CEN

CENCON Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 53.38x

Price

1,800

Latest close

29 May 2026

P/E 97.99x

P/B 0.18x

EPS 18

BVPS 10,091

ROE 0.2%

ROA 0.2%

Profit Margin 0.5%

Asset Turnover 0.33x

Equity Mult. 1.03x

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

What Is Changing

On a TTM 2026Q1 basis, CEN is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — earnings have been recovering gradually over multiple periods. What is still missing is enough revenue momentum to make this profit level more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 75bn
	                                
−19.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
+416.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	79.4	94.9	89.7	186.5	26.7
Growth	-16%	+6%	-52%	+598%	—
Net Income	0.2	0.0	0.1	0.0	0.3
Net Margin	0.29%	0.02%	0.12%	0.00%	1.22%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	14.2	19.9	22.2	18.5	18.8	26.3	29.0	18.6	21.0	29.3	18.5	14.5
Growth	-29%	-11%	+20%	-2%	-29%	-9%	+56%	-11%	-28%	+58%	+28%	—
Net Income	0.2	0.0	0.2	0.0	0.0	0.1	-0.1	0.1	0.0	-0.1	0.2	0.0
Net Margin	1.37%	0.11%	0.75%	0.09%	0.05%	0.30%	-0.27%	0.36%	0.13%	-0.28%	0.82%	0.34%

Drivers of CEN's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 0.8bn

Other profit ↑ 0.4bn

Financial income ↑ 0.0bn

Gross profit ↓ 0.8bn

Tax ↑ 0.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 0.3bn

Financial income ↑ 0.0bn

Gross profit ↓ 0.1bn

Tax ↑ 0.0bn

Administrative expenses ↑ 0.0bn

Other profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.0% = 0.1% × 0.41 × 1.03

2026Q1 0.2% = 0.5% × 0.33 × 1.03

ROE is broadly flat at 0.2% — the components are offsetting one another.

Net margin: 0.5% +0.4pp Asset turnover: 0.33x -0.08x Leverage: 1.03x +0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.53%, rising 0.5pp. Core operating signals are improving as Gross margin rose 0.2pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 0.53% +0.5pp

Gross Margin 5.58% +0.2pp

SG&A / Revenue 4.96% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

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 0.54% +0.2pp

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 0.01x equity, with a net cash position equivalent to 0.09x equity.

Inventory ended the period at 75.5bn, roughly 34.2% of total assets.

Over the last 12 months, working capital released 20.7bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −2.8bn

Inventories decreased → higher CFO: +31.7bn

Payables decreased → lower CFO: −8.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 67.2 days versus the same period last year. The main moves came from DIO rose 57.0 days, DSO rose 13.8 days, and DPO rose 3.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 440.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +13.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 30.8 days +13.8 days

Inventory 431.9 days +57.0 days

Payables 22.7 days +3.5 days

Cash Conversion Cycle 440.0 days +67.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 15.9bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.09x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 53.38x +161.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.9bn in 2025, against investing cash flow of 1.2bn.

Post-investment cash flow was positive +17.1bn. Financing cash flow was negative +1.0bn.

CFO / net income was 53.38x.

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

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

Cash Conversion

CFO TTM 21.3bn +29.6bn

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. The brighter spot is earnings conversion is confirmed, with CFO/NI at 53.38x. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 440 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 53.38x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 440.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	79.4	94.9	89.7	186.5	26.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	79.4	94.9	89.7	186.5	26.7
Cost of Goods Sold	75.1	89.1	84.8	178.6	0.0
Gross Profit	4.3	5.8	4.9	7.9	2.4
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	2.4	-0.7
Interest Expense	0.0	0.0	0.0	2.4	-0.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.5	2.2	2.3	1.8	-0.2
General and Administrative Expenses	2.5	2.6	2.4	3.6	-1.1
Operating Profit	0.3	1.0	0.1	0.2	0.4
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.8	0.0	0.0	0.0
Other Profit	0.0	-0.7	-0.0	-0.0	-0.0
Profit Before Tax	0.3	0.2	0.1	0.1	0.4
Current Income Tax Expense	0.1	0.2	0.0	0.1	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.2	0.0	0.1	0.0	0.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	0.0	0.1	0.0	0.3
Earnings per Share	11.00	1.00	5.00	0.05	0.00
Diluted EPS	10.63	0.77	4.99	0.05	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	101.5	103.7	100.2	149.7
I. Cash and cash equivalents	20.5	4.3	7.0	13.8
1. Cash	20.5	4.3	7.0	12.5
2. Cash equivalents	—	0.0	0.0	1.3
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	5.6	7.1	4.4	16.1
1. Short-term trade accounts receivable	4.4	4.1	2.3	2.1
2. Short-term prepayments to suppliers	1.2	2.9	2.1	14.0
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	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	75.5	92.0	88.4	119.5
1. Inventories	75.5	92.0	88.4	119.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	—	0.4	0.4	0.1
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.4	0.4	0.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	119.0	120.4	121.1	69.4
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.2	1.6	2.4	1.0
1. Tangible fixed assets	0.2	1.6	2.4	1.0
- Cost	0.9	3.2	3.9	2.1
- Accumulated depreciation	-0.7	-1.6	-1.5	-1.1
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	—	0.0	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	68.4	68.4	68.4	68.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	68.4	68.4	68.4	68.4
V. Long-term financial investments	50.4	50.4	50.4	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	50.4	50.4	50.4	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)	220.5	224.1	221.3	219.1
A. LIABILITIES (300=210+330)	1.6	5.4	2.6	0.5
I. Short -term liabilities	1.6	5.4	2.6	0.5
1. Short-term trade accounts payable	0.2	4.1	2.5	0.0
2. Short-term advances from customers	0.8	0.0	0.0	0.2
3. Taxes and other payables to state authorities	0.5	0.2	0.1	0.2
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1
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	—	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	1.0	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
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)	218.9	218.7	218.7	218.6
I. Owner's equity	218.9	218.7	218.7	218.6
1. Owner's capital	217.1	217.1	217.1	217.1
- Common stock with voting right	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-1.8	-1.8	-1.8	-1.8
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	0.0
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	3.6	3.3	3.3	3.2
- Accumulated retained earning at the end of the previous period	3.3	3.3	3.2	3.2
- Undistributed earnings in this period	0.2	0.0	0.1	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)	220.5	224.1	221.3	219.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.3	0.2	0.1	0.1	0.0
Depreciation of Fixed Assets and Investment Property	0.2	0.5	0.4	0.4	0.0
Provision (Increase)/Reversal	—	0.0	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	-0.0	-0.0	-0.0	-0.0	0.0
Interest Expense	0.0	0.0	0.0	2.4	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	0.5	0.7	0.5	2.8	0.0
Increase/(Decrease) in Receivables	1.8	-2.7	11.5	-10.5	0.0
Increase/(Decrease) in Inventory	16.5	-3.6	31.2	-81.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.7	2.0	2.2	-0.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.1	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	-2.4	0.0
Corporate Income Tax Paid	-0.2	-0.0	-0.1	-0.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.4	0.0	0.0	0.0
Net Cash Flow from Operating Activities	15.9	-4.0	45.3	-92.2	0.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-1.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.3	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	-50.4	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	0.0	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	1.2	0.3	-52.1	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	102,704,400,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	1.0	0.0	80.0	0.0
Repayment of Borrowings	-1.0	0.0	0.0	-80.0	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	-1.0	1.0	0.0	102.7	0.0
Net Cash Flow During the Period	16.2	-2.7	-6.8	10.5	0.0
Cash and Cash Equivalents at Beginning of Period	4.3	7.0	13.8	3.4	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.5	4.3	7.0	13.8	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	14.2	19.9	22.2	18.5	18.8	26.3	29.0	18.6	21.0	29.3	18.5	14.5
Revenue Deductions	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	14.2	19.9	22.2	18.5	18.8	26.3	29.0	18.6	21.0	29.3	18.5	14.5
Cost of Goods Sold	13.3	18.9	20.9	17.4	17.8	25.0	27.5	17.4	19.3	27.6	17.2	13.4
Gross Profit	0.9	1.0	1.3	1.1	1.0	1.3	1.6	1.2	1.7	1.8	1.3	1.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.3	0.5	0.4	0.5	0.5	0.6	0.6	0.5	1.0	0.5	0.5
General and Administrative Expenses	0.5	0.6	0.6	0.6	0.5	0.6	0.7	0.6	0.7	0.8	0.7	0.5
Operating Profit	0.2	0.0	0.2	0.0	-0.0	0.1	0.3	0.1	0.5	-0.1	0.2	0.1
Other Income	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.0	0.4	0.0	0.0	0.0
Other Profit	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.4	0.0	-0.4	-0.0	-0.0	-0.0
Profit Before Tax	0.2	0.0	0.2	0.0	0.0	0.1	-0.1	0.1	0.1	-0.1	0.2	0.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	-0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	0.0	0.2	0.0	0.0	0.1	-0.1	0.1	0.0	-0.1	0.2	0.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	0.0	0.2	0.0	0.0	0.1	-0.1	0.1	0.0	-0.1	0.2	0.0
Earnings per Share	8.97	0.99	7.63	0.79	0.44	3.67	-3.66	3.11	1.27	-3.75	6.96	2.27
Diluted EPS	8.97	0.99	7.63	0.79	0.44	3.67	-3.66	3.11	1.27	-3.75	6.96	2.27

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	101.8	101.5	103.1	110.6	109.4	103.7	104.6	99.8	98.8	100.2	150.7	150.5
I. Cash and cash equivalents	19.9	20.5	3.8	3.1	2.7	4.3	7.8	6.9	9.5	7.0	3.0	20.3
1. Cash	17.2	20.5	3.8	3.1	2.7	4.3	7.8	6.9	9.5	7.0	3.0	20.3
2. Cash equivalents	2.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term investments	4.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	10.2	5.6	8.1	6.3	7.0	7.1	17.6	12.2	8.2	4.4	49.4	26.4
1. Short-term trade accounts receivable	7.2	4.4	6.7	5.1	5.5	4.1	8.2	2.9	3.2	2.3	13.8	15.0
2. Short-term prepayments to suppliers	3.0	1.2	1.4	1.2	1.6	2.9	9.4	9.3	5.0	2.1	23.6	11.4
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	12.0	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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
IV. Inventories	67.7	75.5	91.3	100.9	99.4	92.0	78.8	80.3	80.7	88.4	98.1	103.6
1. Inventories	67.7	75.5	91.3	100.9	99.4	92.0	78.8	80.3	80.7	88.4	98.1	103.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	—	—	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.2	0.2
1. Short-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	—	—	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.2	0.2
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	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	118.9	119.0	119.0	119.1	119.1	120.4	120.5	120.6	121.0	121.1	69.1	69.2
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	—	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
II. Fixed assets	0.2	0.2	0.2	0.3	0.3	1.6	1.7	1.9	2.2	2.4	0.7	0.8
1. Tangible fixed assets	0.2	0.2	0.2	0.3	0.3	1.6	1.7	1.9	2.2	2.4	0.7	0.8
- Cost	0.9	—	—	—	—	3.2	3.2	3.2	3.9	3.9	2.1	2.1
- Accumulated depreciation	-0.8	—	—	—	—	-1.6	-1.5	-1.4	-1.7	-1.5	-1.4	-1.3
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4	68.4
V. Long-term financial investments	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	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	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	220.8	220.5	222.1	229.7	228.6	224.1	225.1	220.4	219.8	221.3	219.8	219.7
A. LIABILITIES (300=210+330)	1.6	1.6	3.3	10.9	9.9	5.4	6.5	1.7	1.1	2.6	1.0	1.0
I. Short -term liabilities	1.6	1.6	3.3	10.9	9.9	5.4	6.5	1.7	1.1	2.6	1.0	1.0
1. Short-term trade accounts payable	0.2	0.2	2.3	10.6	8.5	4.1	5.6	1.3	0.7	2.5	0.8	0.8
2. Short-term advances from customers	1.3	0.8	0.6	0.2	1.2	0.0	0.7	0.2	0.1	0.0	0.1	0.1
3. Taxes and other payables to state authorities	0.1	0.5	0.3	0.0	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.0
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	219.1	218.9	218.9	218.7	218.7	218.7	218.7	218.8	218.7	218.7	218.8	218.6
I. Owner's equity	219.1	218.9	218.9	218.7	218.7	218.7	218.7	218.8	218.7	218.7	218.8	218.6
1. Owner's capital	217.1	217.1	217.1	217.1	217.1	217.1	217.1	217.1	217.1	217.1	217.1	217.1
- Common stock with voting right	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00	217,124,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	3.8	3.6	3.5	3.4	3.3	3.3	3.3	3.4	3.3	3.3	3.4	3.3
- Accumulated retained earning at the end of the previous period	3.6	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.2	3.2	3.2
- Undistributed earnings in this period	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.2	0.1
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	220.8	220.5	222.1	229.7	228.6	224.1	225.1	220.4	219.8	221.3	219.8	219.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.2	0.0	0.2	0.0	0.0	0.1	-0.1	0.1	0.1	-0.1	0.2	0.1
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	—	-0.0	—	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.2	0.0	0.3	0.1	0.1	0.2	0.0	0.2	0.3	0.0	0.3	0.1
Increase/(Decrease) in Receivables	-4.6	0.8	0.2	0.8	-0.0	8.2	-2.6	-4.0	-3.8	44.7	-8.9	-11.5
Increase/(Decrease) in Inventory	7.8	15.8	9.7	-1.5	-7.5	-5.9	1.4	0.4	7.6	9.8	5.5	4.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	-1.4	-8.0	1.1	5.6	-6.5	2.9	2.5	-1.6	1.7	-0.1	-0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	0.0	0.0	0.0	-0.2	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Other Operating Payments	—	1.6	-1.6	0.0	-0.0	-0.5	-0.9	-1.9	-0.0	0.1	-0.1	0.0
Net Cash Flow from Operating Activities	3.4	16.8	0.6	0.5	-2.0	-4.5	0.9	-2.8	2.4	56.2	-3.3	-6.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.1	0.1	-0.1	1.3	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-14.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-50.4	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-4.0	-0.1	0.1	-0.1	1.3	0.0	0.0	0.3	0.0	-52.2	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0	-1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.5	16.7	0.7	0.4	-1.6	-3.5	0.9	-2.5	2.4	4.1	-3.3	-6.7
Cash and Cash Equivalents at Beginning of Period	20.5	3.8	3.1	2.7	4.3	7.0	7.0	7.0	7.0	13.8	13.8	13.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.9	20.5	3.8	3.1	2.7	4.3	7.8	6.9	9.5	7.0	3.0	6.3

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CEN

What Is Changing

Drivers of CEN's profit

Financial Highlights

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What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow