BT6

Beton 6 ·UPCOM ·2026Q1

▲ Showing improvement

Price

—

Latest close

P/E —

P/B —

EPS -2,081

BVPS -32,355

ROE 6.7%

ROA -36.9%

Profit Margin -74.7%

Asset Turnover 0.49x

Equity Mult. -0.18x

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

What Is Changing

On a Năm 2025 basis, BT6 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — margins have been expanding consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 109bn
	                                
+43.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 57bn
	                                
+26.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    117.0%
	                                
affects earnings quality

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24
Revenue	11.6	32.4	16.9	31.0	28.9	22.3	15.9
Growth	-64%	+91%	-45%	+7%	+30%	+40%	—
Net Income	-17.1	-52.8	-1.6	2.8	0.0	-15.8	-41.6
Net Margin	-147.51%	-163.12%	-9.43%	9.15%	0.01%	-70.84%	-262.10%

Drivers of BT6's profit

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 15.1bn

Gross profit ↓ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -74.71% +48.6pp

Gross Margin 14.26% —

SG&A / Revenue 3.68% —

Non-core / Revenue -87.42% —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (117.0% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover -0.13x —

Average Invested Capital 712.1bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.17x equity, with a net cash position equivalent to 0.29x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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 — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 10.8bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.29x and interest coverage only at -0.88x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7.9% of debt, and total debt stands at 339.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.88x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.29x +0.03x

Interest Coverage -0.88x —

Cash / Debt 7.9% +3.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.18x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.8bn in 2025, against investing cash flow of 0.3bn.

Post-investment cash flow was positive +11.2bn. Financing cash flow was negative +8.6bn.

CFO / net income was -0.18x.

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 12.1bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -0.88x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 117.0% of PBT and CFO / net income currently at -0.18x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.88x.

Statement Data

Item	2025	2024	2023	2022
Revenue	109.2	76.4	34.8	12.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	109.2	76.4	34.8	12.6
Cost of Goods Sold	89.5	63.7	34.3	29.1
Gross Profit	19.8	12.7	0.5	-16.5
Financial Income	0.2	0.2	0.2	0.0
Financial Expenses	70.7	66.3	61.8	22.3
Interest Expense	70.7	66.3	61.9	22.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	7.7	15.2	7.6	10.2
Operating Profit	-58.4	-68.6	-68.7	-49.0
Other Income	2.0	0.0	0.0	0.0
Other Expenses	0.1	7.6	0.3	0.0
Other Profit	1.9	-7.6	-0.3	0.0
Profit Before Tax	-56.6	-76.2	-69.1	-48.9
Current Income Tax Expense	—	0.5	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-56.6	-76.7	-69.1	-48.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-56.6	-76.7	-69.1	-48.9
Earnings per Share	-1,719.00	-2,323.18	-2,099.00	-1,487.00
Diluted EPS	-1,719.00	-2,323.18	-2,099.00	-1,487.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	53.9	43.1	42.6	243.8
I. Cash and cash equivalents	20.3	9.1	7.1	2.1
1. Cash	4.0	4.6	2.2	1.4
2. Cash equivalents	16.2	4.5	4.9	0.7
II. Short-term financial investments	0.6	0.0	0.0	0.0
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	0.6	0.0	0.0	0.0
III. Short-term receivables	19.8	21.9	27.2	193.8
1. Short-term trade accounts receivable	317.0	321.0	320.5	325.9
2. Short-term prepayments to suppliers	72.5	72.5	72.7	72.5
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	75.0	75.2	75.2	75.2
6. Other short-term receivables	53.4	53.0	53.3	61.1
7. Provision for short-term doubtful debts (*)	-498.1	-499.8	-494.4	-340.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	13.2	12.0	8.2	47.9
1. Inventories	57.3	60.0	56.2	56.0
2. Provision for decline in value of inventories	-44.1	-48.0	-48.0	-8.1
V. Other short-term assets	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	126.4	129.7	136.1	339.6
I. Long-term receivables	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	79.5	84.6	90.7	94.2
1. Tangible fixed assets	79.5	84.6	90.7	94.0
- Cost	196.1	202.2	202.2	181.5
- Accumulated depreciation	-116.6	-117.7	-111.5	-87.5
2. Financial leased fixed assets	—	0.0	0.0	0.2
- Cost	1.4	1.4	1.4	2.5
- Accumulated depreciation	-1.4	-1.4	-1.4	-2.3
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	10.4	9.0	9.0	9.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	10.4	9.0	9.0	9.0
V. Long-term financial investments	34.1	34.1	34.1	233.9
1. Investments in subsidiaries	—	0.0	0.0	118.5
2. Investments in associates, joint-ventures	1.1	1.1	1.1	201.1
3. Investments in other entities	34.9	34.9	34.9	34.9
4. Provision for diminution in value of long-term investments	-1.9	-1.9	-1.9	-120.5
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	2.2	1.9	2.2	2.4
1. Long-term prepayments	2.2	1.9	2.2	2.4
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)	180.3	172.7	178.6	583.4
A. LIABILITIES (300=210+330)	1,230.7	1,166.3	1,095.6	998.8
I. Short -term liabilities	1,229.0	1,166.3	1,095.6	998.8
1. Short-term trade accounts payable	137.5	141.7	131.3	130.0
2. Short-term advances from customers	56.4	62.1	58.9	59.9
3. Taxes and other payables to state authorities	0.5	0.4	8.7	13.3
4. Payable to employees	1.2	1.5	2.3	1.7
5. Short-term acrrued expenses	14.2	14.2	14.2	14.1
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	678.1	605.4	538.9	435.0
10. Short-term borrowings and financial leases	339.3	339.3	339.3	342.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.8	1.9	2.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	1.7	0.0	0.0	0.0
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	1.7	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	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)	-1,050.4	-993.6	-916.9	-415.4
I. Owner's equity	-1,050.4	-993.6	-916.9	-415.4
1. Owner's capital	329.9	329.9	329.9	329.9
- Common stock with voting right	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00
- 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	-559,957,325.00	-559,957,325.00	-559,957,325.00	-559,957,325.00
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	72.5	72.5	72.5	72.5
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	-1,452.3	-1,395.5	-1,318.8	-817.3
- Accumulated retained earning at the end of the previous period	-1,395.8	-1,318.8	-1,249.8	-768.4
- Undistributed earnings in this period	-56.6	-76.7	-69.1	-48.9
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)	180.3	172.7	178.6	583.4

Item	2025	2024	2023	2022
Profit Before Tax	-56.6	0.0	-69.1	-48.9
Depreciation of Fixed Assets and Investment Property	5.0	0.0	6.5	6.5
Provision (Increase)/Reversal	-5.5	0.0	-0.2	4.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.2	0.0	-0.1	0.0
Interest Expense	70.7	0.0	61.9	22.3
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	11.5	0.0	-1.0	-15.7
Increase/(Decrease) in Receivables	2.5	0.0	5.2	2.9
Increase/(Decrease) in Inventory	2.5	0.0	-0.2	1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.4	0.0	-3.5	10.1
Increase/(Decrease) in Prepaid Expenses	-0.3	0.0	0.2	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	-0.5	-0.1
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.4	0.0	0.0
Other Operating Payments	-0.0	-16.2	0.0	0.0
Net Cash Flow from Operating Activities	10.8	10.3	0.3	-1.3
Payments for Fixed Assets and Other Long-term Assets	-1.4	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.4	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.1	8.0	0.0
Dividends and Interest Income Received	0.2	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	0.3	0.3	8.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	2.0	0.8	1.9
Repayment of Borrowings	—	-10.6	-4.0	-0.0
Repayment of Finance Leases	—	0.0	-0.2	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	—	-8.6	-3.4	1.9
Net Cash Flow During the Period	11.2	2.0	5.0	0.5
Cash and Cash Equivalents at Beginning of Period	9.1	7.1	2.1	1.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.3	9.1	7.1	2.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24
Revenue	11.6	32.4	16.9	31.0	28.9	22.3	15.9
Revenue Deductions	—	—	—	—	—	0.0	0.0
Net Revenue	11.6	32.4	16.9	31.0	28.9	22.3	15.9
Cost of Goods Sold	8.6	30.1	15.1	25.0	23.1	18.6	14.6
Gross Profit	3.0	2.3	1.8	6.0	5.8	3.7	1.3
Financial Income	0.2	0.1	0.0	0.1	0.0	0.0	0.1
Financial Expenses	17.1	59.6	2.0	2.0	2.0	16.8	32.7
Interest Expense	17.1	59.6	2.0	2.0	2.0	16.8	32.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0
General and Administrative Expenses	3.1	-3.6	1.5	2.4	3.8	2.5	2.4
Operating Profit	-17.1	-53.6	-1.6	1.7	0.1	-15.6	-33.7
Other Income	—	0.8	—	1.2	—	0.0	0.0
Other Expenses	—	0.0	—	—	0.1	0.2	7.9
Other Profit	—	0.8	—	1.2	-0.1	-0.2	-7.9
Profit Before Tax	-17.1	-52.8	-1.6	2.8	0.0	-15.8	-41.6
Current Income Tax Expense	—	—	—	—	—	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0
Net Income	-17.1	-52.8	-1.6	2.8	0.0	-15.8	-41.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0
Profit Attributable to Parent	-17.1	-52.8	-1.6	2.8	0.0	-15.8	-41.6
Earnings per Share	-517.46	-1,600.66	-48.37	85.99	0.13	-478.31	-1,260.93
Diluted EPS	-517.46	-1,600.66	-48.37	85.99	0.13	-478.31	-1,260.93

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.0	53.5	56.0	56.6	51.1	47.7	51.3
I. Cash and cash equivalents	26.9	20.3	10.4	18.6	14.4	9.1	10.6
1. Cash	10.6	4.0	5.7	14.0	9.8	4.6	5.5
2. Cash equivalents	16.3	16.2	4.7	4.6	4.6	4.5	5.2
II. Short-term financial investments	0.6	0.6	0.6	—	—	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0
3. Held to maturity investments	0.6	0.6	0.6	—	—	0.0	0.0
III. Short-term receivables	15.9	23.2	24.5	22.6	23.4	22.8	27.2
1. Short-term trade accounts receivable	313.1	317.0	323.8	320.9	322.5	321.9	320.9
2. Short-term prepayments to suppliers	72.4	72.5	72.5	72.6	72.4	72.5	72.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0
5. Short-term loan receivables	75.0	75.0	75.0	75.2	75.2	75.2	75.2
6. Other short-term receivables	53.4	53.4	53.3	53.7	53.1	53.0	53.0
7. Provision for short-term doubtful debts (*)	-498.1	-494.7	-500.1	-499.8	-499.8	-499.8	-494.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0
IV. Inventories	21.0	9.4	19.4	13.8	10.9	15.0	11.7
1. Inventories	65.2	57.3	67.3	61.8	58.9	63.0	59.7
2. Provision for decline in value of inventories	-44.1	-48.0	-48.0	-48.0	-48.0	-48.0	-48.0
V. Other short-term assets	2.6	0.0	1.1	1.6	2.4	0.8	1.7
1. Short-term prepayments	2.3	—	0.8	1.6	2.3	0.8	1.6
2. Value added tax to be reclaimed	0.2	—	0.3	—	—	0.0	0.1
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	125.8	126.4	127.2	127.6	128.4	131.3	132.9
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0
II. Fixed assets	78.4	79.5	80.8	82.0	83.3	86.1	87.6
1. Tangible fixed assets	78.4	79.5	80.8	82.0	83.3	86.1	87.6
- Cost	196.1	—	—	—	—	202.2	202.2
- Accumulated depreciation	-117.8	—	—	—	—	-116.1	-114.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0
- Cost	1.4	—	—	—	—	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
IV. Long-term assets in progress	11.1	10.4	9.9	9.0	9.0	9.0	9.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0
2. Construction in progress	11.1	10.4	9.9	9.0	9.0	9.0	9.0
V. Long-term financial investments	34.1	34.1	34.1	34.1	34.1	34.1	34.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0
2. Investments in associates, joint-ventures	1.1	1.1	1.1	1.1	1.1	1.1	1.1
3. Investments in other entities	34.9	34.9	34.9	34.9	34.9	34.9	34.9
4. Provision for diminution in value of long-term investments	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
5. Held to maturity investments	—	—	—	—	—	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0
VI. Other long-term assets	2.1	2.2	2.3	2.4	1.9	2.0	2.1
1. Long-term prepayments	2.1	2.2	2.3	2.4	1.9	2.0	2.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0
TOTAL ASSETS (280=100+200)	192.7	179.9	183.2	184.2	179.4	179.0	184.2
A. LIABILITIES (300=210+330)	1,260.3	1,225.5	1,176.1	1,175.2	1,173.3	1,159.5	1,143.3
I. Short -term liabilities	1,258.6	1,223.8	1,176.1	1,175.2	1,173.3	1,159.5	1,143.3
1. Short-term trade accounts payable	137.4	137.5	140.5	143.3	142.7	140.1	136.9
2. Short-term advances from customers	64.0	56.4	64.2	61.2	62.5	63.7	65.1
3. Taxes and other payables to state authorities	3.1	0.5	2.6	3.5	3.1	2.2	2.1
4. Payable to employees	1.2	1.2	1.3	1.4	1.6	1.4	1.3
5. Short-term acrrued expenses	14.1	14.2	14.1	14.2	14.2	14.1	14.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0
9. Other short-term payables	697.6	672.9	612.3	610.5	608.1	589.5	572.0
10. Short-term borrowings and financial leases	339.3	339.3	339.3	339.3	339.3	346.7	349.8
11. Provision for short-term liabilities	1.8	—	—	—	—	0.0	0.0
12.. Bonus and welfare fund	—	1.8	1.8	1.8	1.8	1.8	1.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0
II. Long-term liabilities	1.7	1.7	—	—	—	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0
7. Other long-term liabilities	1.7	1.7	—	—	—	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-1,067.5	-1,045.7	-992.9	-991.0	-993.9	-980.5	-959.1
I. Owner's equity	-1,067.5	-1,045.7	-992.9	-991.0	-993.9	-980.5	-959.1
1. Owner's capital	329.9	329.9	329.9	329.9	329.9	329.9	329.9
- Common stock with voting right	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00	329,935,500,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0
5. Treasury shares	-559,957,325.00	-559,957,325.00	-559,957,325.00	-559,957,325.00	-559,957,325.00	-559,957,325.00	-559,957,325.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0
8. Investment and development fund	72.5	72.5	72.5	72.5	72.5	72.5	72.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0
11. Undistributed earnings after tax	-1,469.4	-1,447.6	-1,394.8	-1,392.9	-1,395.8	-1,382.4	-1,361.0
- Accumulated retained earning at the end of the previous period	-1,452.3	-1,395.8	-1,395.8	-1,395.8	-1,395.8	-1,318.8	-1,318.8
- Undistributed earnings in this period	-17.1	-51.8	1.0	2.8	0.0	-63.6	-42.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	192.7	179.9	183.2	184.2	179.4	179.0	184.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24
Profit Before Tax	—	-59.2	—	2.6	—	47.3	-47.3
Depreciation of Fixed Assets and Investment Property	—	2.5	—	2.5	—	-3.0	3.0
Provision (Increase)/Reversal	—	-5.8	—	0.3	—	-5.4	5.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0
Gain/Loss from Investment Activities	—	-0.9	—	-1.3	—	0.0	0.0
Interest Expense	—	66.7	—	4.0	—	-32.9	32.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	—	3.4	—	8.1	—	5.9	-5.9
Increase/(Decrease) in Receivables	—	3.1	—	-0.6	—	-0.5	0.5
Increase/(Decrease) in Inventory	—	4.5	—	-1.9	—	3.5	-3.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-11.2	—	5.8	—	-4.5	4.5
Increase/(Decrease) in Prepaid Expenses	—	1.4	—	-1.7	—	1.5	-1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.5	-0.5
Other Operating Receipts	0.0	—	—	—	—	0.4	0.0
Other Operating Payments	-1.2	5.9	-5.9	2.6	-2.6	-12.8	0.0
Net Cash Flow from Operating Activities	6.5	11.9	-10.8	4.5	5.2	7.2	-6.3
Payments for Fixed Assets and Other Long-term Assets	—	-1.1	—	-0.3	—	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.2	2.2	—	—	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.4	—	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.1	0.0
Dividends and Interest Income Received	0.2	0.1	0.0	0.1	0.0	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Investing Activities	0.2	-2.0	2.5	-0.3	0.0	0.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	-8.6	10.6
Repayment of Borrowings	—	—	—	—	—	-1.1	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Financing Activities	—	—	—	—	—	-9.6	10.6
Net Cash Flow During the Period	6.7	9.9	-8.3	4.3	5.3	-2.2	4.2
Cash and Cash Equivalents at Beginning of Period	20.3	10.4	18.6	14.4	9.1	7.1	7.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0
Cash and Cash Equivalents at End of Period	26.9	20.3	10.4	18.6	14.4	9.1	11.3

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BT6

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Balance Sheet ●

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Cash Flow ●

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Balance Sheet

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Cash Flow