IMP

Listed Company · HOSE

Price

55,700

Latest close

03 Apr 2026

P/E 27.7x

EPS (TTM) 2,008

ROE (TTM) 15.6%

P/B 3.7x

BVPS (Latest) 14,973

ROA (TTM) 13.2%

What Is Changing

IMP no longer looks like a business simply rebounding from a weak base. Revenue posted +10.7% YoY, while net margin reached 14.30% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 349.1bn in 2025.
Revenue increased 10.7% YoY to VND 2,441.1bn in 2025.
Net margin declined from 14.55% in the prior period to 14.30% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,441.1	2,205.1	1,994.0	1,643.7	1,266.6
Growth	+11%	+11%	+21%	+30%	—
Net Income	349.1	320.9	299.6	223.5	189.1
Net Margin	14.30%	14.55%	15.02%	13.60%	14.93%

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	640.8	573.6	632.7	594.1	652.1	544.7	517.2	491.1	608.2	466.9	439.7	479.3
Growth	+12%	-9%	+7%	-9%	+20%	+5%	+5%	-19%	+30%	+6%	-8%	—
Net Income	107.5	76.9	90.3	74.5	120.6	72.4	65.9	61.9	72.3	69.7	79.7	77.8
Net Margin	16.77%	13.41%	14.27%	12.53%	18.50%	13.29%	12.75%	12.61%	11.90%	14.93%	18.12%	16.24%

Financial Statements

Profitability

Net margin reached 14.30% while Revenue posted +10.7% YoY.

Balance Sheet

Inventory stood at 677.7bn, liabilities at 476.1bn, and equity at 2,306.5bn.

Cash Flow

Operating cash flow was 216.3bn in 2024, while investing cash flow was -127.2bn.

Financing cash flow: -33.3bn.

Item	2025	2024	2023	2022	2021
Revenue	2,914.3	2,512.8	2,113.9	1,676.3	1,301.3
Revenue Deductions	473.2	307.7	119.8	32.6	0.0
Net Revenue	2,441.1	2,205.1	1,994.0	1,643.7	1,266.6
Cost of Goods Sold	1,439.5	1,349.6	1,183.5	946.4	0.0
Gross Profit	1,001.6	855.6	810.5	697.4	488.0
Financial Income	22.7	13.3	24.8	23.5	18.4
Financial Expenses	40.1	25.2	31.5	29.4	-18.0
Interest Expense	16.5	3.5	6.0	3.8	-5.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	378.3	312.1	309.9	269.0	-181.3
General and Administrative Expenses	160.8	128.3	119.6	131.8	-72.6
Operating Profit	445.0	403.3	374.4	290.6	234.5
Other Income	2.8	2.4	3.3	1.0	0.0
Other Expenses	1.5	1.5	0.4	0.2	0.0
Other Profit	1.2	0.9	2.9	0.8	4.4
Profit Before Tax	446.2	404.2	377.3	291.4	238.9
Current Income Tax Expense	97.1	83.3	77.7	67.9	-49.8
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	349.1	320.9	299.6	223.5	189.1
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	349.1	320.9	299.6	223.5	189.1
Earnings per Share	1,976.00	1,932.00	3,637.00	2,951.00	2,600.00
Diluted EPS	2,266.50	2,082.94	3,637.00	2,951.00	2,834.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,507.4	1,409.5	1,207.1	1,103.6	1,176.3
I. Cash and cash equivalents	189.2	162.0	106.2	178.8	271.3
1. Cash	59.2	102.0	106.2	88.8	0.0
2. Cash equivalents	130.0	60.0	0.0	90.0	0.0
II. Short-term financial investments	212.1	142.0	93.0	211.3	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	212.1	142.0	93.0	211.3	0.0
III. Short-term receivables	404.2	383.7	296.6	270.9	295.1
1. Short-term trade accounts receivable	327.7	338.5	256.8	231.2	0.0
2. Short-term prepayments to suppliers	42.1	34.0	34.8	27.0	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	38.8	15.0	7.7	26.6	0.0
7. Provision for short-term doubtful debts (*)	-4.5	-3.8	-2.8	-13.8	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	677.7	705.1	699.4	435.8	492.1
1. Inventories	682.3	708.3	702.2	441.4	0.0
2. Provision for decline in value of inventories	-4.6	-3.3	-2.7	-5.6	0.0
V. Other short-term assets	24.2	16.7	11.9	6.6	5.5
1. Short-term prepayments	21.3	15.6	6.5	1.6	0.0
2. Value added tax to be reclaimed	2.9	1.2	5.4	5.0	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)	1,275.2	1,095.2	1,185.5	1,173.4	1,118.4
I. Long-term receivables	1.0	1.8	2.3	0.1	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.1
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	1.0	1.8	2.3	0.1	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	781.0	858.8	935.6	488.7	509.8
1. Tangible fixed assets	707.8	784.6	861.4	415.7	436.2
- Cost	1,486.8	1,473.2	1,450.9	937.1	0.0
- Accumulated depreciation	-778.9	-688.6	-589.5	-521.4	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	73.2	74.2	74.2	73.0	73.6
- Cost	103.8	103.7	101.6	99.1	0.0
- Accumulated depreciation	-30.5	-29.5	-27.5	-26.1	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	37.4	43.9	47.4	580.7	519.5
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	37.4	43.9	47.4	580.7	0.0
V. Long-term financial investments	67.0	67.0	71.3	71.3	51.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	67.1	67.1	70.9	70.9	0.0
3. Investments in other entities	0.0	0.0	0.6	0.6	0.0
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.3	-0.3	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	388.8	123.7	129.0	32.6	0.0
1. Long-term prepayments	388.8	123.7	129.0	32.6	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	38.1
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)	2,782.6	2,504.8	2,392.6	2,276.9	2,294.7
A. LIABILITIES (300=210+330)	476.1	321.7	308.0	382.5	500.3
I. Short -term liabilities	372.4	321.7	308.0	382.5	408.6
1. Short-term trade accounts payable	80.8	77.0	70.5	85.9	92.7
2. Short-term advances from customers	31.7	17.3	5.9	33.5	25.4
3. Taxes and other payables to state authorities	32.6	36.0	21.9	27.8	0.0
4. Payable to employees	12.2	0.3	57.1	73.1	0.0
5. Short-term acrrued expenses	40.9	30.9	47.3	43.6	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	18.2	33.6	20.9	5.2	0.0
10. Short-term borrowings and financial leases	112.8	86.1	49.4	95.0	172.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	43.3	40.5	35.1	18.4	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	103.7	0.0	0.0	0.0	91.7
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	3.7	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	100.0	0.0	0.0	0.0	91.7
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)	2,306.5	2,183.1	2,084.6	1,894.4	1,794.4
I. Owner's equity	2,306.5	2,183.1	2,084.6	1,894.4	0.0
1. Owner's capital	1,540.4	1,540.4	700.4	667.1	1,794.4
- Common stock with voting right	1,540.4	1,540.4	700.4	667.1	667.1
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	187.3	187.3	507.4	507.4	507.4
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.4	2.4	2.4	2.4	2.4
5. Treasury shares	-0.4	-0.4	-0.4	-0.4	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	127.7	132.5	434.7	453.3	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	449.0	320.8	440.1	264.6	197.4
- Accumulated retained earning at the end of the previous period	95.1	0.0	121.9	1.6	0.4
- Undistributed earnings in this period	353.9	320.8	318.2	263.0	197.0
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)	2,782.6	2,504.8	2,392.6	2,276.9	2,294.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	404.2	377.3	291.4	238.9	255.4
Depreciation of Fixed Assets and Investment Property	105.6	82.6	60.4	60.4	53.4
Provision (Increase)/Reversal	1.6	-2.4	4.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.2	3.4	0.0	0.0
Gain/Loss from Investment Activities	-8.8	-22.4	-19.9	0.0	0.0
Interest Expense	3.5	6.0	3.8	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	506.1	441.3	343.9	275.6	308.5
Increase/(Decrease) in Receivables	-83.3	-30.5	20.1	0.0	0.0
Increase/(Decrease) in Inventory	-6.2	-260.7	52.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.3	25.5	39.6	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-3.7	-101.4	7.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	1.5	0.0	0.0
Interest Paid	-3.5	-6.7	-4.5	0.0	0.0
Corporate Income Tax Paid	0.0	-84.0	-59.6	0.0	0.0
Other Operating Receipts	-70.8	0.0	0.0	0.0	0.0
Other Operating Payments	-142.6	-23.0	-21.9	0.0	0.0
Net Cash Flow from Operating Activities	216.3	-39.5	378.6	234.9	73.2
Payments for Fixed Assets and Other Long-term Assets	-96.8	-63.5	-99.4	-52.9	-89.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.8	2.5	0.6	8.7	4.9
Loans and Purchases of Debt Instruments	0.0	-383.0	-451.2	-247.0	-105.9
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	501.3	353.2	195.9	47.7
Investments in Other Entities	0.0	0.0	-20.3	0.0	0.0
Proceeds from Investments in Other Entities	6.1	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.7	21.8	17.8	0.0	0.0
Increase/(Decrease) in Term Deposits	-49.0	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	-127.2	79.1	-199.3	-83.1	-136.5
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	29.6
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	388.0	229.7	59.8	324.8	409.0
Repayment of Borrowings	-351.3	-275.3	-231.5	-190.3	-315.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-70.0	-66.7	-100.0	-100.0	-49.4
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	-33.3	-112.2	-271.7	34.5	73.6
Net Cash Flow During the Period	55.8	-72.6	-92.4	208.7	12.3
Cash and Cash Equivalents at Beginning of Period	106.2	178.8	271.3	85.3	75.0
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.2	-0.0
Cash and Cash Equivalents at End of Period	162.0	106.2	178.8	271.3	85.3

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	795.9	676.9	770.1	671.5	767.3	618.0	582.8	544.7	675.3	514.1	442.9	481.6
Revenue Deductions	155.1	103.3	137.4	77.4	115.2	73.3	65.6	53.6	67.1	47.1	3.2	2.3
Net Revenue	640.8	573.6	632.7	594.1	652.1	544.7	517.2	491.1	608.2	466.9	439.7	479.3
Cost of Goods Sold	354.4	346.7	378.8	359.6	386.3	336.0	316.6	310.6	402.8	285.8	246.6	248.4
Gross Profit	286.4	226.9	253.9	234.4	265.7	208.8	200.6	180.5	205.4	181.1	193.1	230.9
Financial Income	3.8	4.8	9.9	4.2	5.0	3.7	2.8	1.9	4.0	6.3	10.7	3.9
Financial Expenses	8.6	10.1	12.6	8.8	7.6	5.5	6.4	5.7	8.7	8.2	8.3	6.2
Interest Expense	3.2	5.0	6.2	2.2	1.2	1.0	0.9	0.4	0.9	2.4	2.2	0.4
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	101.7	81.0	98.1	97.6	75.6	83.8	83.5	69.2	75.3	71.4	70.8	92.3
General and Administrative Expenses	45.2	39.0	39.6	37.0	35.5	32.6	31.3	28.9	33.8	22.3	25.6	37.9
Operating Profit	134.7	101.6	113.4	95.2	152.0	90.5	82.2	78.5	91.5	85.5	99.2	98.3
Other Income	0.5	0.4	1.4	0.4	0.4	0.5	0.9	0.6	0.4	1.2	0.9	0.9
Other Expenses	0.0	1.2	0.0	0.3	0.1	0.1	0.0	1.3	0.4	0.1	0.0	0.0
Other Profit	0.5	-0.8	1.4	0.1	0.3	0.5	0.9	-0.7	0.0	1.1	0.8	0.9
Profit Before Tax	135.2	100.9	114.9	95.3	152.3	91.0	83.1	77.8	91.5	86.7	100.0	99.2
Current Income Tax Expense	27.7	24.0	24.6	20.8	31.7	18.6	17.1	15.9	19.1	17.0	20.3	21.3
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	107.5	76.9	90.3	74.5	120.6	72.4	65.9	61.9	72.3	69.7	79.7	77.8
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	107.5	76.9	90.3	74.5	120.6	72.4	65.9	61.9	72.3	69.7	79.7	77.8
Earnings per Share	627.00	429.00	504.00	448.00	726.00	436.00	794.00	752.00	878.00	889.00	1,016.00	1,027.00
Diluted EPS	697.79	499.16	586.17	483.38	782.96	470.06	941.25	884.09	1,033.00	1,044.97	1,194.44	1,166.72

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)	1,507.4	1,660.1	1,701.1	1,837.8	1,409.5	1,466.8	1,359.3	1,316.6	1,207.1	1,303.1	1,337.6	1,192.8
I. Cash and cash equivalents	189.2	173.6	261.7	303.0	162.0	183.4	127.5	108.7	106.2	98.0	66.8	58.7
1. Cash	59.2	143.6	151.7	82.8	102.0	143.4	47.5	108.7	106.2	68.0	46.8	58.7
2. Cash equivalents	130.0	30.0	110.0	220.2	60.0	40.0	80.0	0.0	0.0	30.0	20.0	0.0
II. Short-term financial investments	212.1	222.1	282.3	152.3	142.0	87.0	132.0	132.0	93.0	103.0	303.0	293.0
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	212.1	222.1	282.3	152.3	142.0	87.0	132.0	132.0	93.0	103.0	303.0	293.0
III. Short-term receivables	404.2	495.6	479.0	696.1	383.7	420.2	378.9	363.2	296.6	311.0	294.5	305.1
1. Short-term trade accounts receivable	327.7	444.3	417.4	382.2	338.5	361.0	339.0	309.6	256.8	267.0	241.6	244.8
2. Short-term prepayments to suppliers	42.1	39.2	44.6	285.1	34.0	52.1	28.7	42.0	34.8	34.6	32.4	50.0
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	38.8	16.2	20.2	32.5	15.0	10.8	15.2	15.1	7.7	13.5	23.8	13.5
7. Provision for short-term doubtful debts (*)	-4.5	-4.1	-3.3	-3.8	-3.8	-3.8	-3.9	-3.5	-2.8	-4.0	-3.2	-3.1
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	677.7	752.4	664.9	660.7	705.1	770.0	713.2	706.1	699.4	771.0	657.8	529.5
1. Inventories	682.3	755.9	668.3	663.9	708.3	773.1	716.2	708.8	702.2	775.0	661.8	532.3
2. Provision for decline in value of inventories	-4.6	-3.4	-3.4	-3.3	-3.3	-3.1	-3.1	-2.7	-2.7	-4.0	-4.0	-2.8
V. Other short-term assets	24.2	16.4	13.2	25.7	16.7	6.2	7.7	6.6	11.9	20.0	15.5	6.4
1. Short-term prepayments	21.3	13.8	11.1	22.2	15.6	2.8	4.7	4.8	6.5	12.4	9.4	1.0
2. Value added tax to be reclaimed	2.9	2.6	2.0	3.5	1.2	3.4	2.9	1.8	5.4	7.7	6.1	5.4
3. Taxes and other receivables from state authorities	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. 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)	1,275.2	1,307.3	1,324.0	1,076.6	1,095.2	1,114.9	1,145.7	1,156.8	1,185.5	1,183.7	1,185.1	1,173.6
I. Long-term receivables	1.0	1.8	1.8	1.8	1.8	2.3	2.3	2.3	2.3	0.1	0.1	0.1
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	1.0	1.8	1.8	1.8	1.8	2.3	2.3	2.3	2.3	0.1	0.1	0.1
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	781.0	805.1	820.5	841.3	858.8	882.6	904.9	912.7	935.6	940.2	479.8	480.5
1. Tangible fixed assets	707.8	731.3	745.9	767.3	784.6	807.8	829.9	839.0	861.4	865.6	405.1	407.8
- Cost	1,486.8	1,495.0	1,485.0	1,481.3	1,473.2	1,470.8	1,467.4	1,450.9	1,450.9	1,430.1	947.6	937.2
- Accumulated depreciation	-778.9	-763.7	-739.2	-714.0	-688.6	-663.0	-637.5	-611.9	-589.5	-564.5	-542.5	-529.5
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	73.2	73.9	74.6	74.0	74.2	74.8	75.1	73.7	74.2	74.6	74.8	72.7
- Cost	103.8	105.3	105.3	104.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.5	-31.4	-30.8	-30.1	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	37.4	34.3	28.1	35.4	43.9	54.2	48.2	52.1	47.4	59.3	598.3	585.7
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	37.4	34.3	28.1	35.4	43.9	54.2	48.2	52.1	47.4	59.3	598.3	585.7
V. Long-term financial investments	67.0	67.0	67.0	67.0	67.0	71.3	71.3	71.3	71.3	71.3	71.3	71.3
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	67.1	67.1	67.1	67.1	67.1	70.9	70.9	70.9	70.9	70.9	70.9	70.9
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.6	0.6	0.6	0.6	0.6	0.6	0.6
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
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	388.8	399.1	406.7	131.1	123.7	104.5	119.0	118.5	129.0	112.8	35.7	36.0
1. Long-term prepayments	388.8	399.1	406.7	131.1	123.7	104.5	119.0	118.5	129.0	112.8	35.7	36.0
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)	2,782.6	2,967.4	3,025.1	2,914.4	2,504.8	2,581.7	2,505.0	2,473.3	2,392.6	2,486.8	2,522.7	2,366.4
A. LIABILITIES (300=210+330)	476.1	768.4	902.9	666.8	321.7	431.6	427.3	326.8	308.0	474.5	580.2	394.1
I. Short -term liabilities	372.4	591.4	645.9	409.8	321.7	431.6	427.3	326.8	308.0	474.5	580.2	394.1
1. Short-term trade accounts payable	80.8	154.2	169.9	82.0	77.0	111.0	71.8	77.1	70.5	95.9	112.0	110.5
2. Short-term advances from customers	31.7	16.1	6.2	4.6	17.3	2.4	3.8	3.8	5.9	4.4	4.0	26.1
3. Taxes and other payables to state authorities	32.6	23.1	27.9	30.6	36.0	22.6	21.0	20.2	21.9	18.1	22.2	21.8
4. Payable to employees	12.2	17.1	13.0	6.5	0.3	17.4	11.3	5.5	57.1	55.1	37.6	39.3
5. Short-term acrrued expenses	40.9	45.0	75.5	63.5	30.9	45.4	39.4	36.0	47.3	53.0	46.1	54.8
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	62.1	50.0	45.3	0.0	52.4	40.5	26.9	0.0	42.3	36.6	19.0
9. Other short-term payables	18.2	27.4	105.4	28.7	33.6	32.1	94.9	22.4	20.9	89.5	88.5	4.6
10. Short-term borrowings and financial leases	112.8	202.9	154.6	139.0	86.1	104.2	96.4	118.6	49.4	79.6	180.3	100.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	43.3	43.4	43.4	9.5	40.5	44.1	48.2	16.3	35.1	36.6	52.9	17.3
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	103.7	177.0	257.0	257.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3.7	7.0	7.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	100.0	170.0	250.0	250.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	2,306.5	2,199.0	2,122.1	2,247.6	2,183.1	2,150.1	2,077.7	2,146.5	2,084.6	2,012.2	1,942.5	1,972.3
I. Owner's equity	2,306.5	2,199.0	2,122.1	2,247.6	2,183.1	2,150.1	2,077.7	2,146.5	2,084.6	2,012.2	1,942.5	1,972.3
1. Owner's capital	1,540.4	1,540.4	1,540.4	1,540.4	1,540.4	1,540.4	700.4	700.4	700.4	667.1	667.1	667.1
- Common stock with voting right	1,540.4	1,540.4	1,540.4	1,540.4	1,540.4	1,540.4	700.4	700.4	700.4	667.1	667.1	667.1
- 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	187.3	187.3	187.3	187.3	187.3	187.3	507.4	507.4	507.4	507.4	507.4	507.4
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	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
5. Treasury shares	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	127.7	127.7	132.5	132.5	132.5	134.7	434.7	434.7	434.7	436.1	436.1	436.1
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	449.0	341.5	259.8	385.3	320.8	285.5	433.2	502.0	440.1	399.7	330.0	359.7
- Accumulated retained earning at the end of the previous period	95.1	95.1	95.1	310.8	0.0	85.3	305.3	440.1	121.9	155.2	155.2	264.6
- Undistributed earnings in this period	353.9	246.5	164.8	74.5	320.8	200.2	127.8	61.9	318.2	244.5	174.8	95.1
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)	2,782.6	2,967.4	3,025.1	2,914.4	2,504.8	2,581.7	2,505.0	2,473.3	2,392.6	2,486.8	2,522.7	2,366.4

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	135.2	100.9	114.9	95.3	152.3	91.0	83.1	77.8	91.5	86.7	100.0	99.2
Depreciation of Fixed Assets and Investment Property	26.0	26.2	26.3	26.2	26.3	26.4	26.4	26.6	26.4	26.1	15.2	15.0
Provision (Increase)/Reversal	1.6	0.8	-0.3	-0.0	0.1	-0.1	0.7	0.7	-2.1	0.9	12.3	-13.5
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.1	0.0	0.0	0.0	-0.1	0.0	-0.1	0.0	0.3	0.0
Gain/Loss from Investment Activities	-3.3	-4.1	-9.2	-3.2	-4.1	-2.4	-2.1	-0.1	-3.6	-6.7	-9.9	-2.2
Interest Expense	3.2	5.0	6.2	2.2	1.2	1.0	0.9	0.4	0.9	2.4	2.2	0.4
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	162.5	128.7	137.9	120.5	175.8	115.9	109.0	105.4	113.0	109.3	120.0	99.0
Increase/(Decrease) in Receivables	88.7	-16.7	220.3	-313.8	40.3	-42.7	-16.7	-64.2	6.3	-15.0	2.1	-23.9
Increase/(Decrease) in Inventory	73.5	-87.5	-4.4	44.4	64.7	-56.8	-7.4	-6.6	72.8	-113.2	-129.5	-90.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-140.6	-25.8	98.7	102.0	-66.3	64.8	47.9	-28.2	-6.0	15.2	4.5	11.7
Increase/(Decrease) in Prepaid Expenses	2.7	4.9	-264.5	-14.0	-32.0	16.5	-0.5	12.3	-68.7	-21.8	-8.0	-2.8
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	-3.4	-9.8	-2.0	-1.2	-1.2	-1.0	-0.8	-0.4	-1.0	-2.4	-2.1	-1.2
Corporate Income Tax Paid	-20.8	-27.7	-20.7	-31.7	-18.7	-17.0	-16.0	-19.1	-17.0	-20.2	-21.5	-25.4
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	-104.8	-41.0	-91.2	-4.1	-27.1	-20.2	-3.1	-14.7	-4.2	-1.0
Net Cash Flow from Operating Activities	162.5	-33.9	60.4	-134.9	71.4	75.5	88.3	-21.2	96.5	-63.0	-38.7	-34.4
Payments for Fixed Assets and Other Long-term Assets	-2.9	-8.7	4.7	-20.0	-27.1	-5.9	-48.8	-12.8	-13.0	-9.0	-25.6	-15.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	0.1	0.8	0.0	0.1	0.1	4.6	0.2	1.0	0.6	0.7
Loans and Purchases of Debt Instruments	-195.0	0.0	-208.0	-74.3	-75.0	-60.0	-43.0	-89.0	-40.0	-40.0	-63.0	-240.0
Receipts from Loan Repayments and Sale of Debt Instruments	205.0	60.2	78.0	64.0	20.0	105.0	43.0	50.0	60.0	230.0	53.0	158.3
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
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	6.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.1	2.7	7.9	2.6	1.3	3.4	1.3	1.7	1.4	12.8	2.1	5.5
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	13.2	54.4	-117.3	-26.9	-74.8	42.6	-47.4	-45.5	8.6	194.8	-32.9	-91.4
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	59.6	53.2	187.4	366.7	86.1	164.2	0.0	137.7	49.4	0.0	79.6	100.7
Repayment of Borrowings	-219.8	-84.8	-171.8	-63.9	-104.2	-156.4	-22.2	-68.5	-79.6	-100.7	0.0	-95.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-77.0	0.0	0.0	0.0	-70.0	0.0	0.0	-66.7	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-160.2	-108.6	15.6	302.9	-18.1	-62.2	-22.2	69.2	-96.9	-100.7	79.7	5.6
Net Cash Flow During the Period	15.6	-88.1	-41.3	141.0	-21.4	55.9	18.8	2.5	8.2	31.2	8.1	-120.1
Cash and Cash Equivalents at Beginning of Period	173.6	261.7	303.0	162.0	106.2	106.2	106.2	106.2	178.8	178.8	178.8	178.8
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	189.2	173.6	261.7	303.0	162.0	183.4	127.5	108.7	106.2	98.0	66.8	58.7

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