HID

Listed Company · HOSE

Price

4,760

Latest close

03 Apr 2026

P/E 13.4x

EPS (TTM) 356

ROE (TTM) 6.0%

P/B —

BVPS (Latest) —

ROA (TTM) 3.3%

What Is Changing

HID has not yet shown a broad-based top-line recovery. Revenue posted -100.0% YoY, but net margin reached -3.97% with an additional +3.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Revenue decreased 100.0% YoY to VND 0.0bn in 2025.
Quarterly Net Income decreased 100.0% YoY to VND 0.0bn in 2025Q4.
Net margin improved from -7.64% in the prior period to -3.97% in 2023.

Metric	2025	2023	2022	2021	2020
Revenue	0.0	315.3	253.3	309.4	348.4
Growth	-100%	+24%	-18%	-11%	—
Net Income	0.0	-12.5	-19.4	91.2	-114.0
Net Margin	—	-3.97%	-7.64%	29.46%	-32.72%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	0.0	91.6	208.7	121.0	92.9	43.5	131.9	75.3	64.3	74.0	69.9	68.0
Growth	-100%	-56%	+72%	+30%	+114%	-67%	+75%	+17%	-13%	+6%	+3%	—
Net Income	0.0	-28.3	59.1	-34.5	3.9	27.5	-11.2	2.7	-19.1	-5.3	-19.0	1.7
Net Margin	—	-30.89%	28.32%	-28.50%	4.17%	63.27%	-8.48%	3.64%	-29.67%	-7.22%	-27.23%	2.48%

Financial Statements

Profitability

Net margin reached -3.97% while Revenue posted -100.0% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 0.0bn, and equity at 0.0bn.

Cash Flow

Operating cash flow was -14.2bn in 2023, while investing cash flow was 57.2bn.

Financing cash flow: -46.7bn.

Item	2025	2023	2022	2021	2020
Revenue	0.0	315.3	253.3	309.4	348.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	315.3	253.3	309.4	348.4
Cost of Goods Sold	0.0	272.7	216.1	0.0	0.0
Gross Profit	0.0	42.6	37.2	45.6	39.7
Financial Income	0.0	53.5	3.8	52.9	-9.4
Financial Expenses	0.0	68.8	40.2	-18.4	-126.0
Interest Expense	0.0	41.2	31.8	-30.4	-29.2
Share of Associates and Joint Ventures	0.0	-0.2	-2.5	2.6	0.7
Selling Expenses	0.0	0.0	0.0	-0.0	0.0
General and Administrative Expenses	0.0	30.9	22.8	-25.0	-13.9
Operating Profit	0.0	-3.9	-24.5	57.6	-108.8
Other Income	0.0	0.2	5.6	0.0	0.0
Other Expenses	0.0	3.3	0.4	0.0	0.0
Other Profit	0.0	-3.1	5.2	33.7	-1.1
Profit Before Tax	0.0	-7.0	-19.3	91.4	-109.9
Current Income Tax Expense	0.0	1.2	0.0	-0.2	-4.1
Deferred Income Tax Expense	0.0	4.3	0.0	0.0	0.0
Net Income	0.0	-12.5	-19.4	91.2	-114.0
Non-controlling Interest	0.0	-18.2	-2.1	19.1	-19.1
Profit Attributable to Parent	0.0	5.7	-17.3	72.0	-94.9
Earnings per Share	0.00	74.00	-242.00	1,227.10	-1,613.30
Diluted EPS	0.00	74.00	-242.00	1,225.79	-1,615.26

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	571.7	513.3	406.1	363.2
I. Cash and cash equivalents	16.7	20.5	17.3	13.2
1. Cash	16.7	4.0	0.0	0.0
2. Cash equivalents	0.0	16.5	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	546.3	487.6	373.9	326.3
1. Short-term trade accounts receivable	202.2	71.4	0.0	0.0
2. Short-term prepayments to suppliers	140.2	255.8	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	204.2	160.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	8.0	3.9	5.3	4.6
1. Inventories	8.0	3.9	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	0.7	1.3	8.6	17.3
1. Short-term prepayments	0.4	1.0	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	0.3	0.0	0.0	0.0
4. Government bonds	0.0	0.3	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)	1,073.9	1,094.9	1,121.0	1,100.8
I. Long-term receivables	40.4	55.1	0.0	0.0
1. Long-term trade receivables	0.0	0.0	40.4	20.4
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	40.4	55.1	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	850.6	787.5	847.1	892.9
1. Tangible fixed assets	850.6	787.5	847.1	888.8
- Cost	1,080.5	936.9	0.0	0.0
- Accumulated depreciation	-229.9	-149.4	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	4.1
- 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	59.3	63.0	30.1	44.3
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	59.3	63.0	0.0	0.0
V. Long-term financial investments	105.4	182.2	194.0	132.1
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	66.2	173.0	0.0	0.0
3. Investments in other entities	39.2	9.2	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	18.2	7.0	0.0	0.0
1. Long-term prepayments	4.3	5.9	0.0	0.0
2. Deferred income tax assets	1.1	1.2	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	9.4	11.0
5. Goodwill	12.8	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,645.5	1,608.2	1,527.1	1,463.9
A. LIABILITIES (300=210+330)	715.5	657.6	739.2	821.2
I. Short -term liabilities	195.0	181.2	200.8	158.8
1. Short-term trade accounts payable	18.2	30.0	53.5	80.5
2. Short-term advances from customers	2.5	2.2	3.1	2.3
3. Taxes and other payables to state authorities	11.7	5.1	0.0	0.0
4. Payable to employees	2.5	4.1	0.0	0.0
5. Short-term acrrued expenses	13.9	8.6	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	3.1	4.1	0.0	0.0
10. Short-term borrowings and financial leases	141.0	126.9	130.5	59.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	0.1	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	520.5	476.4	538.4	662.5
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	78.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	438.2	476.4	538.4	657.4
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	4.3	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)	930.0	950.6	787.8	642.7
I. Owner's equity	930.0	950.6	0.0	0.0
1. Owner's capital	767.7	767.7	787.8	642.7
- Common stock with voting right	767.7	767.7	587.7	587.7
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	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	-0.1
5. Treasury shares	-0.1	-0.1	0.0	0.0
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	2.0	2.0	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	23.5	19.9	35.4	-53.4
- Accumulated retained earning at the end of the previous period	17.9	37.1	33.2	6.1
- Undistributed earnings in this period	5.7	-17.3	2.2	-59.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	136.3	160.6	162.3	105.9
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)	1,645.5	1,608.2	1,527.1	1,463.9

Item	2023	2022	2021	2020
Profit Before Tax	-7.0	-19.4	17.2	-112.8
Depreciation of Fixed Assets and Investment Property	52.0	47.7	82.7	39.7
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-48.5	-3.7	0.0	0.0
Interest Expense	41.2	31.8	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	38.5	56.4	103.0	43.5
Increase/(Decrease) in Receivables	-20.1	-108.6	0.0	0.0
Increase/(Decrease) in Inventory	4.1	1.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.3	-17.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	2.6	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-37.7	-31.6	0.0	0.0
Corporate Income Tax Paid	0.0	-0.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	-14.2	-98.0	-98.3	482.4
Payments for Fixed Assets and Other Long-term Assets	-0.4	-27.7	-65.2	-584.3
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	-9.2	-44.2	-36.9
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	16.8	49.8	65.8
Investments in Other Entities	-88.2	0.0	-44.9	-5.9
Proceeds from Investments in Other Entities	145.7	12.3	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	57.2	-7.9	-47.0	-643.2
Proceeds from Equity Issuance and Capital Contributions	0.0	180.0	20.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	218.9	139.5	350.4	446.9
Repayment of Borrowings	-265.6	-194.1	-272.4	-461.8
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	-46.7	125.4	98.0	-14.9
Net Cash Flow During the Period	-3.8	19.5	-12.5	-10.4
Cash and Cash Equivalents at Beginning of Period	20.5	1.0	64.7	189.6
FX Difference from Revaluation	0.0	-0.0	0.0	-0.7
Cash and Cash Equivalents at End of Period	16.7	20.5	17.3	13.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	0.0	91.6	208.7	121.0	92.9	43.5	131.9	75.3	64.3	74.0	69.9	68.0
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	0.0	91.6	208.7	121.0	92.9	43.5	131.9	75.3	64.3	74.0	69.9	68.0
Cost of Goods Sold	0.0	100.7	100.5	105.9	68.6	30.7	108.5	66.4	66.1	59.2	48.9	69.4
Gross Profit	0.0	-9.1	108.2	15.1	24.2	12.8	23.4	9.0	-1.8	14.8	21.0	-1.4
Financial Income	0.0	11.4	0.0	0.0	1.6	31.7	4.4	17.3	0.0	-2.6	-21.8	12.4
Financial Expenses	0.0	20.5	13.0	39.8	15.5	12.6	28.8	15.2	12.2	11.0	11.2	9.2
Interest Expense	0.0	8.3	8.4	8.1	9.1	12.2	13.9	10.1	10.8	9.0	8.9	7.1
Share of Associates and Joint Ventures	0.0	0.3	0.0	0.0	0.0	0.4	0.0	-0.6	0.0	-1.2	-1.0	0.0
Selling 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
General and Administrative Expenses	0.0	11.0	22.4	4.7	3.7	2.0	6.4	5.5	5.2	5.8	6.2	5.2
Operating Profit	0.0	-28.8	72.7	-29.4	6.7	30.4	-7.4	4.9	-19.2	-5.7	-19.1	-3.5
Other Income	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.2	0.3	0.2	5.1
Other Expenses	0.0	0.7	0.7	0.5	0.2	0.1	2.8	0.0	0.0	-0.0	0.1	-0.1
Other Profit	0.0	-0.7	-0.7	-0.5	0.1	-0.1	-2.8	-0.0	0.1	0.4	0.1	5.2
Profit Before Tax	0.0	-29.6	72.1	-29.9	6.8	30.3	-10.1	4.9	-19.0	-5.3	-19.0	1.7
Current Income Tax Expense	0.0	-3.3	12.6	0.5	0.0	1.6	0.3	0.0	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	0.0	2.0	0.3	4.1	2.9	1.2	0.7	2.2	0.0	0.0	0.0	0.0
Net Income	0.0	-28.3	59.1	-34.5	3.9	27.5	-11.2	2.7	-19.1	-5.3	-19.0	1.7
Non-controlling Interest	0.0	-9.8	-1.6	-19.7	-3.3	-2.9	-5.0	-3.1	-7.3	-0.9	-7.1	2.8
Profit Attributable to Parent	0.0	-18.5	60.6	-14.8	7.2	30.4	-6.2	5.8	-11.7	-4.4	-12.0	-1.1
Earnings per Share	0.00	-241.05	790.06	-193.09	93.99	396.37	-80.39	75.75	-153.00	1,658.00	-156.00	-19.00
Diluted EPS	0.00	-241.05	790.06	-193.09	93.99	396.37	-80.39	75.75	-152.77	-57.73	-156.23	-14.04

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	655.1	509.2	278.6	538.1	572.2	527.4	554.3	478.8	513.3	486.0	541.6
I. Cash and cash equivalents	21.3	24.8	48.3	11.7	16.7	6.5	86.2	4.9	20.5	4.0	16.3
1. Cash	19.3	24.8	48.3	11.6	16.7	6.4	83.5	1.0	4.0	4.0	13.3
2. Cash equivalents	2.0	0.0	0.0	0.1	0.0	0.1	2.7	3.9	16.5	0.0	3.0
II. Short-term financial investments	0.0	0.0	0.0	56.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
3. Held to maturity investments	0.0	0.0	0.0	56.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	625.5	478.0	201.0	450.6	546.3	510.1	463.7	469.5	487.6	477.2	517.9
1. Short-term trade accounts receivable	52.7	143.6	39.3	96.1	202.2	132.2	62.6	69.9	71.4	58.4	95.6
2. Short-term prepayments to suppliers	119.8	176.1	73.0	138.8	140.2	226.7	236.0	255.6	255.8	242.2	261.6
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
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
5. Short-term loan receivables	11.9	40.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7	0.7
6. Other short-term receivables	441.2	117.9	89.1	216.1	204.2	151.6	165.4	144.3	160.8	174.3	160.3
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
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
IV. Inventories	4.1	5.5	24.3	17.2	8.9	9.1	3.8	3.3	3.9	3.2	6.0
1. Inventories	4.1	5.5	24.3	17.2	8.9	9.1	3.8	3.3	3.9	3.2	6.0
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
V. Other short-term assets	4.2	0.9	4.9	2.2	0.3	1.7	0.6	1.1	1.3	1.6	1.4
1. Short-term prepayments	1.2	0.9	1.1	1.0	0.3	0.6	0.3	0.8	1.0	1.3	0.5
2. Value added tax to be reclaimed	3.0	0.0	3.8	0.8	0.0	1.1	0.1	0.0	0.0	0.0	0.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.3	0.3
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.3	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,326.1	1,528.3	1,487.8	1,106.7	1,086.1	1,111.8	1,020.4	1,084.3	1,094.9	1,117.1	1,110.1
I. Long-term receivables	0.4	0.4	0.4	40.4	40.4	40.4	55.1	55.1	55.1	55.1	55.1
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.1	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
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
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
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
6. Other long-term receivables	0.4	0.4	0.4	40.4	40.4	40.4	55.1	55.1	55.1	0.0	55.1
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
II. Fixed assets	776.2	784.9	787.4	824.6	851.0	864.0	763.7	775.6	787.5	799.5	811.4
1. Tangible fixed assets	776.2	784.9	787.4	824.6	851.0	864.0	763.7	775.6	787.5	799.5	811.4
- Cost	1,099.9	1,094.7	1,083.7	1,080.5	1,080.5	1,080.4	936.9	936.9	936.9	936.9	936.9
- Accumulated depreciation	-323.7	-309.8	-296.3	-255.9	-229.5	-216.4	-173.3	-161.3	-149.4	-137.5	-125.6
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
- Cost	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
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
- Cost	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
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
- Cost	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
IV. Long-term assets in progress	214.5	168.1	147.4	81.3	71.1	80.7	65.9	64.6	63.0	61.6	41.0
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
2. Construction in progress	214.5	168.1	147.4	81.3	71.1	80.7	65.9	64.6	63.0	61.6	41.0
V. Long-term financial investments	43.5	559.8	536.7	144.3	105.4	105.0	129.5	182.2	182.2	193.1	194.1
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
2. Investments in associates, joint-ventures	11.1	234.4	211.3	66.2	66.2	51.8	117.2	173.0	173.0	174.1	175.1
3. Investments in other entities	32.4	32.4	32.4	78.1	39.2	53.2	12.3	9.2	9.2	19.0	19.0
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
5. Held to maturity investments	0.0	293.0	293.0	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
VI. Other long-term assets	291.5	15.0	15.9	16.2	5.4	6.2	6.1	6.9	7.0	7.8	8.6
1. Long-term prepayments	9.8	3.2	3.7	3.0	4.3	5.1	4.9	5.7	5.9	6.6	7.4
2. Deferred income tax assets	1.1	1.1	1.1	1.1	1.1	1.1	1.2	1.2	1.2	1.2	1.2
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
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
5. Goodwill	280.7	10.8	11.1	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	12.1	12.8	15.4	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,981.2	2,037.5	1,766.5	1,644.8	1,658.3	1,639.2	1,574.6	1,563.1	1,608.2	1,603.1	1,651.7
A. LIABILITIES (300=210+330)	992.8	980.7	868.8	732.2	715.7	697.2	640.4	631.6	657.7	647.2	676.8
I. Short -term liabilities	306.8	368.7	260.2	184.9	194.8	160.2	184.3	154.6	181.2	148.4	200.0
1. Short-term trade accounts payable	51.4	21.9	21.6	19.3	18.2	16.4	19.9	22.3	30.0	17.8	49.9
2. Short-term advances from customers	5.9	4.2	6.6	5.1	2.5	5.0	2.1	2.0	2.2	1.9	3.2
3. Taxes and other payables to state authorities	15.9	23.2	8.3	7.7	12.1	5.5	4.8	3.4	5.1	1.9	1.3
4. Payable to employees	2.4	3.0	4.5	2.2	2.4	1.9	6.0	5.2	4.1	1.9	2.1
5. Short-term acrrued expenses	11.9	16.4	17.0	15.6	14.0	10.2	13.5	8.2	8.4	7.9	8.0
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
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
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
9. Other short-term payables	35.8	2.5	2.5	2.3	3.1	3.3	3.8	4.0	4.2	4.0	4.1
10. Short-term borrowings and financial leases	181.5	295.5	197.7	130.7	140.3	117.8	134.2	109.4	127.2	112.8	131.2
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
12.. Bonus and welfare fund	1.9	2.0	2.0	2.0	2.1	0.1	0.1	0.1	0.1	0.1	0.1
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
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
II. Long-term liabilities	686.0	612.1	608.6	547.3	520.9	537.0	456.0	477.0	476.4	498.8	476.9
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
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
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
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
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
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
7. Other long-term liabilities	76.3	76.5	76.5	77.5	78.0	63.5	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	597.8	525.6	522.5	462.6	438.8	470.5	453.8	477.0	476.4	498.8	476.9
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
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
11. Deferred income tax liabilities	11.9	9.9	9.5	7.2	4.0	2.9	2.2	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
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
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
B. OWNER'S EQUITY (400=410+430)	988.5	1,056.7	897.6	912.6	942.6	942.0	934.3	931.5	950.5	955.9	974.9
I. Owner's equity	988.5	1,056.7	897.6	912.6	942.6	942.0	934.3	931.5	950.5	955.9	974.9
1. Owner's capital	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7
- Common stock with voting right	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7	767.7
- Preferred stock	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	0.5	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	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
5. Treasury shares	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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
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
8. Investment and development fund	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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
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
11. Undistributed earnings after tax	55.2	74.6	13.9	19.9	36.3	17.4	14.0	8.1	19.8	24.3	36.3
- Accumulated retained earning at the end of the previous period	28.7	28.7	28.7	23.5	17.9	29.3	19.9	19.9	37.1	37.1	37.1
- Undistributed earnings in this period	26.5	45.9	-14.8	-3.6	18.4	-11.9	-5.9	-11.7	-17.3	-12.9	-0.9
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
13. Minority's interest	163.1	212.0	113.6	122.5	136.2	154.4	150.1	153.2	160.5	161.4	168.5
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
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
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
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
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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,981.2	2,037.5	1,766.5	1,644.8	1,658.3	1,639.2	1,574.6	1,563.1	1,608.2	1,603.1	1,651.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Profit Before Tax	0.0	-29.6	71.1	-29.9	-13.5	30.3	-10.1	5.0	-19.1	-5.3	-19.1	1.7
Depreciation of Fixed Assets and Investment Property	0.0	13.2	14.5	12.9	26.7	-18.3	44.8	11.9	11.9	11.9	11.9	11.9
Provision (Increase)/Reversal	0.0	0.0	-0.2	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	-1.8	2.7	29.6	8.2	-14.0	12.7	1.5	0.6	5.8	21.9	-20.3
Gain/Loss from Investment Activities	0.0	-0.9	-0.0	-0.0	-0.0	-27.2	-4.4	-16.7	-0.0	-3.2	-0.1	-0.2
Interest Expense	0.0	8.3	8.4	8.1	18.3	12.2	13.9	10.1	10.8	8.9	8.9	7.1
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	0.0	-10.7	96.5	20.7	39.7	-17.0	56.9	11.8	4.2	18.1	23.6	0.2
Increase/(Decrease) in Receivables	0.0	336.7	-209.6	7.9	106.7	-34.9	-11.0	5.8	18.1	-11.5	44.8	-197.7
Increase/(Decrease) in Inventory	0.0	0.4	20.9	-10.3	-9.2	9.5	-5.4	-0.5	0.6	-0.7	2.9	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	-262.3	211.0	11.9	-89.5	-75.8	64.7	-2.5	-8.7	17.5	-32.6	3.1
Increase/(Decrease) in Prepaid Expenses	0.0	0.3	0.7	0.4	0.3	1.5	-0.4	1.3	0.4	1.0	0.0	0.7
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	-10.8	-10.5	-11.4	-16.4	-4.9	-17.0	-4.2	-11.8	-7.8	-9.9	-6.5
Corporate Income Tax Paid	0.0	0.0	-1.7	0.0	-0.3	-0.2	0.2	0.0	0.0	-0.0	-0.0	-0.8
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	0.0	0.0	0.0	0.0	0.0	-0.0	0.1	-0.1
Net Cash Flow from Operating Activities	0.0	53.5	107.1	19.1	31.3	-121.7	87.9	11.7	2.9	16.7	28.8	-201.5
Payments for Fixed Assets and Other Long-term Assets	0.0	-34.0	-157.1	-29.9	-3.9	159.5	-158.2	-1.4	-1.5	-1.5	-20.6	-3.2
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	29.7	-29.7	0.0
Loans and Purchases of Debt Instruments	0.0	-430.6	-40.5	0.0	-10.2	-0.1	0.0	0.0	0.0	-48.9	43.8	-1.6
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	168.9	15.3	0.0	-1.0	0.0	0.0	0.0	0.0	16.8	-10.5	9.4
Investments in Other Entities	0.0	41.3	-23.1	-20.0	-38.9	-70.8	-14.0	-3.1	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	187.0	20.8	0.0	0.0	69.1	4.1	72.4	0.0	12.3	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.2	0.0	0.0	-0.3	0.3	0.0	0.0	-0.3	0.2	0.1
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	-67.4	-184.5	-49.9	-54.0	157.6	-167.8	68.0	-1.5	8.1	-16.9	4.7
Proceeds from Equity Issuance and Capital Contributions	0.0	30.0	0.0	0.0	0.0	6.0	0.0	0.0	0.0	0.0	0.0	180.0
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	159.4	172.4	140.7	173.6	52.3	83.5	50.8	52.5	-20.3	82.9	46.1
Repayment of Borrowings	0.0	-178.9	-118.6	-89.9	-155.8	-83.9	-83.2	-49.2	-69.4	12.0	-107.0	-26.0
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	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	0.0	10.4	53.8	50.8	17.8	-25.6	0.2	1.6	-16.9	-8.3	-24.2	200.0
Net Cash Flow During the Period	0.0	-3.5	-23.5	20.0	-5.0	10.2	-79.7	81.2	-15.5	16.5	-12.3	3.2
Cash and Cash Equivalents at Beginning of Period	21.3	24.8	48.3	28.4	16.7	20.5	20.5	20.5	20.5	1.0	1.0	1.0
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	0.0	21.3	24.8	48.3	11.7	16.7	6.5	86.2	4.9	20.5	4.0	16.3

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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