HLY

Gốm Xây Dựng Yên Hưng ·UPCOM ·2021Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE −50.37%

Price

13,200

Latest close

15 May 2026

P/E -0.82x

P/B -5.44x

EPS -16,068

BVPS -2,425

ROE -286.5%

ROA -32.0%

Profit Margin -49.9%

Asset Turnover 0.64x

Equity Mult. 8.96x

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

What Is Changing

On a Năm 2025 basis, HLY is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1bn
	                                
−54.4%YoY

	                            
	                                NET MARGIN
	                            
	                                    −1384.05%
	                                
−730.5ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 10bn
	                                
+3.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.49x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	0.7	1.5	10.7	30.6	7.4
Growth	-54%	-86%	-65%	+313%	—
Net Income	-9.7	-10.1	-14.2	-11.4	-1.9
Net Margin	-1384.05%	-653.58%	-133.16%	-37.40%	-25.39%

Metric	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	7.4	10.4	6.6	7.7	11.6
Growth	-29%	+57%	-14%	-33%	—
Net Income	-1.9	-5.6	-5.8	-2.8	0.0
Net Margin	-25.39%	-53.85%	-87.70%	-35.80%	0.22%

Drivers of HLY's profit

TTM

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

Gross profit ↓ 2.1bn

Administrative expenses ↑ 0.2bn

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 -49.92% −730.5pp

Gross Margin -28.43% —

SG&A / Revenue -12.63% —

TTM YoY · 2020Q1 -> 2021Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at -50.37%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently -50.37% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -50.37% —

NOPAT Margin -49.46% —

Capital Turnover 1.02x —

Average Invested Capital 31.6bn —

Balance Sheet

Balance sheet is exceptionally sound — liabilities at -1.39x equity, with a net cash position equivalent to 10.70x equity.

Over the last 12 months, working capital released 4.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +0.4bn

Inventories decreased → higher CFO: +1.5bn

Payables increased → higher CFO: +2.3bn

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.

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 -10.70x and interest coverage only at -5.88x.

At present, short-term debt accounts for 61.0% of total debt, cash equals 0.5% of debt, and total debt stands at 26.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -5.88x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 61.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -10.70x −12.61x

Interest Coverage -5.88x —

Cash / Debt 0.5% −2.0pp

Short-term Debt / Total Debt 61.0% −8.0pp

CFO / NI -0.49x —

TTM YoY · 2020Q1 -> 2021Q1

Cash Flow

Operating cash flow reached -2.2bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +2.2bn. Financing cash flow was positive +2.0bn.

CFO / net income was -0.49x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 7.9bn —

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 capital efficiency remains weak remaining the main constraint, with ROIC at -50.4%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 0.0%.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	0.7	1.5	10.7	30.6	7.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	0.7	1.5	10.7	30.6	7.4
Cost of Goods Sold	0.4	1.6	15.4	33.3	0.0
Gross Profit	0.3	-0.0	-4.7	-2.7	-0.2
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	3.3	3.2	3.2	3.1	-0.7
Interest Expense	3.3	3.2	3.2	3.1	-0.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.1	1.7	-0.4
General and Administrative Expenses	2.1	1.4	2.2	3.0	-0.5
Operating Profit	-5.1	-4.7	-10.2	-10.5	-1.8
Other Income	0.4	1.4	0.4	0.0	0.0
Other Expenses	5.1	6.8	4.5	0.9	0.0
Other Profit	-4.7	-5.4	-4.0	-0.9	-0.1
Profit Before Tax	-9.7	-10.1	-14.2	-11.4	-1.9
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-9.7	-10.1	-14.2	-11.4	-1.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-9.7	-10.1	-14.2	-11.4	-1.9
Earnings per Share	-9,739.00	-10,081.00	-14,215.00	-11,435.00	-1,881.00
Diluted EPS	-9,738.23	-10,080.50	-14,213.96	-11,433.52	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1.6	2.9	4.8	8.2	9.9
I. Cash and cash equivalents	0.0	0.2	0.0	0.0	0.2
1. Cash	0.0	0.2	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	1.5	2.1	2.7	4.2	4.0
1. Short-term trade accounts receivable	0.4	0.4	0.3	0.2	0.0
2. Short-term prepayments to suppliers	0.5	0.6	0.6	2.3	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	1.6	1.9	2.6	2.3	0.0
7. Provision for short-term doubtful debts (*)	-0.9	-0.7	-0.8	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.6	2.1	3.9	5.6
1. Inventories	0.7	2.2	3.7	7.4	0.0
2. Provision for decline in value of inventories	-0.6	-1.6	-1.6	-3.5	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	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
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)	18.8	22.5	26.2	33.9	38.4
I. Long-term receivables	0.5	0.5	0.4	0.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.5	0.5	0.4	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.3	22.0	25.8	29.7	36.5
1. Tangible fixed assets	18.3	22.0	25.8	29.7	36.5
- Cost	73.4	73.4	73.4	75.2	0.0
- Accumulated depreciation	-55.1	-51.4	-47.7	-45.5	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	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	3.7	0.0
1. Long-term prepayments	0.0	0.0	0.0	3.7	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	1.5
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)	20.5	25.5	31.0	42.1	48.3
A. LIABILITIES (300=210+330)	73.6	68.9	64.3	61.2	48.8
I. Short -term liabilities	72.0	68.0	61.3	57.7	38.1
1. Short-term trade accounts payable	11.4	11.5	11.9	13.3	13.6
2. Short-term advances from customers	0.0	0.0	0.2	0.4	0.7
3. Taxes and other payables to state authorities	8.6	7.6	5.9	4.5	0.0
4. Payable to employees	1.0	1.0	1.0	2.2	0.0
5. Short-term acrrued expenses	1.8	1.4	1.2	1.0	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	15.7	14.4	12.3	10.0	0.0
10. Short-term borrowings and financial leases	33.5	32.2	29.0	26.4	16.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-0.1	-0.1	-0.1	-0.1	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	1.6	0.8	3.0	3.5	10.7
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	0.4	0.2	0.0	0.0
8. Long-term borrowings and financial leases	1.1	0.5	2.8	3.5	10.7
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)	-53.1	-43.4	-33.3	-19.1	-0.5
I. Owner's equity	-53.1	-43.4	-33.3	-19.1	0.0
1. Owner's capital	10.0	10.0	10.0	10.0	-0.5
- Common stock with voting right	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
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	-950,000.00	-950,000.00	-950,000.00	-950,000.00	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	9.2	9.2	9.2	9.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.2	1.2	1.2	1.2	0.0
11. Undistributed earnings after tax	-73.6	-63.9	-53.8	-39.6	-21.0
- Accumulated retained earning at the end of the previous period	-63.9	-53.8	-39.6	-28.2	-6.9
- Undistributed earnings in this period	-9.7	-10.1	-14.2	-11.4	-14.2
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)	20.5	25.5	31.0	42.1	48.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-9.7	-10.1	-14.2	-11.4	-1.9
Depreciation of Fixed Assets and Investment Property	3.7	3.7	3.9	4.0	1.0
Provision (Increase)/Reversal	-0.7	-0.1	-1.6	1.9	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	-0.0	-0.3	-0.0	0.0
Interest Expense	3.3	3.2	3.2	3.1	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	-3.4	-3.3	-9.0	-2.5	-0.2
Increase/(Decrease) in Receivables	0.4	0.6	1.3	-1.5	0.0
Increase/(Decrease) in Inventory	1.5	1.5	3.8	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	2.2	-0.5	3.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.0	3.8	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.9	-1.7	-1.6	-1.9	0.0
Corporate Income Tax Paid	—	0.0	0.0	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	-2.2	-0.7	-2.3	-3.2	2.9
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	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	0.0	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	0.0	0.0	0.3	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	2.0	1.2	5.7	10.0	1.1
Repayment of Borrowings	—	-0.4	-3.8	-6.9	-4.1
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	2.0	0.8	1.9	3.1	-3.0
Net Cash Flow During the Period	-0.2	0.2	0.0	-0.1	0.0
Cash and Cash Equivalents at Beginning of Period	0.2	0.0	0.0	0.1	0.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.2	0.0	0.0	0.0

Item	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	7.4	10.4	6.6	7.7	11.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	7.4	10.4	6.6	7.7	11.6
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0
Gross Profit	-0.2	-3.6	-4.3	-1.0	1.9
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	-0.7	-0.8	-0.6	-0.7	-0.6
Interest Expense	-0.7	-0.8	-0.6	-0.7	-0.6
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-0.4	-0.5	-0.3	-0.4	-0.5
General and Administrative Expenses	-0.5	-0.7	-0.6	-0.7	-0.7
Operating Profit	-1.8	-5.5	-5.8	-2.8	0.0
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	-0.1	0.0	-0.0	-0.0
Profit Before Tax	-1.9	-5.6	-5.8	-2.8	0.0
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-1.9	-5.6	-5.8	-2.8	0.0
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.9	-5.6	-5.8	-2.8	0.0
Earnings per Share	-1,881.00	-5,611.00	-5,805.00	-2,770.86	25.05
Diluted EPS	-1,880.85	-5,610.54	-5,805.09	-2,770.86	25.05

Item	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9.1	9.9	14.4	18.1	17.9
I. Cash and cash equivalents	0.1	0.2	0.1	0.4	0.7
1. Cash	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3.9	4.0	3.9	4.9	5.1
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	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	5.0	5.6	10.5	12.9	12.1
1. Inventories	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
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	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)	38.6	38.4	39.1	34.1	35.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.4	0.3	0.3	0.3	0.3
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	0.0	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
II. Fixed assets	36.7	36.5	31.3	32.2	33.1
1. Tangible fixed assets	36.7	36.5	31.3	32.2	33.1
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	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	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
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	0.0	0.0	6.2	0.1	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	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
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	1.5	1.5	1.2	1.4	1.6
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)	47.7	48.3	53.5	52.2	52.8
A. LIABILITIES (300=210+330)	50.1	48.8	48.5	41.3	39.2
I. Short -term liabilities	39.9	38.1	41.4	34.3	30.9
1. Short-term trade accounts payable	15.5	13.6	13.5	6.4	5.8
2. Short-term advances from customers	0.8	0.7	1.3	2.4	2.3
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	15.9	16.2	20.3	20.3	18.4
11. Provision for short-term liabilities	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
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	10.2	10.7	7.0	7.1	8.3
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	10.2	10.7	7.0	7.0	8.3
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
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)	-2.4	-0.5	5.1	10.9	13.6
I. Owner's equity	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	-2.4	-0.5	5.1	10.9	13.6
- Common stock with voting right	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
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	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
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-22.9	-21.0	-15.4	-9.6	-6.8
- Accumulated retained earning at the end of the previous period	-21.0	-6.9	-6.9	-6.9	-6.9
- Undistributed earnings in this period	-1.9	-14.2	-8.6	-2.7	0.0
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)	47.7	48.3	53.5	52.2	52.8

Item	Q4'25	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-9.7	-1.9	-5.6	-5.8	-2.8	0.0
Depreciation of Fixed Assets and Investment Property	3.7	1.0	1.1	0.8	0.9	0.8
Provision (Increase)/Reversal	-0.7	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	0.0
Interest Expense	3.3	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	-3.4	-0.2	-2.8	-4.4	-0.8	1.4
Increase/(Decrease) in Receivables	0.4	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	1.5	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	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	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.9	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2.2	2.9	1.3	5.8	0.6	-1.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	-6.1	-1.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	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	0.0
Investments in Other Entities	—	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
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	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	0.0	0.0	-0.1	-6.1	-1.5	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2.0	1.1	5.3	4.4	7.9	11.4
Repayment of Borrowings	—	-4.1	-6.2	-4.5	-7.3	-9.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2.0	-3.0	-1.0	-0.1	0.6	2.4
Net Cash Flow During the Period	-0.2	-0.1	0.2	-0.3	-0.3	0.6
Cash and Cash Equivalents at Beginning of Period	0.2	0.2	0.1	0.4	0.7	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.1	0.2	0.1	0.4	0.7

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HLY

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Balance Sheet ●

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Leverage & Liquidity ▼▼

Cash Flow ●

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow