CFV

Cà phê Thắng Lợi ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 3.50%, −13.76pp YoY

Price

17,000

Latest close

03 Jun 2026

P/E 15.11x

P/B 1.05x

EPS 1,125

BVPS 16,175

ROE 7.3%

ROA 3.4%

Profit Margin 3.5%

Asset Turnover 0.96x

Equity Mult. 2.16x

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

What Is Changing

On a TTM 2026Q1 basis, CFV is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 407bn
	                                
+86.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
−62.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -13.05x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	380.1	293.7	456.0	450.7	352.0
Growth	+29%	-36%	+1%	+28%	—
Net Income	17.3	47.0	3.5	1.4	6.1
Net Margin	4.56%	16.02%	0.78%	0.30%	1.74%

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	116.9	76.2	22.3	191.5	90.1	21.6	7.1	99.5	165.4	74.5	84.9	181.9
Growth	+53%	+242%	-88%	+113%	+316%	+203%	-93%	-40%	+122%	-12%	-53%	—
Net Income	1.4	15.0	-2.7	0.6	0.6	15.2	2.9	18.9	10.0	2.2	-1.8	1.1
Net Margin	1.18%	19.66%	-12.15%	0.30%	0.69%	70.47%	41.03%	18.99%	6.05%	3.00%	-2.13%	0.62%

Drivers of CFV's profit

TTM

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

Finance costs ↑ 10.0bn

Gross profit ↓ 8.6bn

Other profit ↓ 7.1bn

TTM

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

Gross profit ↑ 4.4bn

Finance costs ↑ 2.3bn

Administrative expenses ↑ 0.6bn

Selling expenses ↑ 0.3bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 22.5% = 17.3% × 0.66 × 1.99

2026Q1 7.3% = 3.5% × 0.96 × 2.16

ROE fell from 22.5% to 7.3% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 3.5% -13.8pp Asset turnover: 0.96x +0.31x Leverage: 2.16x +0.17x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 3.50%, losing 13.8pp. The main pressure is Gross margin fell 13.2pp, outweighing the improvement in SG&A / Revenue fell 2.0pp (with lingering pressure from Net financial result / Revenue fell 3.5pp and Other profit / Revenue fell 2.6pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 3.50% −13.8pp

Gross Margin 10.74% −13.2pp

SG&A / Revenue 4.20% −2.0pp

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 — —

Capital Turnover 1.01x +0.30x

Average Invested Capital 403.6bn +93.6bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.71x equity, net debt at 0.95x equity.

Inventory ended the period at 103.7bn, roughly 29.8% of total assets.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 135.6 days versus the same period last year. The main moves came from DIO fell 126.1 days, DSO fell 10.9 days, and DPO fell 1.5 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 222.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 20.8 days −10.9 days

Inventory 201.9 days −126.1 days

Payables 0.3 days −1.5 days

Cash Conversion Cycle 222.4 days −135.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 209.5bn due to capex of 23.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.95x and interest coverage only at 1.72x.

At present, short-term debt accounts for 91.1% of total debt, cash equals 0.1% of debt, and total debt stands at 194.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.72x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 91.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.95x −0.24x

Interest Coverage 1.72x −14.82x

Cash / Debt 0.1% −0.1pp

Short-term Debt / Total Debt 91.1% −8.9pp

CFO / NI -13.05x −17.56x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -105.2bn in 2025, against investing cash flow of 13.0bn.

Post-investment cash flow was negative +92.2bn. Financing cash flow was positive +92.2bn.

CFO / net income was -13.05x.

After spending +23.8bn on fixed-asset investment, the business generated trailing free cash flow of −209.5bn.

Cash Conversion

CFO TTM 185.7bn −355.7bn

Cash Capex 23.8bn +23.5bn

FCF TTM −209.5bn −379.2bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 17.2%. The main risk still sits in core profitability, with net margin down 13.8 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.2% of PBT and CFO / net income currently at -13.05x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.50% after a 13.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	380.8	293.7	456.0	450.7	352.0
Revenue Deductions	0.7	0.0	0.0	0.0	0.0
Net Revenue	380.1	293.7	456.0	450.7	352.0
Cost of Goods Sold	341.1	224.7	434.2	432.6	0.0
Gross Profit	39.0	68.9	21.8	18.1	33.4
Financial Income	7.9	6.5	7.4	6.5	5.2
Financial Expenses	10.3	3.1	6.1	4.0	-3.0
Interest Expense	4.5	1.3	2.1	1.3	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	6.8	7.2	8.3	8.5	-13.1
General and Administrative Expenses	9.9	8.9	12.7	13.2	-16.3
Operating Profit	19.9	56.3	2.1	-1.2	6.3
Other Income	3.5	6.0	5.6	5.0	0.0
Other Expenses	1.4	2.8	2.9	1.9	0.0
Other Profit	2.1	3.2	2.8	3.1	1.5
Profit Before Tax	22.0	59.4	4.9	1.9	7.8
Current Income Tax Expense	4.7	12.4	1.4	0.6	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.3	47.0	3.5	1.4	6.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.3	47.0	3.5	1.4	6.1
Earnings per Share	1,370.00	3,718.00	279.00	105.00	483.67
Diluted EPS	1,370.00	3,718.00	279.00	105.00	483.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	261.0	182.2	217.2	141.4	112.4
I. Cash and cash equivalents	6.6	6.5	0.7	1.1	1.1
1. Cash	1.6	6.5	0.7	1.1	0.0
2. Cash equivalents	5.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	91.3	125.3	62.8	53.5	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	91.3	125.3	62.8	53.5	0.0
III. Short-term receivables	52.5	8.4	24.3	22.7	16.1
1. Short-term trade accounts receivable	32.9	0.4	17.4	13.3	0.0
2. Short-term prepayments to suppliers	0.4	0.3	2.2	1.9	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	29.3	19.0	16.4	16.0	0.0
7. Provision for short-term doubtful debts (*)	-10.2	-11.3	-11.8	-8.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	103.7	41.7	128.4	63.1	40.4
1. Inventories	103.7	41.7	128.4	63.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.9	0.2	1.0	1.0	1.4
1. Short-term prepayments	0.3	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	6.6	0.0	0.7	0.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	86.9	60.9	62.2	68.7	72.0
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	53.8	35.7	35.1	37.0	40.6
1. Tangible fixed assets	53.7	35.5	34.9	36.7	40.6
- Cost	176.1	153.6	147.8	145.1	0.0
- Accumulated depreciation	-122.5	-118.1	-112.9	-108.5	0.0
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	0.1	0.2	0.3	0.4	0.0
- Cost	0.5	0.5	0.5	0.5	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.1	0.0
III. Investment properties	10.5	11.9	13.3	14.8	16.2
- Cost	31.6	31.6	31.6	31.6	0.0
- Accumulated depreciation	-21.1	-19.7	-18.2	-16.8	0.0
IV. Long-term assets in progress	13.4	3.6	3.5	5.7	2.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.4	3.6	3.5	5.7	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	9.1	9.7	10.2	11.1	0.0
1. Long-term prepayments	9.1	9.7	10.2	11.1	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	13.2
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)	347.8	243.1	279.3	210.1	184.4
A. LIABILITIES (300=210+330)	144.6	57.2	140.5	74.7	50.2
I. Short -term liabilities	126.1	56.4	138.4	72.6	48.5
1. Short-term trade accounts payable	6.4	1.2	0.8	10.1	3.1
2. Short-term advances from customers	0.0	0.1	0.0	0.1	0.0
3. Taxes and other payables to state authorities	9.0	12.2	2.9	3.7	0.0
4. Payable to employees	1.3	1.2	0.8	0.6	0.0
5. Short-term acrrued expenses	0.5	0.1	0.9	0.9	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	11.8	20.4	10.4	11.3	0.0
10. Short-term borrowings and financial leases	98.6	22.7	124.1	47.5	26.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-1.6	-1.6	-1.6	-1.6	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	18.5	0.8	2.1	2.1	1.7
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	2.1	0.8	2.1	2.1	0.0
8. Long-term borrowings and financial leases	16.4	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)	203.2	185.9	138.9	135.3	134.2
I. Owner's equity	203.2	185.9	138.9	135.3	0.0
1. Owner's capital	126.5	126.5	126.5	126.5	134.2
- Common stock with voting right	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00
- 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	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	59.4	12.4	7.5	7.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17.3	47.0	4.9	1.4	6.1
- Accumulated retained earning at the end of the previous period	—	0.0	1.4	0.0	9.5
- Undistributed earnings in this period	17.3	47.0	3.5	1.4	-3.3
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)	347.8	243.1	279.3	210.1	184.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	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
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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	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	-8.6	-4.9	-0.7	-0.0	0.0
Other Operating Receipts	22.1	20.1	14.2	15.1	0.0
Other Operating Payments	-53.3	-17.0	-16.7	-20.6	0.0
Net Cash Flow from Operating Activities	-105.2	171.3	-67.5	-19.4	40.4
Payments for Fixed Assets and Other Long-term Assets	-23.8	-3.7	-2.0	-3.8	-0.3
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	-29.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	28.6
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	2.8	3.3	1.7	1.9	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	13.0	-62.9	-9.6	-2.0	-1.1
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	447.9	125.8	353.4	316.8	273.0
Repayment of Borrowings	-355.7	-228.3	-276.8	-295.4	-311.8
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	92.2	-102.5	76.6	21.4	-38.8
Net Cash Flow During the Period	0.0	5.9	-0.5	0.1	-17.7
Cash and Cash Equivalents at Beginning of Period	6.5	0.7	1.1	1.1	0.6
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	6.6	6.5	0.7	1.1	1.1

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	116.9	76.9	22.3	191.5	90.1	21.6	7.1	99.5	165.4	74.5	84.9	181.9
Revenue Deductions	—	0.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	116.9	76.2	22.3	191.5	90.1	21.6	7.1	99.5	165.4	74.5	84.9	181.9
Cost of Goods Sold	109.6	53.8	23.0	176.8	87.1	2.8	1.2	74.9	145.7	64.0	85.4	174.9
Gross Profit	7.3	22.4	-0.7	14.7	3.0	18.8	5.9	24.6	19.7	10.4	-0.6	7.0
Financial Income	2.0	2.0	0.6	3.3	2.1	2.7	0.0	2.8	0.9	1.7	0.7	3.0
Financial Expenses	3.7	1.0	0.3	7.6	1.4	0.7	0.0	0.5	2.0	2.9	0.2	1.9
Interest Expense	1.7	0.8	0.2	2.3	1.2	0.0	0.0	0.5	1.0	0.3	0.1	1.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.9	1.5	0.8	2.6	1.6	0.9	0.7	2.3	3.3	1.7	1.2	4.3
General and Administrative Expenses	2.4	3.8	1.6	2.5	1.8	2.2	2.1	2.0	2.8	5.3	1.4	2.3
Operating Profit	1.3	18.1	-2.9	5.3	0.2	17.8	3.2	22.6	12.6	2.2	-2.6	1.5
Other Income	0.7	1.3	0.4	0.8	0.9	1.7	0.8	2.3	1.1	3.0	1.2	0.3
Other Expenses	0.3	0.6	0.2	5.4	0.3	0.3	0.3	0.9	1.2	1.9	0.4	0.3
Other Profit	0.4	0.7	0.2	-4.5	0.6	1.4	0.5	1.4	-0.1	1.1	0.8	-0.0
Profit Before Tax	1.7	18.8	-2.7	0.8	0.8	19.2	3.7	24.0	12.5	3.2	-1.8	1.4
Current Income Tax Expense	0.3	3.8	—	0.2	0.2	3.9	0.8	5.1	2.5	1.0	0.0	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	15.0	-2.7	0.6	0.6	15.2	2.9	18.9	10.0	2.2	-1.8	1.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.4	15.0	-2.7	0.6	0.6	15.2	2.9	18.9	10.0	2.2	-1.8	1.1
Earnings per Share	109.00	1,184.00	-214.00	46.00	49.00	1,206.00	231.00	1,493.00	791.53	176.79	-142.76	89.36
Diluted EPS	109.00	1,184.00	-214.00	46.00	49.00	3,718.00	231.00	1,493.00	791.53	176.79	-142.76	89.36

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)	333.9	264.3	158.2	186.2	362.4	183.3	133.8	131.0	176.7	220.4	88.5	124.4
I. Cash and cash equivalents	0.1	1.6	5.5	0.6	0.2	6.5	1.5	0.3	4.5	0.7	0.4	5.7
1. Cash	0.1	1.6	5.5	0.6	0.2	6.5	1.5	0.3	4.5	0.7	0.4	5.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	97.3	96.3	94.4	73.4	113.9	125.3	106.6	101.8	62.8	62.8	46.8	50.1
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	97.3	96.3	94.4	73.4	113.9	125.3	106.6	101.8	62.8	62.8	46.8	50.1
III. Short-term receivables	52.3	55.5	32.2	64.9	26.8	9.6	7.6	11.0	30.2	27.4	27.4	12.5
1. Short-term trade accounts receivable	30.5	32.9	1.6	41.7	15.8	0.4	0.2	0.1	22.1	17.4	0.0	0.2
2. Short-term prepayments to suppliers	0.4	0.4	9.0	4.3	3.0	0.3	0.2	0.3	1.6	2.2	1.8	1.8
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	31.5	32.3	31.8	30.4	19.2	20.2	18.9	22.4	18.8	19.0	34.5	18.9
7. Provision for short-term doubtful debts (*)	-10.2	-10.2	-10.2	-11.6	-11.3	-11.3	-11.8	-11.8	-12.4	-11.2	-9.0	-8.5
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	177.5	104.0	25.9	46.2	220.3	41.7	18.0	16.9	78.1	128.5	12.8	53.7
1. Inventories	181.6	104.0	25.9	46.2	220.3	41.7	18.0	16.9	78.1	128.5	12.8	53.7
2. Provision for decline in value of inventories	-4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.7	6.9	0.3	1.1	1.2	0.2	0.1	1.0	1.0	1.0	1.1	2.4
1. Short-term prepayments	0.3	0.3	0.3	0.4	0.4	0.1	0.1	0.2	0.2	0.1	0.1	0.2
2. Value added tax to be reclaimed	6.4	6.6	—	0.6	0.3	0.0	0.0	0.6	0.8	0.7	0.9	1.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.6	0.0	0.0	0.2	0.1	0.1	0.0	1.2
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)	85.7	86.9	72.8	68.2	63.0	60.9	61.1	62.9	63.9	62.2	65.3	66.5
I. Long-term receivables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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	63.8	53.8	32.9	34.0	34.5	35.7	36.4	37.7	38.4	35.3	36.5	37.1
1. Tangible fixed assets	63.7	53.7	32.7	33.8	34.3	35.5	36.2	37.5	38.1	35.0	36.1	36.7
- Cost	186.5	—	—	—	—	153.6	153.1	153.1	152.3	148.0	147.9	147.8
- Accumulated depreciation	-122.9	—	—	—	—	-118.1	-116.8	-115.6	-114.2	-112.9	-111.7	-111.1
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	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3
- Cost	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	10.1	10.5	10.8	11.2	11.5	11.9	12.3	12.6	13.0	13.3	13.7	14.1
- Cost	31.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-21.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.8	13.4	19.9	13.7	7.6	3.6	2.7	2.6	2.5	3.5	4.9	4.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	13.4	19.9	13.7	7.6	3.6	2.7	2.6	2.5	3.5	4.9	4.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	9.0	9.1	9.2	9.3	9.4	9.7	9.7	9.9	10.1	10.0	10.2	10.5
1. Long-term prepayments	9.0	9.1	9.2	9.3	9.4	9.7	9.7	9.9	10.1	10.0	10.2	10.5
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)	419.6	351.1	231.0	254.4	425.5	244.2	194.9	193.9	240.6	282.6	153.8	190.9
A. LIABILITIES (300=210+330)	215.0	147.3	46.7	67.3	238.9	58.3	24.2	26.1	91.7	143.7	17.2	51.5
I. Short -term liabilities	195.7	130.2	29.8	66.2	238.2	57.5	24.0	24.0	89.6	141.6	15.1	20.7
1. Short-term trade accounts payable	0.3	6.4	0.7	0.7	0.4	1.2	0.6	0.7	1.3	0.8	0.6	1.1
2. Short-term advances from customers	—	0.0	0.0	—	—	0.1	0.0	0.0	0.0	0.0	0.0	1.0
3. Taxes and other payables to state authorities	5.9	8.9	15.3	19.3	1.7	12.1	9.4	7.6	5.7	3.3	3.9	6.9
4. Payable to employees	0.6	1.3	0.6	0.6	0.7	1.2	0.4	0.5	1.0	0.8	0.5	0.5
5. Short-term acrrued expenses	0.7	0.5	0.2	0.6	0.2	0.4	0.1	0.9	0.9	1.2	0.1	0.5
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	12.7	16.0	14.5	14.3	14.7	21.3	15.0	15.9	15.2	13.0	11.7	12.0
10. Short-term borrowings and financial leases	177.1	98.6	—	32.5	222.1	22.7	0.0	0.0	67.2	124.1	0.0	0.3
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	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
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	19.3	17.1	16.9	1.1	0.8	0.8	0.2	2.1	2.1	2.1	2.1	30.8
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	2.1	0.7	1.3	1.1	0.8	0.8	0.2	2.1	2.1	2.1	2.1	2.1
8. Long-term borrowings and financial leases	17.2	16.4	15.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	28.7
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)	204.6	203.9	184.4	187.1	186.5	185.9	170.7	167.8	148.9	138.9	136.6	139.4
I. Owner's equity	204.6	203.9	184.4	187.1	186.5	185.9	170.7	167.8	148.9	138.9	136.6	139.4
1. Owner's capital	126.5	126.5	126.5	126.5	126.5	126.5	126.5	126.5	126.5	126.5	126.5	126.5
- Common stock with voting right	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00	126,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.6
8. Investment and development fund	59.4	59.4	59.4	12.4	12.4	12.4	7.5	7.5	7.5	7.5	7.5	7.5
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	18.7	18.0	-1.5	48.2	47.7	47.0	36.7	33.8	14.9	4.9	2.6	3.9
- Accumulated retained earning at the end of the previous period	17.3	—	—	47.0	47.0	0.0	4.9	4.9	4.9	0.0	0.0	0.0
- Undistributed earnings in this period	1.4	18.0	-1.5	1.2	0.6	47.0	31.8	28.9	10.0	4.9	2.6	3.9
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)	419.6	351.1	231.0	254.4	425.5	244.2	194.9	193.9	240.6	282.6	153.8	190.9

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	—	—	—	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
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-4.6	-0.1	-3.6	-4.9	-2.3	0.0	-1.5	-1.1	-0.7	0.3	0.0	-0.3
Other Operating Receipts	1.9	—	—	—	12.9	2.3	3.8	3.1	14.2	-7.0	-110.8	117.8
Other Operating Payments	-3.7	-37.4	2.7	-18.6	-7.3	-6.2	-2.6	-2.5	-16.7	5.3	15.9	-21.1
Net Cash Flow from Operating Activities	-80.5	-40.8	-234.3	170.0	0.7	3.8	104.1	61.4	-67.5	-20.9	49.5	-28.7
Payments for Fixed Assets and Other Long-term Assets	-0.1	-19.3	-4.1	-0.3	0.0	2.4	-2.7	-0.1	-2.0	1.8	-1.6	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
Dividends and Interest Income Received	0.0	1.5	-0.0	1.2	0.7	-0.2	0.5	0.2	1.7	-0.7	0.6	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-0.9	-35.7	110.3	-61.6	-18.0	-2.6	-41.2	0.1	-9.6	-2.3	1.7	0.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	185.3	144.4	177.6	125.8	22.3	0.0	11.7	91.8	353.4	-209.7	80.5	129.2
Repayment of Borrowings	-105.4	-61.9	-65.4	-228.3	0.0	0.0	-78.8	-149.6	-276.8	228.2	-130.1	-98.1
Repayment of Finance Leases	—	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	79.9	82.5	112.2	-102.5	22.3	0.0	-67.1	-57.7	76.6	18.5	-49.6	31.1
Net Cash Flow During the Period	-1.5	6.0	-11.8	5.9	5.0	1.2	-4.2	3.9	-0.5	-4.6	1.6	3.0
Cash and Cash Equivalents at Beginning of Period	1.6	6.5	6.5	0.7	0.7	0.7	0.7	0.7	1.1	0.0	1.1	1.1
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	0.1	6.6	0.6	6.5	6.5	1.5	0.3	4.5	0.7	0.0	5.7	4.2

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CFV

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow