IHK

In Hàng Không ·UPCOM ·2022Q4

▲ Showing improvement

The balance sheet remains flexible Debt/equity −0.46x

Price

8,700

Latest close

14 May 2026

P/E 5.15x

P/B 0.73x

EPS 1,688

BVPS 11,908

ROE 13.9%

ROA 6.8%

Profit Margin 2.5%

Asset Turnover 2.77x

Equity Mult. 2.04x

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

What Is Changing

On a Năm 2025 basis, IHK has not accelerated revenue, but profitability is improving more visibly. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 82bn
	                                
−12.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
+59.8%YoY

Metric	2025	2024	2023	2022	2020
Revenue	81.5	93.0	153.7	147.5	69.0
Growth	-12%	-39%	+4%	+114%	—
Net Income	-1.1	-2.7	4.6	3.7	0.7
Net Margin	-1.31%	-2.87%	2.98%	2.50%	1.06%

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q2'20	Q1'20
Revenue	44.4	39.5	34.6	29.0	19.5	49.5
Growth	+12%	+14%	+19%	+49%	-61%	—
Net Income	1.8	0.7	0.7	0.4	0.1	0.6
Net Margin	3.99%	1.89%	1.96%	1.45%	0.68%	1.22%

Drivers of IHK's profit

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 2.1bn

Other profit ↑ 0.2bn

Administrative expenses ↑ 5.8bn

Selling expenses ↑ 1.2bn

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 2.45% +1.6pp

Gross Margin 12.05% —

SG&A / Revenue 9.77% —

TTM YoY · 2020Q2 -> 2022Q4

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 18.51%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 18.51% —

NOPAT Margin 2.29% —

Capital Turnover 8.09x —

Average Invested Capital 18.2bn —

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.44x equity, with a net cash position equivalent to 0.46x equity.

Inventory ended the period at 7.4bn, roughly 22.3% of total assets.

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: —

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?

Financial risk is low — the company has net cash and CFO reached 3.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.46x and interest coverage at 68.14x.

At present, total debt stands at 0.0bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.46x −0.31x

Interest Coverage 68.14x —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 3.30x —

TTM YoY · 2020Q2 -> 2022Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.8bn in 2025, against investing cash flow of 2.8bn.

Post-investment cash flow was positive +6.6bn. Financing cash flow was negative +3.5bn.

CFO / net income was 3.30x.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +10.7bn.

Cash Conversion

CFO TTM 12.0bn —

Cash Capex 1.3bn —

FCF TTM +10.7bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.46x. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.0%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.46x of equity.

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

Statement Data

Item	2025	2024	2023	2022	2020
Revenue	82.2	93.1	154.9	148.0	69.4
Revenue Deductions	0.6	0.1	1.2	0.5	0.0
Net Revenue	81.5	93.0	153.7	147.5	69.0
Cost of Goods Sold	71.5	82.9	132.0	129.7	0.0
Gross Profit	10.1	10.1	21.7	17.9	8.6
Financial Income	0.5	0.2	0.0	0.1	0.0
Financial Expenses	0.1	0.0	0.0	0.0	-0.2
Interest Expense	0.1	0.0	0.0	0.0	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.5	2.9	3.6	3.0	-1.0
General and Administrative Expenses	9.2	10.1	13.3	11.4	-6.5
Operating Profit	-1.2	-2.7	4.9	3.4	0.9
Other Income	0.3	0.1	0.6	0.3	0.0
Other Expenses	0.2	0.0	0.0	0.0	0.0
Other Profit	0.1	0.1	0.6	0.3	0.1
Profit Before Tax	-1.1	-2.7	5.5	3.7	1.0
Current Income Tax Expense	—	0.0	0.9	0.0	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-1.1	-2.7	4.6	3.7	0.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-1.1	-2.7	4.6	3.7	0.7
Earnings per Share	-501.00	-1,246.00	2,138.00	1,719.00	270.00
Diluted EPS	-500.56	-1,246.07	2,138.01	1,718.50	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	29.9	35.6	45.1	44.0
I. Cash and cash equivalents	7.3	4.2	20.2	11.8
1. Cash	7.3	4.2	20.2	11.8
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	8.0	11.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	8.0	11.0	0.0	0.0
III. Short-term receivables	6.6	10.5	12.0	17.4
1. Short-term trade accounts receivable	7.1	11.0	11.5	17.9
2. Short-term prepayments to suppliers	0.1	0.0	1.1	0.1
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.2	0.2
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	7.4	9.3	12.0	14.4
1. Inventories	7.5	9.3	12.0	14.4
2. Provision for decline in value of inventories	-0.1	0.0	0.0	0.0
V. Other short-term assets	0.6	0.7	0.8	0.4
1. Short-term prepayments	0.3	0.2	0.0	0.0
2. Value added tax to be reclaimed	—	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.8	0.4
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3.3	3.6	2.6	3.9
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	3.3	3.4	2.6	3.6
1. Tangible fixed assets	3.3	3.4	2.6	3.6
- Cost	73.1	77.6	76.1	76.1
- Accumulated depreciation	-69.8	-74.2	-73.5	-72.5
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	—	0.3	0.0	0.3
1. Long-term prepayments	—	0.3	0.0	0.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	33.2	39.3	47.7	47.9
A. LIABILITIES (300=210+330)	10.1	15.1	17.7	22.4
I. Short -term liabilities	10.1	15.1	17.7	22.4
1. Short-term trade accounts payable	7.6	8.4	11.4	17.5
2. Short-term advances from customers	0.3	0.7	0.4	0.4
3. Taxes and other payables to state authorities	0.3	0.1	0.5	0.7
4. Payable to employees	1.0	1.0	4.3	2.6
5. Short-term acrrued expenses	0.1	0.2	0.2	0.4
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.8	1.0	1.0	0.8
10. Short-term borrowings and financial leases	—	3.5	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.0	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	23.1	24.1	30.0	25.5
I. Owner's equity	23.1	24.1	30.0	25.5
1. Owner's capital	21.4	21.4	21.4	21.4
- Common stock with voting right	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	2.8	2.8	2.4	2.4
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.5	0.5	0.5	0.5
11. Undistributed earnings after tax	-1.7	-0.6	5.7	1.1
- Accumulated retained earning at the end of the previous period	-0.6	2.1	1.1	-2.6
- Undistributed earnings in this period	-1.1	-2.7	4.6	3.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	33.2	39.3	47.7	47.9

Item	2025	2024	2023	2022	2020
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.3	-0.7	0.0	0.0
Other Operating Receipts	0.2	0.0	0.1	0.1	0.0
Other Operating Payments	-7.8	-10.3	-11.9	-10.5	0.0
Net Cash Flow from Operating Activities	3.8	-5.0	8.6	11.9	-1.3
Payments for Fixed Assets and Other Long-term Assets	-0.9	-1.2	0.0	-0.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.2	0.0	0.1	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	2.8	-12.0	0.0	-0.1	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	—	3.5	0.0	0.0	0.0
Repayment of Borrowings	-3.5	0.0	0.0	-4.1	-0.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-2.5	-0.1	-0.1	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	-3.5	1.0	-0.1	-4.2	-0.7
Net Cash Flow During the Period	3.1	-16.1	8.5	7.6	0.0
Cash and Cash Equivalents at Beginning of Period	4.2	20.2	11.8	4.2	8.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.3	4.2	20.2	11.8	0.0

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q2'20	Q1'20
Revenue	45.1	39.8	34.9	29.4	19.9	49.5
Revenue Deductions	0.7	0.3	0.3	0.4	0.0	0.0
Net Revenue	44.4	39.5	34.6	29.0	19.5	49.5
Cost of Goods Sold	39.0	34.8	30.0	26.0	0.0	0.0
Gross Profit	5.5	4.7	4.6	3.1	3.4	5.2
Financial Income	0.1	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.0	-0.0	0.0	0.0	-0.1	-0.1
Interest Expense	0.0	-0.0	0.0	0.0	-0.1	-0.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.0	0.6	0.5	-0.3	-0.7
General and Administrative Expenses	3.1	3.0	3.3	2.1	-2.7	-3.7
Operating Profit	1.6	0.8	0.7	0.4	0.2	0.7
Other Income	0.2	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	-0.0	0.0	0.0	0.0	0.0
Profit Before Tax	1.8	0.7	0.7	0.4	0.2	0.8
Current Income Tax Expense	0.0	0.0	0.0	0.0	-0.1	-0.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.8	0.7	0.7	0.4	0.1	0.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	0.7	0.7	0.4	0.1	0.6
Earnings per Share	828.00	348.00	316.00	196.00	61.00	209.00
Diluted EPS	828.48	348.29	316.30	196.48	61.37	280.96

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	43.9	48.0	36.0	35.2	49.0	53.3
I. Cash and cash equivalents	11.8	13.3	8.8	6.0	6.6	4.4
1. Cash	11.8	8.3	8.8	6.0	0.0	0.0
2. Cash equivalents	0.0	5.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	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
2. Provision for diminution in value of available for sale securities (*)	0.0	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	0.0
III. Short-term receivables	17.4	18.9	14.7	13.6	18.1	28.4
1. Short-term trade accounts receivable	17.9	19.1	15.0	14.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.1	0.2	0.1	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.4	0.2	0.3	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	14.4	15.5	12.0	15.0	24.1	20.0
1. Inventories	14.4	15.5	12.0	15.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.4	0.5	0.5	0.2	0.5
1. Short-term prepayments	0.0	0.0	0.1	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
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	0.4	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3.9	4.4	4.8	5.9	9.8	10.8
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	3.6	3.9	4.2	5.1	9.7	10.7
1. Tangible fixed assets	3.6	3.9	4.2	5.1	9.7	10.7
- Cost	76.1	79.0	78.6	78.6	0.0	0.0
- Accumulated depreciation	-72.5	-75.1	-74.5	-73.5	0.0	0.0
2. Financial leased fixed assets	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
- Accumulated depreciation	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
- Cost	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
III. Investment properties	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	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	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	0.3	0.5	0.6	0.8	0.0	0.0
1. Long-term prepayments	0.3	0.5	0.6	0.8	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	0.1	0.1
5. Goodwill	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
TOTAL ASSETS (280=100+200)	47.9	52.4	40.8	41.1	58.8	64.1
A. LIABILITIES (300=210+330)	22.4	28.7	17.9	18.9	32.1	34.6
I. Short -term liabilities	22.4	28.7	17.9	18.9	30.1	32.7
1. Short-term trade accounts payable	17.5	22.9	13.2	13.1	21.5	26.7
2. Short-term advances from customers	0.4	0.5	0.5	0.4	0.3	0.8
3. Taxes and other payables to state authorities	0.7	1.2	0.6	0.7	0.0	0.0
4. Payable to employees	2.6	2.0	1.6	0.9	0.0	0.0
5. Short-term acrrued expenses	0.4	0.9	0.8	0.4	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	1.0	1.1	0.9	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	2.2	0.7	1.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.2	0.2	0.0	0.0
13. Price stabilization fund	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
II. Long-term liabilities	0.0	0.0	0.0	0.0	2.0	2.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	2.0	2.0
9. Convertible bonds	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
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	25.5	23.7	22.9	22.2	26.7	29.5
I. Owner's equity	25.5	23.7	22.9	22.2	0.0	0.0
1. Owner's capital	21.4	21.4	21.4	21.4	26.7	29.5
- Common stock with voting right	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00	21,419,280,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	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
4. Other capital of owners	0.5	0.5	0.5	0.5	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	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
8. Investment and development fund	2.4	2.4	2.4	2.4	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	1.2	-0.6	-1.5	-2.1	2.6	5.7
- Accumulated retained earning at the end of the previous period	-2.5	-1.4	-2.0	-2.6	1.8	5.1
- Undistributed earnings in this period	3.6	0.7	0.6	0.4	0.7	0.6
12. Reserves for investment in construction	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
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	47.9	52.4	40.8	41.1	58.8	64.1

Item	Q4'25	Q4'22	Q3'22	Q2'22	Q1'22	Q2'20	Q1'20
Profit Before Tax	—	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	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	0.0
Interest Income and Dividends	—	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
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	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	0.0	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	0.0
Interest Paid	—	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	-0.3	0.1	0.2	0.0	0.0	0.0
Other Operating Payments	-7.8	-8.1	1.2	-0.7	-2.9	0.0	0.0
Net Cash Flow from Operating Activities	3.8	7.1	-0.2	1.2	3.8	2.5	-3.8
Payments for Fixed Assets and Other Long-term Assets	-0.9	0.0	-0.3	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	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	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	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
Dividends and Interest Income Received	0.5	0.1	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	0.0
Acquisition of Non-controlling Interests	—	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
Other Investing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.8	5.2	-5.3	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	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
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.5	-4.1	2.2	-0.3	-1.9	-0.3	-0.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.1	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
Other Financing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.5	-4.2	2.2	-0.3	-1.9	-0.3	-0.3
Net Cash Flow During the Period	3.1	8.1	-3.2	0.9	1.9	2.2	-4.2
Cash and Cash Equivalents at Beginning of Period	4.2	4.2	8.8	6.0	4.2	4.4	8.6
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	7.3	11.8	8.3	8.8	6.0	6.6	4.4

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IHK

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