KHD

Khai thác Chế biến Khoáng sản Hải Dương ·UPCOM ·2022Q4

▲ Showing improvement

Price

16,000

Latest close

27 May 2026

P/E 113.28x

P/B 1.05x

EPS 141

BVPS 15,250

ROE 30.3%

ROA 20.6%

Profit Margin 30.0%

Asset Turnover 0.69x

Equity Mult. 1.47x

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

What Is Changing

On a Năm 2025 basis, KHD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 48bn
	                                
+45.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
+155.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    395.9%
	                                
affects earnings quality

Metric	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1.8	2.8	2.4	3.3
Growth	-36%	+20%	-29%	—
Net Income	0.5	-0.0	0.2	-0.2
Net Margin	28.63%	-1.65%	8.97%	-6.78%

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 30.01% +13.0pp

Gross Margin -2.30% —

SG&A / Revenue 24.58% —

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (577.4% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin -3.62% —

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital released 3.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +3.3bn

Inventories decreased → higher CFO: +1.2bn

Payables decreased → lower CFO: −0.8bn

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 20.3bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.09x and interest coverage only at -0.42x.

At present, total debt stands at 0.0bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is -0.42x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.09x —

Interest Coverage -0.42x —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 40.53x —

TTM YoY · Prior -> 2022Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 20.3bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was positive +20.2bn. Financing cash flow was negative +1.6bn.

CFO / net income was 40.53x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 18.6bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -0.42x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 40.53x. Even so, net financial result still accounts for 395.9% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.42x.

Statement Data

Item	2025	2024	2023	2022
Revenue	47.9	33.0	15.1	22.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	47.9	33.0	15.1	22.2
Cost of Goods Sold	20.6	14.5	10.8	21.2
Gross Profit	27.3	18.4	4.3	1.0
Financial Income	1.1	0.3	0.8	0.7
Financial Expenses	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.5
General and Administrative Expenses	8.6	10.7	9.0	4.6
Operating Profit	19.8	8.0	-3.9	-3.4
Other Income	0.2	0.7	0.8	1.2
Other Expenses	1.0	0.1	0.5	0.2
Other Profit	-0.9	0.5	0.3	1.1
Profit Before Tax	18.9	8.6	-3.7	-2.3
Current Income Tax Expense	4.6	3.0	0.1	0.0
Deferred Income Tax Expense	—	-0.1	-0.4	0.1
Net Income	14.4	5.6	-3.4	-2.4
Non-controlling Interest	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.4	5.6	-3.4	-2.4
Earnings per Share	4,406.00	1,723.00	-1,040.00	-739.00
Diluted EPS	4,406.00	1,723.00	-1,040.00	-739.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	54.9	35.9	14.2	11.6
I. Cash and cash equivalents	31.5	12.9	4.1	5.0
1. Cash	9.5	11.4	1.6	1.5
2. Cash equivalents	22.0	1.5	2.5	3.5
II. Short-term financial investments	9.6	8.5	6.5	4.0
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	9.6	8.5	6.5	4.0
III. Short-term receivables	12.3	13.0	2.2	0.6
1. Short-term trade accounts receivable	2.9	4.5	2.0	2.0
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.0
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	10.8	10.1	1.7	0.1
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.6	-1.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	0.4	0.3	0.3	0.6
1. Inventories	0.4	0.3	0.3	0.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.2	1.1	1.2	1.4
1. Short-term prepayments	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	0.4	0.2	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	1.0	1.4
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)	23.6	25.2	35.9	42.1
I. Long-term receivables	0.5	0.5	10.0	14.1
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	0.5	0.5	10.0	14.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4.2	5.0	5.7	6.8
1. Tangible fixed assets	4.2	5.0	5.7	6.8
- Cost	17.2	16.9	19.0	24.0
- Accumulated depreciation	-13.0	-11.9	-13.3	-17.3
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	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	—	0.3	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.3	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	18.9	19.4	20.3	21.3
1. Long-term prepayments	15.5	14.6	14.3	13.9
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	3.5	4.8	6.1	7.4
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	78.5	61.1	50.2	53.7
A. LIABILITIES (300=210+330)	25.7	19.0	13.6	13.7
I. Short -term liabilities	25.1	17.5	6.9	13.2
1. Short-term trade accounts payable	0.0	0.1	0.0	0.2
2. Short-term advances from customers	0.4	0.3	0.1	0.0
3. Taxes and other payables to state authorities	8.3	4.8	0.7	0.3
4. Payable to employees	1.0	1.2	0.4	0.3
5. Short-term acrrued expenses	0.3	0.3	0.2	0.1
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	3.7	0.3	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	11.0	10.7	5.4	12.2
12.. Bonus and welfare fund	0.3	0.0	0.1	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	0.6	1.5	6.7	0.5
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	0.1	0.4
12. Provision for long-term liabilities	0.6	1.5	6.6	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)	52.8	42.1	36.5	40.0
I. Owner's equity	52.8	42.1	36.5	40.0
1. Owner's capital	32.6	32.6	32.6	32.6
- Common stock with voting right	32,628,180,000.00	32,628,180,000.00	32,628,180,000.00	32,628,180,000.00
- 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	—	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
11. Undistributed earnings after tax	20.2	9.5	3.9	7.3
- Accumulated retained earning at the end of the previous period	7.5	3.9	7.3	9.8
- Undistributed earnings in this period	12.7	5.6	-3.4	-2.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	0.0	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)	78.5	61.1	50.2	53.7

Item	2025	2024	2023	2022
Profit Before Tax	18.9	8.6	-3.7	-2.3
Depreciation of Fixed Assets and Investment Property	2.6	1.4	1.7	3.2
Provision (Increase)/Reversal	1.0	0.0	-0.2	-0.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-0.9	-1.1	-1.1
Interest Expense	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	21.4	9.1	-3.3	-0.6
Increase/(Decrease) in Receivables	0.8	0.8	4.4	2.5
Increase/(Decrease) in Inventory	-0.0	-0.1	0.4	1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	1.8	-0.7	-4.0
Increase/(Decrease) in Prepaid Expenses	-0.8	-0.4	-0.3	0.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-4.0	-0.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.1	-0.1	-0.4
Net Cash Flow from Operating Activities	20.3	10.8	0.3	-0.3
Payments for Fixed Assets and Other Long-term Assets	—	-0.9	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.5	0.7
Loans and Purchases of Debt Instruments	-5.6	-8.5	-6.5	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.5	6.5	4.0	0.0
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	1.0	0.4	0.7	0.7
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	-0.1	-1.9	-1.3	-2.6
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	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-1.6	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	-1.6	0.0	0.0	0.0
Net Cash Flow During the Period	18.5	8.8	-1.0	-2.9
Cash and Cash Equivalents at Beginning of Period	12.9	4.1	5.0	8.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	31.5	12.9	4.1	5.0

Item	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1.8	2.8	2.4	3.3
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	1.8	2.8	2.4	3.3
Cost of Goods Sold	2.1	2.6	2.3	3.6
Gross Profit	-0.3	0.3	0.0	-0.2
Financial Income	0.5	0.2	0.4	0.2
Financial Expenses	-1.0	0.0	-0.1	0.0
Interest Expense	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.1	0.1
General and Administrative Expenses	1.0	0.4	0.2	0.4
Operating Profit	0.0	-0.1	0.2	-0.6
Other Income	0.7	0.1	0.0	0.4
Other Expenses	0.1	0.0	0.0	0.0
Other Profit	0.6	0.1	-0.0	0.4
Profit Before Tax	0.6	-0.0	0.2	-0.2
Current Income Tax Expense	0.1	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	0.5	-0.0	0.2	-0.2
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	-0.0	0.2	-0.2
Earnings per Share	160.00	-14.33	65.00	-69.44
Diluted EPS	159.67	-14.33	65.08	-69.44

Item	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13.2	16.4	16.9	14.9
I. Cash and cash equivalents	4.4	7.0	7.1	9.8
1. Cash	0.9	2.0	2.1	4.8
2. Cash equivalents	3.5	5.0	5.0	5.0
II. Short-term financial investments	4.0	4.0	4.0	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	4.0	4.0	4.0	0.0
III. Short-term receivables	3.2	4.0	4.5	3.4
1. Short-term trade accounts receivable	1.9	2.6	3.2	3.4
2. Short-term prepayments to suppliers	0.0	0.0	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	2.6	2.6	2.6	1.5
6. Other short-term receivables	0.2	0.3	0.3	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.5	-1.5	-1.5
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.7	0.6	0.4
1. Inventories	0.4	0.7	0.6	0.4
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	0.7	0.7	1.2
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	0.7	0.7	1.2
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)	49.4	48.2	48.3	50.9
I. Long-term receivables	22.1	21.7	21.7	24.3
1. Long-term trade receivables	0.0	0.0	0.0	0.0
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	8.4	8.4	8.4	11.0
6. Other long-term receivables	13.7	13.3	13.3	13.3
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	0.8	0.9	1.1	1.2
1. Tangible fixed assets	0.8	0.9	1.1	1.2
- Cost	10.8	11.3	11.3	11.3
- Accumulated depreciation	-10.1	-10.4	-10.3	-10.2
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	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
III. Investment properties	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
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	26.5	25.5	25.5	25.4
1. Investments in subsidiaries	27.1	27.1	27.1	27.1
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.6	-1.6	-1.6	-1.7
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	0.0	0.0	0.0	0.1
1. Long-term prepayments	0.0	0.0	0.0	0.1
2. Deferred income tax assets	0.0	0.0	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	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	62.6	64.6	65.2	65.8
A. LIABILITIES (300=210+330)	12.8	15.4	16.0	16.5
I. Short -term liabilities	12.8	15.4	10.3	10.8
1. Short-term trade accounts payable	0.1	0.8	0.2	0.4
2. Short-term advances from customers	0.0	0.0	0.3	0.1
3. Taxes and other payables to state authorities	0.1	0.6	0.1	0.2
4. Payable to employees	0.2	0.6	1.0	1.6
5. Short-term acrrued expenses	0.1	0.1	0.1	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	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	12.2	12.9	8.2	8.4
12.. Bonus and welfare fund	0.1	0.2	0.3	0.1
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	0.0	0.0	5.6	5.6
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	0.0	0.0	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	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	5.6	5.6
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	49.8	49.2	49.3	49.3
I. Owner's equity	49.8	49.2	49.3	49.3
1. Owner's capital	32.6	32.6	32.6	32.6
- Common stock with voting right	32,628,180,000.00	32,628,180,000.00	32,628,180,000.00	32,628,180,000.00
- 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	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	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	0.0	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	17.1	16.6	16.7	16.7
- Accumulated retained earning at the end of the previous period	16.7	16.7	16.7	16.9
- Undistributed earnings in this period	0.5	-0.1	-0.0	-0.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
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)	62.6	64.6	65.2	65.8

Item	Q4'25	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	18.9	-2.3	0.7	-0.7	0.0
Depreciation of Fixed Assets and Investment Property	2.6	3.2	-1.0	1.0	0.0
Provision (Increase)/Reversal	1.0	-0.3	0.8	-0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-1.1	0.7	-0.7	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	21.4	-0.6	1.1	-1.1	0.0
Increase/(Decrease) in Receivables	0.8	2.5	-2.6	2.6	0.0
Increase/(Decrease) in Inventory	-0.0	1.2	-0.9	0.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	-4.0	-0.7	0.7	0.0
Increase/(Decrease) in Prepaid Expenses	-0.8	0.9	0.4	-0.4	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	-4.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	-0.1	0.1	-0.0	0.0
Other Operating Payments	-0.3	1.7	-1.9	1.0	-1.2
Net Cash Flow from Operating Activities	20.3	-2.1	-0.7	1.2	1.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	-0.6	-0.2	0.9
Loans and Purchases of Debt Instruments	-5.6	-4.0	4.0	-4.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.5	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	1.0	0.5	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	-0.1	-0.2	0.9	-4.2	0.9
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.6	0.0	0.0	0.0	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	-1.6	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	18.5	-2.3	0.2	-3.0	2.2
Cash and Cash Equivalents at Beginning of Period	12.9	8.0	7.6	8.0	7.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	31.5	5.0	7.0	7.2	9.8

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KHD

What Is Changing

Financial Highlights

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Balance Sheet ●

Working Capital Efficiency ●

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow