BTG

Bao bì Tiền Giang ·UPCOM ·2022Q4

▼▼ Declining sharply

Self-funded cash generation remains weak CFO/NPAT −0 bn

Price

8,100

Latest close

02 Jun 2026

P/E -31.38x

P/B 0.53x

EPS -258

BVPS 15,221

ROE -10.0%

ROA -9.2%

Profit Margin -4.5%

Asset Turnover 2.07x

Equity Mult. 1.08x

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

What Is Changing

On a Năm 2025 basis, BTG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 37bn
	                                
−9.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 2bn
	                                
−56.5%YoY

Metric	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	5.0	4.6	5.6	4.9
Growth	+9%	-18%	+13%	—
Net Income	0.1	-0.1	0.1	-0.4
Net Margin	1.83%	-1.86%	1.35%	-7.86%

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 -4.46% −1.9pp

Gross Margin 12.56% —

SG&A / Revenue 14.49% —

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 -1.27% —

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.20x equity.

Inventory ended the period at 8.5bn, roughly 50.5% of total assets.

Over the last 12 months, working capital released 1.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +3.1bn

Inventories increased → lower CFO: −1.5bn

Payables decreased → lower CFO: −0.3bn

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 0.2bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, total debt stands at 0.0bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.20x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.15x —

TTM YoY · Prior -> 2022Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.2bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was positive +0.2bn. Financing cash flow was positive 0.0bn.

CFO / net income was 0.15x.

After spending +0.1bn on fixed-asset investment, the business generated trailing free cash flow of −0.1bn.

Cash Conversion

CFO TTM 0.0bn —

Cash Capex 0.1bn —

FCF TTM −0.1bn —

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 self-funded cash generation remains weak remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 16.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.20x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.20x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.8% of PBT and CFO / net income currently at 0.15x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 0.1bn.

Statement Data

Item	2025	2024	2023	2022
Revenue	36.8	40.8	50.8	21.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	36.8	40.8	50.8	21.0
Cost of Goods Sold	35.2	38.6	47.7	18.3
Gross Profit	1.7	2.2	3.1	2.7
Financial Income	0.0	0.0	0.1	0.1
Financial Expenses	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.8	0.3
General and Administrative Expenses	2.9	2.8	2.8	2.4
Operating Profit	-1.5	-0.8	-0.4	0.1
Other Income	0.0	0.0	0.8	0.0
Other Expenses	0.2	0.2	0.1	0.1
Other Profit	-0.2	-0.2	0.6	-0.1
Profit Before Tax	-1.6	-1.0	0.2	0.0
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-1.6	-1.0	0.2	0.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-1.6	-1.0	0.2	0.0
Earnings per Share	-1,381.00	-882.00	203.00	16.00
Diluted EPS	-1,381.20	-882.30	203.23	16.37

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13.8	15.4	15.1	17.5
I. Cash and cash equivalents	0.8	0.6	1.7	3.6
1. Cash	0.8	0.6	0.2	1.1
2. Cash equivalents	—	0.0	1.5	2.5
II. Short-term financial investments	—	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	—	0.0	0.0	0.0
III. Short-term receivables	4.4	7.7	4.5	5.6
1. Short-term trade accounts receivable	5.3	8.5	5.3	5.6
2. Short-term prepayments to suppliers	0.0	0.1	0.1	0.9
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	0.0	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-0.9	-0.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	8.5	6.9	8.9	8.3
1. Inventories	8.5	6.9	8.9	8.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.1	0.2	0.0	0.0
1. Short-term prepayments	0.0	0.2	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	0.1	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)	3.0	3.3	3.7	1.1
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	3.0	3.3	3.7	1.1
1. Tangible fixed assets	2.9	3.2	3.7	1.1
- Cost	23.3	23.2	23.2	28.3
- Accumulated depreciation	-20.4	-20.0	-19.6	-27.2
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	0.1	0.1	0.0	0.0
- Cost	0.1	0.1	0.0	0.0
- Accumulated depreciation	-0.0	-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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0
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)	16.8	18.8	18.8	18.6
A. LIABILITIES (300=210+330)	1.1	1.5	0.4	0.5
I. Short -term liabilities	1.1	1.5	0.4	0.5
1. Short-term trade accounts payable	1.0	1.2	0.1	0.4
2. Short-term advances from customers	—	0.0	0.0	0.1
3. Taxes and other payables to state authorities	—	0.1	0.0	0.0
4. Payable to employees	0.0	0.1	0.3	0.0
5. Short-term acrrued expenses	0.0	0.1	0.0	0.0
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	—	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	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	—	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	—	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)	15.7	17.3	18.4	18.1
I. Owner's equity	15.7	17.3	18.4	18.1
1. Owner's capital	11.9	11.9	11.9	11.9
- Common stock with voting right	11,900,000,000.00	11,900,000,000.00	11,900,000,000.00	11,900,000,000.00
- 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	7.8	7.8	7.8	7.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	1.6	1.6	1.6	1.6
11. Undistributed earnings after tax	-5.6	-3.9	-2.9	-3.1
- Accumulated retained earning at the end of the previous period	-3.9	-2.9	-3.1	-3.1
- Undistributed earnings in this period	-1.6	-1.0	0.2	0.0
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)	16.8	18.8	18.8	18.6

Item	2025	2024	2023	2022
Profit Before Tax	-1.6	-1.0	0.2	0.0
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.4	0.0
Provision (Increase)/Reversal	0.1	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	-0.0	-0.0	-0.8	0.0
Interest Expense	—	0.0	0.0	0.0
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	-1.2	-0.6	-0.2	0.0
Increase/(Decrease) in Receivables	3.1	-3.2	1.1	0.0
Increase/(Decrease) in Inventory	-1.5	2.0	-0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	1.0	-0.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.1	-0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-2.3
Net Cash Flow from Operating Activities	0.2	-1.0	-0.4	-1.9
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.0	-2.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	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	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	0.1
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	-0.1	-0.0	-1.6	0.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
Net Cash Flow During the Period	0.2	-1.1	-1.9	-1.2
Cash and Cash Equivalents at Beginning of Period	0.6	1.7	3.6	4.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	0.6	1.7	3.6

Item	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	5.0	4.6	5.6	4.9
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	5.0	4.6	5.6	4.9
Cost of Goods Sold	4.2	4.1	4.7	4.7
Gross Profit	0.8	0.5	1.0	0.3
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.2	0.1
General and Administrative Expenses	0.6	0.6	0.7	0.6
Operating Profit	0.1	-0.1	0.1	-0.4
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0
Other Profit	-0.1	0.0	0.0	0.0
Profit Before Tax	0.1	-0.1	0.1	-0.4
Current Income Tax Expense	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	0.1	-0.1	0.1	-0.4
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	-0.1	0.1	-0.4
Earnings per Share	76.64	-71.68	63.51	-326.58
Diluted EPS	76.64	-71.68	63.51	-326.58

Item	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	17.6	17.7	17.7	18.2
I. Cash and cash equivalents	3.6	6.0	4.0	5.1
1. Cash	1.1	0.9	0.4	1.0
2. Cash equivalents	2.5	5.1	3.6	4.1
II. Short-term financial investments	0.0	0.5	0.5	0.0
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	0.0	0.5	0.5	0.0
III. Short-term receivables	5.6	3.3	4.7	4.6
1. Short-term trade accounts receivable	5.6	3.3	4.8	5.5
2. Short-term prepayments to suppliers	0.9	0.9	0.9	0.0
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	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.9	-1.0	-1.0	-0.9
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	8.3	7.9	8.5	8.4
1. Inventories	8.3	7.9	8.5	8.4
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	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	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)	1.1	1.2	1.2	1.6
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	1.1	1.2	1.2	1.6
1. Tangible fixed assets	1.1	1.2	1.2	1.6
- Cost	28.3	28.3	28.3	28.3
- Accumulated depreciation	-27.2	-27.1	-27.0	-26.7
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	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
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	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0
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
5. Goodwill	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)	18.7	18.9	19.0	19.8
A. LIABILITIES (300=210+330)	0.5	0.9	0.9	0.7
I. Short -term liabilities	0.5	0.9	0.9	0.7
1. Short-term trade accounts payable	0.4	0.7	0.8	0.4
2. Short-term advances from customers	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	0.0	0.1	-0.1	0.2
4. Payable to employees	0.0	0.0	0.0	0.1
5. Short-term acrrued expenses	0.0	0.1	0.0	0.0
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	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	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)	18.1	18.0	18.1	19.0
I. Owner's equity	18.1	18.0	18.1	19.0
1. Owner's capital	11.9	11.9	11.9	11.9
- Common stock with voting right	11,900,000,000.00	11,900,000,000.00	11,900,000,000.00	11,900,000,000.00
- 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	1.6	1.6	1.6	1.6
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	7.8	7.8	7.8	7.8
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	-3.1	-3.2	-3.1	-2.2
- Accumulated retained earning at the end of the previous period	-3.1	-3.1	-3.1	-1.8
- Undistributed earnings in this period	0.0	-0.1	0.0	-0.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	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)	18.7	18.9	19.0	19.8

Item	Q4'25	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	-1.6	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.4	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.1	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
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	-1.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	3.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-1.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	-0.3	-0.2	0.5
Other Operating Payments	—	-2.3	1.6	-0.7	-0.9
Net Cash Flow from Operating Activities	0.2	-1.9	0.9	0.7	-1.6
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	-0.0	0.0	0.0
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	-0.1	0.6	-0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.2	-1.2	0.9	0.7	-1.5
Cash and Cash Equivalents at Beginning of Period	0.6	4.9	0.0	4.8	6.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	3.6	0.0	4.0	5.1

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Leverage & Liquidity

Cash Flow