CMX

Listed Company · HOSE

Price

5,980

Latest close

03 Apr 2026

P/E 5.5x

EPS (TTM) 1,080

ROE (TTM) 6.3%

P/B 0.3x

BVPS (Latest) 17,595

ROA (TTM) 2.5%

What Is Changing

CMX has not yet shown a broad-based top-line recovery. Revenue posted -1.3% YoY, but net margin reached 4.52% with an additional +2.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 73bps to 4.52% in 2025.
Net Income reached a multi-period high at VND 132.8bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,941.6	2,980.9	2,040.1	2,900.1	2,190.3
Growth	-1%	+46%	-30%	+32%	—
Net Income	132.8	66.2	67.0	90.9	82.9
Net Margin	4.52%	2.22%	3.28%	3.13%	3.79%

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	707.8	715.9	979.3	538.5	982.9	516.0	692.8	789.5	760.9	538.6	547.6	242.2
Growth	-1%	-27%	+82%	-45%	+90%	-26%	-12%	+4%	+41%	-2%	+126%	—
Net Income	52.1	32.9	32.8	30.8	38.2	32.5	6.1	31.4	16.4	8.8	24.8	23.1
Net Margin	7.36%	4.60%	3.35%	5.72%	3.89%	6.31%	0.88%	3.97%	2.15%	1.63%	4.53%	9.53%

Financial Statements

Profitability

Net margin reached 4.52% while Revenue posted -1.3% YoY.

Balance Sheet

Inventory stood at 2,468.0bn, liabilities at 3,040.0bn, and equity at 1,792.9bn.

Cash Flow

Operating cash flow was -56.2bn in 2024, while investing cash flow was -123.7bn.

Financing cash flow: 309.9bn.

Item	2025	2024	2023	2022	2021
Revenue	2,966.8	2,981.4	2,047.8	2,923.6	2,193.9
Revenue Deductions	25.2	0.5	7.7	23.5	0.0
Net Revenue	2,941.6	2,980.9	2,040.1	2,900.1	2,190.3
Cost of Goods Sold	2,338.4	2,603.1	1,736.2	2,541.2	0.0
Gross Profit	603.2	377.7	303.9	358.9	281.4
Financial Income	42.0	23.6	44.1	59.4	13.7
Financial Expenses	210.7	137.8	119.7	122.7	-56.5
Interest Expense	147.0	88.4	75.2	60.8	-44.7
Share of Associates and Joint Ventures	1.5	1.2	-2.8	-0.6	1.3
Selling Expenses	159.8	103.4	56.0	119.0	-91.9
General and Administrative Expenses	117.2	95.3	77.6	63.0	-53.4
Operating Profit	158.9	66.1	92.0	112.9	94.6
Other Income	2.9	35.2	0.8	1.4	0.0
Other Expenses	6.9	11.9	10.9	8.3	0.0
Other Profit	-4.1	23.3	-10.1	-6.9	3.8
Profit Before Tax	154.9	89.4	81.9	106.1	98.4
Current Income Tax Expense	23.1	24.2	12.2	17.4	-15.4
Deferred Income Tax Expense	-1.0	-1.0	2.8	-2.3	0.0
Net Income	132.8	66.2	67.0	90.9	82.9
Non-controlling Interest	38.7	10.3	18.1	25.0	18.4
Profit Attributable to Parent	94.2	56.0	48.8	65.8	64.5
Earnings per Share	923.99	549.00	479.00	651.00	710.67
Diluted EPS	923.99	549.00	479.00	651.00	710.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,778.0	2,675.4	2,104.4	2,149.7	1,533.1
I. Cash and cash equivalents	72.2	166.2	32.0	26.7	26.8
1. Cash	72.2	166.2	32.0	26.7	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	205.2	101.7	39.9	220.0	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	205.2	101.7	39.9	220.0	0.0
III. Short-term receivables	962.6	769.9	667.9	909.9	624.4
1. Short-term trade accounts receivable	455.2	569.0	442.8	768.5	0.0
2. Short-term prepayments to suppliers	375.7	148.4	196.5	136.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.8	0.0
6. Other short-term receivables	131.9	52.6	28.6	6.4	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-1.9	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,468.0	1,588.9	1,333.2	969.4	865.5
1. Inventories	2,551.7	1,669.9	1,394.2	1,010.6	0.0
2. Provision for decline in value of inventories	-83.7	-81.0	-61.0	-41.2	0.0
V. Other short-term assets	70.0	48.7	31.4	23.7	16.4
1. Short-term prepayments	2.4	1.9	1.9	0.7	0.0
2. Value added tax to be reclaimed	61.4	40.6	23.2	16.7	0.0
3. Taxes and other receivables from state authorities	6.3	6.3	6.3	6.3	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)	1,054.9	1,041.2	1,321.4	764.4	894.2
I. Long-term receivables	2.9	1.0	1.0	8.5	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	8.8
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	1.9	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	1.0	1.0	8.5	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	668.9	524.4	485.9	373.7	333.9
1. Tangible fixed assets	490.3	360.9	405.4	313.4	311.2
- Cost	1,028.3	823.9	811.2	672.2	0.0
- Accumulated depreciation	-538.0	-463.0	-405.7	-358.8	0.0
2. Financial leased fixed assets	132.1	118.5	34.6	13.4	22.3
- Cost	218.2	139.7	36.1	45.4	0.0
- Accumulated depreciation	-86.2	-21.3	-1.5	-32.0	0.0
3. Intangible fixed assets	46.5	45.1	45.9	46.9	0.3
- Cost	56.3	53.4	53.3	53.3	0.0
- Accumulated depreciation	-9.8	-8.4	-7.4	-6.4	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	299.8	461.2	353.0	164.1	96.9
1. Long-term production in progress	0.0	461.2	0.0	0.0	0.0
2. Construction in progress	299.8	0.0	353.0	164.1	0.0
V. Long-term financial investments	21.6	34.9	457.7	186.4	435.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.5	25.9	456.7	171.6	0.0
3. Investments in other entities	1.0	1.0	1.0	10.0	0.0
4. Provision for diminution in value of long-term investments	-7.0	0.0	0.0	-0.2	0.0
5. Held to maturity investments	0.0	8.0	0.0	5.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	61.7	19.7	23.7	31.7	0.0
1. Long-term prepayments	59.0	18.0	23.1	28.3	0.0
2. Deferred income tax assets	2.7	1.7	0.6	3.4	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	19.4
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)	4,832.9	3,716.5	3,425.8	2,914.0	2,427.3
A. LIABILITIES (300=210+330)	3,040.0	2,053.2	1,931.6	1,519.0	1,127.1
I. Short -term liabilities	2,043.1	1,238.4	1,575.2	1,491.1	799.4
1. Short-term trade accounts payable	506.7	153.0	212.7	271.4	180.4
2. Short-term advances from customers	206.4	3.1	9.6	2.7	2.9
3. Taxes and other payables to state authorities	24.8	22.1	16.2	22.2	0.0
4. Payable to employees	33.3	24.9	17.5	14.8	0.0
5. Short-term acrrued expenses	14.4	7.0	5.9	7.3	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	20.2	32.4	113.1	108.9	0.0
10. Short-term borrowings and financial leases	1,235.6	994.0	1,198.2	1,062.0	561.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	1.9	1.9	1.9	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	996.9	814.8	356.4	27.9	327.7
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.5	0.6	0.0
8. Long-term borrowings and financial leases	996.4	814.4	355.9	27.3	246.4
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,792.9	1,663.4	1,494.2	1,395.1	1,300.2
I. Owner's equity	1,792.9	1,663.4	1,494.2	1,395.1	0.0
1. Owner's capital	1,019.0	1,019.0	1,019.0	1,019.0	1,300.2
- Common stock with voting right	1,019.0	1,019.0	1,019.0	1,019.0	908.2
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	5.1	55.9
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	242.8	241.6	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	0.5	0.5	0.5	0.5	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	13.2	-71.7	115.8	133.6	117.9
- Accumulated retained earning at the end of the previous period	-81.0	-127.7	67.0	67.8	49.0
- Undistributed earnings in this period	94.2	56.0	48.8	65.8	68.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	517.4	474.0	358.9	236.9	217.8
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)	4,832.9	3,716.5	3,425.8	2,914.0	2,427.3

Item	2024	2023	2022	2021	2020
Profit Before Tax	89.4	81.9	106.1	0.0	0.0
Depreciation of Fixed Assets and Investment Property	81.4	60.4	55.4	0.0	0.0
Provision (Increase)/Reversal	20.1	17.8	2.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	15.3	2.1	-13.8	0.0	0.0
Gain/Loss from Investment Activities	-25.7	-9.1	-1.1	0.0	0.0
Interest Expense	88.4	75.2	60.8	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	268.9	228.4	209.5	0.0	0.0
Increase/(Decrease) in Receivables	146.9	-180.2	-48.8	0.0	0.0
Increase/(Decrease) in Inventory	-280.3	-380.8	-103.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-102.8	300.1	-158.5	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.5	4.0	7.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-86.9	-77.1	-60.3	0.0	0.0
Corporate Income Tax Paid	-10.5	-16.3	-12.1	0.0	0.0
Other Operating Receipts	3.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-56.2	-122.0	-166.0	0.4	390.2
Payments for Fixed Assets and Other Long-term Assets	-86.2	-329.6	-121.3	-0.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	29.3	2.2	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-116.5	-82.6	-231.0	-107.5	-24.6
Receipts from Loan Repayments and Sale of Debt Instruments	46.6	67.6	210.6	196.7	0.0
Investments in Other Entities	-0.4	-14.1	-0.2	-535.6	-80.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.5	14.8	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-123.7	-341.8	-141.7	-445.6	-104.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	11.0	886.1	144.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	4,424.1	4,255.6	3,370.2	2,235.4	869.9
Repayment of Borrowings	-4,049.8	-3,741.0	-3,055.2	-2,648.6	-1,308.9
Repayment of Finance Leases	-64.4	-44.5	-17.9	-7.3	5.1
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	309.9	470.0	308.1	465.5	-290.0
Net Cash Flow During the Period	130.0	6.2	0.4	12.6	0.0
Cash and Cash Equivalents at Beginning of Period	32.0	26.7	26.8	6.3	39.7
FX Difference from Revaluation	4.2	-0.9	-0.6	0.3	0.0
Cash and Cash Equivalents at End of Period	166.2	32.0	26.7	26.8	0.0

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	720.9	724.8	979.4	541.8	982.9	516.0	692.8	789.8	763.1	538.7	548.7	246.6
Revenue Deductions	13.1	8.8	0.1	3.2	0.0	0.0	0.0	0.3	2.2	0.1	1.1	4.4
Net Revenue	707.8	715.9	979.3	538.5	982.9	516.0	692.8	789.5	760.9	538.6	547.6	242.2
Cost of Goods Sold	529.9	565.0	809.3	411.0	855.0	407.9	602.0	680.8	664.8	460.6	459.5	172.9
Gross Profit	177.9	150.9	170.0	127.6	127.9	108.1	90.8	108.7	96.1	78.0	88.0	69.2
Financial Income	10.8	10.1	18.7	18.6	9.7	22.0	16.1	6.6	10.9	8.6	16.3	15.5
Financial Expenses	45.8	54.9	68.5	57.8	43.7	31.4	52.8	41.7	38.9	44.3	25.3	30.7
Interest Expense	37.2	43.9	43.1	39.1	24.3	27.1	41.0	27.3	23.1	18.1	18.9	16.8
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	49.3	36.8	50.7	32.8	39.4	34.1	22.0	19.1	17.8	11.3	24.8	9.3
General and Administrative Expenses	34.0	30.3	30.1	23.1	34.0	22.3	21.6	17.6	22.4	17.9	23.3	17.4
Operating Profit	59.6	39.1	39.4	32.4	20.5	42.3	10.6	36.9	27.9	13.1	31.0	27.3
Other Income	0.9	0.8	1.1	3.3	34.8	0.7	1.8	0.7	0.4	0.2	1.9	0.1
Other Expenses	2.1	1.6	2.4	0.9	10.5	6.3	3.4	1.8	7.5	3.1	2.5	1.0
Other Profit	-1.2	-0.9	-1.3	2.4	24.3	-5.5	-1.6	-1.0	-7.2	-2.9	-0.6	-0.9
Profit Before Tax	58.4	38.2	38.1	34.9	44.8	36.7	8.9	35.8	20.8	10.1	30.4	26.4
Current Income Tax Expense	6.3	5.3	5.3	4.1	6.5	4.2	2.8	4.5	4.4	1.3	5.6	3.4
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	52.1	32.9	32.8	30.8	38.2	32.5	6.1	31.4	16.4	8.8	24.8	23.1
Non-controlling Interest	13.5	8.6	8.5	8.0	9.9	7.6	1.4	7.3	3.8	2.1	5.8	1.9
Profit Attributable to Parent	38.5	24.4	24.3	22.8	28.3	25.0	4.7	24.1	12.6	6.7	19.0	21.2
Earnings per Share	378.29	239.38	238.13	223.75	277.67	244.97	45.86	236.05	123.36	66.22	186.81	207.64
Diluted EPS	378.29	239.38	238.13	223.75	277.67	244.97	45.86	236.05	123.36	66.22	186.81	207.64

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)	3,778.0	3,460.5	3,474.3	3,151.9	2,815.9	2,289.1	2,240.0	2,176.1	2,355.0	2,543.3	2,269.7	2,139.1
I. Cash and cash equivalents	72.2	55.8	42.1	41.3	166.2	25.7	28.9	29.2	32.1	27.4	28.3	26.8
1. Cash	72.2	55.8	42.1	41.3	166.2	25.7	28.9	29.2	32.1	27.4	28.3	26.8
2. Cash equivalents	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. Short-term financial investments	205.2	220.1	263.4	190.4	74.7	24.0	22.7	17.7	239.9	237.8	218.6	222.4
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	205.2	220.1	263.4	190.4	74.7	24.0	22.7	17.7	239.9	237.8	218.6	222.4
III. Short-term receivables	962.6	966.4	938.5	1,102.3	909.8	709.0	880.4	992.3	697.3	677.2	513.8	670.0
1. Short-term trade accounts receivable	455.2	427.2	691.5	713.1	708.1	292.6	303.6	604.4	450.7	360.6	289.1	480.1
2. Short-term prepayments to suppliers	375.7	419.0	184.1	281.5	148.7	364.8	502.3	305.4	212.1	210.7	211.3	154.9
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	1.1	1.0
6. Other short-term receivables	131.9	120.2	63.0	107.9	53.0	51.7	74.7	82.6	34.5	107.8	14.2	35.9
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	-1.9	-1.9	-1.9
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	2,468.0	2,145.9	2,177.0	1,761.7	1,616.5	1,479.5	1,268.0	1,099.1	1,353.6	1,562.5	1,478.6	1,196.4
1. Inventories	2,551.7	2,229.7	2,258.0	1,842.7	1,667.8	1,530.8	1,329.0	1,160.1	1,395.7	1,604.6	1,519.8	1,237.6
2. Provision for decline in value of inventories	-83.7	-83.7	-81.0	-81.0	-51.3	-51.3	-61.0	-61.0	-42.0	-42.0	-41.2	-41.2
V. Other short-term assets	70.0	72.2	53.3	56.3	48.7	50.9	39.9	37.8	32.0	38.4	30.5	23.4
1. Short-term prepayments	2.4	3.6	5.0	2.9	1.9	9.4	0.9	1.8	2.3	13.4	1.5	0.9
2. Value added tax to be reclaimed	61.4	62.3	42.1	46.2	40.6	35.3	32.8	29.7	23.4	18.6	22.7	16.2
3. Taxes and other receivables from state authorities	6.3	6.3	6.3	7.2	6.3	6.3	6.3	6.3	6.3	6.4	6.3	6.4
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)	1,054.9	1,071.5	1,057.4	1,024.8	1,067.8	1,413.3	1,351.9	1,410.6	962.1	775.1	791.5	748.8
I. Long-term receivables	2.9	20.9	2.1	1.1	1.0	2.2	1.0	1.0	1.2	1.0	8.6	8.6
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	1.9	0.7	1.1	0.1	0.0	1.2	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	20.2	1.0	1.0	1.0	1.0	1.0	1.0	1.2	1.0	8.6	8.6
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	668.9	790.5	691.7	544.8	523.4	498.1	513.7	575.2	439.4	398.9	390.3	363.9
1. Tangible fixed assets	490.3	630.1	515.5	352.4	360.3	346.9	356.4	407.1	359.2	346.2	335.4	306.2
- Cost	1,028.3	1,149.7	1,016.3	831.7	817.3	790.6	791.0	827.4	765.5	738.2	717.3	677.2
- Accumulated depreciation	-538.0	-519.6	-500.8	-479.3	-457.0	-443.7	-434.7	-420.3	-406.2	-392.0	-382.0	-371.0
2. Financial leased fixed assets	132.1	116.0	131.8	147.7	118.5	106.1	112.3	122.7	34.6	6.7	8.9	11.2
- Cost	218.2	184.8	184.8	184.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-86.2	-68.9	-53.0	-37.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	46.5	44.5	44.3	44.6	44.7	45.0	45.0	45.4	45.5	46.0	45.9	46.4
- Cost	56.3	53.8	53.6	53.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.8	-9.4	-9.3	-8.8	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	299.8	153.4	270.2	423.7	462.0	395.8	358.7	354.2	367.8	208.9	155.6	164.1
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	299.8	153.4	270.2	423.7	462.0	395.8	358.7	354.2	367.8	208.9	155.6	164.1
V. Long-term financial investments	21.6	44.5	33.4	35.1	61.3	496.3	457.9	457.9	24.8	24.7	194.7	181.4
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	27.5	27.5	24.4	26.1	25.3	460.3	456.9	456.9	23.8	23.7	171.6	171.6
3. Investments in other entities	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	23.3	10.0
4. Provision for diminution in value of long-term investments	-7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2
5. Held to maturity investments	0.0	16.0	8.0	8.0	35.0	35.0	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	61.7	62.2	60.0	20.1	20.1	20.8	20.7	22.4	25.9	27.3	42.4	30.8
1. Long-term prepayments	59.0	59.5	58.3	18.5	18.0	18.6	20.1	21.7	23.1	24.5	39.0	27.4
2. Deferred income tax assets	2.7	2.7	1.7	1.7	2.1	2.1	0.6	0.6	2.8	2.8	3.4	3.4
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	103.1	114.2	0.0	0.0
TOTAL ASSETS (280=100+200)	4,832.9	4,532.0	4,531.6	4,176.7	3,883.7	3,702.4	3,591.9	3,586.7	3,317.2	3,318.4	3,061.3	2,887.9
A. LIABILITIES (300=210+330)	3,040.0	2,794.4	2,804.7	2,482.6	2,189.0	2,155.6	2,060.4	2,061.2	1,853.8	1,871.4	1,618.3	1,469.8
I. Short -term liabilities	2,043.1	1,826.2	1,838.1	1,520.9	1,309.0	1,584.1	1,625.4	1,627.1	1,482.7	1,831.1	1,586.9	1,438.0
1. Short-term trade accounts payable	506.7	388.8	449.4	129.7	178.5	302.8	358.2	269.9	211.9	453.4	285.0	262.7
2. Short-term advances from customers	206.4	266.2	129.7	162.1	103.1	6.3	10.5	20.3	9.6	7.0	7.7	4.0
3. Taxes and other payables to state authorities	24.8	23.9	14.2	24.8	17.6	19.4	20.1	20.3	20.2	18.7	26.7	25.9
4. Payable to employees	33.3	19.9	24.6	17.3	25.0	13.9	13.3	10.7	17.7	9.3	11.3	8.1
5. Short-term acrrued expenses	14.4	5.4	12.5	4.2	7.2	4.5	5.9	0.8	5.9	2.4	4.1	3.3
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	20.2	21.8	24.0	24.4	32.3	118.5	116.6	119.6	31.6	113.3	115.9	114.8
10. Short-term borrowings and financial leases	1,235.6	1,098.3	1,181.8	1,156.4	943.5	1,116.8	1,099.0	1,183.6	1,183.9	1,225.2	1,134.4	1,017.3
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
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	996.9	968.1	966.6	961.7	879.9	571.5	435.0	434.1	371.1	40.4	31.4	31.8
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6
8. Long-term borrowings and financial leases	996.4	967.7	966.1	961.3	879.5	571.0	434.5	433.6	370.7	39.9	30.8	31.2
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,792.9	1,737.7	1,726.9	1,694.2	1,694.8	1,546.8	1,531.5	1,525.5	1,463.4	1,447.0	1,442.9	1,418.1
I. Owner's equity	1,792.9	1,737.7	1,726.9	1,694.2	1,694.8	1,546.8	1,531.5	1,525.5	1,463.4	1,447.0	1,442.9	1,418.1
1. Owner's capital	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0
- Common stock with voting right	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0	1,019.0
- 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	-0.1	0.0	0.0	0.0	5.1	5.1
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	242.8	242.8	241.6	241.6	241.6	241.6	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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	13.2	-25.4	-24.6	-48.9	-57.5	-85.8	144.5	139.9	184.8	172.2	170.3	154.8
- Accumulated retained earning at the end of the previous period	-81.0	-81.0	-71.7	-71.7	-129.9	-129.9	115.8	115.8	133.6	133.6	133.6	133.6
- Undistributed earnings in this period	94.2	55.6	47.1	22.8	72.4	44.1	28.7	24.1	51.2	38.6	36.7	21.2
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	517.4	500.8	490.5	482.0	491.2	371.6	367.6	366.2	259.1	255.3	248.0	238.8
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)	4,832.9	4,532.0	4,531.6	4,176.7	3,883.7	3,702.4	3,591.9	3,586.7	3,317.2	3,318.4	3,061.3	2,887.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	0.0	0.0	58.3	0.0	0.0	-31.7	31.7	0.0	81.9	-57.0	57.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	67.0	0.0	0.0	-38.8	38.8	0.0	60.4	-28.8	28.8	0.0
Provision (Increase)/Reversal	0.0	0.0	2.7	0.0	0.0	9.7	-9.7	0.0	17.8	-0.6	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	31.6	0.0	0.0	-8.5	8.5	0.0	2.1	-5.7	5.7	0.0
Gain/Loss from Investment Activities	0.0	0.0	-4.7	0.0	0.0	0.5	-0.5	0.0	-9.1	12.8	-12.8	0.0
Interest Expense	0.0	0.0	65.9	0.0	0.0	-45.7	45.7	0.0	75.2	-33.8	33.8	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	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	0.0	0.0	220.7	0.0	0.0	-114.4	114.4	0.0	228.4	-113.1	113.1	0.0
Increase/(Decrease) in Receivables	0.0	0.0	-170.5	0.0	0.0	159.6	-159.6	0.0	-180.2	-387.5	387.5	0.0
Increase/(Decrease) in Inventory	0.0	0.0	-565.8	0.0	0.0	-104.7	104.7	0.0	-380.8	501.2	-501.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	362.9	0.0	0.0	-125.1	125.1	0.0	300.1	-17.0	17.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-42.8	0.0	0.0	-4.0	4.0	0.0	4.0	-2.1	2.1	0.0
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	0.0	0.0	-60.4	0.0	0.0	45.7	-45.7	0.0	-77.1	38.1	-38.1	0.0
Corporate Income Tax Paid	0.0	-0.2	-0.2	-2.4	-9.3	-2.0	-2.7	-0.8	-14.3	1.8	-3.8	0.0
Other Operating Receipts	492.2	866.1	0.0	260.1	855.5	1,207.0	-342.0	350.2	-851.8	851.8	-244.7	244.7
Other Operating Payments	-345.1	-649.5	217.4	-219.4	-325.0	-534.2	197.3	-197.3	535.0	-535.0	163.2	-163.2
Net Cash Flow from Operating Activities	-53.1	807.2	-236.9	-23.5	297.1	358.8	-21.8	169.4	-459.7	361.1	-164.7	141.4
Payments for Fixed Assets and Other Long-term Assets	-0.8	1.6	-1.7	-3.4	-4.0	50.6	-54.9	0.0	-329.6	53.9	-53.9	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	-0.6	0.6	0.0	2.2	-3.0	3.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-238.4	0.0	0.0	6.4	-6.4	0.0	-82.6	55.0	-55.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	75.7	0.0	0.0	-23.6	23.6	0.0	67.6	-61.1	61.1	0.0
Investments in Other Entities	0.0	-10.1	10.1	-10.3	0.0	-0.2	0.0	-0.2	30.7	-31.1	-13.4	-0.2
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-44.1	44.1	0.0	0.0
Dividends and Interest Income Received	2.7	-0.1	1.8	0.3	7.6	-0.1	0.2	0.1	-0.9	2.5	12.4	0.7
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	47.3	27.9	-63.9	-102.0	-245.9	12.1	-59.0	22.1	-337.1	40.6	-48.1	2.8
Proceeds from Equity Issuance and Capital Contributions	3.1	14.7	0.0	0.0	0.0	34.0	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	1,076.0	334.1	1,696.6	953.0	1,356.4	422.0	1,272.3	507.3	2,496.2	241.3	1,031.1	486.9
Repayment of Borrowings	-1,048.3	-1,164.7	-1,389.6	-944.9	-1,262.5	-841.8	-1,163.2	-696.6	-1,661.1	-640.8	-811.7	-627.4
Repayment of Finance Leases	-8.4	-5.4	-8.5	-7.4	-8.8	11.8	-24.6	-5.0	-33.2	-3.1	-4.8	-3.5
Dividends Paid	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 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	22.4	-821.4	298.5	0.7	85.0	-374.1	84.5	-194.4	801.9	-402.6	214.7	-144.0
Net Cash Flow During the Period	16.7	13.8	-2.3	-124.9	136.2	-3.2	3.7	-2.9	5.1	-0.9	1.8	0.1
Cash and Cash Equivalents at Beginning of Period	55.8	42.1	41.3	166.2	32.1	32.0	32.0	32.0	26.7	26.7	26.7	26.7
FX Difference from Revaluation	2.7	3.0	3.1	0.0	4.2	0.0	-4.0	0.0	-0.5	0.0	-0.4	-0.0
Cash and Cash Equivalents at End of Period	72.2	55.8	42.1	41.3	166.2	25.7	28.9	29.2	32.0	27.4	28.3	26.8

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