DVP

Listed Company · HOSE

Price

71,000

Latest close

03 Apr 2026

P/E 8.4x

EPS (TTM) 8,453

ROE (TTM) 22.9%

P/B 1.9x

BVPS (Latest) 36,641

ROA (TTM) 21.1%

What Is Changing

DVP has not yet shown a broad-based top-line recovery. Revenue posted -15.4% YoY, but net margin reached 57.59% with an additional +9.2pp 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 338.2bn in 2025.
Revenue decreased 15.4% YoY to VND 587.2bn in 2025.
Net margin improved from 48.42% in the prior period to 57.59% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	587.2	694.3	549.2	584.9	608.6
Growth	-15%	+26%	-6%	-4%	—
Net Income	338.2	336.2	330.7	283.4	277.1
Net Margin	57.59%	48.42%	60.21%	48.45%	45.54%

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	151.1	129.2	148.2	158.7	174.0	178.6	190.5	151.3	144.1	143.5	132.9	128.7
Growth	+17%	-13%	-7%	-9%	-3%	-6%	+26%	+5%	+0%	+8%	+3%	—
Net Income	125.2	81.3	67.4	64.2	61.8	128.5	85.0	60.9	55.0	51.2	117.1	105.6
Net Margin	82.88%	62.93%	45.45%	40.48%	35.54%	71.96%	44.60%	40.27%	38.16%	35.66%	88.14%	82.09%

Financial Statements

Profitability

Net margin reached 57.59% while Revenue posted -15.4% YoY.

Balance Sheet

Inventory stood at 12.1bn, liabilities at 97.3bn, and equity at 1,465.6bn.

Cash Flow

Operating cash flow was 191.6bn in 2024, while investing cash flow was 100.9bn.

Financing cash flow: -280.0bn.

Item	2025	2024	2023	2022	2021
Revenue	587.2	694.3	549.2	584.9	608.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	587.2	694.3	549.2	584.9	608.6
Cost of Goods Sold	253.4	367.4	321.6	274.4	0.0
Gross Profit	333.9	326.9	227.6	310.5	319.4
Financial Income	128.4	128.0	156.5	99.1	82.4
Financial Expenses	0.2	0.0	0.2	1.2	-0.3
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	0.0	0.0	0.0	-0.0
General and Administrative Expenses	59.3	77.7	69.8	62.6	-60.7
Operating Profit	402.4	377.2	314.0	345.8	340.9
Other Income	3.0	26.1	134.1	0.2	0.0
Other Expenses	0.0	0.3	49.6	1.0	0.0
Other Profit	3.0	25.9	84.5	-0.8	-1.6
Profit Before Tax	405.4	403.0	398.5	345.1	339.3
Current Income Tax Expense	67.2	66.8	67.8	61.7	-62.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	338.2	336.2	330.7	283.4	277.1
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	338.2	336.2	330.7	283.4	277.1
Earnings per Share	8,454.00	8,406.00	8,267.00	7,085.00	6,929.00
Diluted EPS	8,454.32	8,405.62	8,266.98	7,084.51	6,928.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,248.7	1,291.7	1,246.9	1,217.4	1,170.1
I. Cash and cash equivalents	24.7	27.3	14.6	37.5	32.8
1. Cash	24.7	27.3	14.6	37.5	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,122.0	1,147.0	1,145.0	1,053.0	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	1,122.0	1,147.0	1,145.0	1,053.0	0.0
III. Short-term receivables	86.4	102.4	66.0	111.6	99.3
1. Short-term trade accounts receivable	40.4	50.0	41.1	56.8	0.0
2. Short-term prepayments to suppliers	2.5	1.0	0.7	28.0	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	0.0	0.0
6. Other short-term receivables	43.6	51.3	24.2	26.8	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.1	13.1	9.0	9.4	9.6
1. Inventories	12.1	13.1	9.0	9.4	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	3.5	2.0	12.3	6.0	4.4
1. Short-term prepayments	1.3	2.0	1.2	3.4	0.0
2. Value added tax to be reclaimed	0.0	0.0	9.0	0.4	0.0
3. Taxes and other receivables from state authorities	2.2	0.0	2.2	2.2	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)	314.2	347.4	388.8	280.4	329.3
I. Long-term receivables	0.1	0.1	0.1	0.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.2
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	0.1	0.1	0.1	0.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	185.8	218.2	238.9	116.4	164.6
1. Tangible fixed assets	184.7	217.5	238.9	116.3	164.3
- Cost	1,349.5	1,354.5	1,417.0	1,241.2	0.0
- Accumulated depreciation	-1,164.9	-1,137.0	-1,178.2	-1,125.0	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	1.1	0.7	0.1	0.1	0.3
- Cost	7.8	7.1	6.2	6.2	0.0
- Accumulated depreciation	-6.7	-6.4	-6.2	-6.1	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	1.2	1.1	0.5	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	1.1	0.5	0.0	0.0
V. Long-term financial investments	103.0	103.0	123.6	137.3	137.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	103.0	103.0	123.6	137.3	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	24.2	24.9	25.7	26.5	0.0
1. Long-term prepayments	24.2	24.9	25.7	26.5	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	27.2
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)	1,562.9	1,639.1	1,635.8	1,497.8	1,499.4
A. LIABILITIES (300=210+330)	97.3	150.2	259.8	115.0	126.4
I. Short -term liabilities	97.3	150.2	259.8	115.0	126.4
1. Short-term trade accounts payable	12.7	14.4	36.2	24.4	12.2
2. Short-term advances from customers	0.4	0.8	0.2	0.3	0.3
3. Taxes and other payables to state authorities	21.7	18.1	12.0	19.2	0.0
4. Payable to employees	47.4	54.0	42.7	37.1	0.0
5. Short-term acrrued expenses	0.3	0.2	0.4	0.0	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	3.9	7.1	109.3	6.7	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	48.2	48.2	14.2	0.0
12.. Bonus and welfare fund	11.0	7.4	10.7	13.2	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	0.0	0.0	0.0	0.0	0.0
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	0.0	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	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)	1,465.6	1,488.9	1,376.0	1,382.8	1,373.0
I. Owner's equity	1,465.6	1,488.9	1,376.0	1,382.8	0.0
1. Owner's capital	400.0	400.0	400.0	400.0	1,373.0
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0
- 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	103.0	103.0	123.6	137.3	137.3
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	526.2	526.2	505.6	492.0	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	436.3	459.7	346.7	353.6	387.3
- Accumulated retained earning at the end of the previous period	98.2	123.4	116.1	110.2	110.2
- Undistributed earnings in this period	338.2	336.2	230.7	243.4	277.1
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)	1,562.9	1,639.1	1,635.8	1,497.8	1,499.4

Item	2024	2023	2022	2021	2020
Profit Before Tax	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-62.5	-74.5	-58.5	0.0	0.0
Other Operating Receipts	5.7	131.4	2.1	0.0	0.0
Other Operating Payments	-83.6	-89.3	-63.4	0.0	0.0
Net Cash Flow from Operating Activities	191.6	245.6	186.4	234.6	180.0
Payments for Fixed Assets and Other Long-term Assets	-38.6	-140.6	-2.2	-52.1	-4.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	24.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-1,822.0	-1,850.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	1,734.0	1,669.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	24.8	19.1	0.0	0.0	0.0
Dividends and Interest Income Received	92.0	144.5	88.7	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	100.9	-69.0	57.5	-60.8	-91.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-280.0	-200.0	-239.6	-159.1	-99.7
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	-280.0	-200.0	-239.6	-159.1	-99.7
Net Cash Flow During the Period	12.5	-23.3	4.4	2.3	-4.5
Cash and Cash Equivalents at Beginning of Period	14.6	37.5	32.8	18.3	29.2
FX Difference from Revaluation	0.1	0.5	0.3	-0.1	-0.1
Cash and Cash Equivalents at End of Period	27.3	14.6	37.5	32.8	18.3

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	151.1	129.2	148.2	158.7	174.0	178.6	190.5	151.3	144.1	143.5	132.9	128.7
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	151.1	129.2	148.2	158.7	174.0	178.6	190.5	151.3	144.1	143.5	132.9	128.7
Cost of Goods Sold	58.0	63.7	62.8	68.8	98.1	102.2	99.5	67.6	106.0	86.2	69.9	61.8
Gross Profit	93.1	65.5	85.4	89.9	75.8	76.4	90.9	83.8	38.2	57.4	63.0	66.9
Financial Income	67.9	43.7	10.6	6.2	26.1	82.5	13.9	5.5	36.8	21.2	79.7	18.8
Financial Expenses	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.4	0.6	0.0
Interest 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
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	0.0	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	17.7	14.4	11.5	15.7	25.5	20.0	19.1	13.1	23.3	14.8	16.1	15.7
Operating Profit	143.2	94.6	84.3	80.4	76.4	138.8	85.7	76.2	51.6	64.2	126.0	70.0
Other Income	2.9	0.0	0.0	0.1	1.3	4.3	20.7	0.0	0.0	0.0	5.1	128.9
Other Expenses	0.0	0.0	0.0	0.0	0.3	0.0	0.1	0.0	-17.2	0.0	0.0	66.8
Other Profit	2.9	0.0	0.0	0.1	1.0	4.3	20.6	-0.0	17.2	0.0	5.1	62.1
Profit Before Tax	146.0	94.6	84.3	80.5	77.5	143.1	106.3	76.2	68.9	64.2	131.1	132.1
Current Income Tax Expense	20.8	13.3	16.9	16.2	15.6	14.6	21.3	15.2	13.9	13.0	14.0	26.5
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	125.2	81.3	67.4	64.2	61.8	128.5	85.0	60.9	55.0	51.2	117.1	105.6
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	125.2	81.3	67.4	64.2	61.8	128.5	85.0	60.9	55.0	51.2	117.1	105.6
Earnings per Share	3,131.00	2,033.00	1,683.00	1,606.00	1,546.00	3,212.00	2,124.00	1,523.00	1,375.00	1,280.00	2,928.00	2,641.00
Diluted EPS	3,130.77	2,033.35	1,684.38	1,605.82	1,545.90	3,212.24	2,124.13	1,523.35	1,375.10	1,279.55	2,927.68	2,640.83

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)	1,248.7	1,147.5	1,103.1	1,205.3	1,291.7	1,232.1	1,273.2	1,166.4	1,244.7	1,202.0	1,336.9	1,368.1
I. Cash and cash equivalents	24.7	18.0	17.1	51.0	27.3	23.8	39.0	32.0	14.6	20.5	28.1	26.4
1. Cash	24.7	18.0	17.1	51.0	27.3	23.8	39.0	32.0	14.6	20.5	28.1	26.4
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	1,122.0	1,054.0	1,027.0	1,047.0	1,147.0	1,098.0	1,149.0	1,045.0	1,145.0	1,102.0	1,226.0	1,157.0
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	1,122.0	1,054.0	1,027.0	1,047.0	1,147.0	1,098.0	1,149.0	1,045.0	1,145.0	1,102.0	1,226.0	1,157.0
III. Short-term receivables	86.4	63.8	46.6	92.0	102.4	95.5	64.5	71.8	66.0	57.5	52.7	155.2
1. Short-term trade accounts receivable	40.4	37.6	38.6	52.7	50.0	57.7	60.0	54.3	41.1	54.1	48.8	51.4
2. Short-term prepayments to suppliers	2.5	11.1	6.3	1.6	1.0	0.3	0.7	11.4	0.7	0.7	0.7	96.7
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	43.6	15.0	1.7	37.7	51.3	37.4	3.8	6.0	24.2	2.7	3.2	7.1
7. Provision for short-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
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	12.1	10.5	10.6	13.5	13.1	10.6	11.1	9.6	9.0	10.0	10.3	10.5
1. Inventories	12.1	10.5	10.6	13.5	13.1	10.6	11.1	9.6	9.0	10.0	10.3	10.5
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	3.5	1.2	1.8	1.7	2.0	4.2	9.6	8.0	10.2	12.1	19.7	19.0
1. Short-term prepayments	1.3	1.2	1.8	1.7	2.0	4.2	7.2	0.9	1.2	3.9	7.6	2.4
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	2.5	4.9	8.4	7.5	10.3	13.8
3. Taxes and other receivables from state authorities	2.2	0.0	0.0	0.0	0.0	0.0	0.0	2.2	0.6	0.6	1.8	2.8
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)	314.2	310.5	319.7	333.4	347.4	360.2	373.2	374.2	388.8	402.9	418.4	268.7
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	185.8	181.1	190.6	204.4	218.2	230.4	243.4	224.3	238.9	253.3	268.6	104.9
1. Tangible fixed assets	184.7	180.6	190.0	203.7	217.5	230.4	243.4	224.3	238.9	253.2	268.5	104.8
- Cost	1,349.5	1,357.8	1,354.5	1,354.5	1,354.5	1,353.8	1,377.4	1,417.0	1,417.0	1,416.8	1,416.4	1,241.5
- Accumulated depreciation	-1,164.9	-1,177.2	-1,164.5	-1,150.8	-1,137.0	-1,123.4	-1,134.0	-1,192.8	-1,178.2	-1,163.6	-1,147.9	-1,136.7
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	1.1	0.5	0.6	0.7	0.7	0.0	0.0	0.0	0.1	0.1	0.1	0.1
- Cost	7.8	7.1	7.1	7.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.7	-6.6	-6.5	-6.4	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	1.2	2.0	1.4	1.1	1.1	1.6	1.4	0.7	0.5	0.0	0.0	0.1
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	1.2	2.0	1.4	1.1	1.1	1.6	1.4	0.7	0.5	0.0	0.0	0.1
V. Long-term financial investments	103.0	103.0	103.0	103.0	103.0	103.0	103.0	123.6	123.6	123.6	123.6	137.3
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	103.0	103.0	103.0	103.0	103.0	103.0	103.0	123.6	123.6	123.6	123.6	137.3
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	24.2	24.3	24.5	24.7	24.9	25.1	25.2	25.4	25.7	25.9	26.1	26.3
1. Long-term prepayments	24.2	24.3	24.5	24.7	24.9	25.1	25.2	25.4	25.7	25.9	26.1	26.3
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)	1,562.9	1,458.1	1,422.8	1,538.6	1,639.1	1,592.3	1,646.4	1,540.6	1,633.6	1,604.9	1,755.3	1,636.8
A. LIABILITIES (300=210+330)	97.3	117.7	163.7	105.5	150.2	165.2	347.8	103.6	259.3	185.6	387.2	148.3
I. Short -term liabilities	97.3	117.7	163.7	105.5	150.2	165.2	347.8	103.6	259.3	185.6	387.2	148.3
1. Short-term trade accounts payable	12.7	10.7	13.3	10.7	14.4	14.0	42.1	7.4	36.2	9.5	9.5	9.5
2. Short-term advances from customers	0.4	1.9	0.4	0.4	0.8	0.5	0.2	0.6	0.2	0.4	0.7	0.4
3. Taxes and other payables to state authorities	21.7	31.2	35.6	18.6	18.1	37.1	21.4	15.9	11.6	29.6	37.9	26.9
4. Payable to employees	47.4	38.9	33.1	39.6	54.0	69.0	44.9	21.5	42.7	39.9	33.7	15.9
5. Short-term acrrued expenses	0.3	0.4	0.1	0.6	0.2	0.2	1.3	12.6	0.4	10.1	0.6	0.2
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	3.9	2.9	43.1	3.1	7.1	4.0	187.0	4.9	109.3	6.9	209.4	3.7
10. Short-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
11. Provision for short-term liabilities	0.0	16.4	19.7	27.8	48.2	25.8	30.6	35.0	48.2	73.5	75.2	82.0
12.. Bonus and welfare fund	11.0	15.3	18.6	4.6	7.4	14.6	20.3	5.8	10.7	15.8	20.1	9.7
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	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 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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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)	1,465.6	1,340.4	1,259.1	1,433.2	1,488.9	1,427.1	1,298.6	1,436.9	1,374.3	1,419.3	1,368.1	1,488.5
I. Owner's equity	1,465.6	1,340.4	1,259.1	1,433.2	1,488.9	1,427.1	1,298.6	1,436.9	1,374.3	1,419.3	1,368.1	1,488.5
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- Common stock with voting right	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- 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	103.0	103.0	103.0	103.0	103.0	103.0	103.0	123.6	123.6	123.6	312.2	137.3
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	526.2	526.2	526.2	526.2	526.2	526.2	526.2	505.6	505.6	505.6	317.1	492.0
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	436.3	311.1	229.8	403.9	459.7	397.8	269.3	407.7	345.0	390.0	338.8	459.2
- Accumulated retained earning at the end of the previous period	98.2	98.2	98.2	339.7	123.4	123.4	123.4	346.7	116.1	116.1	116.1	353.6
- Undistributed earnings in this period	338.2	212.9	131.6	64.2	336.2	274.4	145.9	60.9	228.9	273.9	222.7	105.6
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)	1,562.9	1,458.1	1,422.8	1,538.6	1,639.1	1,592.3	1,646.4	1,540.6	1,633.6	1,604.9	1,755.3	1,636.8

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	146.0	94.6	164.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	10.2	12.8	27.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-16.4	-3.3	-28.5	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	-70.0	-43.1	-14.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	69.9	61.0	148.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-5.7	1.0	10.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-1.5	0.0	2.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.1	3.1	-26.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.8	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-30.2	-16.2	0.0	-15.6	-35.9	0.0	-15.2	-11.3	-30.0	-21.4	-5.0	-18.1
Other Operating Receipts	0.0	0.1	-0.0	0.2	5.3	0.2	0.7	0.0	2.4	0.0	0.0	129.0
Other Operating Payments	-4.4	-3.2	-2.0	-28.2	-20.0	-22.4	-20.6	-20.9	-21.0	-29.5	-21.3	-17.5
Net Cash Flow from Operating Activities	38.2	46.6	65.3	25.6	48.9	59.1	90.9	-6.4	-11.5	30.6	97.5	129.0
Payments for Fixed Assets and Other Long-term Assets	-5.3	-8.4	-4.6	0.0	-2.1	-4.3	-35.1	0.0	35.0	16.4	-122.3	-69.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.6	0.0	0.0	0.0	-0.1	6.4	20.5	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-498.0	-624.0	-1,007.0	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	430.0	597.0	1,127.0	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	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	24.8	0.0	5.4	-5.4	19.1	0.0
Dividends and Interest Income Received	39.2	29.7	45.2	18.1	5.2	53.2	10.0	23.6	7.7	27.1	76.0	33.6
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	-31.5	-5.7	60.6	118.1	-46.0	106.2	-83.7	123.6	5.1	162.1	-96.1	-140.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-40.0	-159.9	-120.0	0.0	-179.9	-0.8	-99.2	-0.0	-199.9	-0.1	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	-0.0	-40.0	-159.9	-120.0	0.0	-179.9	-0.8	-99.2	-0.0	-199.9	-0.1	0.0
Net Cash Flow During the Period	6.7	0.9	-34.0	23.8	2.8	-14.6	6.4	17.9	-6.3	-7.2	1.3	-11.1
Cash and Cash Equivalents at Beginning of Period	18.0	17.1	51.0	27.3	14.6	14.6	14.6	14.6	37.5	37.5	37.5	37.5
FX Difference from Revaluation	0.0	0.1	0.1	0.0	0.6	-0.6	0.6	-0.5	0.5	-0.4	0.4	0.0
Cash and Cash Equivalents at End of Period	24.7	18.0	17.1	51.0	27.3	23.8	39.0	32.0	14.6	20.5	28.1	26.4

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