ITD

Công nghệ ITD ·HOSE ·2025Q3

▲▲ Improving positively

Operating efficiency is improving Net margin 17.55%, +24.51pp YoY

Price

15,700

Latest close

04 Jun 2026

P/E 6.54x

P/B 0.87x

EPS 2,401

BVPS 18,054

ROE 15.1%

ROA 10.6%

Profit Margin 12.4%

Asset Turnover 0.86x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2025Q3 basis, ITD posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 505bn
	                                
−14.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 89bn
	                                
+316.6%YoY

Metric	2023	2022	2021	2020
Revenue	591.1	878.1	424.7	529.5
Growth	-33%	+107%	-20%	—
Net Income	-39.9	23.7	26.1	50.3
Net Margin	-6.75%	2.70%	6.14%	9.51%

Metric	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	165.4	142.9	98.0	99.0	207.0	211.2	83.0	86.5	112.9	255.8	318.6	190.7
Growth	+16%	+46%	-1%	-52%	-2%	+154%	-4%	-23%	-56%	-20%	+67%	—
Net Income	68.4	11.5	5.4	3.3	2.6	-43.0	1.7	-2.3	-1.2	14.1	11.7	-1.4
Net Margin	41.37%	8.03%	5.52%	3.37%	1.25%	-20.35%	2.05%	-2.60%	-1.11%	5.50%	3.66%	-0.74%

Drivers of ITD's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 125.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 68.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 17.55%, rising 24.5pp. The main driver is SG&A / Revenue fell 19.9pp and Gross margin rose 5.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 17.55% +24.5pp

Gross Margin 30.35% +5.6pp

SG&A / Revenue 10.64% −19.9pp

TTM YoY · 2023Q4 -> 2025Q3

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 22.3 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 24.17%, rising 32.7pp. That translates to 24.17 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 22.2pp, with capital turnover fell 0.34x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 24.17% +32.7pp

NOPAT Margin 17.25% +22.2pp

Capital Turnover 1.40x −0.34x

Average Invested Capital 360.5bn +22.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.58x equity, with a net cash position equivalent to 0.10x equity.

Over the last 12 months, working capital released 139.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +268.4bn

Inventories increased → lower CFO: −156.3bn

Payables increased → higher CFO: +27.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 22.3 days versus the same period last year. The main moves came from DIO rose 22.9 days, DSO rose 0.3 days, and DPO rose 0.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 186.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 166.1 days +0.3 days

Inventory 72.9 days +22.9 days

Payables 53.0 days +0.9 days

Cash Conversion Cycle 186.1 days +22.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 63.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.10x and interest coverage at 19.59x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 291.0% of debt, and total debt stands at 25.3bn.

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 -0.10x +0.08x

Interest Coverage 19.59x +24.72x

Cash / Debt 291.0% +82.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.43x +3.51x

TTM YoY · 2023Q4 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 63.8bn in 2023, against investing cash flow of -0.5bn.

Post-investment cash flow was positive +63.2bn. Financing cash flow was negative +9.7bn.

CFO / net income was 2.43x.

After spending +7.8bn on fixed-asset investment, the business generated trailing free cash flow of +144.7bn.

Cash Conversion

CFO TTM 152.6bn +88.8bn

Cash Capex 7.8bn +2.0bn

FCF TTM +144.7bn +86.8bn

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 operating efficiency, with net margin improving 24.5 pp. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 186 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.55% after expanding 24.5pp versus the same period last year.

Key risk: working capital remains tied up for too long, with cash cycle at 186.1 days.

Statement Data

Item	2023	2022	2021	2020
Revenue	591.1	878.3	424.7	529.5
Revenue Deductions	0.0	0.2	0.0	0.0
Net Revenue	591.1	878.1	424.7	529.5
Cost of Goods Sold	444.4	746.4	0.0	0.0
Gross Profit	146.6	131.7	114.0	146.1
Financial Income	8.7	6.0	4.4	5.9
Financial Expenses	7.0	6.7	-6.4	-3.8
Interest Expense	0.0	3.7	-3.3	-3.5
Share of Associates and Joint Ventures	-2.9	7.0	-0.0	-0.0
Selling Expenses	50.2	42.6	-50.2	-40.9
General and Administrative Expenses	130.0	63.7	-38.7	-39.8
Operating Profit	-34.7	31.7	23.1	67.5
Other Income	2.3	2.5	0.0	0.0
Other Expenses	0.7	1.6	0.0	0.0
Other Profit	1.7	0.9	10.1	-12.1
Profit Before Tax	-33.1	32.6	33.2	55.4
Current Income Tax Expense	6.7	8.1	-7.1	-5.1
Deferred Income Tax Expense	0.2	0.8	0.0	0.0
Net Income	-39.9	23.7	26.1	50.3
Non-controlling Interest	18.6	19.4	10.8	20.8
Profit Attributable to Parent	-58.5	4.3	15.3	29.5
Earnings per Share	-2,392.00	183.00	804.00	1,550.00
Diluted EPS	-2,385.20	175.59	800.85	1,546.36

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	418.0	488.6	515.6	502.0
I. Cash and cash equivalents	122.6	68.9	78.9	38.5
1. Cash	82.5	38.9	0.0	0.0
2. Cash equivalents	40.2	30.1	0.0	0.0
II. Short-term financial investments	85.6	65.7	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	85.6	65.7	0.0	0.0
III. Short-term receivables	166.2	294.3	273.3	236.1
1. Short-term trade accounts receivable	235.5	298.7	0.0	0.0
2. Short-term prepayments to suppliers	16.4	5.4	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.1	0.0	0.0	0.0
6. Other short-term receivables	7.2	28.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-93.0	-38.6	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	36.0	55.4	80.0	127.7
1. Inventories	57.7	65.4	0.0	0.0
2. Provision for decline in value of inventories	-21.8	-10.0	0.0	0.0
V. Other short-term assets	7.6	4.4	6.6	14.8
1. Short-term prepayments	0.3	0.3	0.0	0.0
2. Value added tax to be reclaimed	7.3	4.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	151.6	165.9	88.9	103.7
I. Long-term receivables	2.7	1.3	0.0	0.0
1. Long-term trade receivables	0.0	0.0	5.8	5.8
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	1.5	0.1	0.0	0.0
6. Other long-term receivables	1.2	1.3	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	71.2	72.3	57.4	68.1
1. Tangible fixed assets	55.4	56.4	41.5	43.5
- Cost	106.2	107.6	0.0	0.0
- Accumulated depreciation	-50.9	-51.2	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15.8	15.9	15.9	24.6
- Cost	28.2	30.8	0.0	0.0
- Accumulated depreciation	-12.3	-14.8	0.0	0.0
III. Investment properties	0.0	0.0	16.3	18.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.6	0.0	0.3
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.6	0.0	0.0
V. Long-term financial investments	2.7	6.9	5.6	7.4
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.1	4.8	0.0	0.0
3. Investments in other entities	7.4	7.4	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.8	-5.3	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	74.9	84.8	0.0	0.0
1. Long-term prepayments	2.2	3.7	0.0	0.0
2. Deferred income tax assets	0.2	0.2	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	3.7	3.9
5. Goodwill	72.6	80.9	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	569.5	654.6	604.5	605.7
A. LIABILITIES (300=210+330)	209.3	240.7	265.1	280.3
I. Short -term liabilities	200.4	230.9	255.7	271.7
1. Short-term trade accounts payable	57.7	68.4	32.5	61.5
2. Short-term advances from customers	22.2	12.0	132.4	39.9
3. Taxes and other payables to state authorities	5.6	8.3	0.0	0.0
4. Payable to employees	14.4	5.1	0.0	0.0
5. Short-term acrrued expenses	18.6	55.8	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.2	0.9	0.6
9. Other short-term payables	5.6	11.4	0.0	0.0
10. Short-term borrowings and financial leases	58.7	52.2	42.2	92.7
11. Provision for short-term liabilities	15.2	13.8	0.0	0.0
12.. Bonus and welfare fund	2.2	3.7	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	8.9	9.8	9.3	8.6
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.9	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	3.4	3.2	0.0	0.0
12. Provision for long-term liabilities	4.9	3.5	0.0	0.0
13. Fund for technology development	0.0	2.1	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	360.2	413.9	339.4	325.4
I. Owner's equity	360.2	413.9	0.0	0.0
1. Owner's capital	245.3	245.3	339.4	325.4
- Common stock with voting right	245,335,910,000.00	245,335,910,000.00	190,647,980,000.00	190,647,980,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	4.1	4.1	0.0	0.0
5. Treasury shares	-721,880,000.00	-721,880,000.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	11.2	0.0	0.0
9. Fund to support corporate restructuring	0.0	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	8.8	57.6	84.2	73.9
- Accumulated retained earning at the end of the previous period	65.4	55.9	83.7	52.9
- Undistributed earnings in this period	-56.5	1.7	0.5	21.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	102.7	96.3	58.1	56.9
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	569.5	654.6	604.5	605.7

Item	2023	2022	2021	2020
Profit Before Tax	-33.1	32.6	33.2	50.0
Depreciation of Fixed Assets and Investment Property	14.9	5.7	7.1	8.0
Provision (Increase)/Reversal	70.9	13.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-3.3	-12.4	0.0	0.0
Interest Expense	3.9	3.7	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	-2.1	-87.9	0.0	0.0
Operating Profit Before Changes in Working Capital	51.3	-45.3	40.1	75.5
Increase/(Decrease) in Receivables	49.2	52.3	0.0	0.0
Increase/(Decrease) in Inventory	7.7	11.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.1	-12.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	0.9	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-3.5	0.0	0.0
Corporate Income Tax Paid	-10.7	-18.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-2.7	0.0	0.0
Net Cash Flow from Operating Activities	63.8	-17.2	60.1	-9.5
Payments for Fixed Assets and Other Long-term Assets	-5.8	-14.0	-2.8	-11.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.4	8.1	0.0
Loans and Purchases of Debt Instruments	-91.0	-34.4	-47.2	-58.9
Receipts from Loan Repayments and Sale of Debt Instruments	69.7	53.9	47.3	59.3
Investments in Other Entities	-3.0	-5.5	-4.1	-7.4
Proceeds from Investments in Other Entities	23.0	0.6	0.0	0.0
Dividends and Interest Income Received	5.8	6.8	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.5	7.7	37.0	-16.6
Proceeds from Equity Issuance and Capital Contributions	4,065,640,000.00	10,635,730,000.00	323,810,000.00	0.00
Share Repurchases	0.00	-730,340,800.00	0.00	0.00
Proceeds from Borrowings	138.6	127.3	93.5	155.5
Repayment of Borrowings	-132.1	-128.8	-144.0	-107.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-20.2	-22.5	-6.4	-37.0
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	-9.7	-14.1	-56.5	10.5
Net Cash Flow During the Period	53.6	-23.6	-1.4	0.7
Cash and Cash Equivalents at Beginning of Period	68.9	92.5	38.5	54.1
FX Difference from Revaluation	0.2	-0.0	-0.3	0.0
Cash and Cash Equivalents at End of Period	122.6	68.9	78.9	38.5

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	165.4	142.9	98.0	99.0	207.0	211.2	83.0	86.5	112.9	255.8	318.8	190.7
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0
Net Revenue	165.4	142.9	98.0	99.0	207.0	211.2	83.0	86.5	112.9	255.8	318.6	190.7
Cost of Goods Sold	113.5	99.1	66.0	73.4	156.4	176.5	52.0	57.6	73.9	215.5	285.7	171.3
Gross Profit	51.9	43.8	32.0	25.5	50.6	34.7	31.0	28.9	39.0	40.3	32.9	19.4
Financial Income	0.9	1.0	1.1	0.7	2.0	2.0	2.4	2.2	3.0	1.0	1.0	1.0
Financial Expenses	0.9	0.6	1.8	1.6	2.7	1.7	1.7	0.8	1.5	3.2	1.2	0.9
Interest Expense	0.6	0.5	1.2	0.5	1.3	0.9	0.8	0.8	-0.7	1.1	0.8	0.7
Share of Associates and Joint Ventures	-1.6	—	—	0.1	-1.7	-0.5	-0.3	-0.7	-2.6	4.7	4.8	0.0
Selling Expenses	15.0	14.2	10.9	9.9	14.1	10.6	11.6	13.6	11.5	10.7	10.8	10.6
General and Administrative Expenses	-37.3	16.8	13.3	11.0	30.8	64.5	17.1	17.0	25.7	17.2	13.0	7.7
Operating Profit	72.7	13.3	7.1	3.9	3.4	-40.7	2.6	-1.0	0.8	15.0	13.8	1.2
Other Income	0.4	1.2	0.0	0.8	1.4	2.5	0.6	0.1	2.0	0.2	0.2	-0.2
Other Expenses	0.2	0.3	0.0	0.2	0.1	2.6	0.4	0.1	0.3	0.1	0.1	0.7
Other Profit	0.1	0.9	0.0	0.6	1.3	-0.1	0.2	-0.0	1.7	0.1	0.1	-0.9
Profit Before Tax	72.8	14.2	7.2	4.5	4.6	-40.7	2.8	-1.0	2.4	15.1	13.9	0.3
Current Income Tax Expense	5.1	2.5	1.8	1.5	1.6	2.2	1.4	1.2	3.5	1.0	1.7	1.7
Deferred Income Tax Expense	-0.7	0.2	0.0	-0.4	0.4	0.1	-0.3	0.0	0.2	0.0	0.5	0.0
Net Income	68.4	11.5	5.4	3.3	2.6	-43.0	1.7	-2.3	-1.2	14.1	11.7	-1.4
Non-controlling Interest	9.7	7.4	5.4	3.3	3.8	4.9	4.9	4.5	7.8	3.2	5.2	3.2
Profit Attributable to Parent	58.7	4.1	0.0	0.0	-1.2	-47.9	-3.2	-6.8	-9.1	10.9	6.4	-4.6
Earnings per Share	2,243.00	157.00	0.14	1.00	-50.00	-1,959.00	-144.00	-277.00	-370.30	511.00	303.00	-215.00
Diluted EPS	2,236.75	156.59	0.14	0.56	-49.61	-1,953.65	-129.76	-276.37	-370.30	508.93	301.69	-214.16

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	475.4	387.4	402.7	439.7	419.8	466.3	435.2	463.3	490.1	511.5	479.6	512.1
I. Cash and cash equivalents	73.7	56.6	61.3	57.3	122.6	69.9	70.2	38.4	79.5	57.8	41.2	87.0
1. Cash	41.0	21.7	32.2	27.1	82.5	41.5	31.7	18.8	38.8	27.2	20.2	41.0
2. Cash equivalents	32.7	34.9	29.1	30.2	40.2	28.4	38.6	19.6	40.7	30.6	21.0	46.0
II. Short-term financial investments	87.6	24.4	26.9	40.1	85.6	96.8	81.8	66.1	55.0	59.9	68.1	78.0
1. Available for sale securities	—	—	—	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
3. Held to maturity investments	87.6	24.4	26.9	40.1	85.6	96.8	81.8	66.1	55.0	59.9	68.1	78.0
III. Short-term receivables	226.1	229.5	220.7	146.8	168.7	236.0	225.6	298.3	296.7	339.6	281.7	233.2
1. Short-term trade accounts receivable	224.4	274.5	262.7	167.4	235.5	285.9	204.0	299.2	298.7	349.4	273.0	183.8
2. Short-term prepayments to suppliers	15.6	32.5	36.6	62.9	16.4	23.8	31.6	7.3	5.4	4.9	15.7	17.6
3. Short-term inter-company receivables	—	—	—	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
5. Short-term loan receivables	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.4	0.4
6. Other short-term receivables	6.8	7.7	6.7	6.9	9.7	11.5	28.2	30.3	31.3	14.2	19.1	58.0
7. Provision for short-term doubtful debts (*)	-20.8	-85.2	-85.2	-90.5	-92.9	-85.2	-38.3	-38.6	-38.6	-29.0	-26.5	-26.5
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	78.2	67.7	81.6	174.1	35.3	52.7	49.4	52.8	54.4	51.8	83.7	107.0
1. Inventories	83.8	85.4	100.6	195.8	56.9	67.0	58.5	62.9	64.5	61.8	93.3	116.5
2. Provision for decline in value of inventories	-5.6	-17.8	-18.9	-21.7	-21.6	-14.2	-9.1	-10.0	-10.0	-10.0	-9.6	-9.4
V. Other short-term assets	9.9	9.1	12.2	21.5	7.6	10.9	8.2	7.7	4.4	2.4	4.8	6.8
1. Short-term prepayments	1.5	2.2	3.3	1.0	0.3	0.6	0.7	0.9	0.3	0.5	0.7	1.0
2. Value added tax to be reclaimed	8.3	6.8	8.7	18.6	7.3	10.4	7.5	6.8	4.1	1.9	4.2	5.8
3. Taxes and other receivables from state authorities	0.1	0.1	0.2	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
4. Government bonds	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	134.0	131.7	134.0	144.2	151.6	161.3	159.5	164.1	160.7	161.2	159.1	78.4
I. Long-term receivables	1.7	1.5	1.5	1.4	2.8	6.1	1.3	1.3	1.3	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	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
3. Capital at inter-company	—	—	—	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
5. Long-term loan receivables	—	—	—	0.0	1.6	4.9	0.1	0.1	0.1	0.0	0.0	0.0
6. Other long-term receivables	1.7	1.5	1.5	1.4	1.2	1.2	1.2	1.3	1.3	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	0.0	0.0	0.0
II. Fixed assets	66.7	65.8	66.2	70.2	71.2	71.8	68.1	69.9	72.3	71.2	71.6	70.5
1. Tangible fixed assets	52.9	52.1	52.2	55.2	55.4	55.7	52.6	54.3	56.4	55.1	56.1	54.8
- Cost	—	—	—	108.1	106.0	105.1	100.8	103.0	107.6	100.6	100.5	98.1
- Accumulated depreciation	—	—	—	-52.9	-50.6	-49.4	-48.2	-48.7	-51.2	-45.5	-44.4	-43.3
2. Financial leased fixed assets	—	—	—	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.8	13.7	14.0	15.0	15.8	16.1	15.5	15.6	15.9	16.1	15.4	15.7
- Cost	—	—	—	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
III. Investment properties	—	—	—	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.2	0.3	0.2	0.0	0.8	1.5	0.7	0.6	0.8	0.8	0.6
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.2	0.3	0.2	0.0	0.8	1.5	0.7	0.6	0.8	0.8	0.6
V. Long-term financial investments	0.1	1.7	1.7	1.7	2.7	5.0	8.3	8.8	6.8	86.9	84.1	4.3
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	1.6	1.6	1.7	2.1	3.9	6.8	6.7	4.7	84.6	79.8	0.0
3. Investments in other entities	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4
4. Provision for diminution in value of long-term investments	-7.4	-7.4	-7.4	-7.4	-6.8	-6.2	-5.9	-5.3	-5.3	-5.0	-3.0	-3.0
5. Held to maturity investments	0.1	0.1	0.1	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
VI. Other long-term assets	65.5	62.4	64.5	70.7	2.4	2.9	3.6	4.6	4.1	2.4	2.7	3.0
1. Long-term prepayments	6.4	2.1	2.1	1.8	2.2	2.8	3.4	4.4	3.7	2.2	2.5	2.3
2. Deferred income tax assets	0.9	0.2	0.1	0.4	0.2	0.2	0.2	0.2	0.4	0.2	0.2	0.7
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
4. Other long-term assets	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	58.1	60.1	62.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	68.4	72.6	74.6	76.7	78.8	75.5	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	609.4	519.0	536.8	583.9	571.4	627.5	594.7	627.3	650.9	672.7	638.7	590.5
A. LIABILITIES (300=210+330)	135.6	108.3	131.0	234.6	211.9	265.7	181.0	212.4	243.1	270.5	248.6	202.7
I. Short -term liabilities	125.7	98.3	121.4	227.6	201.8	257.9	172.4	202.6	233.3	262.4	240.3	193.7
1. Short-term trade accounts payable	44.4	21.8	42.1	63.6	57.8	104.1	39.6	91.1	68.5	117.7	104.9	88.8
2. Short-term advances from customers	15.9	15.5	24.2	100.1	22.1	17.5	38.8	11.9	12.0	4.4	15.8	24.1
3. Taxes and other payables to state authorities	10.6	5.8	5.6	4.4	5.4	6.1	3.3	3.0	8.2	5.2	5.2	3.0
4. Payable to employees	14.3	6.9	3.4	5.6	14.6	10.1	2.6	2.0	7.6	7.8	3.5	1.0
5. Short-term acrrued expenses	7.4	2.5	2.8	7.5	18.6	8.6	18.7	21.4	55.8	37.8	14.0	1.3
6. Short-term inter-company payables	—	—	—	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
8. Short-term unearned revenue	0.1	0.1	—	0.1	0.0	0.1	0.2	0.1	0.2	0.3	0.4	0.5
9. Other short-term payables	1.1	5.2	4.3	5.2	8.1	8.4	11.8	14.4	11.4	8.8	14.7	18.7
10. Short-term borrowings and financial leases	25.3	33.6	31.7	24.4	58.7	85.9	40.7	41.5	52.2	60.4	62.4	37.1
11. Provision for short-term liabilities	2.8	3.0	3.1	14.5	14.1	14.5	13.5	13.7	13.8	15.9	15.3	15.0
12.. Bonus and welfare fund	3.8	4.0	4.3	2.2	2.2	2.7	3.2	3.6	3.7	4.0	4.2	4.2
13. Price stabilization fund	—	—	—	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
II. Long-term liabilities	9.9	10.0	9.6	7.0	10.1	7.7	8.6	9.7	9.8	8.1	8.3	9.0
1. Long-term trade payables	—	—	—	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
3. Long-term acrrued expenses	—	—	—	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
5. Long-term inter-company payables	—	—	—	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
7. Other long-term liabilities	0.2	0.2	0.2	0.3	0.6	1.0	1.0	0.9	0.9	0.9	0.9	0.9
8. Long-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4
9. Convertible bonds	—	—	—	0.0	0.0	0.0	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	0.00	0.00	0.00
11. Deferred income tax liabilities	4.1	4.2	3.9	3.2	3.4	3.0	2.9	3.2	3.2	2.9	2.9	2.9
12. Provision for long-term liabilities	5.6	5.6	5.5	3.5	6.1	3.1	3.1	3.5	3.5	2.3	2.4	2.7
13. Fund for technology development	—	—	—	0.0	0.0	0.7	1.6	2.1	2.1	2.0	2.0	2.1
14. Provision for severance allowances	—	—	—	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)	473.8	410.7	405.8	349.3	359.5	361.9	413.7	415.0	407.8	402.3	390.1	387.8
I. Owner's equity	473.8	410.7	405.8	349.3	359.5	361.9	413.7	415.0	407.8	402.3	390.1	387.8
1. Owner's capital	262.4	262.4	245.3	245.3	245.3	245.3	245.3	245.3	245.3	213.4	213.4	213.4
- Common stock with voting right	262,449,950,000.00	262,449,950,000.00	245,335,910,000.00	245,335,910,000.00	245,335,910,000.00	245,335,910,000.00	245,335,910,000.00	245,335,910,000.00	245,335,910,000.00	213,436,540,000.00	213,436,540,000.00	213,436,540,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	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	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
4. Other capital of owners	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	0.0	0.0	0.0	0.0
5. Treasury shares	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00	-721,880,000.00
6. Assets revaluation differences	—	—	—	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
8. Investment and development fund	—	—	—	0.0	0.0	4.3	4.6	5.1	12.4	10.3	10.2	10.2
9. Fund to support corporate restructuring	—	—	—	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
11. Undistributed earnings after tax	95.9	37.4	50.6	6.4	8.6	5.2	52.8	55.4	54.4	94.5	86.3	79.8
- Accumulated retained earning at the end of the previous period	32.9	33.3	50.6	8.8	67.7	63.1	62.7	62.2	50.8	81.8	84.4	84.4
- Undistributed earnings in this period	62.9	4.1	0.0	-2.4	-59.1	-57.9	-10.0	-6.8	3.6	12.7	1.9	-4.6
12. Reserves for investment in construction	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	112.1	107.5	106.4	94.2	102.2	103.7	107.6	105.8	96.4	84.7	80.8	85.0
14. Financial reserves	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	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)	609.4	519.0	536.8	583.9	571.4	627.5	594.7	627.3	650.9	672.7	638.7	590.5

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	72.8	14.3	7.2	7.1	5.9	-40.7	2.8	-1.0	3.4	15.1	13.9	0.3
Depreciation of Fixed Assets and Investment Property	-2.3	5.9	1.7	7.7	10.1	-2.7	5.9	1.6	1.7	1.4	1.4	1.2
Provision (Increase)/Reversal	-77.3	-2.5	-0.9	-4.1	18.7	53.5	-1.2	-0.1	7.8	5.3	0.2	-0.1
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	0.0	-0.3	-0.2	0.1	0.2	0.0	-0.1	-0.2	0.3	-0.0
Gain/Loss from Investment Activities	-0.4	-1.6	-0.6	-0.8	2.5	-3.2	-1.1	-1.4	-7.6	1.7	-5.6	-0.9
Interest Expense	0.7	0.4	1.2	1.1	1.3	0.9	0.8	0.8	1.1	1.1	0.8	0.7
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
Interest Income and Dividends	—	—	—	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
Other Adjustments	—	—	—	0.0	-9.7	8.2	-3.3	2.7	-87.7	-0.2	0.0	0.0
Operating Profit Before Changes in Working Capital	1.4	14.5	10.7	10.7	28.5	16.1	4.2	2.5	-81.6	24.3	10.9	1.1
Increase/(Decrease) in Receivables	92.0	-10.0	178.6	7.8	47.9	-68.1	67.2	2.2	59.8	-53.4	-10.3	56.1
Increase/(Decrease) in Inventory	1.8	15.0	-35.4	-137.8	9.2	-8.4	4.4	2.5	-3.6	31.5	23.2	-39.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.5	-20.7	-25.4	59.8	-9.4	25.9	-26.3	-20.3	-45.3	19.7	-17.2	30.7
Increase/(Decrease) in Prepaid Expenses	-3.6	1.1	-2.8	-0.3	-0.1	1.6	0.4	-0.5	0.9	0.4	0.1	-0.5
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.4	-1.5	-1.1	-0.6	-1.7	-0.9	-0.8	-1.0	-1.1	-0.8	-0.7
Corporate Income Tax Paid	-1.2	-2.4	-8.6	-2.2	-5.6	0.9	-0.7	-5.2	-3.5	-1.3	-0.9	-12.9
Other Operating Receipts	—	—	—	0.4	-0.2	0.2	-0.1	0.1	-0.0	0.0	-0.0	0.0
Other Operating Payments	0.6	-1.2	-0.3	-0.1	1.2	-0.4	-1.3	-0.6	-0.7	0.8	-1.2	-1.6
Net Cash Flow from Operating Activities	103.9	-4.2	115.4	-62.6	71.0	-34.0	46.7	-20.0	-75.1	21.0	3.9	32.9
Payments for Fixed Assets and Other Long-term Assets	-3.5	-1.3	-0.2	-2.8	-0.9	-4.9	0.2	-0.2	-1.0	-1.1	-2.5	-9.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.9	0.0	0.0	0.6	0.0	0.3	0.0	0.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-82.6	4.6	-14.0	-27.6	-20.4	-24.0	-36.2	-10.5	-23.6	-7.7	-0.6	-2.6
Receipts from Loan Repayments and Sale of Debt Instruments	8.1	-1.1	17.6	81.5	23.6	13.1	22.9	10.1	17.8	16.1	10.4	9.5
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	-3.0	77.6	-8.1	-74.4	-0.6
Proceeds from Investments in Other Entities	—	—	—	0.0	3.0	19.5	0.5	0.0	0.6	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.8	0.7	2.7	0.8	1.5	2.3	1.3	1.6	2.5	1.7	1.1
Increase/(Decrease) in Term Deposits	—	—	—	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
Other Investing Receipts	—	—	—	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
Net Cash Flow from Investing Activities	-77.3	9.1	-1.2	53.8	6.7	5.2	-10.0	-2.3	73.4	1.8	-65.3	-2.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	0.00	4,065,640,000.00	0.00	10,635,730,000.00	0.00	-1,000,000,000.00	1,000,000,000.00
Share Repurchases	—	—	—	0.00	0.00	0.00	-4,065,640,000.00	4,065,640,000.00	-730,340,800.00	0.00	0.00	0.00
Proceeds from Borrowings	27.6	21.4	58.9	53.9	37.6	55.1	23.5	22.5	24.2	40.2	44.1	18.8
Repayment of Borrowings	5.7	-19.4	2.1	-88.3	-52.0	-22.6	-22.8	-34.7	-32.4	-42.2	-19.2	-35.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-10.6	-4.4	-3.5	-15.1	-10.6	-4.0	-5.6	-0.0	-9.9	-4.3	-8.3	0.0
Other Financing Receipts	—	—	—	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
Net Cash Flow from Financing Activities	-9.5	-9.6	-115.9	-49.5	-25.1	28.5	-4.9	-8.2	-8.2	-6.2	15.7	-15.3
Net Cash Flow During the Period	17.1	-4.7	-1.7	-58.2	52.6	-0.3	31.8	-30.5	-9.9	16.5	-45.8	15.5
Cash and Cash Equivalents at Beginning of Period	56.6	61.3	63.0	122.6	68.9	68.9	68.9	68.9	92.5	71.5	71.5	71.5
FX Difference from Revaluation	-0.1	0.0	-0.0	-0.2	0.2	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	73.7	56.6	61.3	64.3	122.6	69.9	70.2	38.4	68.9	57.8	41.2	87.0

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ITD

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow