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.

Working Capital Efficiency

Receivables 67.8 days —

Inventory 26.2 days —

Payables 15.4 days —

Cash Conversion Cycle 78.7 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 1.99x.

At present, short-term debt accounts for 95.4% of total debt, cash equals 5.9% of debt, and total debt stands at 190.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.99x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 95.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.72x +0.18x

Interest Coverage 1.99x −0.04x

Cash / Debt 5.9% −9.0pp

Short-term Debt / Total Debt 95.4% −1.7pp

CFO / NI -1.31x −1.23x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2.2bn in 2025, against investing cash flow of -46.4bn.

Post-investment cash flow was negative +48.7bn. Financing cash flow was positive +31.9bn.

CFO / net income was -1.31x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 21.5bn −20.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 4.4%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -1.31x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.31x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	673.1	686.9	603.3	391.3
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	673.1	686.9	603.3	391.3
Cost of Goods Sold	638.2	655.4	577.4	371.2
Gross Profit	35.0	31.5	25.9	20.1
Financial Income	0.2	0.2	0.9	0.0
Financial Expenses	8.1	9.7	11.6	7.6
Interest Expense	7.9	9.7	11.6	7.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	2.8	2.2	1.5	1.0
General and Administrative Expenses	6.4	5.8	4.2	3.9
Operating Profit	17.8	14.0	9.5	7.5
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.7	0.5	0.0	0.2
Other Profit	-0.7	-0.5	-0.0	-0.2
Profit Before Tax	17.1	13.6	9.4	7.3
Current Income Tax Expense	0.9	0.8	0.6	0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	16.2	12.8	8.8	6.9
Non-controlling Interest	0.1	0.1	0.1	0.0
Profit Attributable to Parent	16.1	12.7	8.7	6.9
Earnings per Share	913.00	718.00	643.00	507.00
Diluted EPS	913.00	718.00	643.00	507.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	244.0	212.4	168.1	174.9
I. Cash and cash equivalents	8.6	25.4	10.3	7.5
1. Cash	8.6	25.4	10.3	7.5
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	23.8	7.8	10.0	0.0
1. Available for sale securities	23.3	7.8	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	0.5	0.0	10.0	0.0
III. Short-term receivables	149.8	123.5	71.3	76.7
1. Short-term trade accounts receivable	148.7	122.8	66.6	67.2
2. Short-term prepayments to suppliers	0.7	0.2	3.2	8.6
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	—	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.6	1.5	0.8
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	57.6	52.7	73.1	87.3
1. Inventories	57.6	52.7	73.1	87.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	4.1	3.0	3.2	3.4
1. Short-term prepayments	0.3	0.2	0.1	0.1
2. Value added tax to be reclaimed	3.8	2.8	3.1	3.3
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)	225.5	191.4	189.1	187.5
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	92.1	92.3	94.0	88.3
1. Tangible fixed assets	66.4	63.4	64.0	57.1
- Cost	88.9	81.8	78.7	68.1
- Accumulated depreciation	-22.5	-18.4	-14.7	-11.1
2. Financial leased fixed assets	2.0	4.3	4.8	5.2
- Cost	2.5	5.3	5.3	5.3
- Accumulated depreciation	-0.5	-0.9	-0.5	-0.1
3. Intangible fixed assets	23.8	24.5	25.3	26.0
- Cost	28.7	28.7	28.7	28.7
- Accumulated depreciation	-4.9	-4.1	-3.4	-2.6
III. Investment properties	74.0	77.6	81.2	83.2
- Cost	91.3	91.3	91.2	89.6
- Accumulated depreciation	-17.2	-13.6	-10.0	-6.4
IV. Long-term assets in progress	41.5	3.1	0.0	1.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	41.5	3.1	0.0	1.9
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	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	17.9	18.4	13.8	14.1
1. Long-term prepayments	17.9	18.4	13.8	14.1
2. Deferred income tax assets	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	469.5	403.8	357.1	362.4
A. LIABILITIES (300=210+330)	226.4	176.9	143.0	157.1
I. Short -term liabilities	214.5	172.3	135.5	146.9
1. Short-term trade accounts payable	36.4	20.9	10.9	38.6
2. Short-term advances from customers	0.8	0.0	0.0	0.7
3. Taxes and other payables to state authorities	0.9	0.8	0.5	0.6
4. Payable to employees	0.6	0.6	0.4	0.3
5. Short-term acrrued expenses	0.7	0.5	0.5	7.9
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	—	0.3	0.3	1.1
10. Short-term borrowings and financial leases	175.1	149.2	122.9	97.6
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	11.9	4.6	7.5	10.2
1. Long-term trade payables	—	0.0	0.0	0.0
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	0.4	0.4	0.4	0.2
8. Long-term borrowings and financial leases	11.4	4.2	7.1	10.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
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)	243.2	226.9	214.1	205.3
I. Owner's equity	243.2	226.9	214.1	205.3
1. Owner's capital	176.8	176.8	136.0	136.0
- Common stock with voting right	176,799,820,000.00	176,799,820,000.00	136,000,000,000.00	136,000,000,000.00
- 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	0.5	0.5	0.5	0.5
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	62.5	46.4	74.5	65.8
- Accumulated retained earning at the end of the previous period	46.4	33.7	65.8	58.9
- Undistributed earnings in this period	16.1	12.7	8.7	6.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.4	3.3	3.2	3.1
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)	469.5	403.8	357.1	362.4

Item	2025	2024	2023	2022
Profit Before Tax	17.1	13.6	9.4	7.3
Depreciation of Fixed Assets and Investment Property	8.1	8.5	8.5	7.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.2	-0.9	0.2
Interest Expense	7.9	9.7	11.6	7.6
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	31.9	31.5	28.6	22.2
Increase/(Decrease) in Receivables	-23.0	-51.7	6.5	14.3
Increase/(Decrease) in Inventory	-4.9	20.4	14.1	-46.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.5	10.2	-34.7	18.2
Increase/(Decrease) in Prepaid Expenses	0.4	-4.6	0.2	0.3
Changes in Trading Securities	-15.6	-7.8	0.0	0.0
Interest Paid	-7.9	-9.7	-11.5	0.1
Corporate Income Tax Paid	-0.8	-0.5	-0.5	-0.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2.2	-12.2	2.7	7.9
Payments for Fixed Assets and Other Long-term Assets	-47.1	-6.4	-12.1	-23.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	-10.9	-6.0	-10.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.4	16.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.2	0.0	0.0
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	-46.4	3.8	-22.1	-22.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	346.0	305.3	294.9	202.0
Repayment of Borrowings	-311.9	-280.6	-271.3	-190.5
Repayment of Finance Leases	-2.2	-1.2	-1.3	-0.9
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	31.9	23.5	22.3	10.6
Net Cash Flow During the Period	-16.8	15.1	2.9	-4.2
Cash and Cash Equivalents at Beginning of Period	25.4	10.3	7.5	11.7
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.6	25.4	10.3	7.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	157.0	291.4	93.8	190.1	191.3	239.6	134.3	168.9
Revenue Deductions	—	0.0	—	—	0.0	0.0	0.0	0.0
Net Revenue	157.0	291.4	93.8	190.1	191.3	239.6	134.3	168.9
Cost of Goods Sold	148.1	273.6	87.8	183.3	181.0	229.1	126.8	161.3
Gross Profit	8.9	17.8	6.1	6.8	10.3	10.6	7.4	7.6
Financial Income	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Financial Expenses	1.6	3.7	1.4	2.6	1.9	2.7	2.1	2.5
Interest Expense	1.6	3.7	1.4	2.6	1.9	2.7	0.0	2.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0
Selling Expenses	0.8	1.4	0.6	0.6	0.7	0.8	0.5	0.5
General and Administrative Expenses	1.8	3.4	1.7	1.6	1.4	1.7	1.0	1.4
Operating Profit	4.7	9.3	2.4	2.0	6.3	5.4	3.8	3.2
Other Income	—	0.0	0.0	—	—	0.0	0.0	0.1
Other Expenses	0.0	0.5	0.3	0.1	0.0	0.3	0.0	0.1
Other Profit	-0.0	-0.5	-0.3	-0.1	-0.0	-0.3	-0.0	-0.1
Profit Before Tax	4.7	8.8	2.1	1.9	6.3	5.1	3.8	3.1
Current Income Tax Expense	0.2	0.4	0.1	0.1	0.3	0.3	0.2	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Net Income	4.4	8.3	2.0	1.8	6.0	4.8	3.6	3.0
Non-controlling Interest	0.0	0.1	0.0	-0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.4	8.3	2.0	1.8	6.0	4.7	3.6	3.0
Earnings per Share	249.00	467.00	112.00	101.00	337.00	268.00	262.47	217.06
Diluted EPS	249.00	467.00	111.75	101.00	337.00	718.00	262.47	217.06

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	243.0	244.0	207.9	198.1	221.2	212.4	222.7	203.4
I. Cash and cash equivalents	11.3	8.7	23.5	8.4	22.3	25.4	19.9	8.9
1. Cash	11.3	8.7	23.5	8.4	22.3	25.4	19.9	8.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0
II. Short-term financial investments	26.3	23.8	42.8	7.8	12.2	7.8	0.0	0.0
1. Available for sale securities	25.8	23.3	42.8	7.8	7.8	7.8	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	0.5	0.5	—	—	4.4	0.0	0.0	0.0
III. Short-term receivables	149.9	149.7	115.8	168.0	136.2	123.5	125.5	108.5
1. Short-term trade accounts receivable	143.6	148.7	101.9	158.6	128.5	122.8	105.6	95.1
2. Short-term prepayments to suppliers	4.4	0.7	13.4	8.8	1.2	0.2	5.4	12.7
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	—	—	—	—	6.0	0.0	14.0	0.0
6. Other short-term receivables	1.9	0.3	0.4	0.6	0.6	0.6	0.6	0.7
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	51.7	57.6	23.0	11.4	47.9	52.7	74.3	83.0
1. Inventories	51.7	57.6	23.0	11.4	47.9	52.7	74.3	83.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	3.7	4.1	2.7	2.5	2.7	3.0	2.9	3.0
1. Short-term prepayments	0.2	0.3	0.2	0.2	0.1	0.2	0.3	0.3
2. Value added tax to be reclaimed	3.6	3.8	2.5	2.3	2.6	2.8	2.6	2.7
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)	230.9	225.5	185.4	211.4	189.1	191.4	183.1	184.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	97.5	92.1	89.4	89.8	91.1	92.3	90.3	91.5
1. Tangible fixed assets	72.0	66.4	63.3	61.6	62.5	63.4	61.2	62.1
- Cost	95.6	—	—	—	—	81.8	78.7	78.7
- Accumulated depreciation	-23.7	—	—	—	—	-18.4	-17.5	-16.6
2. Financial leased fixed assets	1.9	2.0	2.1	4.1	4.2	4.3	4.4	4.5
- Cost	2.5	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	23.6	23.8	24.0	24.2	24.4	24.5	24.7	24.9
- Cost	28.7	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-5.1	—	—	—	—	0.0	0.0	0.0
III. Investment properties	73.1	74.0	74.9	75.8	76.7	77.6	78.5	79.4
- Cost	91.3	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-18.1	—	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	42.5	41.5	3.1	3.0	3.0	3.1	0.8	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	42.5	41.5	3.1	3.0	3.0	3.1	0.8	0.0
V. Long-term financial investments	—	—	—	24.5	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	24.5	—	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	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	17.8	17.9	18.1	18.2	18.3	18.4	13.5	13.6
1. Long-term prepayments	17.8	17.9	18.1	18.2	18.3	18.4	13.5	13.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	473.9	469.6	393.3	409.5	410.4	403.8	405.8	387.9
A. LIABILITIES (300=210+330)	226.3	226.4	156.5	174.8	177.4	176.9	183.6	169.0
I. Short -term liabilities	217.2	214.6	151.3	170.2	172.8	172.3	176.8	161.5
1. Short-term trade accounts payable	33.4	36.4	13.3	37.8	25.1	20.9	28.5	29.8
2. Short-term advances from customers	0.5	0.8	0.6	0.1	0.3	0.0	0.1	0.0
3. Taxes and other payables to state authorities	1.1	0.9	0.5	1.0	1.1	0.8	0.4	0.3
4. Payable to employees	0.8	0.6	0.6	0.6	0.6	0.6	0.5	0.5
5. Short-term acrrued expenses	—	0.7	0.1	0.4	—	0.5	3.2	6.5
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	0.1	—	0.4	0.4	0.4	0.3	0.1	0.4
10. Short-term borrowings and financial leases	181.3	175.1	135.7	129.9	145.4	149.2	143.9	124.0
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	9.1	11.9	5.2	4.6	4.6	4.6	6.9	7.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	8.6	11.4	4.8	4.2	4.2	4.2	6.5	7.1
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0
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)	247.6	243.1	236.8	234.7	232.9	226.9	222.2	219.0
I. Owner's equity	247.6	243.1	236.8	234.7	232.9	226.9	222.2	219.0
1. Owner's capital	176.8	176.8	176.8	176.8	176.8	176.8	136.0	136.0
- Common stock with voting right	176,799,820,000.00	176,799,820,000.00	176,799,820,000.00	176,799,820,000.00	176,799,820,000.00	176,799,820,000.00	136,000,000,000.00	136,000,000,000.00
- 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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	66.9	62.5	56.2	54.1	52.4	46.4	82.5	79.3
- Accumulated retained earning at the end of the previous period	62.5	46.4	46.4	46.4	46.4	33.7	74.5	74.5
- Undistributed earnings in this period	4.4	16.1	9.8	7.7	6.0	12.7	8.0	4.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	3.4	3.4	3.3	3.3	3.3	3.3	3.2	3.2
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)	473.9	469.6	393.3	409.5	410.4	403.8	405.8	387.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	4.7	6.7	2.1	2.0	6.3	5.1	3.8	4.7
Depreciation of Fixed Assets and Investment Property	2.3	1.7	2.1	2.1	2.1	2.1	2.1	4.3
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-1.1	-0.0	-0.1	-0.0	-0.0	-0.0	-0.2
Interest Expense	1.6	2.0	1.4	2.6	1.9	2.7	2.1	4.8
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	8.5	9.4	5.6	6.6	10.3	9.9	8.0	13.7
Increase/(Decrease) in Receivables	-15.0	-31.0	52.3	-37.9	-6.4	-11.3	-10.2	-30.4
Increase/(Decrease) in Inventory	5.9	-34.6	-11.8	36.7	4.8	21.6	8.7	-9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.1	24.5	-23.8	12.3	4.6	-10.6	1.7	19.1
Increase/(Decrease) in Prepaid Expenses	0.2	0.1	0.2	0.0	0.2	-5.0	0.1	0.1
Changes in Trading Securities	-2.5	—	—	—	—	-7.8	0.0	0.0
Interest Paid	-2.3	-1.7	-1.8	-2.0	-2.4	-2.2	-2.4	-5.1
Corporate Income Tax Paid	—	0.0	-0.6	-0.2	—	0.0	0.0	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-8.2	-13.9	9.5	-8.9	11.1	-5.4	5.9	-12.9
Payments for Fixed Assets and Other Long-term Assets	-7.7	-46.3	-0.8	—	—	-5.3	-0.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.1	—	—	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-4.9	4.4	0.0	-10.4	6.0	-14.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.4	-4.4	10.4	—	8.0	0.0	10.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	15.2	—	—	—	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	-0.0	0.0	0.1	0.0	-0.9	0.9	0.2
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	7.4	-45.7	-0.8	10.5	-10.4	7.9	-13.9	10.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	101.2	106.4	94.3	71.9	73.4	90.4	64.2	150.7
Repayment of Borrowings	-97.6	-61.9	-86.0	-87.0	-76.9	-87.0	-44.6	-149.0
Repayment of Finance Leases	-0.1	0.2	-1.8	-0.3	-0.3	-0.3	-0.3	-0.6
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	3.4	44.7	6.5	-15.4	-3.8	3.1	19.3	1.1
Net Cash Flow During the Period	2.6	-14.9	15.2	-13.9	-3.2	5.5	11.2	-1.7
Cash and Cash Equivalents at Beginning of Period	8.6	23.5	8.4	22.3	25.4	10.3	10.3	10.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	11.3	8.6	23.5	8.4	22.3	25.4	19.9	8.7

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AVG

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