CLW

Listed Company · HOSE

Price

48,000

Latest close

02 Apr 2026

P/E 11.0x

EPS (TTM) 4,358

ROE (TTM) 21.8%

P/B 2.4x

BVPS (Latest) 20,375

ROA (TTM) 10.3%

What Is Changing

CLW has not yet shown a broad-based top-line recovery. Revenue posted -2.1% YoY, but net margin reached 4.45% with an additional +0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 56.8bn in 2025.
Net margin improved from 4.14% in the prior period to 4.45% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,276.1	1,303.4	1,304.4	1,253.1	1,154.4
Growth	-2%	-0%	+4%	+9%	—
Net Income	56.8	53.9	56.4	30.1	27.8
Net Margin	4.45%	4.14%	4.33%	2.40%	2.41%

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	324.4	315.9	330.5	305.2	317.7	321.6	337.6	326.6	301.0	330.3	334.5	338.6
Growth	+3%	-4%	+8%	-4%	-1%	-5%	+3%	+8%	-9%	-1%	-1%	—
Net Income	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2	18.4
Net Margin	4.49%	3.97%	5.31%	3.92%	0.96%	4.37%	4.28%	6.53%	-0.36%	3.80%	5.46%	5.43%

Financial Statements

Profitability

Net margin reached 4.45% while Revenue posted -2.1% YoY.

Balance Sheet

Inventory stood at 40.3bn, liabilities at 270.4bn, and equity at 265.0bn.

Cash Flow

Operating cash flow was 37.6bn in 2024, while investing cash flow was -84.8bn.

Financing cash flow: -23.9bn.

Item	2025	2024	2023	2022	2021
Revenue	1,276.5	1,303.9	1,304.8	1,253.8	1,155.7
Revenue Deductions	0.4	0.4	0.4	0.7	0.0
Net Revenue	1,276.1	1,303.4	1,304.4	1,253.1	1,154.4
Cost of Goods Sold	1,075.3	1,106.7	1,128.4	1,121.1	0.0
Gross Profit	200.8	196.7	176.0	132.0	112.2
Financial Income	5.4	6.3	13.4	6.8	5.4
Financial Expenses	6.1	6.2	7.6	4.6	-3.7
Interest Expense	6.1	6.2	7.6	4.6	-3.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	39.8	38.7	36.8	32.9	-32.7
General and Administrative Expenses	91.9	90.9	74.8	65.9	-50.7
Operating Profit	68.4	67.3	70.3	35.4	30.6
Other Income	6.7	3.2	4.9	4.6	0.0
Other Expenses	3.8	2.9	3.9	1.9	0.0
Other Profit	2.9	0.3	0.9	2.7	3.8
Profit Before Tax	71.3	67.6	71.2	38.1	34.4
Current Income Tax Expense	14.7	14.9	20.3	11.7	-6.6
Deferred Income Tax Expense	-0.2	-1.2	-5.5	-3.8	0.0
Net Income	56.8	53.9	56.4	30.1	27.8
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	56.8	53.9	56.4	30.1	27.8
Earnings per Share	4,372.00	4,149.00	4,340.96	1,304.00	1,097.00
Diluted EPS	4,372.00	4,149.00	4,340.96	1,304.00	2,141.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	239.7	262.4	329.9	268.2	211.9
I. Cash and cash equivalents	18.6	5.8	77.0	27.9	79.2
1. Cash	12.8	5.8	22.8	9.8	0.0
2. Cash equivalents	5.8	0.0	54.2	18.1	0.0
II. Short-term financial investments	114.2	138.3	134.6	153.8	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	114.2	138.3	134.6	153.8	0.0
III. Short-term receivables	58.3	58.9	60.5	44.6	57.8
1. Short-term trade accounts receivable	62.2	62.4	58.2	45.2	0.0
2. Short-term prepayments to suppliers	3.8	3.7	6.7	4.1	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	2.4	2.7	5.0	2.6	0.0
7. Provision for short-term doubtful debts (*)	-10.1	-9.9	-9.5	-7.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	40.3	49.7	50.6	39.3	12.2
1. Inventories	40.3	49.7	50.6	39.3	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	8.3	9.7	7.2	2.5	2.2
1. Short-term prepayments	6.5	6.8	1.7	1.7	0.0
2. Value added tax to be reclaimed	1.1	2.8	5.5	0.8	0.0
3. Taxes and other receivables from state authorities	0.7	0.0	0.0	0.0	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)	295.7	307.9	253.9	237.8	246.9
I. Long-term receivables	0.3	0.3	0.3	0.3	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	0.3	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	273.8	287.5	239.4	205.5	176.2
1. Tangible fixed assets	273.0	285.9	238.2	204.2	175.8
- Cost	1,071.5	1,036.1	950.0	880.7	0.0
- Accumulated depreciation	-798.5	-750.2	-711.8	-676.5	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	0.8	1.6	1.2	1.3	0.4
- Cost	11.4	11.0	9.3	8.4	0.0
- Accumulated depreciation	-10.6	-9.4	-8.1	-7.1	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	5.0	9.5	4.6	4.4	7.8
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	9.5	4.6	4.4	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	16.6	10.5	9.6	27.6	0.0
1. Long-term prepayments	6.0	0.2	0.5	24.0	0.0
2. Deferred income tax assets	10.6	10.3	9.1	3.6	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	62.9
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)	535.4	570.2	583.8	505.9	458.8
A. LIABILITIES (300=210+330)	270.4	314.6	347.3	261.6	232.9
I. Short -term liabilities	194.4	234.3	262.4	179.2	177.8
1. Short-term trade accounts payable	81.1	111.4	141.4	96.1	93.4
2. Short-term advances from customers	2.1	2.8	3.2	4.5	13.7
3. Taxes and other payables to state authorities	55.7	47.4	42.6	27.2	0.0
4. Payable to employees	20.3	22.6	24.1	14.9	0.0
5. Short-term acrrued expenses	6.2	19.8	17.7	10.8	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	3.3	5.3	11.1	6.9	0.0
10. Short-term borrowings and financial leases	15.8	18.3	16.6	13.3	8.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.9	6.6	5.7	5.3	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	76.0	80.3	84.9	82.4	55.1
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	4.3	3.8	3.4	2.7	0.0
8. Long-term borrowings and financial leases	71.7	76.5	81.5	79.6	48.7
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)	265.0	255.7	236.5	244.4	225.9
I. Owner's equity	265.0	255.7	236.5	244.4	0.0
1. Owner's capital	130.0	130.0	130.0	130.0	225.9
- Common stock with voting right	130.0	130.0	130.0	130.0	130.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
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	70.3	63.8	63.8	63.8	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	64.7	61.8	42.7	50.5	32.0
- Accumulated retained earning at the end of the previous period	7.9	7.9	-13.8	20.4	4.2
- Undistributed earnings in this period	56.8	53.9	56.4	30.1	27.8
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)	535.4	570.2	583.8	505.9	458.8

Item	2024	2022	2021	2020
Profit Before Tax	67.6	38.1	34.4	34.1
Depreciation of Fixed Assets and Investment Property	47.1	43.3	45.6	45.6
Provision (Increase)/Reversal	0.4	0.2	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	-6.4	-6.9	0.0	0.0
Interest Expense	6.2	4.6	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	114.8	79.3	80.6	78.0
Increase/(Decrease) in Receivables	1.1	9.6	0.0	0.0
Increase/(Decrease) in Inventory	0.7	-7.5	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.3	-12.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-4.9	39.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-4.6	0.0	0.0
Corporate Income Tax Paid	-20.3	-10.9	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-13.1	-11.7	0.0	0.0
Net Cash Flow from Operating Activities	37.6	81.2	30.3	76.1
Payments for Fixed Assets and Other Long-term Assets	-90.4	-64.6	-27.9	-34.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-327.8	-314.5	-60.4	-114.5
Receipts from Loan Repayments and Sale of Debt Instruments	324.1	221.1	114.5	17.5
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	9.1	5.3	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	-84.8	-152.7	32.9	-126.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	13.8	44.7	13.3	20.3
Repayment of Borrowings	-17.0	-9.1	-8.2	5.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-20.7	-15.5	-15.5	-13.6
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	-23.9	20.1	-10.4	12.2
Net Cash Flow During the Period	-71.1	-51.3	72.3	-49.4
Cash and Cash Equivalents at Beginning of Period	77.0	79.2	26.5	64.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.8	27.9	79.2	26.5

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	324.5	316.0	330.6	305.3	317.8	321.8	337.6	326.7	301.1	330.4	334.6	338.7
Revenue Deductions	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.1	0.1	0.1	0.1	0.1
Net Revenue	324.4	315.9	330.5	305.2	317.7	321.6	337.6	326.6	301.0	330.3	334.5	338.6
Cost of Goods Sold	269.9	269.9	274.5	259.9	274.5	274.2	287.3	270.8	271.7	291.3	284.1	290.1
Gross Profit	54.6	46.0	56.0	45.3	43.2	47.4	50.2	55.8	29.3	39.0	50.4	48.5
Financial Income	2.3	2.3	0.1	0.6	2.4	2.6	0.1	1.3	8.5	2.8	1.5	0.6
Financial Expenses	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1	1.9
Interest Expense	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1	1.9
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	11.3	9.1	10.3	9.1	10.5	10.0	9.8	8.3	10.7	8.8	9.1	8.5
General and Administrative Expenses	27.9	21.8	22.2	20.2	29.9	21.0	20.8	20.4	26.1	15.7	16.2	15.7
Operating Profit	16.3	16.0	22.0	15.0	3.9	17.4	18.1	26.6	-1.2	15.9	24.5	23.0
Other Income	3.1	0.8	0.8	0.8	0.8	0.9	0.7	0.7	0.9	0.6	0.6	0.5
Other Expenses	1.1	1.1	0.8	0.8	0.8	0.7	0.8	0.6	1.0	0.6	1.9	0.5
Other Profit	2.0	-0.3	-0.0	0.0	0.1	0.2	-0.0	0.0	-0.1	-0.0	-1.3	0.0
Profit Before Tax	18.3	15.7	22.0	15.0	3.9	17.6	18.1	26.7	-1.3	15.9	23.2	23.0
Current Income Tax Expense	7.1	2.6	2.0	3.0	3.0	3.6	-0.6	5.4	7.9	2.6	3.1	4.6
Deferred Income Tax Expense	-3.3	0.6	2.5	0.0	-2.2	-0.1	4.2	0.0	-8.1	0.8	1.8	0.0
Net Income	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2	18.4
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	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2	18.4
Earnings per Share	1,120.00	966.00	1,351.00	921.00	236.00	1,082.00	664.00	1,640.00	-84.00	542.00	787.00	1,413.00
Diluted EPS	1,120.00	966.00	1,351.00	921.00	4,111.00	1,082.00	664.00	1,640.00	-84.00	542.00	787.00	1,413.00

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)	239.7	262.1	262.6	218.2	261.6	293.4	289.4	289.2	320.3	346.2	340.1	295.2
I. Cash and cash equivalents	18.6	47.8	56.1	21.7	5.8	12.8	18.6	17.6	77.0	7.8	41.9	14.3
1. Cash	12.8	11.9	21.0	11.7	5.8	7.8	13.6	17.6	22.8	7.8	11.9	14.3
2. Cash equivalents	5.8	35.9	35.1	10.0	0.0	5.0	5.0	0.0	54.2	0.0	30.0	0.0
II. Short-term financial investments	114.2	104.1	92.6	92.6	138.3	170.2	157.6	157.6	134.6	231.1	198.3	186.0
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	114.2	104.1	92.6	92.6	138.3	170.2	157.6	157.6	134.6	231.1	198.3	186.0
III. Short-term receivables	58.3	66.7	68.9	58.9	59.0	70.2	75.6	67.9	60.5	75.9	61.8	61.1
1. Short-term trade accounts receivable	62.2	67.9	66.4	62.1	62.4	68.9	73.6	66.8	58.2	73.1	62.5	61.4
2. Short-term prepayments to suppliers	3.8	4.1	7.5	3.2	3.7	8.1	8.9	7.7	6.7	8.1	5.1	3.7
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	2.4	4.8	5.2	3.6	2.8	2.8	2.8	2.9	5.0	3.0	2.0	3.6
7. Provision for short-term doubtful debts (*)	-10.1	-10.1	-10.1	-9.9	-9.9	-9.6	-9.7	-9.5	-9.5	-8.2	-7.9	-7.6
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	40.3	40.2	40.0	39.4	48.8	36.3	33.4	41.2	42.7	31.4	34.7	30.9
1. Inventories	40.3	40.2	40.0	39.4	48.8	36.3	33.4	41.2	42.7	31.4	34.7	30.9
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	8.3	3.1	5.0	5.6	9.7	3.9	4.1	4.9	5.5	0.0	3.3	2.9
1. Short-term prepayments	6.5	3.1	5.0	4.9	6.8	2.1	2.7	1.2	0.0	0.0	2.8	1.5
2. Value added tax to be reclaimed	1.1	0.0	0.0	0.6	2.8	1.8	1.5	3.7	5.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.5	1.5
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)	295.7	288.3	293.6	306.3	307.8	277.7	260.5	262.8	254.0	227.8	223.3	217.9
I. Long-term receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	273.8	271.0	283.1	279.9	287.5	247.4	251.9	235.5	239.4	193.0	198.4	198.4
1. Tangible fixed assets	273.0	269.9	282.1	278.6	285.9	246.4	250.2	234.3	238.2	192.2	197.3	197.3
- Cost	1,071.5	1,056.6	1,056.0	1,042.2	1,036.1	989.3	982.2	955.7	950.0	895.3	891.1	883.4
- Accumulated depreciation	-798.5	-786.6	-773.8	-763.6	-750.2	-742.9	-732.0	-721.4	-711.8	-703.1	-693.8	-686.1
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	0.8	1.0	1.0	1.3	1.6	1.0	1.7	1.3	1.2	0.9	1.1	1.0
- Cost	11.4	11.4	11.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.6	-10.3	-10.0	-9.7	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	5.0	9.4	1.8	15.7	9.4	21.5	3.0	17.4	4.6	26.0	7.5	5.7
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	5.0	9.4	1.8	15.7	9.4	21.5	3.0	17.4	4.6	26.0	7.5	5.7
V. Long-term financial 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
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	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. 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
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	0.0
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	16.6	7.6	8.3	10.4	10.5	8.4	5.3	9.5	9.7	8.5	17.1	13.5
1. Long-term prepayments	6.0	0.4	0.5	0.1	0.2	0.3	0.3	0.4	0.5	7.4	15.2	9.8
2. Deferred income tax assets	10.6	7.2	7.8	10.3	10.3	8.1	4.9	9.1	9.2	1.1	1.8	3.6
3. Long-term equipment, supplies, spare parts	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 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)	535.4	550.4	556.2	524.5	569.4	571.1	549.9	552.0	574.3	574.0	563.4	513.1
A. LIABILITIES (300=210+330)	270.5	300.0	318.5	256.9	314.2	326.8	320.2	302.0	342.2	310.8	311.2	250.3
I. Short -term liabilities	194.5	220.5	235.4	171.6	233.9	248.6	240.9	218.4	257.3	236.0	234.1	171.9
1. Short-term trade accounts payable	81.1	14.4	93.8	74.3	111.4	108.5	96.6	105.3	141.4	83.1	81.8	79.0
2. Short-term advances from customers	2.1	3.8	3.3	2.8	2.8	4.9	5.0	5.3	5.5	6.7	5.2	4.3
3. Taxes and other payables to state authorities	55.6	51.8	50.5	47.1	47.3	50.0	43.9	46.4	34.7	35.7	39.0	37.6
4. Payable to employees	19.8	15.0	14.4	7.7	22.6	31.0	25.4	9.7	25.9	30.5	26.4	10.2
5. Short-term acrrued expenses	5.6	84.5	7.3	15.5	19.5	9.7	15.4	23.0	16.5	44.1	34.2	20.4
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	4.5	21.3	31.1	5.2	5.3	18.4	26.2	11.0	11.1	13.5	22.2	5.1
10. Short-term borrowings and financial leases	15.8	17.3	18.7	19.5	18.3	17.9	17.8	17.4	16.6	15.2	15.1	14.7
11. Provision for short-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
12.. Bonus and welfare fund	9.9	12.4	16.3	-0.5	6.6	8.3	10.7	0.4	5.7	7.2	10.1	0.5
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	76.0	79.6	83.1	85.3	80.3	78.2	79.3	83.6	84.9	74.8	77.1	78.5
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	4.3	4.3	4.3	4.2	3.8	3.4	3.5	3.4	3.4	3.2	3.1	3.0
8. Long-term borrowings and financial leases	71.7	75.2	78.8	81.1	76.5	74.8	75.8	80.2	81.5	71.6	74.0	75.5
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)	264.9	250.3	237.7	267.6	255.2	244.2	229.6	250.0	232.1	263.2	252.2	262.8
I. Owner's equity	264.9	250.3	237.7	267.6	255.2	244.2	229.6	250.0	232.1	263.2	252.2	262.8
1. Owner's capital	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
- Common stock with voting right	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
- Preferred stock	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. Share premium	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. 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	70.3	70.3	70.3	63.8	63.8	63.8	63.8	63.8	63.8	63.8	63.8	63.8
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	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. Undistributed earnings after tax	64.6	50.0	37.4	73.8	61.3	50.4	35.8	56.1	38.2	69.4	58.3	68.9
- Accumulated retained earning at the end of the previous period	7.9	7.9	7.9	61.8	7.9	0.0	0.0	34.8	-8.3	21.7	21.7	50.5
- Undistributed earnings in this period	56.7	42.2	29.5	12.0	53.4	50.4	35.8	21.3	46.6	47.6	36.6	18.4
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)	535.4	550.4	556.2	524.5	569.4	571.1	549.9	552.0	574.3	574.0	563.4	513.1

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	18.3	15.7	22.1	15.0	3.9	17.6	18.8	26.7	1.2	15.9	21.3	23.0
Depreciation of Fixed Assets and Investment Property	13.5	13.6	13.7	13.2	12.8	11.9	11.7	10.7	10.2	10.0	9.5	9.8
Provision (Increase)/Reversal	0.1	-0.1	0.2	0.1	0.3	-0.0	0.2	0.0	1.2	0.4	0.2	0.3
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.3	-2.3	-0.7	-0.1	-2.5	-2.6	-0.1	-1.3	-8.5	-2.8	-1.5	-0.6
Interest Expense	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1	1.9
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	0.0	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	31.0	28.4	36.9	29.8	15.7	28.4	32.1	37.8	6.4	24.8	31.6	34.3
Increase/(Decrease) in Receivables	8.5	2.4	-9.7	0.2	11.8	5.3	-5.8	-10.2	6.4	-13.2	0.9	-18.9
Increase/(Decrease) in Inventory	-0.1	-0.7	0.1	10.3	-5.0	-3.5	8.5	1.8	-11.6	3.3	-3.8	8.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.0	1.7	26.4	-33.9	-9.7	13.2	-4.3	-34.0	3.4	14.9	31.8	-3.8
Increase/(Decrease) in Prepaid Expenses	-9.0	2.0	-0.5	2.0	-4.6	0.6	-1.4	0.6	5.2	10.7	-6.7	14.4
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	-1.5	-1.5	-1.6	-1.4	-1.4	-1.8	-1.6	-1.6	-1.7	-1.4	-2.1	-1.9
Corporate Income Tax Paid	0.0	-5.0	0.0	-8.9	-7.0	-2.0	0.0	-11.3	0.0	-7.0	0.0	-5.4
Other Operating 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 Operating Payments	-2.5	-3.9	-4.7	-7.1	-1.6	-2.4	-3.8	-5.3	-1.5	-2.8	-3.6	-4.9
Net Cash Flow from Operating Activities	14.4	23.4	47.0	-9.1	-1.8	37.8	23.8	-22.2	6.6	29.3	48.1	22.2
Payments for Fixed Assets and Other Long-term Assets	-13.2	-7.5	-9.7	-28.8	-26.8	-25.1	-18.9	-19.6	-35.7	-23.6	-9.4	-3.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.2	-0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.2	-104.1	0.0	-92.6	0.0	-170.2	0.0	-157.6	-5.9	-99.0	-86.5	-117.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.1	92.6	0.0	138.3	31.9	157.6	0.0	134.6	102.5	66.2	74.1	84.8
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
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	0.4	2.3	0.1	2.4	0.5	2.6	0.1	5.9	3.9	2.8	2.4	2.2
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	-22.9	-16.7	-9.5	19.4	5.8	-35.1	-18.8	-36.7	64.7	-53.6	-19.3	-33.1
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	1.4	10.2	6.7	3.5	0.0	3.6	15.1	1.4	2.6	0.0
Repayment of Borrowings	-5.0	-5.0	-4.4	-4.4	-4.4	-4.4	-4.1	-4.1	-3.8	-3.8	-3.7	-2.7
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	-15.8	-9.9	-0.0	-0.2	-13.1	-7.5	-0.0	-0.1	-13.5	-7.4	-0.0	-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	-20.8	-15.0	-3.1	5.6	-10.9	-8.4	-4.1	-0.5	-2.2	-9.8	-1.1	-2.8
Net Cash Flow During the Period	-29.3	-8.3	34.4	15.8	-7.0	-5.8	1.0	-59.4	69.2	-34.1	27.6	-13.6
Cash and Cash Equivalents at Beginning of Period	47.8	56.1	21.7	5.8	77.0	77.0	77.0	77.0	27.9	27.9	27.9	27.9
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	18.6	47.8	56.1	21.7	5.8	12.8	18.6	17.6	77.0	7.8	41.9	14.3

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