E29

Đầu tư Xây dựng và Kỹ thuật 29 ·UPCOM ·2020Q4

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −1.71x

Price

9,500

Latest close

29 Apr 2026

P/E 24.48x

P/B 0.91x

EPS 388

BVPS 10,388

ROE 5.8%

ROA 0.7%

Profit Margin 0.4%

Asset Turnover 1.59x

Equity Mult. 8.08x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, E29 posted a clear revenue decline, but margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 705bn
	                                
−47.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
−41.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    223.7%

Metric	2025	2024	2023	2022	2020
Revenue	704.8	1,346.7	1,060.6	173.6	442.1
Growth	-48%	+27%	+511%	-61%	—
Net Income	3.2	5.4	3.5	1.2	1.9
Net Margin	0.45%	0.40%	0.33%	0.71%	0.44%

Metric	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	296.0	78.2	33.7	34.3
Growth	+279%	+132%	-2%	—
Net Income	1.7	0.1	0.0	0.1
Net Margin	0.57%	0.12%	0.13%	0.29%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 0.45% +0.0pp

Gross Margin 2.41% —

SG&A / Revenue -2.97% —

Watchpoints

Other income is supporting margin

Margin support from other income remains high (334.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin -0.54% —

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 7.59x equity, net debt at 0.87x equity.

Inventory ended the period at 103.7bn, roughly 22.4% of total assets.

Over the last 12 months, working capital released 96.6bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +7.0bn

Inventories decreased → higher CFO: +35.5bn

Payables increased → higher CFO: +54.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.87x and interest coverage only at -1.71x.

At present, short-term debt accounts for 87.6% of total debt, cash equals 43.5% of debt, and total debt stands at 79.9bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is -1.71x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 87.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.87x —

Interest Coverage -1.71x —

Cash / Debt 43.5% —

Short-term Debt / Total Debt 87.6% —

CFO / NI 41.09x —

TTM YoY · Prior -> 2020Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 100.4bn in 2025, against investing cash flow of 0.5bn.

Post-investment cash flow was positive +100.9bn. Financing cash flow was negative +16.6bn.

CFO / net income was 41.09x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 79.7bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at -1.71x. The next watchpoint is the earnings mix, when non-core contribution is 111.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 41.09x. Even so, net financial result still accounts for 111.0% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.71x.

Statement Data

Item	2025	2024	2023	2022	2020
Revenue	704.8	1,346.7	1,060.6	174.3	448.1
Revenue Deductions	—	0.0	0.0	0.7	0.0
Net Revenue	704.8	1,346.7	1,060.6	173.6	442.1
Cost of Goods Sold	675.8	1,302.1	1,031.3	161.3	0.0
Gross Profit	29.0	44.6	29.3	12.3	10.6
Financial Income	0.5	0.5	3.0	0.3	1.1
Financial Expenses	3.3	3.3	1.9	1.7	-2.0
Interest Expense	3.3	3.3	1.9	1.7	-2.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	22.8	35.6	32.2	9.7	-13.1
Operating Profit	3.4	6.3	-1.9	1.1	-3.4
Other Income	0.8	0.5	6.3	0.7	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.8	0.5	6.3	0.6	6.2
Profit Before Tax	4.2	6.8	4.4	1.8	2.8
Current Income Tax Expense	1.0	1.4	0.9	0.5	-0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.2	5.4	3.5	1.2	1.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	3.2	5.4	3.5	1.2	1.9
Earnings per Share	634.00	1,081.00	706.00	247.00	388.00
Diluted EPS	634.21	1,080.51	706.16	247.18	387.76

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	456.0	415.1	719.0	246.5	347.4
I. Cash and cash equivalents	102.4	18.2	46.3	32.4	34.8
1. Cash	102.4	18.2	46.3	32.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	10.2	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	—	0.0	10.2	0.0	0.0
III. Short-term receivables	238.9	247.7	334.8	146.6	249.8
1. Short-term trade accounts receivable	126.3	98.2	92.2	109.5	0.0
2. Short-term prepayments to suppliers	15.5	59.5	195.1	14.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	97.1	90.0	47.5	22.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	103.7	139.2	297.3	66.7	62.8
1. Inventories	103.7	139.2	297.3	66.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.0	10.1	30.4	0.8	0.0
1. Short-term prepayments	0.6	0.1	5.7	0.8	0.0
2. Value added tax to be reclaimed	8.4	9.9	24.6	0.0	0.0
3. Taxes and other receivables from state authorities	2.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6.1	8.9	18.7	12.9	18.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.3	4.9	6.5	7.3	11.0
1. Tangible fixed assets	3.3	4.9	6.5	7.3	11.0
- Cost	23.6	23.6	23.6	23.6	0.0
- Accumulated depreciation	-20.3	-18.7	-17.1	-16.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.8	4.0	12.2	5.7	0.0
1. Long-term prepayments	2.8	4.0	12.2	5.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	462.2	424.0	737.7	259.4	365.9
A. LIABILITIES (300=210+330)	408.3	368.1	683.9	208.0	314.0
I. Short -term liabilities	407.9	367.9	683.7	207.6	300.2
1. Short-term trade accounts payable	250.6	284.4	266.2	140.1	191.3
2. Short-term advances from customers	106.4	17.9	400.0	27.7	19.1
3. Taxes and other payables to state authorities	0.7	0.2	0.2	1.2	0.0
4. Payable to employees	3.0	4.1	4.9	1.7	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.1	0.6	0.4	0.4	0.0
9. Other short-term payables	4.0	4.3	4.0	5.9	0.0
10. Short-term borrowings and financial leases	39.3	53.4	3.9	25.3	70.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	2.9	4.1	5.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.2	0.2	0.4	13.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.2	0.2	0.4	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	9.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	53.8	55.9	53.7	51.4	51.9
I. Owner's equity	53.8	55.9	53.7	51.4	0.0
1. Owner's capital	50.0	50.0	50.0	50.0	51.9
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.7	0.5	0.2	0.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	3.2	5.4	3.5	1.2	1.9
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	3.2	5.4	3.5	1.2	1.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	462.2	424.0	737.7	259.4	365.9

Item	2025	2024	2023	2022	2020
Profit Before Tax	4.2	6.8	4.4	1.8	2.8
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.5	0.6	0.4
Provision (Increase)/Reversal	—	0.0	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	-0.5	-0.5	-3.0	-0.3	0.0
Interest Expense	3.3	3.3	1.9	1.7	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	7.4	10.0	3.8	3.9	4.1
Increase/(Decrease) in Receivables	7.0	114.0	-272.8	-8.7	0.0
Increase/(Decrease) in Inventory	35.5	158.2	-230.6	2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	54.1	-364.3	500.5	16.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	13.8	-12.3	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.3	-3.2	-1.2	-2.8	0.0
Corporate Income Tax Paid	-0.6	-1.4	-1.0	-0.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	0.0	-0.2	-0.4	0.0
Net Cash Flow from Operating Activities	100.4	-73.0	-13.9	11.8	-26.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-15.8	-35.2	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	13.1	85.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.4	3.0	0.4	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	0.5	-2.3	52.0	0.4	0.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	61.6	89.4	3.9	72.6	166.9
Repayment of Borrowings	-75.7	-39.9	-25.3	-73.2	-141.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.5	-2.4	-2.8	-1.1	-3.5
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	-16.6	47.1	-24.2	-1.7	21.9
Net Cash Flow During the Period	84.2	-28.1	13.9	10.5	3.7
Cash and Cash Equivalents at Beginning of Period	18.2	46.3	32.4	21.9	38.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	102.4	18.2	46.3	32.4	34.8

Item	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	296.2	81.5	34.8	35.5
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	296.0	78.2	33.7	34.3
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	10.9	-0.7	1.4	-1.0
Financial Income	0.6	0.4	0.0	0.1
Financial Expenses	-1.1	-0.6	-0.1	-0.2
Interest Expense	-1.1	-0.6	-0.1	-0.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	-8.1	-2.7	-1.3	-1.1
Operating Profit	2.3	-3.5	0.1	-2.3
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	0.1	3.6	0.1	2.4
Profit Before Tax	2.4	0.1	0.1	0.1
Current Income Tax Expense	-0.7	-0.0	-0.1	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	1.7	0.1	0.0	0.1
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.7	0.1	0.0	0.1
Earnings per Share	340.00	19.00	9.00	20.00
Diluted EPS	340.14	18.74	9.05	19.83

Item	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	347.4	294.5	322.7	267.0
I. Cash and cash equivalents	34.8	31.1	38.6	33.0
1. Cash	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	249.8	157.0	182.0	170.3
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	62.8	89.8	87.7	56.3
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	16.7	14.4	7.5
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	18.5	67.9	67.9	67.9
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	11.0	59.9	59.9	59.9
1. Tangible fixed assets	11.0	59.9	59.9	59.9
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	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
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	7.5	8.0	8.0	8.0
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	365.9	362.3	390.6	334.9
A. LIABILITIES (300=210+330)	314.0	312.1	340.4	280.6
I. Short -term liabilities	300.2	299.6	325.9	268.8
1. Short-term trade accounts payable	191.3	162.4	169.8	161.3
2. Short-term advances from customers	19.1	27.0	38.2	33.8
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	70.0	77.5	83.7	46.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	13.7	12.5	14.6	11.8
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	9.9	8.8	10.9	8.2
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	51.9	50.2	50.1	54.3
I. Owner's equity	0.0	0.0	0.0	0.0
1. Owner's capital	51.9	50.2	50.1	54.3
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1.9	0.2	0.1	4.3
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	4.2
- Undistributed earnings in this period	1.9	0.2	0.1	0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	365.9	362.3	390.6	334.9

Item	Q4'25	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	4.2	2.4	0.1	0.1	0.1
Depreciation of Fixed Assets and Investment Property	0.4	0.3	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	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	-0.5	0.0	0.0	0.0	0.0
Interest Expense	3.3	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.4	3.3	0.3	0.3	0.3
Increase/(Decrease) in Receivables	7.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	35.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	54.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.3	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	100.4	13.4	0.4	-34.5	-5.9
Payments for Fixed Assets and Other Long-term Assets	—	0.1	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	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	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.0	0.0	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	0.5	0.2	0.4	0.0	-0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	61.6	51.3	48.0	47.9	19.7
Repayment of Borrowings	-75.7	-57.7	-56.4	-7.8	-19.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.5	-3.5	0.0	-0.0	-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	-16.6	-9.9	-8.4	40.2	0.1
Net Cash Flow During the Period	84.2	3.7	-7.6	5.7	-5.9
Cash and Cash Equivalents at Beginning of Period	18.2	31.1	38.6	33.0	38.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	102.4	34.8	31.1	38.6	33.0

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E29

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼▼

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow