DCF

Listed Company · UPCOM

Price

48,500

Latest close

31 Mar 2026

P/E 28.6x

EPS (TTM) 1,696

ROE (TTM) 13.3%

P/B 3.9x

BVPS (Latest) 12,335

ROA (TTM) 5.6%

What Is Changing

DCF no longer looks like a business simply rebounding from a weak base. Revenue posted +48.5% YoY, while net margin reached 3.84% with an additional +0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.73% in 2023 to 3.84% in 2025.
Revenue increased 48.5% YoY to VND 1,969.7bn in 2025.
Net Income reached a multi-period high at VND 75.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,969.7	1,326.4	611.2	379.0	36.7
Growth	+49%	+117%	+61%	+933%	—
Net Income	75.5	39.4	10.6	7.0	2.4
Net Margin	3.84%	2.97%	1.73%	1.86%	6.61%

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	594.4	567.0	452.7	355.6	377.1	335.8	409.0	204.5	267.5	128.8	140.8	74.2
Growth	+5%	+25%	+27%	-6%	+12%	-18%	+100%	-24%	+108%	-8%	+90%	—
Net Income	14.9	28.5	20.3	12.2	11.1	7.3	23.4	2.7	18.9	-9.2	1.1	0.1
Net Margin	2.50%	5.03%	4.48%	3.44%	2.96%	2.18%	5.71%	1.34%	7.05%	-7.14%	0.78%	0.17%

Financial Statements

Profitability

Net margin reached 3.84% while Revenue posted +48.5% YoY.

Balance Sheet

Inventory stood at 257.3bn, liabilities at 1,034.8bn, and equity at 651.0bn.

Cash Flow

Operating cash flow was -182.9bn in 2024, while investing cash flow was 132.6bn.

Financing cash flow: 34.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,969.7	1,326.4	611.2	379.0	36.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,969.7	1,326.4	611.2	379.0	36.7
Cost of Goods Sold	1,812.1	1,217.3	544.1	342.3	0.0
Gross Profit	157.6	109.1	67.2	36.8	4.0
Financial Income	13.9	0.1	0.1	0.0	6.4
Financial Expenses	17.4	8.9	35.6	5.2	-0.9
Interest Expense	17.4	8.9	34.0	4.9	-0.9
Share of Associates and Joint Ventures	0.0	2.2	-2.2	0.0	-0.0
Selling Expenses	1.5	0.6	0.4	0.2	-0.1
General and Administrative Expenses	60.7	52.2	34.9	22.4	-6.5
Operating Profit	92.0	49.7	-5.7	9.1	3.0
Other Income	4.7	1.9	26.9	0.8	0.0
Other Expenses	1.5	1.5	0.7	1.1	0.0
Other Profit	3.2	0.4	26.2	-0.2	-0.3
Profit Before Tax	95.2	50.0	20.4	8.8	2.7
Current Income Tax Expense	19.7	10.6	9.8	1.8	-0.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	75.5	39.4	10.6	7.0	2.4
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	75.5	39.4	10.6	7.0	2.4
Earnings per Share	1,112.00	1,024.00	424.00	423.00	162.00
Diluted EPS	1,112.00	1,024.00	424.00	423.00	161.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,246.6	626.1	507.7	422.6	129.7
I. Cash and cash equivalents	70.9	10.2	26.4	7.5	7.9
1. Cash	45.9	10.2	26.4	7.5	0.0
2. Cash equivalents	25.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	45.0	0.0	0.0	0.0	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	45.0	0.0	0.0	0.0	0.0
III. Short-term receivables	826.7	429.0	409.4	325.6	32.6
1. Short-term trade accounts receivable	683.9	366.2	210.4	116.9	0.0
2. Short-term prepayments to suppliers	140.7	65.5	61.2	14.8	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	10.1	2.5	137.8	193.9	0.0
7. Provision for short-term doubtful debts (*)	-8.0	-5.2	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	257.3	147.0	48.2	66.4	63.6
1. Inventories	257.3	147.0	48.2	66.4	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	46.7	39.9	23.7	23.1	25.5
1. Short-term prepayments	4.1	2.5	1.9	1.0	0.0
2. Value added tax to be reclaimed	42.6	37.4	21.8	22.1	0.0
3. Taxes and other receivables from state authorities	0.0	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)	439.3	415.0	218.5	64.3	246.9
I. Long-term receivables	315.5	315.3	0.3	0.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	191.4
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	315.5	315.3	0.3	0.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	74.6	61.5	49.9	54.8	30.1
1. Tangible fixed assets	63.6	52.6	40.5	45.0	22.3
- Cost	99.2	82.7	66.1	71.3	0.0
- Accumulated depreciation	-35.6	-30.1	-25.7	-26.2	0.0
2. Financial leased fixed assets	3.4	0.9	1.4	2.0	0.0
- Cost	5.3	2.2	2.2	2.2	0.0
- Accumulated depreciation	-1.9	-1.4	-0.8	-0.3	0.0
3. Intangible fixed assets	7.7	8.1	8.1	7.8	7.8
- Cost	12.4	12.4	12.0	11.5	0.0
- Accumulated depreciation	-4.7	-4.4	-4.0	-3.7	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.6	4.7	4.1	0.8	24.6
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	4.7	4.1	0.8	0.0
V. Long-term financial investments	0.0	0.0	147.8	0.0	0.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	147.8	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	48.6	33.5	16.4	8.4	0.0
1. Long-term prepayments	48.6	33.5	16.4	8.4	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,685.8	1,041.1	726.3	486.9	376.6
A. LIABILITIES (300=210+330)	1,034.8	556.5	279.4	199.5	95.6
I. Short -term liabilities	1,030.4	553.7	273.9	189.8	83.8
1. Short-term trade accounts payable	295.2	249.9	68.3	48.4	20.6
2. Short-term advances from customers	118.0	42.3	21.4	8.5	37.6
3. Taxes and other payables to state authorities	9.6	8.1	11.4	3.4	0.0
4. Payable to employees	21.0	13.3	2.7	4.9	0.0
5. Short-term acrrued expenses	124.3	46.2	24.2	23.3	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	0.1	0.1	0.0
9. Other short-term payables	0.9	10.9	0.8	5.9	0.0
10. Short-term borrowings and financial leases	453.6	181.0	144.2	95.4	22.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.8	1.9	0.7	0.0	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	4.5	2.8	5.5	9.7	11.8
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	2.0	2.0	2.0	3.9	0.0
8. Long-term borrowings and financial leases	2.5	0.8	3.5	5.8	7.8
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)	651.0	484.7	446.9	287.4	281.0
I. Owner's equity	651.0	484.7	446.9	287.4	0.0
1. Owner's capital	530.0	300.0	300.0	150.0	281.0
- Common stock with voting right	530.0	300.0	300.0	150.0	150.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.3	100.6	100.6	100.9	100.9
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	34.8	30.9	29.8	29.4	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	85.8	53.2	16.5	7.2	0.8
- Accumulated retained earning at the end of the previous period	10.3	13.8	5.9	0.1	-1.1
- Undistributed earnings in this period	75.5	39.4	10.6	7.0	1.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,685.8	1,041.1	726.3	486.9	376.6

Item	2024	2023	2022	2021
Profit Before Tax	50.0	20.4	8.8	3.5
Depreciation of Fixed Assets and Investment Property	5.5	4.5	4.4	0.5
Provision (Increase)/Reversal	5.2	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	-2.4	4.2	-0.4	0.0
Interest Expense	8.9	34.0	4.9	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	67.2	63.1	17.7	4.4
Increase/(Decrease) in Receivables	-355.4	-98.9	-100.4	0.0
Increase/(Decrease) in Inventory	-98.8	12.3	-1.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	246.9	35.2	30.0	0.0
Increase/(Decrease) in Prepaid Expenses	-17.7	-13.2	-6.7	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-8.9	-34.8	-5.0	0.0
Corporate Income Tax Paid	-15.8	-1.8	-0.3	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	-182.9	-38.3	-66.1	5.5
Payments for Fixed Assets and Other Long-term Assets	-17.7	-1.1	-3.8	7.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	0.3	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	-150.0	0.0	0.0
Proceeds from Investments in Other Entities	150.0	11.3	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	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	132.6	-139.3	-3.5	6.1
Proceeds from Equity Issuance and Capital Contributions	0.0	150.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	635.9	739.2	117.1	4.0
Repayment of Borrowings	-601.3	-692.3	-47.3	-5.0
Repayment of Finance Leases	-0.5	-0.5	-0.5	0.0
Dividends Paid	-0.0	-0.0	-0.2	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	34.1	196.5	69.1	-1.0
Net Cash Flow During the Period	-16.2	18.9	-0.4	0.0
Cash and Cash Equivalents at Beginning of Period	26.4	7.5	7.9	0.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.2	26.4	7.5	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	594.4	567.0	452.7	355.6	377.1	335.8	409.0	204.5	267.5	128.8	140.8	74.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	594.4	567.0	452.7	355.6	377.1	335.8	409.0	204.5	267.5	128.8	140.8	74.2
Cost of Goods Sold	554.8	521.8	410.9	324.6	344.4	314.8	372.0	186.1	242.5	110.5	127.3	63.8
Gross Profit	39.6	45.2	41.9	31.0	32.7	21.0	37.0	18.4	25.1	18.3	13.5	10.4
Financial Income	7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Financial Expenses	3.7	3.9	4.1	3.9	2.2	1.7	-1.4	2.9	12.9	14.1	4.0	4.0
Interest Expense	3.7	3.9	4.1	3.9	2.2	1.7	1.6	2.9	12.9	14.0	4.0	3.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.8	2.4	-4.5	-0.6	0.0
Selling Expenses	0.3	0.2	0.1	0.9	0.1	0.1	0.1	0.3	0.1	0.2	0.1	0.0
General and Administrative Expenses	25.2	12.9	12.7	11.6	16.5	10.3	9.8	11.0	11.4	9.9	7.4	6.2
Operating Profit	18.1	28.3	25.0	14.7	13.9	8.9	28.6	3.4	3.0	-10.4	1.4	0.2
Other Income	1.0	7.8	0.8	0.8	0.5	0.7	0.2	0.5	25.3	0.7	0.8	0.2
Other Expenses	0.4	0.4	0.4	0.2	0.5	0.4	0.5	0.1	0.0	0.3	0.6	0.1
Other Profit	0.5	7.4	0.4	0.6	0.0	0.2	-0.3	0.4	25.3	0.4	0.3	0.2
Profit Before Tax	18.6	35.7	25.4	15.3	14.0	9.2	28.3	3.8	28.4	-10.0	1.6	0.3
Current Income Tax Expense	3.7	7.1	5.1	3.1	2.8	1.8	4.9	1.1	9.5	-0.8	0.5	0.2
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	14.9	28.5	20.3	12.2	11.1	7.3	23.4	2.7	18.9	-9.2	1.1	0.1
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	14.9	28.5	20.3	12.2	11.1	7.3	23.4	2.7	18.9	-9.2	1.1	0.1
Earnings per Share	280.00	538.00	471.00	407.00	372.00	244.00	779.00	91.00	629.00	-307.00	73.00	8.00
Diluted EPS	280.00	538.00	471.00	407.00	1,224.00	244.00	779.00	91.00	629.00	-307.00	73.00	8.00

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)	1,248.2	905.8	720.8	592.8	626.1	486.4	745.3	690.0	507.7	951.4	937.6	375.8
I. Cash and cash equivalents	70.9	15.9	33.7	11.3	10.2	15.3	20.9	47.8	26.4	4.5	14.5	6.0
1. Cash	45.9	15.9	33.7	11.3	10.2	15.3	20.9	47.8	26.4	4.5	14.5	6.0
2. Cash equivalents	25.0	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	45.0	5.0	0.0	0.0	0.0	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	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	45.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	828.4	669.7	438.3	362.7	428.9	344.7	590.5	505.3	409.3	848.7	825.4	280.0
1. Short-term trade accounts receivable	683.9	517.0	340.3	258.9	366.2	207.4	171.1	167.0	210.4	142.1	113.8	63.0
2. Short-term prepayments to suppliers	140.7	153.1	99.7	105.5	65.5	139.5	157.5	226.3	61.1	575.8	576.5	23.1
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	9.6	5.4	3.4	3.5	2.4	3.0	262.0	111.9	137.8	130.8	135.1	193.9
7. Provision for short-term doubtful debts (*)	-5.8	-5.8	-5.2	-5.2	-5.2	-5.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	257.3	171.6	200.3	174.9	147.0	93.7	102.1	106.9	48.2	69.9	69.1	63.7
1. Inventories	257.3	171.6	200.3	174.9	147.0	93.7	102.1	106.9	48.2	69.9	69.1	63.7
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	46.7	43.5	48.4	43.9	39.9	32.7	31.8	30.0	23.7	28.3	28.6	26.1
1. Short-term prepayments	4.1	4.8	2.8	2.0	2.5	2.1	1.6	1.3	1.9	2.9	4.1	0.9
2. Value added tax to be reclaimed	42.6	38.7	45.6	41.9	37.4	30.5	30.1	28.6	21.8	25.3	24.5	25.3
3. Taxes and other receivables from state authorities	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. 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)	439.3	433.8	431.2	418.5	415.0	344.9	84.4	215.6	218.5	218.1	77.0	76.8
I. Long-term receivables	315.5	315.5	315.3	315.3	315.3	258.3	0.3	0.3	0.3	0.3	0.3	0.2
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	315.5	315.5	315.3	315.3	315.3	258.3	0.3	0.3	0.3	0.3	0.3	0.2
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	74.6	66.5	66.4	60.9	61.5	62.8	62.3	49.2	49.9	50.6	52.2	53.5
1. Tangible fixed assets	63.6	58.3	58.0	52.2	52.6	53.7	52.9	39.9	40.5	41.2	42.6	43.7
- Cost	99.2	92.5	90.6	83.5	82.7	82.5	80.7	66.5	66.1	65.9	66.6	66.9
- Accumulated depreciation	-35.6	-34.2	-32.7	-31.3	-30.1	-28.8	-27.7	-26.6	-25.7	-24.8	-24.0	-23.2
2. Financial leased fixed assets	3.4	0.4	0.6	0.7	0.9	1.0	1.1	1.3	1.4	1.5	1.7	1.8
- Cost	5.3	2.2	2.2	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	-1.8	-1.6	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.7	7.8	7.9	8.0	8.1	8.2	8.3	8.0	8.1	7.9	7.9	8.0
- Cost	12.4	12.4	12.4	12.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	-4.6	-4.5	-4.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.6	6.9	5.9	5.5	4.7	4.1	4.1	4.1	4.1	3.8	0.5	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	6.9	5.9	5.5	4.7	4.1	4.1	4.1	4.1	3.8	0.5	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	147.0	147.8	145.5	5.7	6.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	147.0	147.8	145.5	5.7	6.3
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	48.6	44.9	43.6	36.8	33.5	19.6	17.7	15.1	16.4	18.1	18.4	16.8
1. Long-term prepayments	48.6	44.9	43.6	36.8	33.5	19.6	17.7	15.1	16.4	18.1	18.4	16.8
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	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)	1,687.5	1,339.5	1,152.0	1,011.3	1,041.1	831.3	829.7	905.6	726.2	1,169.6	1,014.6	452.6
A. LIABILITIES (300=210+330)	1,033.7	702.6	642.7	514.4	556.4	357.8	358.3	456.0	279.4	741.3	727.2	165.0
I. Short -term liabilities	1,029.3	699.9	640.7	512.2	553.7	354.4	354.0	451.0	273.9	735.2	720.5	157.8
1. Short-term trade accounts payable	295.2	226.9	219.3	188.7	249.9	159.9	108.5	67.8	68.3	35.0	37.2	34.1
2. Short-term advances from customers	118.0	116.0	60.0	18.1	42.3	46.6	140.0	293.5	21.4	21.8	3.4	11.8
3. Taxes and other payables to state authorities	9.0	24.8	16.2	8.8	8.1	6.6	7.3	3.9	11.4	2.6	2.2	0.9
4. Payable to employees	5.2	7.2	6.8	5.2	13.3	4.7	4.5	4.1	2.7	3.3	3.0	2.8
5. Short-term acrrued expenses	139.6	114.9	62.4	39.5	46.2	36.3	24.0	6.0	24.2	4.4	17.2	3.6
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.1	0.1	0.1
9. Other short-term payables	0.9	1.7	1.0	1.1	10.9	11.0	1.0	1.5	0.8	1.2	1.5	1.2
10. Short-term borrowings and financial leases	453.6	198.6	265.2	248.9	181.0	87.3	66.3	73.5	144.2	666.1	655.4	103.4
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	7.8	9.8	9.8	1.9	1.9	1.9	2.3	0.7	0.7	0.7	0.7	0.0
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	4.5	2.7	2.0	2.2	2.8	3.3	4.4	4.9	5.5	6.1	6.7	7.2
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
8. Long-term borrowings and financial leases	2.5	0.7	0.0	0.2	0.8	1.3	2.4	2.9	3.5	4.1	4.7	5.2
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)	653.8	636.9	509.3	496.9	484.7	473.5	471.4	449.6	446.9	428.3	287.5	287.5
I. Owner's equity	653.8	636.9	509.3	496.9	484.7	473.5	471.4	449.6	446.9	428.3	287.5	287.5
1. Owner's capital	530.0	530.0	430.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	150.0	150.0
- Common stock with voting right	530.0	530.0	430.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	150.0	150.0
- 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	0.3	0.3	0.6	100.6	100.6	100.6	100.6	100.6	100.6	100.9	100.9	100.9
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	34.8	34.8	34.8	30.9	30.9	30.9	30.9	29.8	29.8	29.8	29.8	29.1
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	88.6	71.7	43.9	65.4	53.2	42.0	39.9	19.2	16.4	-2.4	6.8	7.6
- Accumulated retained earning at the end of the previous period	13.4	11.4	11.4	53.2	13.8	13.8	13.8	16.5	5.9	5.9	5.5	7.4
- Undistributed earnings in this period	75.2	60.4	32.5	12.2	39.4	28.2	26.1	2.7	10.6	-8.3	1.2	0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,687.5	1,339.5	1,152.0	1,011.3	1,041.1	831.3	829.7	905.6	726.2	1,169.6	1,014.6	452.6

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	18.6	35.7	24.7	15.3	14.0	9.2	23.1	3.8	28.4	-10.0	1.6	0.3
Depreciation of Fixed Assets and Investment Property	1.7	1.7	1.6	1.5	1.5	1.5	1.4	1.1	1.1	1.1	1.1	1.1
Provision (Increase)/Reversal	0.0	0.0	0.6	0.0	0.0	0.0	5.2	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	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.7	-0.0	-0.0	-0.0	-0.0	-0.2	-3.0	0.8	-4.5	7.0	0.9	0.8
Interest Expense	3.7	3.9	4.1	3.9	2.2	1.7	1.6	2.9	12.9	14.0	4.0	3.2
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	16.3	41.2	31.0	20.7	17.7	12.2	28.2	8.6	37.9	12.1	7.7	5.4
Increase/(Decrease) in Receivables	-162.5	-225.4	-79.3	61.8	-148.1	-30.9	76.4	-102.8	442.2	-23.7	-544.4	27.0
Increase/(Decrease) in Inventory	-85.7	28.8	-25.4	-27.9	-53.3	8.4	4.8	-58.6	15.8	5.1	-5.4	-3.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	82.9	130.5	101.4	-110.2	104.2	-5.3	-104.1	254.4	61.2	-4.1	9.1	-31.0
Increase/(Decrease) in Prepaid Expenses	-3.0	-3.3	-7.6	-2.8	-14.2	-2.4	-2.9	1.9	-1.7	2.2	-5.4	-8.4
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	-3.7	-3.9	-4.1	-3.9	-2.2	-1.7	-1.6	-2.9	-15.0	-13.4	-3.6	-2.8
Corporate Income Tax Paid	-12.3	0.0	-2.1	-2.2	-1.5	-3.9	-2.8	-7.6	0.0	0.0	-0.3	-1.5
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	2.0	-11.8	0.0	0.0	0.0	0.0	-2.6	0.0	0.0	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	-166.0	-43.8	13.8	-64.6	-97.5	-23.8	-4.6	93.0	540.4	-21.8	-542.5	-14.4
Payments for Fixed Assets and Other Long-term Assets	-3.5	-2.8	-7.5	-1.7	-0.8	-2.0	-14.5	-0.4	3.8	-4.3	-0.3	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.1	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	-5.0	0.0	0.0	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	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	0.0	-150.0	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	5.6	0.0	5.8
Dividends and Interest Income Received	7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
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	-35.8	-7.8	-7.5	-1.7	-0.7	-1.8	-14.5	-0.4	3.9	-148.4	-0.3	5.5
Proceeds from Equity Issuance and Capital Contributions	0.0	99.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	150.0	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	425.9	429.3	228.0	372.6	198.2	188.5	122.8	125.9	63.5	54.8	572.1	48.7
Repayment of Borrowings	-168.3	-495.1	-211.7	-305.3	-104.9	-168.4	-130.5	-197.1	-585.9	-44.5	-20.6	-41.2
Repayment of Finance Leases	-0.9	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	256.7	33.8	16.1	67.3	93.2	20.0	-7.7	-71.3	-522.5	160.2	551.4	7.4
Net Cash Flow During the Period	55.0	-17.8	22.4	1.0	-5.1	-5.6	-26.9	21.4	21.9	-10.0	8.6	-1.6
Cash and Cash Equivalents at Beginning of Period	15.9	33.7	11.3	10.2	26.4	26.4	26.4	26.4	7.5	7.5	7.5	7.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	70.9	15.9	33.7	11.3	10.2	15.3	20.9	47.8	26.4	4.5	14.5	6.0

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