DRH

Listed Company · HOSE

Price

2,500

Latest close

03 Apr 2026

P/E 19.7x

EPS (TTM) 127

ROE (TTM) 1.2%

P/B 0.2x

BVPS (Latest) 10,643

ROA (TTM) 0.4%

What Is Changing

DRH no longer looks like a business simply rebounding from a weak base. Revenue posted +65.7% YoY, while net margin reached 283.34% with an additional +5977.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 16.8bn in 2025.
Net Margin broke above its recent high, rising 25429bps to 283.34% in 2025.
Revenue growth accelerated to 65.7% in 2025, up 125.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	5.9	3.6	8.8	60.2	48.1
Growth	+66%	-59%	-85%	+25%	—
Net Income	16.8	-203.4	-103.8	0.7	14.0
Net Margin	283.34%	-5694.49%	-1179.85%	1.15%	29.05%

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	3.0	1.2	0.8	0.9	0.5	0.7	0.7	0.8	0.9	2.3	0.9	6.1
Growth	+157%	+38%	-8%	+82%	-25%	-0%	-17%	-10%	-60%	+164%	-86%	—
Net Income	92.6	-25.5	-24.6	-25.7	-117.5	-31.7	-43.5	-4.6	-38.4	-16.8	-41.2	1.2
Net Margin	3136.07%	-2213.68%	-2936.03%	-2825.26%	-23452.88%	-4717.41%	-6464.84%	-566.56%	-4217.52%	-730.93%	-4722.92%	20.56%

Financial Statements

Profitability

Net margin reached 283.34% while Revenue posted +65.7% YoY.

Balance Sheet

Inventory stood at 1,390.0bn, liabilities at 2,964.2bn, and equity at 1,323.5bn.

Cash Flow

Operating cash flow was -63.3bn in 2024, while investing cash flow was -16.6bn.

Financing cash flow: -24.2bn.

Item	2025	2024	2023	2022	2021
Revenue	5.9	3.6	8.8	60.2	48.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.9	3.6	8.8	60.2	48.1
Cost of Goods Sold	14.1	7.4	6.9	7.0	0.0
Gross Profit	-8.2	-3.8	1.9	53.2	14.4
Financial Income	172.0	47.8	35.5	37.8	11.6
Financial Expenses	132.4	221.3	126.1	93.3	-54.3
Interest Expense	128.1	127.8	108.6	78.1	-49.7
Share of Associates and Joint Ventures	26.9	10.6	16.9	34.3	55.0
Selling Expenses	0.0	0.0	0.3	0.0	-1.5
General and Administrative Expenses	16.9	22.0	24.0	22.5	-9.7
Operating Profit	41.3	-188.7	-96.2	9.4	15.5
Other Income	0.4	0.0	0.7	0.3	0.0
Other Expenses	2.7	4.0	3.8	-5.0	0.0
Other Profit	-2.3	-4.0	-3.2	5.3	0.2
Profit Before Tax	39.0	-192.7	-99.3	14.7	15.7
Current Income Tax Expense	29.4	3.7	1.4	15.2	-1.7
Deferred Income Tax Expense	-7.1	7.0	3.1	-1.2	0.0
Net Income	16.8	-203.4	-103.8	0.7	14.0
Non-controlling Interest	1.1	-0.2	-0.1	0.6	0.0
Profit Attributable to Parent	15.6	-203.2	-103.8	0.1	14.0
Earnings per Share	126.00	-1,635.00	-835.00	1.00	216.00
Diluted EPS	126.00	-1,633.75	-834.32	1.00	229.09

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,166.4	2,804.1	2,805.3	2,488.7	1,760.9
I. Cash and cash equivalents	96.2	0.1	104.2	159.6	49.2
1. Cash	96.2	0.1	104.2	159.6	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	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
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	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,652.3	1,511.9	1,517.6	1,244.2	829.2
1. Short-term trade accounts receivable	52.5	52.6	52.9	54.9	0.0
2. Short-term prepayments to suppliers	166.3	136.9	131.1	135.2	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	262.1	261.7	253.9	0.5	0.0
6. Other short-term receivables	1,176.3	1,065.6	1,080.6	1,053.6	0.0
7. Provision for short-term doubtful debts (*)	-4.9	-4.9	-0.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,390.0	1,267.4	1,160.4	1,056.6	853.5
1. Inventories	1,390.0	1,267.4	1,160.4	1,056.6	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	27.8	24.7	23.0	28.3	28.5
1. Short-term prepayments	1.0	1.0	1.1	1.0	0.0
2. Value added tax to be reclaimed	26.8	19.3	17.5	22.9	0.0
3. Taxes and other receivables from state authorities	0.0	4.5	4.5	4.5	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)	1,121.3	1,096.8	1,155.4	1,358.8	876.8
I. Long-term receivables	2.1	2.3	4.7	221.8	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	1.9
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	0.2	0.4	2.8	219.9	0.0
6. Other long-term receivables	1.9	1.9	1.9	1.9	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.3	0.4	0.7	0.5
1. Tangible fixed assets	0.2	0.3	0.4	0.6	0.2
- Cost	1.9	1.9	2.0	2.1	0.0
- Accumulated depreciation	-1.7	-1.6	-1.6	-1.5	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	0.0	0.0	0.0	0.1	0.3
- Cost	2.2	2.2	2.2	2.2	0.0
- Accumulated depreciation	-2.2	-2.2	-2.2	-2.1	0.0
III. Investment properties	84.5	86.6	88.6	90.7	92.9
- Cost	94.8	94.8	94.8	94.8	0.0
- Accumulated depreciation	-10.3	-8.2	-6.2	-4.1	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	837.6	810.7	864.0	847.1	693.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	837.6	810.7	864.0	847.1	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	197.0	197.0	197.6	198.5	0.0
1. Long-term prepayments	185.0	185.1	185.7	186.5	0.0
2. Deferred income tax assets	11.9	11.9	11.9	12.0	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	88.1
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)	4,287.7	3,900.9	3,960.6	3,847.5	2,637.7
A. LIABILITIES (300=210+330)	2,964.2	2,594.2	2,450.5	2,232.3	1,778.4
I. Short -term liabilities	2,956.9	2,579.8	2,443.1	2,228.6	1,774.6
1. Short-term trade accounts payable	83.1	82.5	88.2	94.5	85.5
2. Short-term advances from customers	666.3	534.9	529.7	529.9	1,013.5
3. Taxes and other payables to state authorities	71.3	43.1	35.1	31.3	0.0
4. Payable to employees	13.2	13.7	9.7	3.0	0.0
5. Short-term acrrued expenses	587.6	446.7	259.4	123.4	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	784.8	695.0	734.7	738.4	0.0
10. Short-term borrowings and financial leases	738.2	751.5	773.7	695.3	442.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.3	12.4	12.6	12.8	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	7.3	14.4	7.4	3.7	3.7
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	0.0	0.0	0.0	0.1	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
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	3.7	10.8	3.8	0.0	0.0
12. Provision for long-term liabilities	3.6	3.6	3.6	3.6	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)	1,323.5	1,306.7	1,510.1	1,615.2	859.3
I. Owner's equity	1,323.5	1,306.7	1,510.1	1,615.2	0.0
1. Owner's capital	1,243.5	1,243.5	1,243.5	1,243.5	859.3
- Common stock with voting right	1,243.5	1,243.5	1,243.5	1,243.5	610.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	120.1	120.1	120.1	120.1	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	-6.5	-6.5	-6.5	-6.5	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	19.6	19.6	19.6	19.6	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	-65.1	-80.7	122.5	227.6	230.5
- Accumulated retained earning at the end of the previous period	-80.7	122.5	226.2	227.5	216.6
- Undistributed earnings in this period	15.6	-203.2	-103.8	0.1	14.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	11.8	10.7	10.9	10.9	5.7
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)	4,287.7	3,900.9	3,960.6	3,847.5	2,637.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	-192.7	-99.3	14.7	15.7	43.1
Depreciation of Fixed Assets and Investment Property	2.2	2.3	2.4	0.6	0.7
Provision (Increase)/Reversal	4.0	0.9	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	17.9	-50.0	-55.2	0.0	0.0
Interest Expense	129.7	120.6	88.5	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	-38.9	-25.5	50.5	67.1	66.1
Increase/(Decrease) in Receivables	47.4	-19.7	-155.6	0.0	0.0
Increase/(Decrease) in Inventory	-106.9	-103.9	-151.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.6	91.6	95.5	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	0.7	1.5	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.4	0.0	0.0
Interest Paid	-38.0	-63.4	-74.2	0.0	0.0
Corporate Income Tax Paid	-0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-3.8	0.0	0.0
Net Cash Flow from Operating Activities	-63.3	-120.4	-237.2	-35.5	-232.8
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-0.6	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-5.4	-2.3	-220.4	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-102.6	0.0	-453.4	0.0	0.0
Proceeds from Investments in Other Entities	91.4	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	20.9	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	-16.6	-2.0	-653.5	0.1	0.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	758.8	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	-0.7
Proceeds from Borrowings	663.5	662.1	1,192.2	434.9	630.0
Repayment of Borrowings	-687.7	-595.1	-949.9	-403.3	-393.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
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	-24.2	67.0	1,001.1	31.6	236.3
Net Cash Flow During the Period	-104.1	-55.4	110.4	28.0	23.1
Cash and Cash Equivalents at Beginning of Period	104.2	159.6	49.2	53.1	36.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	104.2	159.6	49.2	40.4

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	3.0	1.2	0.8	0.9	0.5	0.7	0.7	0.8	0.9	2.3	0.9	6.1
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	3.0	1.2	0.8	0.9	0.5	0.7	0.7	0.8	0.9	2.3	0.9	6.1
Cost of Goods Sold	8.9	1.8	1.8	1.5	1.6	1.5	1.4	1.1	1.4	3.0	1.4	1.3
Gross Profit	-5.9	-0.7	-1.0	-0.6	-1.1	-0.8	-0.7	-0.3	-0.5	-0.7	-0.5	4.8
Financial Income	147.9	8.7	7.8	7.7	8.4	9.7	17.4	12.2	6.7	7.1	7.8	7.3
Financial Expenses	32.0	33.3	31.9	34.2	112.7	37.5	57.0	12.2	36.9	22.0	51.8	7.1
Interest Expense	31.6	-0.2	30.4	33.9	28.7	37.3	51.4	9.2	28.4	14.4	47.9	2.2
Share of Associates and Joint Ventures	6.9	5.7	7.1	6.3	3.3	1.4	2.6	2.0	0.0	4.6	11.8	3.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
General and Administrative Expenses	4.1	4.4	4.5	4.1	5.2	4.6	4.6	5.2	6.0	4.8	5.6	6.6
Operating Profit	112.7	-23.9	-22.4	-25.0	-107.3	-31.7	-42.3	-3.4	-36.7	-15.7	-38.4	1.3
Other Income	0.4	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Expenses	1.9	0.8	0.0	0.0	2.7	0.0	0.1	0.2	0.6	-0.0	0.8	0.0
Other Profit	-1.5	-0.8	0.0	-0.0	-2.7	0.1	-0.1	-0.1	-0.6	0.0	-0.8	-0.0
Profit Before Tax	111.2	-24.8	-22.4	-25.0	-110.0	-31.7	-42.4	-3.5	-37.3	-15.7	-39.2	1.2
Current Income Tax Expense	27.4	0.7	0.5	0.7	0.8	0.0	1.1	1.1	1.1	1.1	2.0	0.0
Deferred Income Tax Expense	-8.8	0.0	1.7	0.0	6.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	92.6	-25.5	-24.6	-25.7	-117.5	-31.7	-43.5	-4.6	-38.4	-16.8	-41.2	1.2
Non-controlling Interest	1.2	-0.0	-0.0	-0.0	-0.2	-0.0	0.0	0.0	0.0	0.1	-0.0	0.1
Profit Attributable to Parent	91.5	-25.5	-24.6	-25.7	-117.3	-31.6	-43.5	-4.6	-38.4	-16.9	-41.1	1.1
Earnings per Share	740.00	-206.00	-199.00	-208.00	-949.00	-256.00	-352.00	-37.00	-310.00	-136.00	-332.00	9.00
Diluted EPS	740.00	-206.00	-199.00	-208.00	-1,594.00	-256.00	-352.00	-37.00	-310.00	-136.00	-332.00	9.00

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)	3,166.4	3,047.8	2,912.8	2,845.0	2,800.0	2,764.6	2,727.8	2,686.3	2,770.5	2,776.4	2,575.2	2,558.1
I. Cash and cash equivalents	96.2	8.6	11.1	0.6	16.0	17.5	66.4	3.1	104.2	109.9	124.4	110.0
1. Cash	96.2	8.6	11.1	0.6	16.0	17.5	66.4	3.1	104.2	109.9	124.4	110.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.0	0.0	0.0	9.5
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.0	0.0	0.0	9.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,652.3	1,704.1	1,602.4	1,550.3	1,526.2	1,555.4	1,503.9	1,528.4	1,517.8	1,523.2	1,356.6	1,336.4
1. Short-term trade accounts receivable	52.5	184.5	110.7	73.1	68.4	67.2	65.6	64.8	68.6	67.1	79.5	66.1
2. Short-term prepayments to suppliers	166.3	170.2	157.3	142.2	134.9	137.4	136.3	133.3	131.1	131.3	132.9	132.8
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	262.1	262.0	261.7	261.7	261.2	253.9	210.1	210.1	210.1	210.1	0.5	0.5
6. Other short-term receivables	1,176.3	1,092.2	1,077.6	1,078.2	1,062.7	1,097.8	1,091.9	1,120.2	1,108.0	1,114.7	1,143.6	1,137.0
7. Provision for short-term doubtful debts (*)	-4.9	-4.9	-4.9	-4.9	-0.9	-0.9	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	1,390.0	1,309.0	1,273.7	1,269.0	1,232.8	1,168.0	1,134.8	1,130.3	1,126.3	1,120.7	1,073.8	1,073.2
1. Inventories	1,390.0	1,309.0	1,273.7	1,269.0	1,232.8	1,168.0	1,134.8	1,130.3	1,126.3	1,120.7	1,073.8	1,073.2
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	27.8	26.2	25.6	25.1	25.0	23.7	22.7	22.7	22.3	22.6	20.5	29.0
1. Short-term prepayments	1.0	0.9	0.9	0.9	1.1	1.1	0.4	0.5	0.4	1.0	0.9	0.9
2. Value added tax to be reclaimed	26.8	20.8	20.2	19.7	19.5	18.1	17.8	17.8	17.5	17.2	15.1	23.6
3. Taxes and other receivables from state authorities	0.0	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5
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)	1,121.3	1,115.0	1,109.3	1,102.5	1,096.9	1,200.8	1,212.5	1,272.1	1,167.8	1,168.6	1,374.0	1,361.9
I. Long-term receivables	2.1	2.1	2.4	2.3	2.8	5.0	14.8	14.7	14.5	14.4	223.5	222.6
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	0.2	0.2	0.5	0.4	0.9	3.2	12.9	12.9	12.6	12.6	221.7	220.7
6. Other long-term receivables	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
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	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.6	0.6
1. Tangible fixed assets	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6
- Cost	1.9	1.9	1.9	1.9	1.9	2.0	2.1	2.1	2.1	2.1	2.1	2.1
- Accumulated depreciation	-1.7	-1.7	-1.6	-1.6	-1.6	-1.7	-1.7	-1.7	-1.7	-1.6	-1.6	-1.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
- Cost	2.2	2.2	2.2	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.2	-2.2	-2.2	-2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	84.5	85.0	85.5	86.1	86.6	87.1	87.6	88.1	88.6	89.1	89.7	90.2
- Cost	94.8	94.8	94.8	94.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.3	-9.8	-9.3	-8.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets 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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	837.6	830.7	824.0	816.9	809.8	910.8	910.7	970.0	865.3	866.3	861.9	850.1
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	837.6	830.7	824.0	816.9	809.8	910.8	910.7	970.0	865.3	866.3	861.9	850.1
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	197.0	197.0	197.1	196.9	197.5	197.6	199.0	198.8	199.0	198.2	198.3	198.4
1. Long-term prepayments	185.0	185.1	185.1	185.0	185.5	185.6	187.1	186.9	187.0	186.3	186.4	186.4
2. Deferred income tax assets	11.9	11.9	11.9	11.9	11.9	11.9	12.0	12.0	12.0	12.0	12.0	12.0
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)	4,287.7	4,162.9	4,022.0	3,947.5	3,896.9	3,965.4	3,940.3	3,958.3	3,938.4	3,945.0	3,949.2	3,920.0
A. LIABILITIES (300=210+330)	2,964.2	2,932.0	2,765.6	2,666.5	2,584.0	2,535.1	2,468.7	2,443.2	2,418.7	2,385.9	2,374.4	2,303.5
I. Short -term liabilities	2,956.9	2,915.9	2,749.5	2,652.1	2,569.9	2,526.9	2,464.3	2,438.8	2,415.0	2,382.1	2,370.7	2,299.8
1. Short-term trade accounts payable	83.1	100.8	84.1	83.6	82.5	76.9	83.7	85.4	88.6	100.3	99.9	102.4
2. Short-term advances from customers	666.3	222.3	149.6	92.0	558.9	557.1	547.3	542.2	543.8	541.7	549.5	539.0
3. Taxes and other payables to state authorities	71.3	46.2	45.4	44.4	41.6	37.4	39.4	38.8	36.8	34.7	33.2	31.4
4. Payable to employees	13.2	13.3	13.4	15.6	13.7	11.2	9.7	7.5	9.0	6.3	4.3	3.8
5. Short-term acrrued expenses	587.6	552.3	496.7	471.7	410.2	331.1	258.4	229.1	213.8	199.4	145.5	125.8
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	784.8	1,226.5	1,240.9	1,182.3	706.3	725.0	730.3	735.8	736.7	710.7	754.5	731.5
10. Short-term borrowings and financial leases	738.2	742.2	707.0	750.2	744.3	775.8	783.0	787.4	773.7	776.3	771.1	753.2
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	12.3	12.3	12.4	12.4	12.4	12.4	12.5	12.5	12.6	12.6	12.7	12.8
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	7.3	16.1	16.1	14.4	14.2	8.1	4.4	4.4	3.7	3.7	3.7	3.7
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	0.0	0.0	0.0	0.0	0.0	0.7	0.8	0.8	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial 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
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	3.7	12.5	12.5	10.8	10.6	3.8	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
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)	1,323.5	1,230.9	1,256.4	1,281.0	1,312.9	1,430.4	1,471.6	1,515.1	1,519.7	1,559.1	1,574.8	1,616.5
I. Owner's equity	1,323.5	1,230.9	1,256.4	1,281.0	1,312.9	1,430.4	1,471.6	1,515.1	1,519.7	1,559.1	1,574.8	1,616.5
1. Owner's capital	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5
- Common stock with voting right	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5	1,243.5
- 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	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1
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	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	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5
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	19.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6
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	-65.1	-156.5	-131.0	-106.4	-74.7	42.7	83.8	127.4	132.0	171.4	187.0	228.7
- Accumulated retained earning at the end of the previous period	-80.7	-80.7	-80.7	-80.7	122.5	122.5	132.0	132.0	227.0	227.0	227.0	227.6
- Undistributed earnings in this period	15.6	-75.8	-50.3	-25.7	-197.1	-79.8	-48.1	-4.6	-95.0	-55.6	-40.0	1.1
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	11.8	10.6	10.6	10.6	10.8	10.9	11.0	11.0	11.0	11.0	11.0	11.0
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)	4,287.7	4,162.9	4,022.0	3,947.5	3,896.9	3,965.4	3,940.3	3,958.3	3,938.4	3,945.0	3,949.2	3,920.0

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
Profit Before Tax	111.2	-24.8	-22.5	-25.0	-110.0	8.5	-82.6	-3.5	-38.3	-15.7	-38.0	1.2
Depreciation of Fixed Assets and Investment Property	0.5	0.5	0.5	0.5	0.4	0.5	0.5	0.5	0.6	0.6	0.6	0.6
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-143.2	6.1	-19.8	-9.9	44.8	-25.4	14.9	-6.1	-0.0	33.6	-27.4	-0.3
Interest Expense	31.6	31.2	31.5	33.9	28.7	35.6	53.0	9.2	28.4	8.7	50.3	2.2
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	0.2	13.1	-10.2	-0.5	-36.1	19.3	-14.2	0.1	-9.3	27.2	-14.5	3.8
Increase/(Decrease) in Receivables	46.5	-169.9	15.4	-35.1	46.8	-43.5	20.9	-5.4	9.3	-17.7	27.6	-95.9
Increase/(Decrease) in Inventory	-81.1	-5.8	-34.2	-1.6	-64.8	46.6	-50.0	-4.1	-5.6	-3.6	-43.8	-16.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.0	134.6	73.3	39.1	137.0	-90.5	67.0	6.2	10.1	-32.9	38.0	28.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	-0.1	0.1	0.1	0.1	-0.1	0.1	-0.2	0.0	0.1	0.1
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	1.8	-1.8	0.0	0.0	9.5	-9.5
Interest Paid	0.0	0.0	-14.5	0.0	-77.4	20.3	-15.5	-4.8	-7.3	0.0	-11.4	-16.8
Corporate Income Tax 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 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	-0.0	-0.0	0.0	0.0	0.1	-0.1	-0.1	-0.0	-0.1	0.5	-0.6	-0.0
Net Cash Flow from Operating Activities	91.6	-13.7	29.7	1.9	5.8	-47.7	9.9	-9.9	-3.1	-26.4	4.9	-106.9
Payments for Fixed Assets and 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
Proceeds from Disposal of Fixed Assets and 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
Loans and Purchases of Debt Instruments	-0.0	-0.0	-0.1	-0.0	-5.0	4.9	-5.0	-0.3	-0.0	-0.5	-1.0	-0.8
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	2.0	-104.6	0.0	1.5	-1.5	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	29.2	4.1	57.8	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	-5.0	5.0	0.0	0.0	-0.0	-0.2	0.3
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	-0.0	-0.0	-0.1	-0.0	24.1	4.0	59.8	-104.9	-0.0	0.9	-2.7	-0.5
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	35.5	111.2	29.0	47.2	36.2	94.6	198.0	166.6	104.3	96.9	202.4	257.9
Repayment of Borrowings	-39.4	-99.9	-48.3	-48.5	-67.8	-99.8	-204.3	-153.0	-106.9	-85.8	-190.3	-200.1
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	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	-4.0	11.3	-19.2	-1.3	-31.5	-5.2	-6.3	13.6	-2.6	11.1	12.1	57.9
Net Cash Flow During the Period	87.6	-2.4	10.4	0.6	-1.6	-48.9	63.4	-101.2	-5.7	-14.4	14.3	-49.6
Cash and Cash Equivalents at Beginning of Period	8.6	11.1	0.6	0.1	104.2	104.2	104.2	104.2	159.6	159.6	159.6	159.6
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	96.2	8.6	11.1	0.6	16.0	17.5	66.4	3.1	104.2	109.9	124.4	110.0

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