HWS

Listed Company · UPCOM

Price

15,000

Latest close

03 Apr 2026

P/E 10.6x

EPS (TTM) 1,416

ROE (TTM) 12.7%

P/B 1.2x

BVPS (Latest) 12,791

ROA (TTM) 7.2%

What Is Changing

HWS has not yet shown a broad-based top-line recovery. Revenue posted -0.2% YoY, but net margin reached 21.25% with an additional +1.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 89bps to 21.25% in 2025.
Net Income reached a multi-period high at VND 142.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	668.5	670.2	628.0	595.7	586.4
Growth	-0%	+7%	+5%	+2%	—
Net Income	142.1	135.0	127.9	118.2	98.5
Net Margin	21.25%	20.14%	20.37%	19.83%	16.79%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9	135.8
Growth	-10%	+4%	+20%	-7%	-17%	+5%	+24%	-3%	-15%	+7%	+21%	—
Net Income	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5	31.2
Net Margin	17.34%	27.09%	17.11%	23.26%	15.09%	26.20%	15.05%	23.38%	10.50%	30.26%	16.06%	22.99%

Financial Statements

Profitability

Net margin reached 21.25% while Revenue posted -0.2% YoY.

Balance Sheet

Inventory stood at 69.0bn, liabilities at 824.9bn, and equity at 1,120.6bn.

Cash Flow

Operating cash flow was 233.1bn in 2024, while investing cash flow was -98.7bn.

Financing cash flow: -131.6bn.

Item	2025	2024	2023	2022	2021
Revenue	668.5	670.2	628.0	595.7	586.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	668.5	670.2	628.0	595.7	586.4
Cost of Goods Sold	376.2	376.8	368.4	375.1	0.0
Gross Profit	292.3	293.4	259.6	220.6	175.3
Financial Income	6.3	5.9	10.2	9.8	11.8
Financial Expenses	55.0	72.1	59.2	45.3	-8.7
Interest Expense	0.0	44.8	41.0	16.0	-8.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	24.0	23.1	21.6	23.4	-27.9
General and Administrative Expenses	59.6	58.8	52.5	27.2	-28.2
Operating Profit	160.1	145.2	136.5	134.5	122.3
Other Income	1.9	14.0	23.3	1.2	0.0
Other Expenses	1.7	4.3	12.0	2.0	0.0
Other Profit	0.2	9.8	11.4	-0.8	0.8
Profit Before Tax	160.2	155.0	147.8	133.7	123.1
Current Income Tax Expense	18.2	20.0	19.9	15.5	-24.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	142.1	135.0	127.9	118.2	98.5
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	142.1	135.0	127.9	118.2	98.5
Earnings per Share	1,350.00	1,283.00	1,215.00	1,352.00	1,126.00
Diluted EPS	1,350.00	1,283.00	1,215.00	1,352.00	1,124.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	525.3	468.4	466.6	449.7	348.6
I. Cash and cash equivalents	188.6	141.1	138.3	130.1	59.5
1. Cash	33.6	21.1	8.3	20.1	0.0
2. Cash equivalents	155.0	120.0	130.0	110.0	0.0
II. Short-term financial investments	86.6	81.2	75.7	40.0	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	86.6	81.2	75.7	40.0	0.0
III. Short-term receivables	158.8	161.8	159.5	183.5	184.3
1. Short-term trade accounts receivable	41.1	44.1	50.7	50.6	0.0
2. Short-term prepayments to suppliers	113.2	110.9	103.8	120.4	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	5.3	7.4	5.6	13.0	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.6	-0.6	-0.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	69.0	57.9	49.5	43.7	44.0
1. Inventories	69.0	57.9	49.5	43.7	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	22.2	26.4	43.6	52.4	60.8
1. Short-term prepayments	10.1	1.6	0.9	0.0	0.0
2. Value added tax to be reclaimed	8.2	22.7	36.8	46.9	0.0
3. Taxes and other receivables from state authorities	4.0	2.1	6.0	5.6	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)	1,420.3	1,524.3	1,566.1	1,588.5	1,560.3
I. Long-term receivables	0.2	0.2	0.2	0.2	0.0
1. Long-term trade receivables	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
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	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,245.1	1,313.4	1,386.1	1,147.8	1,220.1
1. Tangible fixed assets	1,243.5	1,311.4	1,384.2	1,145.2	1,219.0
- Cost	3,523.3	3,441.3	3,373.1	2,984.9	0.0
- Accumulated depreciation	-2,279.8	-2,129.8	-1,988.8	-1,839.7	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.6	2.0	1.9	2.6	1.1
- Cost	7.6	7.5	6.6	6.4	0.0
- Accumulated depreciation	-6.0	-5.4	-4.7	-3.8	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	158.9	193.5	173.6	436.3	336.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	158.9	193.5	173.6	436.3	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	16.1	17.2	6.1	4.3	0.0
1. Long-term prepayments	16.1	17.2	6.1	4.3	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	3.9
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,945.6	1,992.6	2,032.7	2,038.3	1,908.9
A. LIABILITIES (300=210+330)	824.9	872.7	947.6	986.4	929.4
I. Short -term liabilities	262.1	265.8	287.8	266.2	327.8
1. Short-term trade accounts payable	27.5	27.5	35.4	20.5	17.8
2. Short-term advances from customers	11.4	10.5	26.1	16.3	4.7
3. Taxes and other payables to state authorities	6.0	4.9	6.1	5.6	0.0
4. Payable to employees	36.3	23.8	24.5	25.6	0.0
5. Short-term acrrued expenses	6.5	5.2	6.5	6.6	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	97.2	113.2	109.6	129.0	0.0
10. Short-term borrowings and financial leases	61.8	60.3	59.2	47.6	56.0
11. Provision for short-term liabilities	0.0	10.4	11.2	7.5	0.0
12.. Bonus and welfare fund	15.5	9.9	9.1	7.4	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	562.8	607.0	659.8	720.3	601.6
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	6.5	6.1	35.6	73.2	0.0
8. Long-term borrowings and financial leases	556.3	600.9	624.2	647.1	596.5
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,120.6	1,119.9	1,085.1	1,051.8	979.5
I. Owner's equity	1,120.6	1,119.9	1,085.1	1,051.8	0.0
1. Owner's capital	876.0	876.0	876.0	876.0	979.5
- Common stock with voting right	876.0	876.0	876.0	876.0	876.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-2.2	-2.2	-2.2	-2.2	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	104.5	69.4	45.9	22.4	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	142.3	176.7	165.4	155.6	98.7
- Accumulated retained earning at the end of the previous period	0.2	41.7	37.5	37.5	0.2
- Undistributed earnings in this period	142.1	135.0	127.9	118.2	98.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,945.6	1,992.6	2,032.7	2,038.3	1,908.9

Item	2024	2023	2022	2021	2020
Profit Before Tax	155.0	147.8	133.7	123.3	118.9
Depreciation of Fixed Assets and Investment Property	153.0	152.4	143.0	140.7	135.7
Provision (Increase)/Reversal	-0.8	3.8	1.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	26.4	17.8	21.7	0.0	0.0
Gain/Loss from Investment Activities	-5.8	-10.2	-3.3	0.0	0.0
Interest Expense	44.8	41.0	16.0	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	372.6	352.7	312.3	260.9	241.3
Increase/(Decrease) in Receivables	14.5	33.4	11.2	0.0	0.0
Increase/(Decrease) in Inventory	-9.1	-5.8	1.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-44.0	-36.8	17.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-11.8	-2.7	-0.4	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-44.9	-39.7	-13.7	0.0	0.0
Corporate Income Tax Paid	-23.6	-14.7	-25.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.1	0.0	0.0
Other Operating Payments	-20.6	-14.3	-20.6	0.0	0.0
Net Cash Flow from Operating Activities	233.1	272.2	282.3	170.9	68.0
Payments for Fixed Assets and Other Long-term Assets	-100.1	-128.6	-120.6	-296.5	-183.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.3	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	-5.5	-40.7	-40.0	50.0	80.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	5.0	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	6.9	7.8	2.7	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-98.7	-156.2	-157.9	-240.1	-86.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	-0.6
Proceeds from Borrowings	11.5	17.0	73.1	162.5	257.6
Repayment of Borrowings	-60.1	-46.1	-52.7	-117.8	-199.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-83.0	-78.6	-74.3	-76.5	-70.2
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	-131.6	-107.8	-53.9	-31.8	-12.7
Net Cash Flow During the Period	2.8	8.2	70.6	-14.4	-169.2
Cash and Cash Equivalents at Beginning of Period	138.3	130.1	59.5	160.5	41.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	141.1	138.3	130.1	59.5	10.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9	135.8
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	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9	135.8
Cost of Goods Sold	100.0	98.8	88.5	88.8	101.4	99.0	89.8	89.0	107.0	75.6	100.2	87.4
Gross Profit	64.8	83.7	86.5	57.4	55.6	89.1	89.9	56.4	43.2	101.5	64.7	48.4
Financial Income	2.7	0.7	2.4	0.5	2.4	0.5	2.3	0.7	4.1	0.9	1.8	0.8
Financial Expenses	11.8	8.9	33.0	1.2	13.3	10.5	47.0	1.3	13.7	26.0	16.6	0.2
Interest Expense	7.0	8.9	17.0	1.2	11.6	10.5	21.4	1.3	13.7	8.3	16.1	0.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.0	6.7	6.6	3.6	6.7	6.3	6.2	3.9	6.0	5.7	5.3	4.6
General and Administrative Expenses	16.1	13.3	15.3	14.9	14.8	17.3	13.3	13.4	16.3	11.4	15.2	9.7
Operating Profit	32.6	55.6	34.0	38.2	23.2	55.6	25.6	38.4	11.2	59.3	29.4	34.7
Other Income	0.3	0.4	0.8	0.2	-4.6	7.4	11.2	0.0	19.9	2.4	0.5	0.4
Other Expenses	0.4	0.6	0.7	0.3	-7.3	6.2	4.2	0.3	9.3	1.6	0.1	0.1
Other Profit	-0.1	-0.2	0.1	-0.0	2.8	1.3	7.0	-0.3	10.6	0.7	0.4	0.3
Profit Before Tax	32.5	55.4	34.0	38.2	26.0	56.8	32.6	38.2	21.8	60.0	29.8	34.9
Current Income Tax Expense	3.9	6.0	4.1	4.2	2.3	7.5	5.6	4.2	6.0	6.4	3.3	3.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5	31.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5	31.2
Earnings per Share	272.00	470.00	285.00	389.00	227.00	564.00	310.00	389.00	180.00	613.00	303.00	357.00
Diluted EPS	272.00	470.00	285.00	389.00	1,294.00	564.00	310.00	389.00	180.00	613.00	303.00	357.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	525.5	527.7	544.9	500.7	472.8	514.2	526.5	499.7	468.0	501.5	513.0	488.1
I. Cash and cash equivalents	188.6	186.4	205.7	178.2	141.1	162.2	178.3	157.8	138.3	153.1	154.4	128.7
1. Cash	33.6	51.4	50.7	53.2	21.1	47.2	38.3	42.8	8.3	43.1	34.4	23.7
2. Cash equivalents	155.0	135.0	155.0	125.0	120.0	115.0	140.0	115.0	130.0	110.0	120.0	105.0
II. Short-term financial investments	86.6	86.4	86.4	81.2	81.2	81.0	76.0	75.7	75.7	75.3	75.3	75.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	86.6	86.4	86.4	81.2	81.2	81.0	76.0	75.7	75.7	75.3	75.3	75.0
III. Short-term receivables	158.9	172.5	170.6	162.0	161.8	186.1	183.2	178.0	160.0	184.8	181.1	188.0
1. Short-term trade accounts receivable	41.2	51.0	53.8	42.3	44.1	59.1	62.5	51.7	50.7	61.2	64.1	50.5
2. Short-term prepayments to suppliers	113.2	117.9	112.0	116.2	110.9	120.2	114.6	122.6	103.8	117.4	110.0	130.5
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.3	4.2	5.6	4.1	7.4	7.5	6.6	4.3	6.1	6.7	7.4	7.4
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.5	-0.5	-0.5
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	69.0	65.2	59.3	53.6	56.2	57.1	55.6	49.7	50.4	42.6	52.8	42.9
1. Inventories	69.0	65.2	59.3	53.6	56.2	57.1	55.6	49.7	50.4	42.6	52.8	42.9
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	22.2	17.2	22.9	25.6	32.5	27.9	33.5	38.4	43.6	45.5	49.4	53.5
1. Short-term prepayments	10.1	1.6	1.4	1.0	7.7	1.2	1.3	0.7	0.9	0.7	0.0	0.0
2. Value added tax to be reclaimed	8.2	10.2	13.3	18.0	22.7	24.2	28.9	33.5	36.8	37.9	42.1	45.7
3. Taxes and other receivables from state authorities	4.0	5.4	8.2	6.5	2.1	2.4	3.3	4.2	6.0	6.9	7.3	7.9
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,419.9	1,433.6	1,442.1	1,497.3	1,519.7	1,515.1	1,530.0	1,547.7	1,562.7	1,568.4	1,565.2	1,567.2
I. Long-term receivables	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,269.2	1,262.9	1,294.6	1,276.8	1,313.8	1,308.1	1,342.5	1,350.0	1,102.9	1,062.4	1,083.5	1,115.7
1. Tangible fixed assets	1,267.6	1,261.2	1,292.7	1,274.9	1,311.7	1,305.9	1,340.5	1,348.0	1,101.0	1,060.3	1,081.2	1,113.3
- Cost	3,547.3	3,502.8	3,497.6	3,442.8	3,441.1	3,409.4	3,406.0	3,375.6	3,091.6	3,000.1	2,985.8	2,984.3
- Accumulated depreciation	-2,279.7	-2,241.6	-2,204.9	-2,167.9	-2,129.4	-2,103.5	-2,065.6	-2,027.6	-1,990.6	-1,939.8	-1,904.6	-1,871.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.6	1.7	1.9	1.9	2.0	2.2	2.0	2.0	1.9	2.1	2.3	2.4
- Cost	7.6	7.6	7.6	7.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	-5.9	-5.7	-5.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	134.4	157.4	133.0	204.9	196.7	199.1	180.1	191.4	453.6	500.3	476.2	447.1
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	134.4	157.4	133.0	204.9	196.7	199.1	180.1	191.4	453.6	500.3	476.2	447.1
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.1	13.1	14.4	15.4	8.9	7.7	7.2	6.1	6.1	5.5	5.3	4.3
1. Long-term prepayments	16.1	13.1	14.4	15.4	8.9	7.7	7.2	6.1	6.1	5.5	5.3	4.3
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,945.4	1,961.2	1,987.0	1,997.9	1,992.5	2,029.4	2,056.5	2,047.4	2,030.7	2,069.8	2,078.2	2,055.4
A. LIABILITIES (300=210+330)	824.9	869.3	944.5	844.0	872.7	937.5	1,014.8	928.3	946.7	1,001.6	1,063.3	972.3
I. Short -term liabilities	262.2	281.9	353.2	241.0	265.7	288.5	349.5	260.9	286.9	302.5	377.2	268.7
1. Short-term trade accounts payable	27.5	20.9	15.7	18.4	27.5	28.1	21.7	17.6	35.1	24.8	19.9	23.6
2. Short-term advances from customers	11.4	16.4	10.5	10.2	10.5	12.2	13.7	27.9	27.1	28.6	18.8	16.5
3. Taxes and other payables to state authorities	6.0	5.5	4.3	4.2	4.8	9.0	7.5	7.2	5.9	10.1	10.2	7.5
4. Payable to employees	26.9	35.9	25.3	15.7	23.8	35.8	25.4	17.3	25.2	31.7	24.3	14.0
5. Short-term acrrued expenses	6.6	11.2	4.0	3.1	5.3	13.8	3.4	3.2	3.8	13.0	2.0	3.5
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	97.2	104.7	198.1	113.8	113.2	110.9	194.4	110.4	108.6	108.4	205.8	131.2
10. Short-term borrowings and financial leases	61.8	61.6	61.6	60.3	60.3	60.2	60.2	58.4	59.2	55.9	46.4	46.7
11. Provision for short-term liabilities	9.4	9.2	9.2	12.2	10.4	0.0	0.0	15.9	12.7	14.7	29.0	22.2
12.. Bonus and welfare fund	15.5	16.4	24.7	3.0	9.9	18.4	23.2	2.9	9.1	15.3	21.0	3.3
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	562.8	587.4	591.3	603.0	607.0	649.0	665.4	667.4	659.8	699.1	686.1	703.6
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6.5	6.5	6.3	6.1	6.1	23.6	36.0	35.7	35.6	48.2	48.1	48.0
8. Long-term borrowings and financial leases	556.3	581.0	585.0	596.9	600.9	625.4	629.4	631.7	624.2	650.8	638.0	655.7
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,120.5	1,091.9	1,042.5	1,153.9	1,119.8	1,091.9	1,041.7	1,119.1	1,084.0	1,068.3	1,014.9	1,083.1
I. Owner's equity	1,120.5	1,091.9	1,042.5	1,153.9	1,119.8	1,091.9	1,041.7	1,119.1	1,084.0	1,068.3	1,014.9	1,083.1
1. Owner's capital	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0
- Common stock with voting right	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	104.5	104.5	104.5	69.4	69.4	69.4	69.4	45.9	45.9	45.9	45.9	22.4
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	142.1	113.5	64.2	210.7	176.6	148.7	98.5	199.3	164.3	148.6	95.2	186.9
- Accumulated retained earning at the end of the previous period	0.2	0.2	0.2	176.7	41.7	37.5	37.5	165.4	37.5	37.5	37.5	155.6
- Undistributed earnings in this period	141.9	113.3	64.0	34.0	134.9	111.2	61.0	34.0	126.9	111.1	57.7	31.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,945.4	1,961.2	1,987.0	1,997.9	1,992.5	2,029.4	2,056.5	2,047.4	2,030.7	2,069.8	2,078.2	2,055.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	32.5	55.4	33.9	38.2	26.0	56.8	33.7	38.2	23.0	60.0	29.9	34.9
Depreciation of Fixed Assets and Investment Property	38.3	37.1	39.0	38.2	37.0	38.2	38.3	39.0	49.3	35.4	36.2	31.6
Provision (Increase)/Reversal	0.2	0.0	-2.9	1.8	10.5	0.0	-15.9	4.7	-3.4	-14.7	7.2	14.7
FX Gain/Loss from Revaluation of Monetary Items	2.3	0.0	15.5	0.0	1.8	0.0	24.7	0.0	-0.3	17.6	0.5	0.0
Gain/Loss from Investment Activities	-2.7	-0.7	-2.8	-0.5	-2.4	-0.5	-2.3	-0.7	-4.1	-0.9	-4.4	-0.8
Interest Expense	9.4	8.9	17.0	1.2	11.6	10.5	21.4	1.3	13.7	8.3	18.8	0.2
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	80.0	100.7	99.7	78.9	84.3	105.0	100.0	82.4	78.2	105.8	88.1	80.7
Increase/(Decrease) in Receivables	17.4	1.7	-2.0	-1.4	26.5	3.3	-1.7	-13.7	28.1	2.5	11.0	-8.2
Increase/(Decrease) in Inventory	-3.8	-6.0	-5.7	4.4	0.1	-1.4	-5.9	-0.2	-6.9	9.5	-9.3	0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-11.3	10.5	10.8	-19.7	-22.1	3.7	0.1	-25.5	-10.0	1.2	5.8	-33.8
Increase/(Decrease) in Prepaid Expenses	-11.5	0.9	0.8	2.3	-7.7	-0.3	-1.8	0.2	-0.8	-0.9	-1.0	-0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.1	-1.2	-17.4	-1.3	-20.6	-1.4	-19.0	-3.9	-23.3	1.7	-17.9	-0.2
Corporate Income Tax Paid	-4.0	-2.0	-7.0	-4.0	-8.6	-6.0	-6.0	-3.0	-9.5	-3.9	-1.3	0.0
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	-1.0	-8.2	-1.2	-6.9	-8.5	-4.8	-1.1	-6.2	-1.5	-10.3	1.6	-4.1
Net Cash Flow from Operating Activities	48.7	96.5	77.9	52.3	43.4	98.0	64.5	30.2	54.3	105.7	77.2	35.0
Payments for Fixed Assets and Other Long-term Assets	-21.7	-29.7	-20.4	-13.0	-38.9	-22.7	-19.6	-20.6	-39.2	-44.3	-34.9	-10.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-0.0	0.3	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.3
Loans and Purchases of Debt Instruments	-0.2	0.0	-5.2	-0.1	-0.2	-5.0	-0.3	0.0	-0.4	0.0	-5.3	-35.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0	-5.0	5.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-15.0	15.0	0.0	0.0
Dividends and Interest Income Received	2.2	1.0	1.0	2.0	0.6	0.7	1.0	3.2	3.4	1.3	2.3	0.8
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	-19.7	-28.8	-24.3	-11.1	-38.5	-27.1	-18.9	-17.4	-46.1	-33.0	-32.9	-44.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	-11.5	11.5	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0	11.5	-11.5	11.5	0.0	5.5	-14.3	25.8
Repayment of Borrowings	-26.8	-4.0	-26.2	-4.0	-26.1	-4.0	-25.2	-4.8	-23.1	-0.8	-4.2	-18.1
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	-83.0	0.0	0.0	0.0	-83.0	0.0	0.0	0.0	-78.6	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	-26.8	-87.0	-26.2	-4.0	-26.1	-87.0	-25.2	6.7	-23.1	-73.9	-18.5	7.8
Net Cash Flow During the Period	2.2	-19.3	27.5	37.2	-21.1	-16.1	20.5	19.5	-14.8	-1.3	25.7	-1.4
Cash and Cash Equivalents at Beginning of Period	186.4	205.7	178.2	141.1	138.3	138.3	138.3	138.3	130.1	130.1	130.1	130.1
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	188.6	186.4	205.7	178.2	141.1	162.2	178.3	157.8	138.3	153.1	154.4	128.7

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