KPF

Đầu tư tài sản Koji ·UPCOM ·2025Q2

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 1.29%

Price

—

Latest close

P/E —

P/B —

EPS 212

BVPS 8,604

ROE 2.5%

ROA 2.4%

Profit Margin -251.7%

Asset Turnover 0.00x

Equity Mult. 1.02x

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

What Is Changing

On a TTM 2024Q4 basis, KPF is under pressure on both revenue and margins simultaneously — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
−100.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    101.55%
	                                
−3475.8ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+104.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    129.3%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	0.0	1.0	2.0	53.9	40.0
Growth	-100%	-50%	-96%	+35%	—
Net Income	-276.9	1.0	71.5	75.9	25.4
Net Margin	—	101.55%	3577.31%	140.90%	63.47%

Metric	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	2.0	0.0
Growth	—	—	—	—	—	—	—	—	-100%	-50%	—	—
Net Income	8.0	-0.1	6.6	-1.6	-282.0	0.1	-26.1	5.1	8.3	10.2	3.6	26.4
Net Margin	—	—	—	—	—	—	—	—	—	1020.97%	178.78%	—

Drivers of KPF's profit

TTM

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

Administrative expenses ↓ 329.0bn

TTM

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

Administrative expenses ↓ 290.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 101.55% −3475.8pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2024Q2 -> 2025Q2

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (145.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital absorbed 220.3bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −217.6bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −2.7bn

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 -0.00x and interest coverage at 12.31x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.00x +0.00x

Interest Coverage 12.31x +516.97x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 5.14x +4.79x

TTM YoY · 2024Q2 -> 2025Q2

Cash Flow

Operating cash flow reached -38.5bn in 2024, against investing cash flow of 36.9bn.

Post-investment cash flow was negative +1.6bn. Financing cash flow was positive 0.0bn.

CFO / net income was 5.14x.

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 66.3bn +171.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.00x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 5.14x. Even so, net financial result still accounts for 129.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	0.0	1.0	2.0	53.9	40.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	1.0	2.0	53.9	40.0
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.0	1.0	2.0	34.5	38.5
Financial Income	18.6	42.4	100.8	46.9	2.2
Financial Expenses	1.3	3.7	15.2	-0.3	-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	1.8	-0.0
Selling Expenses	0.0	0.0	0.0	-0.0	-0.0
General and Administrative Expenses	292.7	37.2	5.7	-8.2	-10.4
Operating Profit	-275.4	2.4	81.9	74.6	30.3
Other Income	0.0	0.0	0.6	0.0	0.0
Other Expenses	1.5	0.9	0.2	0.0	0.0
Other Profit	-1.5	-0.9	0.5	13.0	0.4
Profit Before Tax	-276.9	1.5	82.4	87.6	30.7
Current Income Tax Expense	0.0	0.5	10.8	-11.7	-5.3
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-276.9	1.0	71.5	75.9	25.4
Non-controlling Interest	0.0	0.0	0.0	0.4	1.1
Profit Attributable to Parent	-276.9	1.0	71.5	75.5	24.3
Earnings per Share	-4,549.00	17.00	1,175.00	1,836.98	1,335.11
Diluted EPS	-4,549.43	16.68	1,175.45	1,302.57	1,348.44

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	50.2	322.8	515.6	967.5	631.7
I. Cash and cash equivalents	0.1	1.7	5.0	3.2	47.8
1. Cash	0.1	1.7	5.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	50.0	321.1	510.5	961.4	165.8
1. Short-term trade accounts receivable	0.0	0.0	15.2	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	206.9	282.5	456.5	0.0	0.0
6. Other short-term receivables	166.9	72.8	38.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-323.8	-34.2	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0	317.1
1. Inventories	0.0	0.0	0.0	0.0	0.0
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	0.0	0.2	2.9	101.1
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.1	0.0	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)	482.1	483.5	288.2	103.9	698.2
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	0.1	0.2
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	34.5	0.8
1. Tangible fixed assets	0.0	0.0	0.0	34.4	0.6
- Cost	0.2	0.2	0.2	0.0	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	0.0	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	0.0	0.0	0.0	0.1	0.2
- Cost	0.1	0.1	0.1	0.0	0.0
- Accumulated depreciation	-0.1	-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	648.8
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	482.1	483.5	288.2	67.8	20.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	344.0	344.0	144.0	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	-17.2	-15.9	-15.2	0.0	0.0
5. Held to maturity investments	155.4	155.4	159.4	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	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	1.5	28.4
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)	532.3	806.3	803.9	1,071.4	1,330.0
A. LIABILITIES (300=210+330)	16.5	13.6	12.2	315.8	1,069.8
I. Short -term liabilities	16.5	13.6	12.2	15.8	702.7
1. Short-term trade accounts payable	0.2	0.2	1.0	2.8	665.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	13.9	12.4	10.9	0.0	0.0
4. Payable to employees	2.0	0.9	0.4	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	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	0.5	0.2	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	300.0	367.1
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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	367.1
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)	515.8	792.7	791.7	755.6	260.2
I. Owner's equity	515.8	792.7	791.7	0.0	0.0
1. Owner's capital	608.7	608.7	608.7	755.6	260.2
- Common stock with voting right	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	579,689,330,000.00	180,178,960,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	42.0	42.0	42.0	42.0	-0.0
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	0.00	0.00	0.00	0.00	0.00
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	-134.9	142.0	141.0	123.4	65.6
- Accumulated retained earning at the end of the previous period	142.0	141.0	69.4	36.7	41.3
- Undistributed earnings in this period	-276.9	1.0	71.5	86.7	24.3
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	10.5	14.4
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)	532.3	806.3	803.9	1,071.4	1,330.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	-276.9	1.5	82.4	87.6	30.7
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	5.0	0.3
Provision (Increase)/Reversal	290.9	34.9	15.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-17.2	-39.4	-71.7	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
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	-3.2	-2.9	25.9	69.4	30.1
Increase/(Decrease) in Receivables	-32.3	14.2	-26.4	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.9	0.9	-0.4	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.1	0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	-0.0	-7.7	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-38.5	12.3	-8.6	585.7	284.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	610.1	-386.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-5.0	-276.6	-899.2	-57.0
Receipts from Loan Repayments and Sale of Debt Instruments	75.6	183.0	177.4	0.0	0.0
Investments in Other Entities	-75.6	-200.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	72.0	0.0	0.0
Dividends and Interest Income Received	36.9	6.3	38.3	0.0	0.0
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	36.9	-15.7	11.1	-265.7	-442.5
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	308.7
Repayment of Borrowings	0.0	0.0	0.0	-364.6	-112.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	-1.8
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	0.0	0.0	-364.6	194.8
Net Cash Flow During the Period	-1.6	-3.3	2.5	-21.6	22.3
Cash and Cash Equivalents at Beginning of Period	1.7	5.0	2.5	47.8	11.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	1.7	5.0	3.2	47.8

Item	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	2.0	0.0
Revenue Deductions	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	2.0	0.0
Cost of Goods Sold	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	2.0	0.0
Financial Income	8.9	0.0	9.0	0.0	8.9	0.7	13.0	6.0	17.5	9.8	18.1	27.1
Financial Expenses	0.3	0.0	0.6	0.3	0.4	0.0	0.1	0.0	3.6	0.0	15.2	0.0
Interest Expense	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	15.2	0.0
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
Selling Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.1	-0.2	0.8	1.0	290.4	0.5	39.0	0.9	0.8	0.6	0.8	0.9
Operating Profit	8.4	0.2	7.7	-1.3	-281.9	0.1	-26.1	5.1	13.0	10.2	4.2	26.2
Other Income	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3
Other Expenses	0.4	0.2	1.1	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Other Profit	-0.4	-0.2	-1.1	-0.3	-0.1	-0.0	0.0	0.0	0.0	0.0	0.3	0.1
Profit Before Tax	8.0	-0.1	6.6	-1.6	-282.0	0.1	-26.1	5.1	13.0	10.2	4.5	26.4
Current Income Tax Expense	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	4.7	0.0	0.9	0.0
Deferred Income Tax Expense	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.0	-0.1	6.6	-1.6	-282.0	0.1	-26.1	5.1	8.3	10.2	3.6	26.4
Non-controlling Interest	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.0	-0.1	6.6	-1.6	-282.0	0.1	-26.1	5.1	8.3	10.2	3.6	26.4
Earnings per Share	131.00	-1.00	109.00	-27.00	-4,633.00	1.00	-429.00	83.00	137.00	170.00	59.00	434.00
Diluted EPS	130.86	-0.82	108.50	-26.60	-4,632.69	1.37	-429.32	83.37	136.87	167.74	58.74	433.04

Item	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	59.4	50.5	50.2	41.6	42.2	323.3	360.9	348.1	406.6	526.0	515.6	655.9
I. Cash and cash equivalents	0.2	0.2	0.1	0.2	1.1	1.5	1.7	1.7	1.9	0.0	5.0	0.0
1. Cash	0.2	0.2	0.1	0.2	1.1	1.5	1.7	1.7	1.9	0.0	5.0	0.0
2. Cash equivalents	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	159.4
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
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
3. Held to maturity investments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	159.4
III. Short-term receivables	59.1	50.3	50.0	41.3	41.1	321.8	359.2	346.4	404.7	526.0	510.5	496.1
1. Short-term trade accounts receivable	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.7	18.3	15.2	92.2
2. Short-term prepayments to suppliers	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	206.9	—	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
5. Short-term loan receivables	—	206.9	206.9	207.2	207.2	207.2	282.5	282.5	343.9	461.5	456.5	384.3
6. Other short-term receivables	174.9	166.4	166.9	157.9	157.7	148.8	76.7	63.7	60.1	46.2	38.8	19.7
7. Provision for short-term doubtful debts (*)	-322.8	-323.0	-323.8	-323.8	-323.8	-34.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.4
1. Short-term prepayments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3
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
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	481.8	482.1	482.1	482.7	483.0	483.4	445.0	483.6	483.6	288.2	288.2	144.3
I. Long-term receivables	—	—	0.0	0.0	0.0	0.0	-38.5	0.0	0.0	0.0	0.0	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
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
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
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
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
6. Other long-term receivables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
7. Provision for long-term doubtful debts	—	—	0.0	0.0	0.0	0.0	-38.5	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
- Accumulated depreciation	—	—	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
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
- Cost	—	—	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
3. Intangible fixed assets	—	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
- Accumulated depreciation	—	—	0.0	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	0.0
- Cost	—	—	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
IV. Long-term assets in progress	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	481.8	482.1	482.1	482.7	483.0	483.4	483.5	483.6	483.6	288.2	288.2	144.0
1. Investments in subsidiaries	—	—	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	344.0	344.0	344.0	344.0	344.0	344.0	344.0	344.0	344.0	144.0	144.0	144.0
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
4. Provision for diminution in value of long-term investments	-17.6	-17.3	-17.2	-16.7	-16.4	-15.9	-15.9	-15.8	-15.8	-15.2	-15.2	0.0
5. Held to maturity investments	155.4	155.4	155.4	155.4	155.4	155.4	155.4	155.4	155.4	159.4	159.4	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
VI. Other long-term assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Long-term prepayments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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
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
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
5. Goodwill	—	—	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
TOTAL ASSETS (280=100+200)	541.1	532.6	532.3	524.2	525.2	806.7	805.9	831.7	890.2	814.2	803.9	800.2
A. LIABILITIES (300=210+330)	17.5	16.9	16.5	15.1	14.4	14.0	12.5	16.4	80.0	12.3	12.2	6.7
I. Short -term liabilities	17.5	16.9	16.5	15.1	14.4	14.0	12.5	16.4	80.0	12.3	12.2	6.7
1. Short-term trade accounts payable	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	1.0	1.0	1.7
2. Short-term advances from customers	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	14.5	14.1	13.9	12.8	12.5	12.4	11.4	15.6	15.6	10.9	10.8	4.6
4. Payable to employees	2.1	2.0	2.0	1.6	1.4	1.1	0.7	0.4	0.3	0.4	0.4	0.5
5. Short-term acrrued expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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
8. Short-term unearned revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.6	0.6	0.5	0.4	0.4	0.3	0.2	0.2	64.0	0.1	0.0	0.0
10. Short-term borrowings and financial leases	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
12.. Bonus and welfare fund	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	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
II. Long-term liabilities	—	—	0.0	0.0	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
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
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
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
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
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
7. Other long-term liabilities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	0.0	0.0	0.0	0.0	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
10. Preferred stock (Debts)	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
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
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
B. OWNER'S EQUITY (400=410+430)	523.7	515.7	515.8	509.2	510.8	792.8	793.4	815.3	810.2	801.9	791.7	793.4
I. Owner's equity	523.7	515.7	515.8	509.2	510.8	792.8	793.4	815.3	810.2	801.9	791.7	793.4
1. Owner's capital	608.7	608.7	608.7	608.7	608.7	608.7	608.7	608.7	608.7	608.7	608.7	608.7
- Common stock with voting right	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00	608,672,410,000.00
- Preferred stock	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0
3. Convertible bond option	—	—	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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
8. Investment and development fund	—	—	0.0	0.0	0.0	0.0	0.0	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	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
11. Undistributed earnings after tax	-127.0	-135.0	-134.9	-141.5	-139.9	142.1	142.7	164.6	159.5	151.2	141.0	142.7
- Accumulated retained earning at the end of the previous period	-134.9	-134.9	142.0	142.0	142.0	142.0	141.0	141.0	141.0	141.0	69.4	69.4
- Undistributed earnings in this period	7.9	-0.1	-276.9	-283.5	-281.9	0.1	1.7	23.6	18.5	10.2	71.6	73.3
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
13. Minority's interest	—	—	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
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
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
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
C. MINORITY'S INTEREST	—	—	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)	541.1	532.6	532.3	524.2	525.2	806.7	805.9	831.7	890.2	814.2	803.9	800.2

Item	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	8.0	-0.1	6.6	-1.6	-282.0	0.1	-26.8	5.1	13.0	10.2	4.5	26.4
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.1	-0.8	0.6	290.3	0.0	0.0	34.3	0.0	0.6	0.0	15.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-8.9	-0.0	-8.4	0.8	-8.9	-0.7	-6.1	-9.0	-14.5	-9.8	10.9	-36.1
Interest Expense	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
Amortization of Goodwill	—	—	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
Operating Profit Before Changes in Working Capital	-0.8	-0.8	-1.3	289.5	-290.9	-0.6	1.4	-3.8	-0.8	0.4	30.6	-9.8
Increase/(Decrease) in Receivables	0.2	0.5	147.7	-366.0	261.9	-75.9	-6.8	7.4	14.6	-1.0	37.3	95.4
Increase/(Decrease) in Inventory	—	—	-1.4	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.6	0.4	-2.9	-0.8	-0.2	1.0	1.4	0.2	-0.8	0.1	-0.8	-0.1
Increase/(Decrease) in Prepaid Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Changes in Trading Securities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-3.7
Other Operating Receipts	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	0.1	142.1	-75.9	-29.1	-75.5	-4.0	3.8	13.0	-0.4	67.2	81.9
Payments for Fixed Assets and Other Long-term Assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-5.0	80.4	-160.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	0.3	0.0	0.0	75.3	4.0	57.4	121.6	0.0	0.0	8.0
Investments in Other Entities	—	—	-150.9	75.3	0.0	0.0	0.0	-63.8	-136.2	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-144.0	66.0
Dividends and Interest Income Received	0.0	0.0	8.4	-0.3	28.7	0.0	0.0	2.4	3.5	0.4	1.4	4.7
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
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
Other Investing Receipts	—	—	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
Net Cash Flow from Investing Activities	0.0	0.0	-142.2	75.0	28.7	75.3	4.0	-4.0	-11.1	-4.6	-62.2	-81.9
Proceeds from Equity Issuance and Capital Contributions	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
Net Cash Flow from Financing Activities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	0.1	-0.1	-0.9	-0.4	-0.2	-0.0	-0.2	1.9	-5.0	5.0	-0.0
Cash and Cash Equivalents at Beginning of Period	0.2	0.1	1.7	1.7	1.7	1.7	5.0	5.0	5.0	5.0	2.5	2.5
FX Difference from Revaluation	—	—	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	0.2	0.2	0.1	0.2	1.1	1.5	1.7	1.7	1.9	0.0	5.0	0.0

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KPF

What Is Changing

Drivers of KPF's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ▼

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow