HAR

Đầu tư Thương mại Bất động sản An Dương Thảo Điền ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 71.71%, −6.29pp YoY

Price

3,380

Latest close

03 Jun 2026

P/E 27.26x

P/B 0.31x

EPS 124

BVPS 10,808

ROE 1.1%

ROA 1.1%

Profit Margin 71.7%

Asset Turnover 0.02x

Equity Mult. 1.00x

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

What Is Changing

On a TTM 2026Q1 basis, HAR is retaining some revenue, but margins are collapsing sharply — earnings have been recovering gradually over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17bn
	                                
−5.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
−13.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    55.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	16.5	17.8	18.3	145.0	42.7
Growth	-7%	-2%	-87%	+240%	—
Net Income	17.2	9.9	35.9	-43.8	35.6
Net Margin	103.73%	55.33%	196.69%	-30.21%	83.32%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	4.4	3.8	4.0	4.3	4.4	4.5	4.3	4.4	4.6	4.3	4.2	4.4
Growth	+16%	-4%	-7%	-2%	-2%	+3%	-2%	-3%	+8%	+1%	-5%	—
Net Income	1.9	1.4	5.8	2.8	7.2	2.3	2.4	1.9	3.2	1.2	6.1	16.9
Net Margin	43.24%	36.68%	143.97%	64.99%	163.51%	52.33%	54.36%	42.40%	69.15%	27.62%	145.83%	381.18%

Drivers of HAR's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 3.8bn

Gross profit ↓ 1.1bn

Administrative expenses ↑ 0.6bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to the main negative driver. Supporting and offsetting drivers:

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 78.0% × 0.02 × 1.00

2026Q1 1.1% = 71.7% × 0.02 × 1.00

ROE is broadly flat at 1.1% — the components are offsetting one another.

Net margin: 71.7% -6.3pp Asset turnover: 0.02x -0.00x Leverage: 1.00x -0.00x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 71.71%, losing 6.3pp. The main pressure comes from SG&A / Revenue rose 4.8pp and Gross margin fell 2.6pp (with additional support from Net financial result / Revenue rose 4.9pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 71.71% −6.3pp

Gross Margin 64.71% −2.6pp

SG&A / Revenue 25.15% +4.8pp

Non-core / Revenue 43.24% +4.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 55.7% of PBT and lifted net margin by 4.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.00x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 23.0bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity -0.02x −0.01x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.07x +0.80x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.0bn in 2025, against investing cash flow of 7.8bn.

Post-investment cash flow was positive +30.9bn. Financing cash flow was negative +0.6bn.

CFO / net income was 2.07x.

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

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 24.6bn +7.1bn

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 margins remain under pressure remaining the main constraint, with net margin down 6.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 55.7%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.02x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.07x. Even so, net financial result still accounts for 55.7% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 71.71% after a 6.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	16.5	17.8	18.3	145.0	42.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	16.5	17.8	18.3	145.0	42.7
Cost of Goods Sold	5.8	5.7	5.5	131.1	0.0
Gross Profit	10.7	12.1	12.8	13.8	27.9
Financial Income	7.8	3.3	23.8	8.1	36.7
Financial Expenses	0.3	0.6	1.3	62.9	-19.3
Interest Expense	0.0	0.1	0.9	18.1	-24.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	2.1
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	0.0	3.6	7.6	4.6	-11.1
Operating Profit	18.2	11.1	27.6	-45.5	36.3
Other Income	0.0	0.0	8.3	1.8	0.0
Other Expenses	0.0	1.3	0.0	0.1	0.0
Other Profit	-0.0	-1.3	8.3	1.7	0.1
Profit Before Tax	18.2	9.9	35.9	-43.8	36.4
Current Income Tax Expense	1.0	0.0	0.0	0.0	-0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.2	9.9	35.9	-43.8	35.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.2	9.9	35.9	-43.8	35.6
Earnings per Share	179.00	103.00	376.00	-432.08	372.00
Diluted EPS	169.23	97.26	376.00	-432.08	350.98

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	339.0	317.0	302.2	262.9	90.7
I. Cash and cash equivalents	34.4	4.1	22.8	33.5	31.8
1. Cash	34.4	4.1	22.8	33.5	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	304.6	312.7	279.2	229.1	57.8
1. Short-term trade accounts receivable	11.1	18.5	15.9	16.3	0.0
2. Short-term prepayments to suppliers	220.6	220.6	220.6	0.1	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	70.0	70.0	40.0	115.5	0.0
6. Other short-term receivables	4.2	8.7	7.5	98.1	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-5.1	-4.8	-0.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
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	—	0.2	0.3	0.3	1.1
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	—	0.2	0.3	0.3	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)	757.8	763.0	769.4	857.7	1,162.6
I. Long-term receivables	—	0.0	0.0	83.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	119.6
2. Long-term prepayments to suppliers	—	0.0	0.0	83.0	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	80.9	81.6	82.2	82.9	126.0
1. Tangible fixed assets	2.1	2.7	3.4	4.0	1.6
- Cost	5.1	5.1	5.1	5.1	0.0
- Accumulated depreciation	-3.0	-2.4	-1.7	-1.1	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	78.8	78.8	78.8	78.8	124.4
- Cost	78.8	78.8	78.8	78.8	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	264.2	268.5	272.7	276.9	404.3
- Cost	298.6	298.6	298.6	298.6	0.0
- Accumulated depreciation	-34.3	-30.1	-25.9	-21.6	0.0
IV. Long-term assets in progress	—	0.0	0.9	0.9	72.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.9	0.9	0.0
V. Long-term financial investments	412.7	413.0	413.5	413.9	422.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	393.0	393.0	393.0	393.0	0.0
3. Investments in other entities	24.0	24.0	24.0	24.0	0.0
4. Provision for diminution in value of long-term investments	-4.4	-4.1	-3.6	-3.2	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	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	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	17.7
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)	1,096.8	1,079.9	1,071.6	1,120.6	1,253.3
A. LIABILITIES (300=210+330)	3.3	3.4	4.7	89.3	184.2
I. Short -term liabilities	3.3	3.4	4.1	87.8	13.7
1. Short-term trade accounts payable	0.8	0.8	0.9	1.0	2.9
2. Short-term advances from customers	0.1	0.2	0.1	0.0	0.1
3. Taxes and other payables to state authorities	0.8	0.4	0.4	0.5	0.0
4. Payable to employees	0.2	0.2	0.2	0.2	0.0
5. Short-term acrrued expenses	—	0.0	0.1	3.9	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	1.5	1.3	1.3	1.4	0.0
10. Short-term borrowings and financial leases	—	0.6	0.9	80.7	0.0
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	—	0.0	0.6	1.5	170.5
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	—	0.0	0.6	1.5	169.4
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)	1,093.4	1,076.5	1,066.9	1,031.3	1,069.1
I. Owner's equity	1,093.4	1,076.5	1,066.9	1,031.3	0.0
1. Owner's capital	1,013.5	1,013.5	1,013.5	1,013.5	1,069.1
- Common stock with voting right	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5
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	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	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	104.2	87.3	77.7	42.1	76.8
- Accumulated retained earning at the end of the previous period	87.3	77.7	42.1	85.9	42.5
- Undistributed earnings in this period	16.9	9.7	35.6	-43.8	34.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.7
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)	1,096.8	1,079.9	1,071.6	1,120.6	1,253.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	35.9	-43.8	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	4.9	8.1	0.0
Provision (Increase)/Reversal	—	0.0	4.2	1.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	-23.8	41.9	0.0
Interest Expense	—	0.0	0.9	18.4	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	—	0.0	22.2	25.9	0.0
Increase/(Decrease) in Receivables	—	0.0	-48.1	6.1	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	-0.4	-2.1	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.1	-0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-4.8	-21.6	0.0
Corporate Income Tax Paid	-0.4	0.0	0.0	-0.9	0.0
Other Operating Receipts	14.2	2.8	0.0	0.0	0.0
Other Operating Payments	-11.7	-3.3	0.0	0.0	0.0
Net Cash Flow from Operating Activities	23.0	12.3	-31.0	7.3	31.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-3.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	110.9	0.0
Loans and Purchases of Debt Instruments	—	0.0	-40.0	-143.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	115.5	43.6	9.7
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	82.1	0.0
Dividends and Interest Income Received	7.8	0.0	25.5	6.4	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	7.8	-30.0	101.0	95.5	9.7
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	—	0.0	0.2	2.8	0.0
Repayment of Borrowings	-0.6	-0.9	-80.9	-90.3	-42.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	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	-0.6	-0.9	-80.7	-87.5	-42.5
Net Cash Flow During the Period	30.3	-18.6	-10.7	15.2	1.4
Cash and Cash Equivalents at Beginning of Period	4.1	22.8	33.5	18.3	33.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.4	4.1	22.8	33.5	31.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	4.4	3.8	4.0	4.3	4.4	4.5	4.3	4.4	4.6	4.3	4.2	4.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.4	3.8	4.0	4.3	4.4	4.5	4.3	4.4	4.6	4.3	4.2	4.4
Cost of Goods Sold	1.5	1.5	1.4	1.5	1.4	1.5	1.4	1.5	1.4	1.4	1.3	1.4
Gross Profit	3.0	2.4	2.6	2.8	3.0	3.0	2.9	3.0	3.2	2.9	2.9	3.0
Financial Income	1.0	0.7	4.4	1.4	1.4	1.1	0.2	1.0	1.0	3.5	3.9	15.1
Financial Expenses	—	0.1	0.0	0.3	-3.7	0.4	0.0	0.2	0.0	0.4	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.3	1.1	0.6	1.1	0.8	1.0	0.8	0.9	1.0	4.8	0.6	1.2
Operating Profit	2.7	1.9	6.3	2.8	7.2	2.7	2.4	2.8	3.2	1.2	6.1	16.9
Other Income	1.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	1.7	—	—	0.0	0.0	0.3	0.0	1.0	0.0	0.0	0.0	0.0
Other Profit	-0.2	—	—	-0.0	-0.0	-0.3	0.0	-1.0	0.0	0.0	0.0	0.0
Profit Before Tax	2.5	1.9	6.3	2.8	7.2	2.3	2.4	1.9	3.2	1.2	6.1	16.9
Current Income Tax Expense	0.6	0.5	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	1.4	5.8	2.8	7.2	2.3	2.4	1.9	3.2	1.2	6.1	16.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.9	1.4	5.8	2.8	7.2	2.3	2.4	1.9	3.2	1.2	6.1	16.9
Earnings per Share	20.00	15.00	60.00	29.00	75.00	24.00	25.00	20.00	33.00	12.00	64.00	176.00
Diluted EPS	18.94	13.86	56.92	27.63	70.80	23.10	23.24	18.56	31.19	11.58	60.61	166.30

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	363.2	339.0	336.9	329.5	325.0	317.0	313.7	310.5	306.4	302.2	300.4	292.8
I. Cash and cash equivalents	17.7	34.4	29.8	18.4	9.6	4.1	23.7	24.1	23.1	22.8	53.2	53.0
1. Cash	17.7	34.4	29.8	18.4	9.6	4.1	23.7	24.1	23.1	22.8	53.2	53.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	113.6	—	—	—	—	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
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
3. Held to maturity investments	94.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for short-term investments held to maturity (*)	-4.4	—	—	—	—	—	—	—	—	—	—	—
5. Other short-term investments	24.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	231.8	304.6	307.1	311.0	315.2	312.7	289.7	286.1	283.1	279.2	247.0	239.5
1. Short-term trade accounts receivable	11.1	11.1	14.6	17.7	14.6	18.5	16.4	21.9	18.8	15.9	24.3	21.0
2. Short-term prepayments to suppliers	220.8	220.6	220.6	220.5	220.7	220.6	220.6	220.5	220.6	220.6	0.1	0.0
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	70.0	70.0	70.0	70.0	70.0	50.0	40.0	40.0	40.0	155.5	155.5
6. Other short-term receivables	1.2	4.2	3.2	4.1	11.3	8.7	7.5	8.5	8.5	7.5	68.1	64.1
7. Provision for short-term doubtful debts (*)	-1.4	-1.4	-1.4	-1.4	-1.4	-5.1	-4.8	-4.8	-4.8	-4.8	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	0.0	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.0	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	735.6	757.8	759.0	760.3	761.8	763.0	764.6	765.8	768.2	769.4	771.0	772.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	79.4	80.9	81.1	81.2	81.4	81.6	81.7	81.9	82.0	82.2	82.4	82.5
1. Tangible fixed assets	0.6	2.1	2.2	2.4	2.6	2.7	2.9	3.1	3.2	3.4	3.6	3.7
- Cost	2.5	—	—	—	—	5.1	5.1	5.1	5.1	5.1	5.1	5.1
- Accumulated depreciation	-2.0	—	—	—	—	-2.4	-2.2	-2.1	-1.9	-1.7	-1.6	-1.4
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	78.8	78.8	78.8	78.8	78.8	78.8	78.8	78.8	78.8	78.8	78.8	78.8
- Cost	78.8	—	—	—	—	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
III. Investment properties	263.2	264.2	265.3	266.3	267.4	268.5	269.5	270.6	271.6	272.7	273.8	274.8
- Cost	298.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-35.4	—	—	—	—	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	0.9	0.9	0.9	0.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.9	0.9	0.9	0.9
V. Long-term financial investments	393.0	412.7	412.7	412.7	413.0	413.0	413.4	413.4	413.5	413.5	413.9	413.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	393.0	393.0	393.0	393.0	393.0	393.0	393.0	393.0	393.0	393.0	393.0	393.0
3. Investments in other entities	—	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
4. Provision for diminution in value of long-term investments	—	-4.4	-4.4	-4.4	-4.1	-4.1	-3.7	-3.7	-3.6	-3.6	-3.2	-3.2
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,098.8	1,096.8	1,095.9	1,089.8	1,086.8	1,079.9	1,078.3	1,076.3	1,074.6	1,071.6	1,071.4	1,065.0
A. LIABILITIES (300=210+330)	3.4	3.1	3.6	3.3	3.1	3.4	3.9	4.3	4.5	4.7	5.3	5.1
I. Short -term liabilities	3.4	3.1	3.6	3.3	3.1	3.4	3.3	3.7	3.9	4.1	4.3	3.5
1. Short-term trade accounts payable	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9
2. Short-term advances from customers	0.0	0.1	0.0	0.1	0.1	0.2	0.1	0.0	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	1.0	0.8	1.4	0.7	0.4	0.4	0.8	0.7	0.7	0.4	1.2	0.8
4. Payable to employees	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.1	0.1
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.3	1.3	1.3	1.4	1.3	1.3	1.4	1.4	1.3	1.3	1.3	1.2
10. Short-term borrowings and financial leases	—	—	—	0.2	0.4	0.6	0.2	0.5	0.7	0.9	0.7	0.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.6	0.6	0.6	0.6	1.1	1.5
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.6	0.6	0.6	0.6	1.1	1.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	1,095.4	1,093.7	1,092.3	1,086.5	1,083.7	1,076.5	1,074.4	1,072.0	1,070.0	1,066.9	1,066.1	1,059.9
I. Owner's equity	1,095.4	1,093.7	1,092.3	1,086.5	1,083.7	1,076.5	1,074.4	1,072.0	1,070.0	1,066.9	1,066.1	1,059.9
1. Owner's capital	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5	1,013.5
- Common stock with voting right	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00	1,013,501,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00	-23,808,309,790.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	106.1	104.5	103.1	97.3	94.5	87.3	85.2	82.8	80.8	77.7	76.8	70.7
- Accumulated retained earning at the end of the previous period	104.5	87.3	87.3	87.3	87.3	77.7	77.7	77.7	77.7	42.1	42.1	42.1
- Undistributed earnings in this period	1.7	17.1	15.7	10.0	7.2	9.7	7.5	5.2	3.2	35.6	34.8	28.6
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,098.8	1,096.8	1,095.9	1,089.8	1,086.8	1,079.9	1,078.3	1,076.3	1,074.6	1,071.6	1,071.4	1,065.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	-5.2	5.2	0.0	35.9	-28.6	28.6
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	-2.4	2.4	0.0	4.9	-2.4	2.4
Provision (Increase)/Reversal	—	—	—	—	—	0.0	-0.2	0.2	0.0	4.2	-0.2	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	1.1	-1.1	0.0	-23.8	16.3	-16.3
Interest Expense	—	—	—	—	—	0.0	-0.1	0.1	0.0	0.9	-0.8	0.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	-6.8	6.8	0.0	22.2	-15.7	15.7
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	5.9	-5.9	0.0	-48.1	-118.9	118.9
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	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	-0.4	0.1	-0.1
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.1	-0.1	0.0	-4.8	4.7	-4.7
Corporate Income Tax Paid	-0.5	-0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	4.3	—	—	—	—	0.1	2.7	-0.1	0.1	-125.7	125.7	-83.2
Other Operating Payments	-1.4	-1.5	-0.5	-0.5	-9.2	-1.5	-1.8	0.5	-0.5	1.6	-1.6	0.7
Net Cash Flow from Operating Activities	7.3	2.2	6.1	9.0	5.7	0.7	10.8	0.3	0.5	-171.4	10.5	50.9
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	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
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-40.0	40.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	115.5	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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	0.0
Dividends and Interest Income Received	—	2.5	5.4	—	—	0.0	-1.0	1.0	0.0	25.5	-9.9	2.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-24.0	2.5	5.4	—	—	-20.0	-11.0	1.0	0.0	141.0	-9.9	-37.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	-0.2	0.2
Repayment of Borrowings	—	0.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	2.8
Repayment of Finance Leases	—	—	—	—	—	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
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	0.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.0	-0.4	3.0
Net Cash Flow During the Period	-16.7	4.6	11.3	8.8	5.5	-19.6	-0.4	1.0	0.3	-30.4	0.2	16.1
Cash and Cash Equivalents at Beginning of Period	34.4	29.8	18.4	9.6	4.1	22.8	22.8	22.8	22.8	33.5	33.5	33.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.7	34.4	29.8	18.4	9.6	4.1	23.7	24.1	23.1	22.8	53.2	53.0

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