ILC

Hợp tác Lao động với nước ngoài ·UPCOM ·2023Q2

▼▼ Declining sharply

Effective tax rate looks unusual Effective tax rate 2.20%

Price

6,700

Latest close

05 Jun 2026

P/E 2.55x

P/B 0.83x

EPS 2,627

BVPS 8,114

ROE 39.6%

ROA 19.3%

Profit Margin 8.5%

Asset Turnover 2.26x

Equity Mult. 2.05x

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

What Is Changing

On a Năm 2025 basis, ILC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 159bn
	                                
+11.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−57.7%YoY

Metric	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	24.9	52.1	55.4	55.4	54.8
Growth	-52%	-6%	+0%	+1%	—
Net Income	1.4	6.0	4.3	4.3	4.4
Net Margin	5.79%	11.49%	7.76%	7.76%	7.95%

Drivers of ILC's profit

TTM

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

Financial income ↑ 0.6bn

Gross profit ↓ 3.2bn

Tax ↑ 0.4bn

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 8.53% −4.2pp

Gross Margin 13.35% —

SG&A / Revenue 5.60% —

TTM YoY · 2022Q1 -> 2023Q2

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 47.59%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 47.59% —

NOPAT Margin 8.56% —

Capital Turnover 5.56x —

Average Invested Capital 33.8bn —

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.73x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 22.5bn, roughly 21.0% of total assets.

Over the last 12 months, working capital absorbed 3.2bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +5.8bn

Inventories increased → lower CFO: −21.6bn

Payables increased → higher CFO: +12.7bn

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 looks fairly comfortable, with net debt / equity at -0.06x and interest coverage at 11.40x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 250.3% of debt, and total debt stands at 2.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.06x +0.27x

Interest Coverage 11.40x —

Cash / Debt 250.3% −382.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.21x —

TTM YoY · 2022Q1 -> 2023Q2

Cash Flow

Operating cash flow reached -12.9bn in 2025, against investing cash flow of 46.9bn.

Post-investment cash flow was positive +34.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was 2.21x.

After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +33.9bn.

Cash Conversion

CFO TTM 35.4bn —

Cash Capex 1.5bn —

FCF TTM +33.9bn —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, effective tax rate looks unusual remains the area to verify in upcoming periods, with effective tax rate at 2.2%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x 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
Revenue	159.4	143.6	184.4	231.4
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	159.4	143.6	184.4	231.4
Cost of Goods Sold	145.1	129.8	165.9	203.3
Gross Profit	14.3	13.8	18.5	28.0
Financial Income	6.0	3.8	4.6	2.9
Financial Expenses	1.2	0.5	0.5	1.8
Interest Expense	—	0.0	0.0	0.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.3	0.0	0.0	0.0
General and Administrative Expenses	11.8	11.7	11.7	10.1
Operating Profit	6.9	5.3	10.9	19.1
Other Income	—	6.8	3.1	0.0
Other Expenses	1.9	0.0	11.3	0.2
Other Profit	-1.9	6.8	-8.2	-0.2
Profit Before Tax	5.0	12.1	2.7	19.0
Current Income Tax Expense	1.0	2.4	1.0	0.0
Deferred Income Tax Expense	-0.1	0.1	1.2	0.0
Net Income	4.1	9.6	0.5	19.0
Non-controlling Interest	0.1	0.0	-1.5	0.0
Profit Attributable to Parent	4.0	9.6	2.1	18.9
Earnings per Share	662.00	1,578.00	339.00	3,116.00
Diluted EPS	662.00	1,578.00	337.49	3,105.22

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	104.4	86.4	78.1	70.1
I. Cash and cash equivalents	51.7	17.6	18.4	15.1
1. Cash	43.7	15.6	15.9	11.6
2. Cash equivalents	8.0	2.0	2.5	3.5
II. Short-term financial investments	12.1	56.3	36.9	35.0
1. Available for sale securities	4.4	3.9	0.7	0.7
2. Provision for diminution in value of available for sale securities (*)	-0.8	-0.1	0.0	-0.0
3. Held to maturity investments	8.6	52.6	36.2	34.4
III. Short-term receivables	13.5	9.3	21.3	18.5
1. Short-term trade accounts receivable	6.3	2.4	9.9	11.7
2. Short-term prepayments to suppliers	1.2	0.7	0.0	0.7
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	6.0	8.1	13.3	8.0
7. Provision for short-term doubtful debts (*)	—	-1.9	-1.8	-1.8
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	22.5	0.8	0.1	0.1
1. Inventories	22.5	0.8	0.1	0.1
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	4.6	2.4	1.5	1.4
1. Short-term prepayments	0.1	0.2	0.0	0.0
2. Value added tax to be reclaimed	4.5	2.1	1.4	1.1
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.3
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)	3.1	3.8	1.2	12.0
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	2.2	2.5	0.0	0.0
1. Tangible fixed assets	2.2	2.5	0.0	0.0
- Cost	3.0	3.0	2.8	2.8
- Accumulated depreciation	-0.8	-0.4	-2.8	-2.8
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	1.1
- Cost	—	0.0	0.0	2.3
- Accumulated depreciation	—	0.0	0.0	-1.2
IV. Long-term assets in progress	—	0.0	0.0	1.7
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.7
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	0.8	1.3	1.2	9.2
1. Long-term prepayments	0.4	0.8	0.6	9.2
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	0.4	0.5	0.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	107.5	90.2	79.3	82.1
A. LIABILITIES (300=210+330)	45.4	32.2	27.8	31.2
I. Short -term liabilities	44.2	24.2	20.1	24.9
1. Short-term trade accounts payable	2.7	1.5	1.9	1.4
2. Short-term advances from customers	12.5	3.4	0.0	0.0
3. Taxes and other payables to state authorities	1.6	0.9	0.5	0.8
4. Payable to employees	17.3	16.1	15.7	20.4
5. Short-term acrrued expenses	—	0.0	0.0	0.0
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	3.0	2.3	2.0	2.2
10. Short-term borrowings and financial leases	7.1	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	1.2	8.1	7.7	6.4
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	—	6.8	6.5	6.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	1.2	1.2	1.2	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)	62.1	58.0	51.5	50.9
I. Owner's equity	62.1	58.0	51.5	50.9
1. Owner's capital	61.0	61.0	61.0	61.0
- Common stock with voting right	61,003,910,000.00	61,003,910,000.00	61,003,910,000.00	61,003,910,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	47.2	47.2	47.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-685,057,621.00	-685,057,621.00	-685,057,621.00	-685,057,621.00
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	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	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	1.3	-49.9	-59.2	-61.2
- Accumulated retained earning at the end of the previous period	-49.9	-59.2	-61.2	-80.2
- Undistributed earnings in this period	51.2	9.3	2.1	18.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	0.4	0.4	3.2	4.6
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)	107.5	90.2	79.3	82.1

Item	2025	2024	2023	2022
Profit Before Tax	5.0	12.1	2.7	19.0
Depreciation of Fixed Assets and Investment Property	0.4	0.0	0.2	0.7
Provision (Increase)/Reversal	-1.2	0.2	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.2	0.1	-0.4
Gain/Loss from Investment Activities	-5.4	-10.0	4.0	-2.4
Interest Expense	—	0.0	0.0	0.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	0.1	0.1	0.1	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.9	2.7	7.1	17.7
Increase/(Decrease) in Receivables	-2.2	11.6	-2.2	8.0
Increase/(Decrease) in Inventory	-21.7	-0.8	0.1	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.6	0.7	-5.1	0.1
Increase/(Decrease) in Prepaid Expenses	0.5	-0.4	-0.8	0.6
Changes in Trading Securities	-0.5	-3.2	-0.0	-0.6
Interest Paid	—	0.0	0.0	-0.7
Corporate Income Tax Paid	-0.6	-2.2	-0.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-12.9	8.5	-1.5	25.1
Payments for Fixed Assets and Other Long-term Assets	-0.0	-2.7	0.0	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	6.9	3.1	0.0
Loans and Purchases of Debt Instruments	-38.0	-97.2	-73.4	-51.9
Receipts from Loan Repayments and Sale of Debt Instruments	82.0	80.9	71.6	67.5
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	2.9	2.9	3.5	2.3
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	46.9	-9.3	4.8	16.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	-39.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-39.5
Net Cash Flow During the Period	34.1	-0.8	3.3	2.1
Cash and Cash Equivalents at Beginning of Period	17.6	18.4	15.1	12.9
FX Difference from Revaluation	-0.0	-0.0	-0.0	0.1
Cash and Cash Equivalents at End of Period	51.7	17.6	18.4	15.1

Item	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	24.9	52.1	55.4	55.4	54.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	24.9	52.1	55.4	55.4	54.8
Cost of Goods Sold	21.5	44.6	48.3	48.4	48.2
Gross Profit	3.4	7.5	7.2	7.0	6.6
Financial Income	0.7	1.1	0.4	1.1	0.1
Financial Expenses	0.0	0.4	0.1	0.9	0.1
Interest Expense	0.0	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	2.2	0.0	0.0	0.0
General and Administrative Expenses	2.2	0.0	3.2	2.9	2.2
Operating Profit	1.9	6.0	4.3	4.3	4.4
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.1	0.0	-0.0	-0.0	-0.0
Profit Before Tax	1.8	6.0	4.3	4.3	4.4
Current Income Tax Expense	0.4	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	6.0	4.3	4.3	4.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.4	6.0	4.3	4.3	4.4
Earnings per Share	236.43	980.97	705.48	703.84	714.14
Diluted EPS	236.43	980.97	705.48	703.84	714.14

Item	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	50.0	59.7	57.0	50.2	75.4
I. Cash and cash equivalents	5.0	10.5	14.0	9.3	12.4
1. Cash	5.0	10.5	6.9	9.3	12.4
2. Cash equivalents	0.0	0.0	7.1	0.0	0.0
II. Short-term financial investments	34.8	32.1	20.1	16.0	44.5
1. Available for sale securities	0.7	0.7	0.0	2.5	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	34.1	31.4	20.1	13.5	44.5
III. Short-term receivables	10.1	16.7	22.6	24.6	18.2
1. Short-term trade accounts receivable	4.3	10.9	17.9	16.9	10.1
2. Short-term prepayments to suppliers	0.0	0.0	0.0	3.0	3.0
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	7.6	7.6	6.5	6.5	6.9
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	-1.8	-1.8	-1.8
IV. Inventories	0.1	0.1	0.2	0.1	0.1
1. Inventories	0.1	0.1	0.2	0.1	0.1
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	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2
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)	23.1	17.5	17.6	17.6	17.6
I. Long-term receivables	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
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	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	2.8	2.8	2.8	2.8	2.8
- Accumulated depreciation	-2.8	-2.8	-2.8	-2.8	-2.8
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	0.0	0.0	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	23.1	17.4	17.4	17.4	17.4
1. Investments in subsidiaries	23.1	17.4	17.4	17.4	17.4
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	0.1	0.1	0.1	0.1	0.2
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.2
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	0.0
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)	73.2	77.2	74.6	67.8	93.1
A. LIABILITIES (300=210+330)	23.7	31.1	34.5	32.0	61.6
I. Short -term liabilities	17.3	24.8	28.0	25.5	55.0
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0	0.0
2. Short-term advances from customers	1.9	1.4	1.6	1.6	1.9
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	30.0
4. Payable to employees	2.4	0.8	2.5	0.8	1.0
5. Short-term acrrued expenses	11.0	20.3	22.5	20.3	20.1
6. Short-term inter-company payables	0.0	0.0	0.0	0.9	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	2.0	2.2	1.4	1.8	2.0
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	6.4	6.4	6.5	6.5	6.5
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	0.4	0.4	0.4
7. Other long-term liabilities	6.4	6.4	6.1	6.1	6.1
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
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)	49.5	46.1	40.1	35.8	31.5
I. Owner's equity	49.5	46.1	40.1	35.8	31.5
1. Owner's capital	61.0	61.0	61.0	61.0	61.0
- Common stock with voting right	61,003,910,000.00	61,003,910,000.00	61,003,910,000.00	61,003,910,000.00	61,003,910,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	47.2	47.2	47.2	47.2	47.2
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	-685,057,621.00	-685,057,621.00	-685,057,621.00	-685,057,621.00	-685,057,621.00
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	-58.0	-61.4	-67.4	-71.7	-76.0
- Accumulated retained earning at the end of the previous period	-61.5	-80.3	-80.3	-80.3	-80.3
- Undistributed earnings in this period	3.5	18.9	13.0	8.7	4.4
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)	73.2	77.2	74.6	67.8	93.1

Item	Q4'25	Q2'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	5.0	0.0	19.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.4	0.0	0.7	0.0	0.0	0.0
Provision (Increase)/Reversal	-1.2	0.0	0.1	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.0	-0.4	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.4	0.0	-2.4	0.0	0.0	0.0
Interest Expense	—	0.0	0.7	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	-0.9	0.0	17.7	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-2.2	0.0	8.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-21.7	0.0	0.1	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.6	0.0	0.1	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	0.0	0.6	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	-0.6	0.0	0.0	0.0
Interest Paid	—	0.0	-0.7	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.7	-0.6	0.2	0.2	0.3
Other Operating Payments	—	-9.7	19.4	-5.3	-7.0	-7.1
Net Cash Flow from Operating Activities	-12.9	1.8	38.1	8.4	-32.8	11.4
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.0	-1.4	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-38.0	0.0	-51.9	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	82.0	0.0	67.5	0.0	0.0	0.0
Investments in Other Entities	—	-5.6	5.2	-2.7	-2.5	0.0
Proceeds from Investments in Other Entities	—	0.0	-5.2	5.2	0.0	0.0
Dividends and Interest Income Received	2.9	1.1	0.8	0.1	1.2	0.2
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	0.1	-7.3	-9.9	-4.0	29.7	0.7
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	—	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-30.0	0.0	0.0	-9.5
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	—	0.0	-30.0	0.0	0.0	-9.5
Net Cash Flow During the Period	34.1	-5.5	-1.8	4.4	-3.1	2.6
Cash and Cash Equivalents at Beginning of Period	17.6	10.5	12.9	9.8	9.8	9.8
FX Difference from Revaluation	-0.0	0.0	-0.1	0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	51.7	5.0	15.1	14.0	9.3	12.4

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ILC

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