L43

Listed Company · UPCOM

Price

3,000

Latest close

31 Mar 2026

P/E -1.8x

EPS (TTM) -1,705

ROE (TTM) -35.1%

P/B 0.8x

BVPS (Latest) 3,791

ROA (TTM) -1.6%

What Is Changing

L43 has not yet shown a broad-based top-line recovery. Revenue posted -38.0% YoY, but net margin reached -74.27% with an additional -14.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND -5.4bn in 2025.
Revenue decreased 38.0% YoY to VND 7.3bn in 2025.
Net margin declined from -59.45% in the prior period to -74.27% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	7.3	11.7	3.7	37.0	37.7
Growth	-38%	+218%	-90%	-2%	—
Net Income	-5.4	-7.0	-13.2	-8.9	-9.9
Net Margin	-74.27%	-59.45%	-357.64%	-24.07%	-26.37%

Metric	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	4.9	1.4	0.7	0.0	2.2	0.8	25.6	0.4	2.2	8.8	3.3	9.2
Growth	+240%	+110%	—	-100%	+162%	-97%	+6950%	-84%	-74%	+163%	-64%	—
Net Income	-2.4	-0.4	-2.4	-0.8	-4.7	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
Net Margin	-48.29%	-29.09%	-351.84%	—	-215.83%	-641.64%	-15.38%	-119.09%	-197.26%	-1.13%	-219.66%	-28.22%

Financial Statements

Profitability

Net margin reached -74.27% while Revenue posted -38.0% YoY.

Balance Sheet

Inventory stood at 156.0bn, liabilities at 318.7bn, and equity at 5.2bn.

Cash Flow

Operating cash flow was -6.4bn in 2025, while investing cash flow was 18.0bn.

Financing cash flow: -3.8bn.

Item	2025	2024	2023	2022	2021
Revenue	7.3	11.7	3.7	37.0	37.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7.3	11.7	3.7	37.0	37.7
Cost of Goods Sold	15.4	10.0	4.1	33.6	0.0
Gross Profit	-8.2	1.7	-0.4	3.4	9.9
Financial Income	0.0	0.0	0.1	6.8	0.0
Financial Expenses	4.0	4.8	8.0	13.0	-14.4
Interest Expense	4.0	4.8	8.0	13.0	-14.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.8	4.8	5.5	5.9	-5.5
Operating Profit	-16.9	-7.8	-13.8	-8.8	-9.9
Other Income	11.5	0.9	0.8	0.0	0.0
Other Expenses	0.0	0.0	0.2	0.1	0.0
Other Profit	11.5	0.9	0.6	-0.1	-0.0
Profit Before Tax	-5.4	-7.0	-13.2	-8.9	-9.9
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-5.4	-7.0	-13.2	-8.9	-9.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.4	-7.0	-13.2	-8.9	-9.9
Earnings per Share	-1,543.00	-1,990.00	-3,761.00	-2,544.00	-2,838.00
Diluted EPS	-1,542.52	-1,990.22	-3,761.37	-2,544.40	-2,838.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	322.3	346.0	345.1	364.3	373.2
I. Cash and cash equivalents	8.2	0.4	0.7	10.8	11.4
1. Cash	8.2	0.4	0.7	10.8	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	153.3	173.7	176.0	189.1	200.3
1. Short-term trade accounts receivable	130.6	159.4	160.7	174.4	0.0
2. Short-term prepayments to suppliers	13.8	14.0	14.6	12.4	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	11.9	3.4	3.8	5.4	0.0
7. Provision for short-term doubtful debts (*)	-3.1	-3.1	-3.1	-3.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	156.0	167.4	164.8	161.1	161.5
1. Inventories	156.0	167.4	164.8	161.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.9	4.5	3.6	3.2	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.9	4.5	3.6	3.2	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)	1.7	9.6	11.9	15.8	39.8
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	1.7	8.0	10.2	14.0	17.3
1. Tangible fixed assets	1.7	8.0	10.2	14.0	17.3
- Cost	28.8	48.3	61.1	77.3	0.0
- Accumulated depreciation	-27.1	-40.3	-50.9	-63.3	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	0.0	0.0	0.0	20.7
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	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	1.7	1.7	1.8	0.0
1. Long-term prepayments	—	1.7	1.7	1.8	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	1.8
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)	323.9	355.6	357.0	380.0	413.0
A. LIABILITIES (300=210+330)	318.7	345.0	339.4	349.3	374.8
I. Short -term liabilities	318.7	345.0	339.4	349.3	374.8
1. Short-term trade accounts payable	75.5	95.7	95.6	98.8	112.5
2. Short-term advances from customers	10.3	11.9	10.0	9.3	19.4
3. Taxes and other payables to state authorities	10.8	11.0	13.3	13.0	0.0
4. Payable to employees	1.3	2.5	1.9	1.6	0.0
5. Short-term acrrued expenses	16.7	18.5	19.3	18.3	0.0
6. Short-term inter-company payables	—	0.0	25.6	25.6	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	79.6	77.2	72.4	67.0	0.0
10. Short-term borrowings and financial leases	124.3	128.1	101.1	115.5	120.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	—	0.0	0.0	0.0	0.0
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)	—	0.0	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)	5.2	10.6	17.6	30.7	38.2
I. Owner's equity	5.2	10.6	17.6	30.7	0.0
1. Owner's capital	35.0	35.0	35.0	35.0	38.2
- Common stock with voting right	35.0	35.0	35.0	35.0	35.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	4.3	4.3	4.3	4.3	4.3
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	0.4	0.4	0.4	0.4	0.0
11. Undistributed earnings after tax	-34.4	-29.0	-22.1	-8.9	-36.1
- Accumulated retained earning at the end of the previous period	-29.0	-22.1	-8.9	0.0	-28.8
- Undistributed earnings in this period	-5.4	-7.0	-13.2	-8.9	-7.3
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)	323.9	355.6	357.0	380.0	413.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	-5.4	-7.0	-13.2	0.0	0.0
Depreciation of Fixed Assets and Investment Property	1.4	2.2	2.9	0.0	0.0
Provision (Increase)/Reversal	—	0.0	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	-11.5	-0.7	-0.9	0.0	0.0
Interest Expense	4.0	4.8	8.0	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	-11.5	-0.7	-3.2	0.0	0.0
Increase/(Decrease) in Receivables	20.1	1.4	12.8	0.0	0.0
Increase/(Decrease) in Inventory	11.4	-2.5	-3.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.6	-0.4	-3.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	0.1	-0.2	-0.4	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-10.2	0.0
Net Cash Flow from Operating Activities	-6.4	-2.5	2.4	-23.4	-19.9
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	18.0	0.8	1.7	0.0	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	—	0.0	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	27.5	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	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	18.0	0.8	1.9	27.5	0.0
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	2.8	10.8	2.7	30.3	37.3
Repayment of Borrowings	-6.7	-9.5	-17.0	-34.9	-13.6
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	-3.8	1.4	-14.4	-4.6	23.7
Net Cash Flow During the Period	7.7	-0.3	-10.1	-0.5	10.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.7	10.8	11.3	7.6
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	8.2	0.4	0.7	10.8	11.4

Item	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	4.9	1.4	0.7	0.0	2.2	0.8	25.6	0.4	2.2	8.8	3.3	9.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.9	1.4	0.7	0.0	2.2	0.8	25.6	0.4	2.2	8.8	3.3	9.2
Cost of Goods Sold	4.9	0.2	0.4	0.0	3.7	0.0	24.7	0.0	2.3	6.5	0.0	0.0
Gross Profit	0.0	1.2	0.2	0.0	-1.5	0.8	0.9	0.3	-0.0	2.3	1.3	1.2
Financial Income	0.0	0.0	0.0	0.1	0.0	0.1	0.0	6.7	0.0	0.0	0.0	0.0
Financial Expenses	1.2	1.2	1.2	1.3	1.4	4.2	3.1	4.8	3.4	1.7	-6.2	-2.8
Interest Expense	1.2	1.2	1.2	1.3	1.4	4.2	3.1	4.8	3.4	1.7	-6.2	-2.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.2	1.2	1.0	0.8	1.7	1.9	1.7	2.6	1.0	0.6	-2.4	-1.0
Operating Profit	-2.4	-1.2	-2.0	-2.0	-4.5	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
Other Income	0.0	0.9	0.3	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.7	0.2	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.8	-0.4	1.2	-0.1	-0.0	-0.0	-0.1	-0.0	0.0	0.0	0.0
Profit Before Tax	-2.4	-0.4	-2.4	-0.8	-4.7	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.4	-0.4	-2.4	-0.8	-4.7	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.4	-0.4	-2.4	-0.8	-4.7	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
Earnings per Share	-677.00	-120.00	-690.00	-218.00	-1,337.00	-1,517.00	-1,125.00	-124.00	-1,268.00	-28.00	-2,097.00	-744.00
Diluted EPS	-677.26	-120.02	-689.84	-218.33	-1,336.61	-1,516.59	-1,124.98	-123.52	-1,267.53	-28.38	-2,097.16	-744.43

Item	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	345.7	347.8	345.1	346.2	355.8	358.1	380.5	366.0	356.2	363.0	373.2	364.2
I. Cash and cash equivalents	0.5	0.6	0.7	0.2	1.2	1.5	10.8	5.3	8.9	11.1	11.4	1.1
1. Cash	0.5	0.6	0.7	0.2	1.2	1.5	10.8	5.3	6.7	8.9	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.2	2.2	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	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	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	172.8	177.6	176.0	179.1	189.3	189.8	208.6	193.4	188.8	195.4	200.3	202.9
1. Short-term trade accounts receivable	159.9	159.8	160.7	164.2	173.0	173.3	193.9	169.8	171.3	179.3	0.0	0.0
2. Short-term prepayments to suppliers	12.4	17.1	14.6	14.1	13.9	13.9	12.4	19.2	14.3	12.5	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.1	6.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	3.8	3.8	3.9	5.5	5.7	5.4	7.5	1.1	0.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	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	0.0	0.0
IV. Inventories	168.0	165.9	164.8	163.5	161.9	163.4	161.1	167.3	158.5	156.5	161.5	160.2
1. Inventories	168.0	165.9	164.8	163.5	161.9	163.4	161.1	167.3	158.5	156.5	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	0.0	0.0
V. Other short-term assets	4.5	3.6	3.6	3.5	3.4	3.4	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. 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	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	4.5	3.6	3.6	3.5	3.4	3.4	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10.1	11.2	11.9	13.2	14.2	15.0	15.8	16.6	39.1	39.6	39.8	41.7
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	8.5	9.5	10.2	11.5	12.4	13.2	14.0	14.8	15.6	16.5	17.3	18.1
1. Tangible fixed assets	8.5	9.5	10.2	11.5	12.4	13.2	14.0	14.8	15.6	16.5	17.3	18.1
- Cost	54.5	56.7	61.1	71.5	77.3	77.3	77.3	77.3	77.3	77.3	0.0	0.0
- Accumulated depreciation	-46.0	-47.2	-50.9	-60.0	-64.8	-64.1	-63.3	-62.5	-61.6	-60.8	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.7	20.7	20.7	20.7
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.7	20.7	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	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	1.7	1.7	1.7	1.7	1.8	1.8	1.8	2.8	2.4	0.0	0.0
1. Long-term prepayments	1.7	1.7	1.7	1.7	1.7	1.8	1.8	1.8	2.8	2.4	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	2.9
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	355.9	359.0	357.0	359.5	369.9	373.0	396.3	382.6	395.3	402.6	413.0	405.9
A. LIABILITIES (300=210+330)	342.6	341.8	339.4	339.5	349.2	347.6	365.5	347.9	360.2	363.1	374.8	360.3
I. Short -term liabilities	342.6	341.8	339.4	339.5	349.2	347.6	365.5	347.9	360.2	363.1	374.8	360.3
1. Short-term trade accounts payable	97.6	95.5	95.6	95.8	95.8	95.9	98.8	92.3	92.8	104.8	112.5	113.3
2. Short-term advances from customers	10.0	12.1	10.0	9.7	17.7	17.8	28.7	19.2	20.6	19.1	19.4	10.3
3. Taxes and other payables to state authorities	10.7	12.0	13.3	13.2	13.1	12.8	9.7	9.8	10.4	10.4	0.0	0.0
4. Payable to employees	2.2	1.5	1.9	1.9	1.7	1.5	1.6	0.8	1.1	0.2	0.0	0.0
5. Short-term acrrued expenses	16.7	19.3	19.3	19.3	19.3	18.3	18.3	17.3	17.4	17.4	0.0	0.0
6. Short-term inter-company payables	25.6	25.6	25.6	25.6	25.6	25.6	0.0	0.0	46.0	45.4	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	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	75.9	73.1	72.4	73.6	72.5	70.6	67.0	66.2	50.0	46.9	0.0	0.0
10. Short-term borrowings and financial leases	103.6	102.5	101.1	100.1	103.3	104.9	141.1	142.1	121.7	118.7	120.1	118.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. 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	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	13.3	17.1	17.6	20.0	20.7	25.4	30.7	34.7	35.1	39.5	38.2	45.6
I. Owner's equity	13.3	17.1	17.6	20.0	20.7	25.4	30.7	34.7	35.1	39.5	0.0	0.0
1. Owner's capital	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	38.2	45.6
- Common stock with voting right	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	33.0	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	0.0	0.0
10. Other funds from owner's equity	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	2.1	0.0	0.0
11. Undistributed earnings after tax	-26.4	-22.5	-22.1	-19.7	-18.9	-14.2	-8.9	-5.0	-4.5	-34.8	-36.1	-28.8
- Accumulated retained earning at the end of the previous period	-24.0	-22.1	-19.7	-18.9	-14.2	-8.9	-5.0	-4.5	-0.1	-34.7	-28.8	-26.2
- Undistributed earnings in this period	-2.4	-0.4	-2.4	-0.8	-4.7	-5.3	-3.9	-0.4	-4.4	-0.1	-7.3	-2.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	355.9	359.0	357.0	359.5	369.9	373.0	396.3	382.6	395.3	402.6	413.0	405.9

Item	Q4'25	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Profit Before Tax	-5.4	-3.9	-0.4	-2.4	-0.8	-10.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	1.4	1.0	0.6	0.6	0.7	1.6	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	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	0.0	0.0	0.0
Gain/Loss from Investment Activities	-11.5	-0.1	-0.8	0.4	-1.3	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	4.0	2.4	1.2	1.2	1.3	5.6	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	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-11.5	-0.5	0.6	-0.2	-0.1	-2.9	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	20.1	4.0	-1.7	3.0	1.4	8.4	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	11.4	-2.1	-1.1	-1.3	-1.7	-0.7	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.6	3.7	-6.5	-2.2	1.1	-1.9	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.1	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.1	-6.5	6.4	-0.0	-0.1	-0.3	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	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.1	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0	1.5	-1.5	-7.0	0.0	-2.2	-0.9	0.0
Net Cash Flow from Operating Activities	-6.4	-1.3	-2.4	-0.7	0.6	1.8	0.7	6.5	-23.5	-11.3	4.9	9.0
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	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	18.0	0.1	0.9	0.3	1.4	0.0	0.0	-20.7	20.7	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	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	27.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.1	0.1	0.0	-6.7	6.7	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	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	18.0	0.1	0.9	0.3	1.5	0.1	0.0	0.0	27.4	0.0	0.0	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	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2.8	3.8	4.0	2.5	0.1	0.0	0.0	5.7	14.0	9.5	1.2	1.3
Repayment of Borrowings	-6.7	-2.7	-2.6	-1.6	-3.3	-1.6	-10.6	-6.7	-19.2	-6.4	-2.6	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	0.0
Dividends Paid	—	0.0	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	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.8	1.1	1.4	1.0	-3.2	-1.6	-10.6	-1.0	-5.2	3.1	-1.4	1.3
Net Cash Flow During the Period	7.7	-0.2	-0.1	0.6	-1.0	0.2	-9.8	5.5	-1.3	-8.2	3.5	10.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.7	0.7	10.8	10.8	10.8	11.3	11.3	11.3	11.3	7.6	1.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	8.2	0.5	0.6	0.7	0.2	1.2	1.5	10.8	5.3	6.7	11.1	11.4

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L43

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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