BMF

Vật liệu Xây dựng và Chất đốt Đồng Nai ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT −8.41x

Price

7,000

Latest close

02 Jun 2026

P/E 4.38x

P/B 0.52x

EPS 1,599

BVPS 13,588

ROE 12.8%

ROA 2.9%

Profit Margin 0.8%

Asset Turnover 3.76x

Equity Mult. 4.49x

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

What Is Changing

On a TTM 2026Q1 basis, BMF is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,342bn
	                                
−2.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+61.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -8.41x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	3,195.8	3,420.0	3,517.1	3,171.9
Growth	-7%	-3%	+11%	—
Net Income	15.4	16.1	5.4	9.3
Net Margin	0.48%	0.47%	0.15%	0.29%

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	995.7	765.5	724.4	856.6	884.9	798.7	1,023.8	712.6
Growth	+30%	+6%	-15%	-3%	+11%	-22%	+44%	—
Net Income	13.3	4.2	4.9	3.7	3.3	4.2	4.6	4.1
Net Margin	1.33%	0.55%	0.68%	0.43%	0.38%	0.52%	0.45%	0.57%

Drivers of BMF's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 31.8bn

Administrative expenses ↑ 17.5bn

Tax ↑ 2.8bn

Selling expenses ↑ 2.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 34.4bn

Administrative expenses ↑ 16.5bn

Selling expenses ↑ 4.0bn

Tax ↑ 3.1bn

Finance costs ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.0% = 0.4% × 5.05 × 4.01

2026Q1 13.2% = 0.8% × 3.76 × 4.49

ROE rose from 9.0% to 13.2% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.8% +0.3pp Asset turnover: 3.76x -1.29x Leverage: 4.49x +0.48x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.78%, rising 0.3pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 0.78% +0.3pp

Gross Margin 3.23% +1.0pp

SG&A / Revenue 1.92% +0.6pp

TTM YoY · 2024Q4 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 3.25%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 3.25% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.25% —

NOPAT Margin 0.79% +0.3pp

Capital Turnover 4.10x —

Average Invested Capital 815.3bn —

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.31x equity, net debt at 3.44x equity.

Inventory ended the period at 109.3bn, roughly 17.0% of total assets.

Over the last 12 months, working capital absorbed 245.1bn 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: −106.5bn

Inventories increased → lower CFO: −196.8bn

Payables increased → higher CFO: +58.2bn

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 15.1 days —

Inventory 30.3 days —

Payables 3.4 days —

Cash Conversion Cycle 42.0 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 3.44x and interest coverage only at 1.37x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.3% of debt, and total debt stands at 757.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 3.44x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.37x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 3.44x +0.69x

Interest Coverage 1.37x +0.54x

Cash / Debt 2.3% −1.2pp

Short-term Debt / Total Debt 100.0% +0.3pp

CFO / NI -8.41x −8.47x

TTM YoY · 2024Q4 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 40.6bn in 2025, against investing cash flow of 22.9bn.

Post-investment cash flow was positive +63.5bn. Financing cash flow was negative +88.4bn.

CFO / net income was -8.41x.

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 213.0bn −214.0bn

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 3.2%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -8.41x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -8.41x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	3,195.8	3,420.0	3,517.1	3,172.0
Revenue Deductions	—	0.0	0.0	0.1
Net Revenue	3,195.8	3,420.0	3,517.1	3,171.9
Cost of Goods Sold	3,123.7	3,343.8	3,444.4	3,097.6
Gross Profit	72.1	76.2	72.7	74.3
Financial Income	14.0	13.8	13.9	3.7
Financial Expenses	22.9	24.9	29.8	10.2
Interest Expense	22.9	25.3	29.4	10.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	22.9	23.9	26.3	30.1
General and Administrative Expenses	20.6	20.6	21.5	25.6
Operating Profit	19.6	20.6	8.9	12.1
Other Income	0.1	0.4	1.3	0.8
Other Expenses	0.7	0.8	0.9	1.0
Other Profit	-0.7	-0.3	0.3	-0.2
Profit Before Tax	19.0	20.3	9.3	11.9
Current Income Tax Expense	3.6	4.1	3.8	2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	15.4	16.1	5.4	9.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	15.4	16.1	5.4	9.3
Earnings per Share	970.00	1,019.00	873.00	2,227.00
Diluted EPS	970.10	1,018.61	343.76	2,226.65

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	552.9	628.7	624.8	464.3
I. Cash and cash equivalents	17.7	42.6	20.0	31.9
1. Cash	17.7	17.6	20.0	31.9
2. Cash equivalents	—	25.0	0.0	0.0
II. Short-term financial investments	237.2	258.3	294.2	123.5
1. Available for sale securities	—	0.0	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	237.2	258.3	294.2	123.5
III. Short-term receivables	188.5	152.1	142.4	245.1
1. Short-term trade accounts receivable	86.7	99.3	91.8	97.6
2. Short-term prepayments to suppliers	50.0	48.9	44.8	94.1
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	7.0	0.0	0.0	4.0
6. Other short-term receivables	51.8	10.2	10.8	51.8
7. Provision for short-term doubtful debts (*)	-10.8	-10.2	-8.8	-6.3
8. Assets awaiting resolution	3.9	3.9	3.9	3.9
IV. Inventories	109.3	175.1	163.0	59.1
1. Inventories	109.3	175.1	163.0	59.1
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.1	0.6	5.3	4.8
1. Short-term prepayments	0.1	0.4	0.4	0.4
2. Value added tax to be reclaimed	—	0.2	4.9	0.8
3. Taxes and other receivables from state authorities	—	0.0	0.0	3.6
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)	91.1	88.0	82.8	37.0
I. Long-term receivables	4.1	4.1	2.1	2.9
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	3.5	3.2	1.4	2.4
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	0.6	0.9	0.7	0.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	19.7	20.3	19.3	21.4
1. Tangible fixed assets	8.6	9.1	8.1	10.1
- Cost	39.2	37.0	34.1	33.5
- Accumulated depreciation	-30.6	-27.8	-26.0	-23.4
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	11.1	11.2	11.3	11.4
- Cost	12.7	12.7	12.7	12.7
- Accumulated depreciation	-1.6	-1.5	-1.4	-1.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.3	0.2	0.0	0.0
V. Long-term financial investments	64.4	61.2	59.5	11.1
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	54.5	51.3	49.9	1.1
3. Investments in other entities	10.0	10.0	10.0	10.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.4	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	2.6	2.2	1.9	1.5
1. Long-term prepayments	2.6	2.2	1.9	1.5
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)	644.0	716.7	707.6	501.3
A. LIABILITIES (300=210+330)	449.4	536.6	543.7	342.9
I. Short -term liabilities	443.4	530.4	539.1	338.0
1. Short-term trade accounts payable	2.4	2.2	2.0	1.8
2. Short-term advances from customers	6.1	5.3	3.8	7.2
3. Taxes and other payables to state authorities	2.2	2.6	0.3	0.1
4. Payable to employees	1.5	2.1	1.7	3.1
5. Short-term acrrued expenses	2.7	2.7	1.5	2.0
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	0.1	0.1	0.1	0.1
9. Other short-term payables	3.2	3.0	3.2	3.5
10. Short-term borrowings and financial leases	424.2	511.6	525.7	319.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.8	0.8	0.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	5.9	6.3	4.6	4.8
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	5.9	5.2	4.6	4.8
8. Long-term borrowings and financial leases	—	1.1	0.0	0.0
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)	194.6	180.1	163.9	158.5
I. Owner's equity	194.6	180.1	163.9	158.5
1. Owner's capital	158.5	158.5	158.5	41.6
- Common stock with voting right	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	41,596,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	20.6
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	—	0.0	0.0	12.3
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	36.2	21.6	5.4	84.0
- Accumulated retained earning at the end of the previous period	20.8	5.4	0.0	74.7
- Undistributed earnings in this period	15.4	16.1	5.4	9.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
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)	644.0	716.7	707.6	501.3

Item	2025	2024	2023	2022
Profit Before Tax	19.0	20.3	9.3	11.9
Depreciation of Fixed Assets and Investment Property	2.8	2.7	2.8	2.8
Provision (Increase)/Reversal	0.7	1.0	3.0	4.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.0	-13.8	-13.9	-3.7
Interest Expense	22.9	25.3	29.4	10.2
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	31.3	35.4	30.5	25.7
Increase/(Decrease) in Receivables	-30.2	-7.5	100.6	-80.3
Increase/(Decrease) in Inventory	65.8	-12.1	-103.9	-16.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.1	2.8	-9.4	13.7
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.2	-0.3	0.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-22.8	-25.4	-29.2	-9.9
Corporate Income Tax Paid	-4.6	-1.9	0.0	-6.5
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.8	0.0	0.0	-1.0
Net Cash Flow from Operating Activities	40.6	-8.9	-11.8	-74.3
Payments for Fixed Assets and Other Long-term Assets	-2.3	-2.8	-0.7	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-91.5	-153.6	-270.5	-127.5
Receipts from Loan Repayments and Sale of Debt Instruments	105.6	189.5	103.8	24.0
Investments in Other Entities	-5.1	-1.4	-48.8	-10.0
Proceeds from Investments in Other Entities	1.9	0.0	0.0	0.0
Dividends and Interest Income Received	14.4	12.9	9.8	1.6
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	22.9	44.6	-206.3	-114.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	2,697.6	2,916.2	2,500.7	1,206.6
Repayment of Borrowings	-2,786.1	-2,929.2	-2,294.5	-1,010.7
Repayment of Finance Leases	—	0.0	0.0	0.0
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	-88.4	-13.0	206.2	195.9
Net Cash Flow During the Period	-24.9	22.7	-11.9	7.5
Cash and Cash Equivalents at Beginning of Period	42.6	20.0	31.9	24.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.7	42.6	20.0	31.9

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	995.7	765.5	724.4	856.6	884.9	798.7	1,023.8	712.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	995.7	765.5	724.4	856.6	884.9	798.7	1,023.8	712.6
Cost of Goods Sold	941.5	747.4	706.9	838.2	865.2	780.2	1,004.8	693.6
Gross Profit	54.1	18.1	17.5	18.4	19.7	18.5	19.0	19.0
Financial Income	3.3	2.7	4.8	3.3	3.1	3.0	3.4	4.3
Financial Expenses	7.2	5.3	6.1	5.8	6.2	5.8	5.9	7.1
Interest Expense	9.5	5.3	6.1	5.8	6.5	5.8	5.9	7.1
Share of Associates and Joint Ventures	-0.1	—	—	—	0.0	0.0	0.0	0.0
Selling Expenses	9.5	5.4	5.5	5.6	5.5	5.7	5.9	6.7
General and Administrative Expenses	23.3	4.6	4.9	5.3	6.7	4.6	4.7	4.5
Operating Profit	17.4	5.4	5.8	5.0	4.4	5.3	5.9	5.0
Other Income	0.1	0.0	0.1	0.0	0.1	0.1	0.2	0.1
Other Expenses	0.2	0.1	0.1	0.3	0.3	0.2	0.2	0.2
Other Profit	-0.1	-0.1	-0.1	-0.2	-0.2	-0.1	-0.0	-0.0
Profit Before Tax	17.3	5.3	5.7	4.7	4.2	5.3	5.9	5.0
Current Income Tax Expense	4.0	1.1	0.8	1.0	0.9	1.1	1.3	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0
Net Income	13.3	4.2	4.9	3.7	3.3	4.2	4.6	4.1
Non-controlling Interest	0.7	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.6	4.2	4.9	3.7	3.3	4.2	4.6	4.1
Earnings per Share	792.00	263.72	310.21	232.96	210.81	262.64	290.17	256.38
Diluted EPS	791.92	263.72	310.21	232.96	210.81	262.64	290.17	256.38

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	942.3	553.7	581.3	628.3	628.8	610.0	597.0	612.0
I. Cash and cash equivalents	17.1	17.2	27.4	25.0	17.6	9.4	21.5	9.9
1. Cash	12.1	17.2	27.4	20.0	17.6	9.4	21.5	9.9
2. Cash equivalents	5.0	—	—	5.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	340.1	237.2	268.0	283.3	283.3	278.3	255.5	288.7
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	340.1	237.2	268.0	283.3	283.3	278.3	255.5	288.7
III. Short-term receivables	206.4	148.4	141.4	139.0	152.2	137.6	147.7	139.6
1. Short-term trade accounts receivable	178.1	102.9	90.1	90.6	99.3	90.8	100.7	91.4
2. Short-term prepayments to suppliers	47.1	44.8	47.6	44.9	48.9	44.4	45.4	44.3
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	2.0	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.4	7.2	8.0	9.7	10.3	7.4	6.6	8.8
7. Provision for short-term doubtful debts (*)	-26.1	-10.4	-10.2	-10.2	-10.2	-8.8	-8.8	-8.8
8. Assets awaiting resolution	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
IV. Inventories	362.6	150.7	144.2	180.1	175.1	181.9	169.8	169.6
1. Inventories	362.6	150.7	144.2	180.1	175.1	181.9	169.8	169.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0
V. Other short-term assets	16.1	0.2	0.2	0.9	0.6	2.7	2.5	4.2
1. Short-term prepayments	0.6	0.2	0.2	0.2	0.4	0.9	0.4	0.3
2. Value added tax to be reclaimed	15.5	—	—	0.7	0.2	1.8	2.0	3.8
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0	0.0	0.0	0.1
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	116.8	88.3	89.2	86.6	88.0	84.2	82.8	83.4
I. Long-term receivables	3.9	2.9	3.2	3.6	4.1	1.5	1.8	2.1
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	3.1	2.3	2.6	2.9	3.2	0.6	0.9	1.1
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.8	0.6	0.6	0.7	0.9	0.9	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	20.0	18.2	18.9	19.6	20.3	19.8	18.3	18.7
1. Tangible fixed assets	8.8	7.1	7.8	8.4	9.1	8.6	7.1	7.5
- Cost	45.0	—	—	—	37.0	36.4	34.3	34.1
- Accumulated depreciation	-36.2	—	—	—	-27.8	-27.9	-27.2	-26.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.2	11.1	11.1	11.1	11.2	11.2	11.2	11.2
- Cost	12.9	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.0
V. Long-term financial investments	11.1	64.4	64.5	61.2	61.2	60.9	60.9	60.9
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.2	54.5	54.6	51.3	51.3	51.3	51.3	51.3
3. Investments in other entities	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.4	-0.4	-0.4
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	81.6	2.5	2.3	2.0	2.2	1.9	1.6	1.8
1. Long-term prepayments	3.1	2.5	2.3	2.0	2.2	1.9	1.6	1.8
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	—	—	—	0.0	0.0	0.0	0.0
5. Goodwill	78.4	—	—	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,059.1	642.1	670.5	714.9	716.8	694.2	679.8	695.5
A. LIABILITIES (300=210+330)	843.8	450.4	482.6	531.2	536.7	517.5	507.2	527.5
I. Short -term liabilities	836.1	444.6	476.0	524.7	530.1	511.0	502.4	522.6
1. Short-term trade accounts payable	58.9	2.6	2.0	2.2	2.2	1.1	0.6	1.5
2. Short-term advances from customers	4.6	4.7	3.7	5.0	5.4	3.8	9.1	2.6
3. Taxes and other payables to state authorities	4.9	3.9	3.6	1.5	2.6	3.0	1.6	0.8
4. Payable to employees	3.7	1.7	1.6	1.7	2.1	1.6	1.6	1.7
5. Short-term acrrued expenses	2.2	1.4	1.1	1.4	2.7	2.3	1.9	1.4
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
9. Other short-term payables	3.4	3.3	3.0	3.1	3.0	3.4	3.2	3.3
10. Short-term borrowings and financial leases	757.2	426.0	459.5	508.9	511.3	494.9	483.3	510.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	0.9	1.4	0.8	0.8	0.8	0.8	0.8
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	7.7	5.8	6.6	6.5	6.6	6.4	4.8	4.8
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	7.7	5.8	5.5	5.4	5.2	5.0	4.8	4.8
8. Long-term borrowings and financial leases	—	—	1.1	1.1	1.4	1.5	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	215.3	191.7	187.9	183.8	180.1	176.7	172.6	168.0
I. Owner's equity	215.3	191.7	187.9	183.8	180.1	176.7	172.6	168.0
1. Owner's capital	158.5	158.5	158.5	158.5	158.5	158.5	158.5	158.5
- Common stock with voting right	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00	158,480,630,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	49.7	33.2	29.4	25.3	21.6	18.3	14.1	9.5
- Accumulated retained earning at the end of the previous period	37.1	20.8	20.8	21.6	5.4	5.4	5.4	5.4
- Undistributed earnings in this period	12.6	12.4	8.6	3.7	16.1	12.8	8.7	4.1
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0
13. Minority's interest	7.2	—	—	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,059.1	642.1	670.5	714.9	716.8	694.2	679.8	695.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Profit Before Tax	17.3	3.6	5.3	5.4	4.7	4.2	5.3	5.8	5.0
Depreciation of Fixed Assets and Investment Property	2.8	0.7	0.7	0.7	0.7	0.7	0.7	0.6	0.6
Provision (Increase)/Reversal	15.3	0.4	0.0	0.3	—	1.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.3	-3.4	-2.7	-4.6	-3.3	-3.2	-3.0	-3.4	-4.3
Interest Expense	7.2	5.7	5.3	6.1	5.8	6.5	5.8	5.9	7.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	39.3	7.0	8.6	7.8	8.0	9.3	8.8	9.0	8.3
Increase/(Decrease) in Receivables	-63.9	-32.1	-9.6	-0.9	12.4	-14.0	11.5	-8.3	3.2
Increase/(Decrease) in Inventory	-267.6	41.4	-6.5	35.9	-5.0	6.8	-12.1	-0.3	-6.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.2	1.6	2.0	-0.6	-0.9	1.8	-3.8	6.0	-1.1
Increase/(Decrease) in Prepaid Expenses	-1.2	-0.0	-0.2	-0.3	0.3	0.2	-0.8	0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	-7.2	-5.2	-5.3	-6.1	-6.2	-6.3	-5.8	-5.9	-7.5
Corporate Income Tax Paid	-2.0	-2.0	0.0	-0.1	-2.6	-1.0	0.0	-0.5	-0.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	0.0	-0.6	-0.2	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-247.6	10.6	-11.6	35.5	6.0	-3.1	-2.2	0.3	-3.9
Payments for Fixed Assets and Other Long-term Assets	-0.3	-2.2	-0.1	—	—	-0.2	-2.2	-0.4	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-118.2	-15.0	-13.5	-38.0	-25.0	-5.0	-37.8	-67.3	-68.5
Receipts from Loan Repayments and Sale of Debt Instruments	28.0	8.0	46.3	51.3	—	0.0	15.0	100.5	74.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-1.4
Proceeds from Investments in Other Entities	—	0.0	0.0	1.9	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.5	0.8	3.3	6.2	4.0	0.2	2.0	5.7	5.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-86.0	-8.4	36.0	16.3	-21.0	-5.0	-22.9	38.4	9.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	956.8	613.1	662.3	638.1	784.2	876.4	643.1	810.3	586.4
Repayment of Borrowings	-623.8	-614.8	-696.9	-687.5	-786.8	-860.1	-630.1	-837.5	-601.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	332.9	-1.7	-34.7	-49.4	-2.6	16.3	13.0	-27.2	-15.2
Net Cash Flow During the Period	-0.7	0.5	-10.2	2.5	-17.6	8.2	-12.1	11.6	-10.0
Cash and Cash Equivalents at Beginning of Period	17.7	17.2	27.4	25.0	42.6	20.0	20.0	20.0	20.0
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.1	17.7	17.2	27.4	25.0	17.6	9.4	21.5	9.9

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BMF

What Is Changing

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Balance Sheet ▼▼

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Cash Flow ●

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow