BTP

Listed Company · HOSE

Price

8,450

Latest close

03 Apr 2026

P/E 12.4x

EPS (TTM) 682

ROE (TTM) 3.9%

P/B 0.5x

BVPS (Latest) 17,776

ROA (TTM) 3.3%

What Is Changing

BTP has not yet shown a broad-based top-line recovery. Revenue posted -26.3% YoY, but net margin reached 15.67% with an additional +3.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 9.21% in 2023 to 15.67% in 2025.
Revenue decreased 26.3% YoY to VND 263.3bn in 2025.
Net Income fell to a multi-period low at VND 41.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	263.3	357.4	779.8	513.5	1,213.3
Growth	-26%	-54%	+52%	-58%	—
Net Income	41.3	42.8	71.8	70.7	126.6
Net Margin	15.67%	11.98%	9.21%	13.78%	10.44%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5	46.2
Growth	+6%	+2%	+17%	-28%	+5%	-52%	+213%	-11%	+24%	-93%	+1288%	—
Net Income	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7	14.6
Net Margin	30.65%	12.52%	-0.16%	18.91%	29.22%	-1.11%	2.16%	19.18%	33.22%	26.63%	4.32%	31.50%

Financial Statements

Profitability

Net margin reached 15.67% while Revenue posted -26.3% YoY.

Balance Sheet

Inventory stood at 140.3bn, liabilities at 147.5bn, and equity at 1,075.2bn.

Cash Flow

Operating cash flow was 85.0bn in 2024, while investing cash flow was 122.2bn.

Financing cash flow: -240.8bn.

Item	2025	2024	2023	2022	2021
Revenue	263.3	357.4	779.8	513.5	1,213.3
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	263.3	357.4	779.8	513.5	1,213.3
Cost of Goods Sold	220.5	343.9	767.4	480.7	0.0
Gross Profit	42.8	13.5	12.5	32.8	66.9
Financial Income	48.4	74.4	102.7	85.6	121.1
Financial Expenses	7.3	4.0	5.3	6.3	-2.0
Interest Expense	2.8	4.0	5.3	6.3	-8.3
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	40.2	39.9	37.3	34.0	-37.4
Operating Profit	43.7	43.9	72.6	78.1	148.4
Other Income	0.3	0.2	0.3	0.3	0.0
Other Expenses	2.0	1.3	0.1	0.1	0.0
Other Profit	-1.7	-1.1	0.3	0.2	0.2
Profit Before Tax	42.0	42.8	72.9	78.3	148.6
Current Income Tax Expense	0.8	0.0	1.1	7.5	-22.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	41.3	42.8	71.8	70.7	126.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	41.3	42.8	71.8	70.7	126.6
Earnings per Share	682.07	708.00	1,187.00	1,170.00	2,093.65
Diluted EPS	682.07	707.88	1,187.41	1,170.00	2,093.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	475.0	525.7	650.0	785.3	980.4
I. Cash and cash equivalents	86.5	89.3	122.8	137.5	105.3
1. Cash	2.7	1.3	1.8	2.0	0.0
2. Cash equivalents	83.8	88.0	121.0	135.5	0.0
II. Short-term financial investments	177.0	200.0	255.0	257.6	0.0
1. Available for sale securities	0.0	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	0.0
3. Held to maturity investments	177.0	200.0	255.0	257.6	0.0
III. Short-term receivables	60.5	64.5	76.2	255.1	450.5
1. Short-term trade accounts receivable	49.4	48.6	51.2	244.4	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	15.9	25.0	10.7	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	140.3	151.0	166.5	106.5	106.5
1. Inventories	140.3	151.0	166.5	106.5	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.7	20.9	29.5	28.6	15.5
1. Short-term prepayments	0.8	0.8	0.6	0.4	0.0
2. Value added tax to be reclaimed	0.0	12.5	20.8	18.1	0.0
3. Taxes and other receivables from state authorities	9.8	7.7	8.1	10.1	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	747.7	745.9	807.4	814.1	939.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	185.9	231.9	290.8	324.6	267.9
1. Tangible fixed assets	184.9	230.3	288.6	321.7	265.7
- Cost	2,783.0	2,777.1	2,781.6	2,761.2	0.0
- Accumulated depreciation	-2,598.1	-2,546.8	-2,493.0	-2,439.5	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.6	2.2	3.0	2.2
- Cost	7.4	7.4	7.4	7.5	0.0
- Accumulated depreciation	-6.4	-5.8	-5.1	-4.6	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	2.0	3.3	3.3	62.8
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	2.0	3.3	3.3	0.0
V. Long-term financial investments	499.1	447.3	447.3	415.3	541.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	225.6	173.8	173.8	83.8	0.0
3. Investments in other entities	273.5	273.5	273.5	273.5	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	58.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	62.7	64.7	66.0	70.9	0.0
1. Long-term prepayments	0.5	4.3	10.1	14.6	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	62.2	60.4	55.9	56.3	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	67.7
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,222.6	1,271.6	1,457.4	1,599.4	1,920.0
A. LIABILITIES (300=210+330)	147.5	208.0	255.4	356.4	645.3
I. Short -term liabilities	100.1	117.7	108.8	159.8	391.3
1. Short-term trade accounts payable	9.2	39.1	6.7	79.0	171.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	27.9	15.3	8.3	15.9	0.0
5. Short-term acrrued expenses	0.4	0.6	0.7	0.8	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	9.4	36.7	8.8	0.0
10. Short-term borrowings and financial leases	47.4	45.2	48.9	49.2	48.2
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.2	8.1	7.5	6.1	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	47.4	90.3	146.6	196.6	254.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	47.4	90.3	146.6	196.6	254.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,075.2	1,063.6	1,202.0	1,243.0	1,274.7
I. Owner's equity	1,075.2	1,063.6	1,202.0	1,243.0	0.0
1. Owner's capital	604.9	604.9	604.9	604.9	1,274.7
- Common stock with voting right	604.9	604.9	604.9	604.9	604.9
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	7.6	7.6	7.6	7.6	7.6
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	156.9	144.0	122.5	244.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	19.8	19.8	19.8	19.8	0.0
11. Undistributed earnings after tax	286.1	287.4	447.3	366.8	419.6
- Accumulated retained earning at the end of the previous period	264.0	244.5	404.5	296.0	293.0
- Undistributed earnings in this period	22.1	42.8	42.8	70.7	126.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,222.6	1,271.6	1,457.4	1,599.4	1,920.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	42.8	72.9	78.3	148.6	105.4
Depreciation of Fixed Assets and Investment Property	54.4	54.3	48.7	41.6	40.4
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-11.2	-1.1	-6.1	0.0	0.0
Gain/Loss from Investment Activities	-56.8	-97.7	-74.2	0.0	0.0
Interest Expense	4.0	5.3	6.3	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	33.2	33.7	53.0	77.0	116.6
Increase/(Decrease) in Receivables	11.1	192.5	167.6	0.0	0.0
Increase/(Decrease) in Inventory	15.8	-59.7	1.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.2	-67.2	-180.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.6	4.3	-4.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-5.4	-6.5	0.0	0.0
Corporate Income Tax Paid	0.0	-0.5	-18.2	0.0	0.0
Other Operating Receipts	0.1	0.1	0.0	0.0	0.0
Other Operating Payments	-11.8	-9.9	-10.8	0.0	0.0
Net Cash Flow from Operating Activities	85.0	87.9	1.4	-128.4	332.5
Payments for Fixed Assets and Other Long-term Assets	-0.3	-34.0	-77.4	-25.3	-7.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	-335.0	-394.0	-295.0	-320.0	-390.0
Receipts from Loan Repayments and Sale of Debt Instruments	390.0	454.6	466.0	400.0	450.0
Investments in Other Entities	0.0	-90.0	0.0	0.0	-200.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	67.5	82.2	77.9	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	122.2	18.9	171.6	154.1	-99.5
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	119.5	139.8	408.0
Repayment of Borrowings	-43.9	-49.2	-169.9	-195.7	-457.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-196.9	-72.4	-90.4	-66.3	-66.2
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-240.8	-121.5	-140.8	-122.2	-116.1
Net Cash Flow During the Period	-33.5	-14.7	32.2	-109.8	73.8
Cash and Cash Equivalents at Beginning of Period	122.8	137.5	105.3	201.9	85.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	89.3	122.8	137.5	105.3	201.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5	46.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5	46.2
Cost of Goods Sold	70.9	57.8	50.0	41.8	77.3	70.5	146.7	44.8	57.5	51.0	624.1	41.2
Gross Profit	1.3	10.0	16.4	15.2	1.5	4.3	7.9	4.5	-2.2	-6.6	17.4	5.0
Financial Income	32.5	6.0	5.0	4.8	34.4	4.2	3.4	19.0	29.1	28.2	24.1	21.3
Financial Expenses	-4.9	-2.1	13.2	1.1	0.5	1.3	0.9	1.2	1.2	1.5	1.1	1.4
Interest Expense	0.5	0.8	0.7	0.8	0.7	1.2	0.9	1.2	1.2	1.5	1.1	1.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	16.2	8.4	8.8	6.8	11.5	7.4	6.7	12.9	13.3	8.3	8.9	7.2
Operating Profit	22.5	9.7	-0.6	12.1	23.9	-0.3	3.7	9.5	12.4	11.9	31.5	17.6
Other Income	0.1	0.2	0.0	0.0	0.1	0.0	0.1	0.0	0.2	0.0	0.1	0.0
Other Expenses	2.0	0.0	0.0	0.0	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	-1.9	0.2	0.0	0.0	-1.2	-0.0	0.1	0.0	0.2	0.0	0.1	-0.0
Profit Before Tax	20.6	9.9	-0.6	12.1	22.7	-0.3	3.7	9.5	12.7	11.9	31.6	17.6
Current Income Tax Expense	-1.5	1.4	-0.4	1.3	-0.4	0.5	0.4	0.0	-5.7	0.0	3.9	3.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7	14.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7	14.6
Earnings per Share	365.52	140.31	-1.76	178.00	380.47	0.00	55.22	156.46	303.64	0.00	457.94	0.00
Diluted EPS	365.52	140.31	-1.76	178.00	380.47	0.00	55.22	156.46	303.64	0.00	457.94	0.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	475.0	528.6	519.3	504.3	511.5	518.7	591.2	476.3	657.6	758.9	820.8	712.6
I. Cash and cash equivalents	86.5	128.3	53.6	63.2	89.3	96.8	60.7	53.5	122.8	155.2	20.2	121.8
1. Cash	2.7	3.3	3.6	3.2	1.3	6.8	0.7	2.5	1.8	19.2	2.2	1.8
2. Cash equivalents	83.8	125.0	50.0	60.0	88.0	90.0	60.0	51.0	121.0	136.0	18.0	120.0
II. Short-term financial investments	177.0	190.0	165.0	200.0	200.0	160.0	175.0	170.0	255.0	244.0	305.0	313.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	177.0	190.0	165.0	200.0	200.0	160.0	175.0	170.0	255.0	244.0	305.0	313.0
III. Short-term receivables	60.5	56.2	144.3	70.4	50.8	84.4	170.8	64.6	84.0	172.0	302.4	139.5
1. Short-term trade accounts receivable	49.4	52.4	132.8	8.3	48.6	80.5	167.4	53.2	51.2	154.8	294.0	88.4
2. Short-term prepayments to suppliers	0.0	0.0	9.6	0.0	0.0	0.0	0.0	0.0	0.0	7.9	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	3.8	1.9	62.0	2.2	3.8	3.3	11.3	32.8	9.3	8.4	51.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	140.3	143.1	143.5	151.4	151.0	156.3	161.1	163.4	166.5	165.7	169.7	107.3
1. Inventories	140.3	143.1	143.5	151.4	151.0	156.3	161.1	163.4	166.5	165.7	169.7	107.3
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.7	11.0	13.0	19.3	20.4	21.2	23.6	24.9	29.3	21.9	23.5	31.0
1. Short-term prepayments	0.8	0.5	0.8	0.5	0.8	2.2	0.8	0.4	0.6	0.4	0.2	0.2
2. Value added tax to be reclaimed	0.0	3.4	3.6	12.9	12.5	12.8	15.9	17.3	20.8	20.2	21.8	25.2
3. Taxes and other receivables from state authorities	9.8	7.1	8.7	5.9	7.1	6.3	6.9	7.2	8.0	1.4	1.6	5.6
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	747.7	775.6	716.0	731.1	745.9	761.6	778.3	792.1	802.7	817.4	729.2	803.5
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	185.9	199.1	205.1	218.6	231.9	249.5	263.2	277.0	286.2	292.1	297.6	311.1
1. Tangible fixed assets	184.9	198.0	203.8	217.1	230.3	247.7	261.3	274.9	283.9	289.6	295.0	308.3
- Cost	2,783.0	2,784.7	2,777.2	2,777.2	2,777.1	2,781.6	2,781.6	2,781.6	2,776.9	2,769.1	2,761.2	2,761.2
- Accumulated depreciation	-2,598.1	-2,586.7	-2,573.4	-2,560.1	-2,546.8	-2,533.9	-2,520.3	-2,506.7	-2,492.9	-2,479.4	-2,466.2	-2,452.9
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.1	1.3	1.4	1.6	1.8	1.9	2.1	2.2	2.4	2.6	2.8
- Cost	7.4	7.4	7.4	7.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.4	-6.2	-6.1	-5.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	37.7	2.0	2.0	2.0	2.0	3.3	3.3	3.3	9.3	3.3	3.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	37.7	2.0	2.0	2.0	2.0	3.3	3.3	3.3	9.3	3.3	3.3
V. Long-term financial investments	499.1	477.5	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	357.3	415.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	225.6	204.0	173.8	173.8	173.8	173.8	173.8	173.8	173.8	173.8	83.8	83.8
3. Investments in other entities	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	58.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	62.7	61.3	61.7	63.3	64.7	62.9	64.6	64.5	66.0	68.8	71.0	73.8
1. Long-term prepayments	0.5	0.9	1.4	2.8	4.3	5.7	7.2	8.6	10.1	12.0	14.7	17.5
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	62.2	60.3	60.3	60.4	60.4	57.2	57.4	55.9	55.9	56.8	56.3	56.3
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,222.6	1,304.2	1,235.4	1,235.3	1,257.4	1,280.2	1,369.6	1,268.4	1,460.3	1,576.3	1,550.0	1,516.1
A. LIABILITIES (300=210+330)	147.5	231.1	170.8	161.0	201.6	238.7	327.2	217.1	257.7	363.0	275.9	258.5
I. Short -term liabilities	100.1	157.5	95.4	70.5	111.3	116.4	206.6	72.5	111.1	195.4	111.3	69.2
1. Short-term trade accounts payable	9.2	56.2	2.1	2.0	39.1	17.3	116.2	1.1	6.7	13.6	28.7	2.3
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.5	0.0	0.0	0.0	0.0
4. Payable to employees	27.9	5.4	3.6	1.3	10.0	0.2	1.4	1.2	10.6	1.4	0.2	0.2
5. Short-term acrrued expenses	0.4	1.3	0.6	1.3	0.5	1.7	0.6	1.9	0.7	2.1	17.4	10.6
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	7.5	7.6	7.5	8.4	7.6	7.8	8.2	36.7	78.7	6.4	6.5
10. Short-term borrowings and financial leases	47.4	49.1	50.3	45.3	45.2	48.9	48.2	48.2	48.9	64.2	47.0	47.3
11. Provision for short-term liabilities	0.0	28.9	19.3	9.6	0.0	29.7	19.8	9.9	0.0	25.0	0.0	0.0
12.. Bonus and welfare fund	6.2	9.1	12.1	3.4	8.1	11.1	12.7	1.6	7.5	10.4	11.7	2.3
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	47.4	73.7	75.4	90.5	90.3	122.3	120.6	144.5	146.6	167.6	164.6	189.3
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	47.4	73.7	75.4	90.5	90.3	122.3	120.6	144.5	146.6	167.6	164.6	189.3
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,075.2	1,073.0	1,064.5	1,074.4	1,055.8	1,041.5	1,042.4	1,051.3	1,202.6	1,213.3	1,274.0	1,257.5
I. Owner's equity	1,075.2	1,073.0	1,064.5	1,074.4	1,055.8	1,041.5	1,042.4	1,051.3	1,202.6	1,213.3	1,274.0	1,257.5
1. Owner's capital	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9
- Common stock with voting right	604.9	604.9	604.9	604.9	604.9	0.0	604.9	604.9	604.9	0.0	604.9	0.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	604.9	0.0	0.0	0.0	604.9	0.0	604.9
2. Share premium	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	156.9	156.9	156.9	144.0	144.0	144.0	144.0	122.5	122.5	244.0	244.0	244.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8
11. Undistributed earnings after tax	286.1	283.9	275.4	298.1	279.5	265.3	266.1	296.6	447.9	337.1	397.8	381.3
- Accumulated retained earning at the end of the previous period	264.0	275.4	275.5	287.4	256.5	266.1	262.8	287.2	337.1	325.2	370.1	366.8
- Undistributed earnings in this period	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	110.8	11.8	27.7	14.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,222.6	1,304.2	1,235.4	1,235.3	1,257.4	1,280.2	1,369.6	1,268.4	1,460.3	1,576.3	1,550.0	1,516.1

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	20.6	9.9	-0.6	12.1	22.7	-2.9	6.3	9.5	11.8	11.9	31.6	17.6
Depreciation of Fixed Assets and Investment Property	13.3	13.4	13.5	13.5	13.1	13.8	13.8	13.8	13.9	13.4	13.5	13.5
Provision (Increase)/Reversal	0.0	9.6	9.6	9.6	-29.7	9.9	9.9	9.9	-25.0	8.3	16.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-5.4	-2.9	12.4	0.3	-11.2	2.3	0.5	-2.8	6.0	2.5	-0.4	-9.1
Gain/Loss from Investment Activities	-29.4	-6.0	-4.4	-4.8	-20.4	-5.2	-1.8	-16.2	-33.6	-30.7	-21.2	-12.2
Interest Expense	0.5	0.8	0.7	0.8	0.5	1.3	0.9	1.2	1.2	1.5	1.1	1.4
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	-35.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.4	-10.9	31.3	31.5	-24.9	19.2	29.6	15.4	-25.6	6.8	41.2	11.3
Increase/(Decrease) in Receivables	5.1	90.5	-70.4	-16.0	32.7	90.3	-113.5	1.9	103.6	133.2	-151.8	107.6
Increase/(Decrease) in Inventory	0.9	0.4	8.1	-0.4	2.0	5.1	0.7	3.2	-0.7	4.2	-62.5	-0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.8	49.6	2.5	-53.0	34.4	-102.2	114.7	-13.4	11.3	-17.3	13.4	-74.6
Increase/(Decrease) in Prepaid Expenses	0.2	0.7	1.2	1.7	2.8	2.6	-1.5	1.7	1.7	2.5	2.8	-2.7
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	0.0	-1.6	0.0	-4.0	2.0	-2.2	-0.0	-2.5	-0.2	-2.7	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.5
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	-0.0	0.1	-0.0	0.0
Other Operating Payments	-2.8	-3.0	-1.0	-4.8	-3.0	-1.6	-1.3	-5.9	-2.9	-1.4	-1.9	-3.8
Net Cash Flow from Operating Activities	-10.3	127.2	-29.9	-40.9	40.0	15.5	26.7	2.8	84.7	128.1	-161.6	36.7
Payments for Fixed Assets and Other Long-term Assets	-6.4	-1.2	0.0	-0.1	-0.3	0.0	0.0	0.0	-6.6	-13.9	1.0	-14.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-72.0	-85.0	-105.0	-60.0	-140.0	-40.0	-80.0	-75.0	-40.0	-49.0	-55.0	-250.0
Receipts from Loan Repayments and Sale of Debt Instruments	85.0	60.0	140.0	60.0	100.0	55.0	75.0	160.0	29.0	110.0	121.0	194.7
Investments in Other Entities	-21.6	-30.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-90.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	24.0	4.0	7.9	15.0	21.0	5.8	10.4	30.3	17.4	29.7	17.6	17.5
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	9.1	-52.4	42.9	14.9	-19.3	20.8	5.4	115.3	-0.2	-13.2	84.6	-52.3
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-79.6	26.7	52.9	0.0
Repayment of Borrowings	-20.8	0.0	-22.6	0.0	-19.4	0.0	-24.4	0.0	34.8	-6.5	-77.5	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-19.8	-0.0	-0.0	-0.0	-8.8	-0.2	-0.4	-187.5	-72.1	-0.1	-0.2	-0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-40.6	-0.0	-22.6	-0.0	-28.2	-0.2	-24.8	-187.5	-116.9	20.1	-24.7	-0.0
Net Cash Flow During the Period	-41.9	74.8	-9.6	-26.1	-7.5	36.1	7.3	-69.3	-32.4	135.0	-101.7	-15.7
Cash and Cash Equivalents at Beginning of Period	128.3	53.6	63.2	89.3	122.8	122.8	122.8	122.8	137.5	137.5	137.5	137.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	86.5	128.3	53.6	63.2	89.3	96.8	60.7	53.5	122.8	155.2	20.2	121.8

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