KVC

Listed Company · UPCOM

Price

1,300

Latest close

03 Apr 2026

P/E -2.3x

EPS (TTM) -576

ROE (TTM) -6.3%

P/B 0.1x

BVPS (Latest) 8,769

ROA (TTM) -5.5%

What Is Changing

KVC has not yet shown a broad-based top-line recovery. Revenue posted -27.1% YoY, but net margin reached -25.14% with an additional -24.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 775bps to -25.14% in 2025.
Revenue decreased 27.1% YoY to VND 113.3bn in 2025.
Quarterly Net Income decreased 118.8% YoY to VND -3.4bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	113.3	155.5	208.0	229.2	190.2
Growth	-27%	-25%	-9%	+21%	—
Net Income	-28.5	-1.0	-14.0	-12.0	-33.1
Net Margin	-25.14%	-0.67%	-6.71%	-5.24%	-17.39%

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	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0	71.4
Growth	+68%	+3%	-47%	+8%	-19%	+4%	+17%	-14%	+32%	-51%	-10%	—
Net Income	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4	-9.8
Net Margin	-9.94%	-76.11%	-24.04%	-11.87%	52.08%	-10.90%	-12.29%	-13.97%	-12.79%	-20.07%	19.37%	-13.65%

Financial Statements

Profitability

Net margin reached -25.14% while Revenue posted -27.1% YoY.

Balance Sheet

Inventory stood at 278.0bn, liabilities at 37.4bn, and equity at 434.1bn.

Cash Flow

Operating cash flow was 19.5bn in 2025, while investing cash flow was 42.4bn.

Financing cash flow: -60.0bn.

Item	2025	2024	2023	2022	2021
Revenue	113.3	155.5	208.0	229.2	190.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	113.3	155.5	208.0	229.2	190.2
Cost of Goods Sold	124.1	163.5	216.7	224.5	0.0
Gross Profit	-10.7	-8.1	-8.6	4.7	-13.1
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	3.3	4.6	8.4	9.0	-11.0
Interest Expense	3.3	4.6	8.4	9.0	-11.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.2	1.8	0.6	0.7	-0.6
General and Administrative Expenses	3.5	5.0	11.5	7.3	-7.4
Operating Profit	-19.7	-19.4	-29.2	-12.1	-32.0
Other Income	0.0	23.0	19.3	0.1	0.0
Other Expenses	8.7	0.0	1.5	0.0	0.0
Other Profit	-8.7	23.0	17.8	0.1	-1.0
Profit Before Tax	-28.5	3.6	-11.4	-12.0	-33.1
Current Income Tax Expense	—	4.6	2.6	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-28.5	-1.0	-14.0	-12.0	-33.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-28.5	-1.0	-14.0	-12.0	-33.1
Earnings per Share	-576.00	-21.00	-282.00	-243.00	-668.05
Diluted EPS	-575.57	-20.94	-282.00	-243.00	-668.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	345.6	361.6	324.0	337.2	318.2
I. Cash and cash equivalents	2.4	0.5	5.0	6.8	2.6
1. Cash	2.4	0.5	5.0	6.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	64.5	77.3	40.3	57.1	58.1
1. Short-term trade accounts receivable	64.5	77.2	40.2	57.0	0.0
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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	278.0	283.1	277.9	272.6	256.8
1. Inventories	282.6	287.9	282.8	272.6	0.0
2. Provision for decline in value of inventories	-4.6	-4.8	-4.9	0.0	0.0
V. Other short-term assets	0.7	0.7	0.8	0.7	0.7
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	0.6	0.6	0.6	0.6	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)	125.8	194.8	237.8	278.5	305.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	125.8	194.8	237.5	278.1	304.3
1. Tangible fixed assets	125.8	143.2	166.2	189.2	213.2
- Cost	358.9	373.1	391.5	402.0	0.0
- Accumulated depreciation	-233.1	-230.0	-225.3	-212.8	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	—	51.6	71.3	88.8	91.1
- Cost	2.7	63.0	86.6	106.1	0.0
- Accumulated depreciation	-2.7	-11.4	-15.3	-17.3	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	0.5
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	—	0.0	0.2	0.3	0.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.2	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	0.0
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	0.3
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)	471.5	556.4	561.8	615.7	623.7
A. LIABILITIES (300=210+330)	37.4	93.8	98.2	138.1	134.0
I. Short -term liabilities	37.2	93.1	77.4	137.3	133.1
1. Short-term trade accounts payable	28.3	24.6	14.0	18.2	13.7
2. Short-term advances from customers	0.1	0.1	0.0	0.1	0.0
3. Taxes and other payables to state authorities	5.6	4.9	0.0	0.0	0.0
4. Payable to employees	0.2	0.2	0.2	0.2	0.0
5. Short-term acrrued expenses	0.1	0.2	0.2	0.2	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	—	60.0	60.0	115.6	115.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	3.0	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	0.2	0.8	20.8	0.8	0.9
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	0.2	0.8	0.8	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	20.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
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)	434.1	462.6	463.6	477.6	489.8
I. Owner's equity	434.1	462.6	463.6	477.6	0.0
1. Owner's capital	495.0	495.0	495.0	495.0	489.8
- Common stock with voting right	495.0	495.0	495.0	495.0	495.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	0.0	0.0	0.0	0.0
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	-60.9	-32.4	-31.3	-17.4	-5.2
- Accumulated retained earning at the end of the previous period	-32.4	-31.3	-17.4	-5.3	28.1
- Undistributed earnings in this period	-28.5	-1.0	-14.0	-12.0	-33.2
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)	471.5	556.4	561.8	615.7	623.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	-28.5	3.6	-11.4	-12.0	-33.1
Depreciation of Fixed Assets and Investment Property	17.9	20.2	22.8	26.9	30.1
Provision (Increase)/Reversal	-0.2	-0.1	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.0	-23.0	-19.3	-0.0	0.0
Interest Expense	3.3	4.6	8.4	9.0	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	-7.4	5.3	0.6	23.8	8.0
Increase/(Decrease) in Receivables	21.4	-37.0	16.8	0.9	0.0
Increase/(Decrease) in Inventory	5.2	-5.1	-5.4	-15.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	11.1	-4.3	4.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.0	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.4	-4.6	-8.5	-9.0	0.0
Corporate Income Tax Paid	—	0.0	-2.6	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.2	0.0
Net Cash Flow from Operating Activities	19.5	-30.2	-3.4	4.5	76.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.6	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.4	45.5	37.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.2	0.1	0.2	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	0.0	0.0	0.0	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	42.4	45.7	37.1	0.1	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	46.6	170.2	164.2	135.7
Repayment of Borrowings	-60.0	-66.6	-205.8	-164.6	-215.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	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	-60.0	-20.0	-35.6	-0.3	-79.5
Net Cash Flow During the Period	1.8	-4.4	-1.9	4.3	1.9
Cash and Cash Equivalents at Beginning of Period	0.5	5.0	6.8	2.6	6.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	0.5	5.0	6.8	2.6

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	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0	71.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0	71.4
Cost of Goods Sold	47.9	20.0	19.2	40.0	36.9	44.8	43.9	38.0	43.7	33.4	66.0	73.5
Gross Profit	-13.3	0.7	0.8	-2.0	-1.7	-1.5	-2.4	-2.4	-2.3	-2.1	-2.1	-2.1
Financial Income	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9	2.3
Interest Expense	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9	2.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.6	0.6	0.6	0.6	0.9	0.2	0.2	0.2	0.2	0.2	0.2
General and Administrative Expenses	0.6	0.7	1.2	1.0	1.1	1.3	1.3	1.3	1.5	1.5	1.7	1.8
Operating Profit	-14.7	-1.5	-2.0	-4.5	-4.7	-4.7	-5.1	-5.0	-5.3	-5.7	-6.9	-6.3
Other Income	2.2	40.0	0.2	—	45.5	0.0	0.0	0.0	0.0	0.0	37.0	0.0
Other Expenses	-9.1	54.2	3.0	0.0	22.5	0.0	0.0	0.0	0.0	0.6	17.7	0.9
Other Profit	11.3	-14.2	-2.8	-0.0	23.0	-0.0	-0.0	-0.0	-0.0	-0.6	19.3	-0.9
Profit Before Tax	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4	-7.2
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4	-9.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4	-9.8
Earnings per Share	-70.00	-317.00	-98.00	-91.00	371.00	-95.00	-103.00	-100.00	-107.00	-127.00	250.00	-197.00
Diluted EPS	-69.48	-317.43	-97.47	-91.19	370.47	-95.21	-102.98	-100.34	-106.84	-126.91	250.35	-196.98

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)	345.6	357.4	340.7	349.7	361.6	360.9	326.7	325.5	328.9	340.3	371.0	316.1
I. Cash and cash equivalents	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4	3.4
1. Cash	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4	3.4
2. Cash equivalents	—	—	—	—	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
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	64.5	65.0	47.4	59.7	77.3	74.1	43.8	37.6	40.3	56.5	68.0	35.6
1. Short-term trade accounts receivable	64.5	64.7	47.3	59.6	77.2	74.0	43.7	37.4	40.2	56.4	66.5	24.9
2. Short-term prepayments to suppliers	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	10.6
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	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
IV. Inventories	278.0	288.0	286.9	284.9	283.1	280.6	279.2	276.4	282.8	280.6	277.8	276.3
1. Inventories	282.6	292.7	291.7	289.7	287.9	285.5	284.1	281.3	282.8	280.6	277.8	276.3
2. Provision for decline in value of inventories	-4.6	-4.8	-4.8	-4.8	-4.8	-4.9	-4.9	-4.9	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.9	0.8	0.8
1. Short-term prepayments	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.2	0.2	0.1
2. Value added tax to be reclaimed	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.6	0.6	0.6	0.6	0.7
3. Taxes and other receivables from state authorities	—	—	—	—	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
5. Other short-term assets	—	—	—	—	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)	125.8	130.1	185.5	190.1	194.8	222.0	227.4	232.6	237.8	243.3	248.8	272.4
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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
3. Capital at inter-company	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	125.8	130.1	185.5	190.1	194.8	222.0	227.1	232.3	237.5	243.0	248.5	272.0
1. Tangible fixed assets	125.8	130.1	134.4	138.8	143.2	152.0	156.7	161.4	166.2	171.2	176.3	183.8
- Cost	—	—	—	—	373.1	391.5	391.5	391.5	391.5	391.5	391.5	402.0
- Accumulated depreciation	—	—	—	—	-230.0	-239.5	-234.8	-230.1	-225.3	-220.3	-215.2	-218.3
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	51.0	51.3	51.6	70.0	70.4	70.9	71.3	71.8	72.2	88.3
- Cost	—	—	—	—	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
III. Investment properties	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	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
1. Long-term production in progress	—	—	—	—	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
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.3
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.3
6. Other long-term investments	—	—	—	—	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	0.1
1. Long-term prepayments	—	—	—	—	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	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
5. Goodwill	—	—	—	—	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
TOTAL ASSETS (280=100+200)	471.5	487.5	526.1	539.8	556.4	582.9	554.0	558.0	566.6	583.6	619.8	588.6
A. LIABILITIES (300=210+330)	37.4	50.0	72.9	81.8	89.2	134.3	100.5	99.4	98.2	109.8	139.6	120.8
I. Short -term liabilities	37.2	49.4	72.1	81.0	88.5	127.5	79.7	78.6	77.4	89.0	138.7	120.0
1. Short-term trade accounts payable	28.3	11.8	7.1	13.0	24.6	50.1	15.9	14.9	14.0	25.0	32.7	0.8
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1	14.1	0.0	0.0	0.0	0.1	0.1	0.1
3. Taxes and other payables to state authorities	5.6	4.6	4.6	4.6	0.3	0.0	0.3	0.3	0.0	0.7	0.7	0.0
4. Payable to employees	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
5. Short-term acrrued expenses	0.1	0.0	0.1	0.0	0.2	0.0	0.2	0.1	0.2	0.0	0.2	0.0
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	29.7	57.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	101.8	115.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	0.2	0.6	0.8	0.8	0.8	6.8	20.8	20.8	20.8	20.8	0.9	0.8
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	0.2	0.6	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	0.8
8. Long-term borrowings and financial leases	—	—	—	—	0.0	6.0	20.0	20.0	20.0	20.0	0.0	0.0
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	434.1	437.5	453.2	458.1	467.2	448.7	453.5	458.6	468.5	473.7	480.2	467.8
I. Owner's equity	434.1	437.5	453.2	458.1	467.2	448.7	453.5	458.6	468.5	473.7	480.2	467.8
1. Owner's capital	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0
- Common stock with voting right	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	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
8. Investment and development fund	—	—	—	—	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
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-60.9	-57.4	-41.7	-36.9	-27.8	-46.3	-41.4	-36.3	-26.5	-21.2	-14.7	-27.1
- Accumulated retained earning at the end of the previous period	-32.4	-32.4	-32.4	-32.4	-31.3	-31.5	-31.3	-31.3	-17.5	-17.5	-17.4	-17.4
- Undistributed earnings in this period	-28.5	-25.1	-9.3	-4.5	3.6	-14.8	-10.1	-5.0	-8.9	-3.6	2.6	-9.8
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	471.5	487.5	526.1	539.8	556.4	582.9	554.0	558.0	566.6	583.6	619.8	588.6

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	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-10.3	-6.3	12.4	-7.2
Depreciation of Fixed Assets and Investment Property	18.5	-9.9	4.7	4.7	4.8	5.1	5.2	5.2	5.5	5.5	5.8	6.0
Provision (Increase)/Reversal	-0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
Gain/Loss from Investment Activities	-20.3	20.5	-0.2	-0.0	-23.0	-0.0	0.0	-0.0	-0.0	-0.0	-19.3	-0.0
Interest Expense	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9	2.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-10.0	0.6	0.8	1.2	1.3	1.5	1.3	1.3	-3.5	1.1	1.8	1.1
Increase/(Decrease) in Receivables	-1.1	-7.3	12.3	17.6	-3.2	-30.2	-6.3	2.8	16.2	11.5	-32.3	21.4
Increase/(Decrease) in Inventory	10.1	-1.1	-2.0	-1.8	-2.4	-1.4	-2.8	1.5	2.7	-2.8	-1.5	-3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.1	4.4	-6.0	-12.0	-39.2	47.8	1.1	1.3	-11.8	-5.2	30.2	-17.5
Increase/(Decrease) in Prepaid Expenses	0.1	-0.1	0.1	-0.0	0.0	-0.1	0.1	0.1	0.1	-0.0	-0.1	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.8	-1.1	-1.1	-1.1	-1.1	-1.2	-1.1	-1.2	-2.0	-2.8	-2.5
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-2.6	2.6	-2.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	-0.2	0.0	0.0	0.2	-0.2	-0.0	-0.0
Net Cash Flow from Operating Activities	15.7	-4.2	4.1	3.9	-44.5	16.3	-7.9	5.8	2.6	-0.2	-2.1	-3.7
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
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.7	29.5	0.2	—	45.5	0.0	0.0	0.0	0.0	0.0	37.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.0
Investments in Other Entities	—	—	—	—	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	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	12.7	29.5	0.2	0.0	45.5	0.2	-0.0	0.0	0.0	0.0	37.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	—	—	—	—	0.0	5.0	22.0	19.6	33.4	32.8	5.0	99.0
Repayment of Borrowings	-29.7	4.9	-3.0	—	-6.0	-19.0	-22.0	-19.6	-33.4	-54.6	-19.1	-98.7
Repayment of Finance Leases	—	—	—	—	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
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	-29.7	-27.3	-3.0	—	-6.0	-14.0	-0.0	-0.0	-0.0	-21.8	-14.1	0.3
Net Cash Flow During the Period	-1.3	-2.0	1.3	3.9	-4.9	2.5	-7.9	5.8	2.6	-22.0	20.9	-3.4
Cash and Cash Equivalents at Beginning of Period	3.7	5.7	4.4	0.5	5.0	5.0	5.0	5.0	6.8	6.8	6.8	6.8
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4	3.4

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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