L61

Listed Company · UPCOM

Price

1,400

Latest close

13 Mar 2026

P/E -0.2x

EPS (TTM) -7,010

ROE (TTM) -732.6%

P/B -0.5x

BVPS (Latest) -2,555

ROA (TTM) -7.6%

What Is Changing

L61 has not yet shown a broad-based top-line recovery. Revenue posted -58.9% YoY, but net margin reached -139.88% with an additional -94.6pp 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 9460bps to -139.88% in 2025.
Revenue decreased 58.9% YoY to VND 50.9bn in 2025.
Quarterly Net Income increased 12.8% YoY to VND -14.6bn in 2024Q3.

Metric	2025	2024	2023	2022	2021
Revenue	50.9	123.9	171.2	411.9	664.7
Growth	-59%	-28%	-58%	-38%	—
Net Income	-71.2	-56.1	-48.9	-74.0	0.4
Net Margin	-139.88%	-45.28%	-28.54%	-17.96%	0.05%

Metric	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	9.1	13.4	14.4	39.3	27.9	50.9	53.1	132.6	83.7	94.9	100.7	200.6
Growth	-32%	-7%	-64%	+41%	-45%	-4%	-60%	+58%	-12%	-6%	-50%	—
Net Income	-14.6	-14.7	-14.8	-9.0	-12.9	-11.6	-15.3	-47.2	-28.0	0.0	0.0	0.4
Net Margin	-160.43%	-109.93%	-103.12%	-22.90%	-46.41%	-22.74%	-28.71%	-35.59%	-33.42%	0.00%	0.00%	0.18%

Financial Statements

Profitability

Net margin reached -139.88% while Revenue posted -58.9% YoY.

Balance Sheet

Inventory stood at 441.0bn, liabilities at 650.0bn, and equity at -102.6bn.

Cash Flow

Operating cash flow was 2.3bn in 2025, while investing cash flow was 57.8bn.

Financing cash flow: -59.7bn.

Item	2025	2024	2023	2022	2021
Revenue	50.9	123.9	171.2	411.9	664.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	50.9	123.9	171.2	411.9	664.7
Cost of Goods Sold	121.4	117.0	159.4	433.5	0.0
Gross Profit	-70.5	7.0	11.8	-21.6	52.4
Financial Income	0.8	0.2	1.6	1.1	1.3
Financial Expenses	42.6	44.6	45.1	28.5	-26.4
Interest Expense	42.6	44.4	45.1	28.2	-26.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.6	-0.9
General and Administrative Expenses	7.4	8.4	14.1	17.6	-20.3
Operating Profit	-119.7	-45.9	-45.9	-67.2	6.3
Other Income	51.9	0.2	0.3	0.0	0.0
Other Expenses	3.4	10.4	3.3	6.8	0.0
Other Profit	48.5	-10.2	-3.0	-6.8	-3.0
Profit Before Tax	-71.2	-56.1	-48.9	-74.0	3.2
Current Income Tax Expense	—	0.0	0.0	0.0	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-71.2	-56.1	-48.9	-74.0	0.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-71.2	-56.1	-48.9	-74.0	0.4
Earnings per Share	-9,402.00	-7,408.00	-6,449.00	-9,765.00	47.00
Diluted EPS	-9,401.62	-7,407.95	-6,448.51	-9,765.32	47.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	526.5	621.2	653.2	659.1	724.7
I. Cash and cash equivalents	0.8	0.4	0.4	1.2	18.3
1. Cash	0.8	0.4	0.4	1.2	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	83.8	179.1	149.3	133.6	115.9
1. Short-term trade accounts receivable	101.7	191.2	164.4	165.6	0.0
2. Short-term prepayments to suppliers	2.2	1.6	1.0	4.8	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	25.7	32.1	29.7	9.1	0.0
7. Provision for short-term doubtful debts (*)	-45.8	-45.8	-45.8	-45.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	441.0	441.7	503.4	524.1	575.6
1. Inventories	441.0	441.7	503.4	524.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.9	0.0	0.0	0.1	0.2
1. Short-term prepayments	—	0.0	0.0	0.1	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	0.9	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)	20.9	34.3	52.9	70.7	90.7
I. Long-term receivables	0.3	0.3	1.6	5.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	0.3	0.3	1.6	5.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	17.8	30.3	47.6	59.8	75.6
1. Tangible fixed assets	17.8	27.8	34.9	43.9	56.5
- Cost	240.1	263.9	260.9	260.9	0.0
- Accumulated depreciation	-222.3	-236.1	-226.0	-217.0	0.0
2. Financial leased fixed assets	—	2.4	12.4	15.4	18.5
- Cost	—	4.8	24.2	24.2	0.0
- Accumulated depreciation	—	-2.4	-11.8	-8.7	0.0
3. Intangible fixed assets	—	0.1	0.3	0.4	0.6
- Cost	2.3	2.3	2.3	2.3	0.0
- Accumulated depreciation	-2.3	-2.2	-2.0	-1.8	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	0.2	0.2	0.2	0.6	0.6
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	0.5	0.5	0.5	0.9	0.0
4. Provision for diminution in value of long-term investments	-0.3	-0.3	-0.3	-0.3	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	2.7	3.5	3.6	4.7	0.0
1. Long-term prepayments	2.7	3.5	3.6	4.7	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	12.8
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)	547.4	655.5	706.1	729.8	815.4
A. LIABILITIES (300=210+330)	650.0	686.9	681.4	656.2	667.9
I. Short -term liabilities	650.0	686.9	681.4	655.5	662.7
1. Short-term trade accounts payable	119.7	126.7	136.4	125.6	130.5
2. Short-term advances from customers	13.8	49.5	52.7	74.7	100.7
3. Taxes and other payables to state authorities	18.4	25.1	36.5	30.7	0.0
4. Payable to employees	46.8	27.5	36.0	39.5	0.0
5. Short-term acrrued expenses	143.7	101.2	58.7	14.3	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	0.9	0.7	0.7	0.7	0.0
9. Other short-term payables	76.2	66.0	61.7	54.5	0.0
10. Short-term borrowings and financial leases	228.7	288.4	296.8	313.5	323.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.8	1.8	2.0	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	—	0.0	0.0	0.7	5.1
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	0.7	5.1
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)	-102.6	-31.4	24.7	73.6	147.6
I. Owner's equity	-102.6	-31.4	24.7	73.6	0.0
1. Owner's capital	75.8	75.8	75.8	75.8	147.6
- Common stock with voting right	75.8	75.8	75.8	75.8	75.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	14.9	14.9	14.9	14.9	14.9
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	49.1	49.1	49.1	49.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.4	4.4	4.4	4.4	0.0
11. Undistributed earnings after tax	-246.8	-175.6	-119.4	-70.6	3.4
- Accumulated retained earning at the end of the previous period	-175.6	-119.4	-70.6	3.4	3.0
- Undistributed earnings in this period	-71.2	-56.1	-48.9	-74.0	0.4
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)	547.4	655.5	706.1	729.8	815.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-71.2	-56.1	-48.9	-74.0	2.2
Depreciation of Fixed Assets and Investment Property	5.6	10.4	12.2	15.8	12.9
Provision (Increase)/Reversal	—	0.0	0.0	1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.2	-0.3	0.2	0.0
Gain/Loss from Investment Activities	-50.8	1.2	-0.4	-0.9	0.0
Interest Expense	42.6	44.4	45.1	28.2	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	-73.8	0.1	7.8	-29.3	31.3
Increase/(Decrease) in Receivables	94.4	-28.5	-11.4	-24.4	0.0
Increase/(Decrease) in Inventory	0.7	61.7	20.7	51.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-19.7	-26.0	-1.3	-7.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	0.0	1.2	8.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-1.9	-0.7	-14.5	0.0
Corporate Income Tax Paid	—	-2.7	-0.4	-2.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.2	-1.5	0.0
Net Cash Flow from Operating Activities	2.3	2.7	15.7	-19.5	48.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	57.7	5.7	0.0	0.0	1.9
Loans and Purchases of Debt Instruments	—	0.0	0.0	-4.5	-10.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	19.3	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.5	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.4	1.6	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	57.8	5.7	0.9	16.4	-8.4
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	0.7	2.0	0.0	305.9	408.9
Repayment of Borrowings	-60.3	-7.7	-13.5	-317.4	-430.4
Repayment of Finance Leases	-0.1	-2.7	-4.0	-2.7	-8.6
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	-59.7	-8.4	-17.5	-14.3	-30.1
Net Cash Flow During the Period	0.4	-0.0	-0.8	-17.4	3.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.4	1.2	18.3	10.2
FX Difference from Revaluation	—	0.0	0.0	0.4	0.0
Cash and Cash Equivalents at End of Period	0.8	0.4	0.4	1.2	18.3

Item	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	9.1	13.4	14.4	39.3	27.9	50.9	53.1	132.6	83.7	94.9	100.7	200.6
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	9.1	13.4	14.4	39.3	27.9	50.9	53.1	132.6	83.7	94.9	100.7	200.6
Cost of Goods Sold	7.6	13.2	12.5	32.2	26.2	44.7	56.4	160.8	100.0	83.1	89.5	0.0
Gross Profit	1.5	0.2	1.9	7.2	1.7	6.2	-3.3	-28.3	-16.4	11.8	11.2	12.8
Financial Income	0.0	0.1	0.1	0.3	0.0	0.5	0.8	-0.0	0.3	0.8	0.1	0.9
Financial Expenses	12.2	11.5	11.0	12.5	11.6	11.5	9.5	8.8	6.9	6.6	6.1	-6.2
Interest Expense	12.2	11.5	11.0	12.5	11.6	11.5	9.5	8.6	6.9	6.6	6.1	-6.2
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	0.2	0.2	0.2	-0.2
General and Administrative Expenses	1.8	2.3	1.9	3.2	2.4	5.9	2.7	4.9	4.2	4.5	3.8	-5.4
Operating Profit	-12.5	-13.4	-11.0	-8.2	-12.2	-10.7	-14.6	-42.0	-27.4	1.2	1.2	1.9
Other Income	5.7	0.2	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	7.9	1.5	3.8	1.1	0.7	0.8	0.6	5.2	0.6	0.5	0.5	0.0
Other Profit	-2.1	-1.3	-3.8	-0.8	-0.7	-0.8	-0.6	-5.1	-0.6	-0.5	-0.5	-0.8
Profit Before Tax	-14.6	-14.7	-14.8	-9.0	-12.9	-11.6	-15.3	-47.2	-28.0	0.6	0.7	1.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.7	-0.7
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	-14.6	-14.7	-14.8	-9.0	-12.9	-11.6	-15.3	-47.2	-28.0	0.0	0.0	0.4
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	-14.6	-14.7	-14.8	-9.0	-12.9	-11.6	-15.3	-47.2	-28.0	0.0	0.0	0.4
Earnings per Share	-1,926.00	-1,942.00	-1,953.00	-1,189.00	-1,707.00	-1,526.00	-2,013.00	-6,229.00	-3,691.00	0.24	0.28	46.00
Diluted EPS	-1,926.17	-1,941.58	-1,953.32	-1,188.91	-1,707.14	-1,526.18	-2,012.90	-6,229.37	-3,690.87	0.24	0.28	46.48

Item	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	639.7	634.7	642.2	649.2	660.6	657.0	641.0	659.1	737.1	780.2	709.9	724.7
I. Cash and cash equivalents	0.2	0.6	0.2	0.4	1.2	1.1	6.2	1.2	8.4	6.4	3.8	18.3
1. Cash	0.2	0.6	0.2	0.4	1.2	1.1	6.2	1.2	6.8	4.8	2.2	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6	1.6	1.6	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	19.3	19.3	19.3	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	19.3	19.3	19.3	0.0
III. Short-term receivables	132.1	132.3	137.2	145.3	150.1	146.9	125.5	133.6	249.7	113.1	106.2	115.9
1. Short-term trade accounts receivable	137.6	138.8	141.9	164.4	167.3	167.2	150.7	165.6	123.8	137.3	138.7	0.0
2. Short-term prepayments to suppliers	1.1	1.0	1.2	1.0	1.5	1.1	2.0	4.8	10.2	11.3	4.6	0.0
3. Short-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
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	39.1	38.4	40.0	25.7	27.2	24.4	18.6	9.1	9.2	8.9	7.3	0.0
7. Provision for short-term doubtful debts (*)	-45.8	-45.8	-45.8	-45.8	-45.8	-45.8	-45.8	-45.8	-44.5	-44.3	-44.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	151.0	0.0	0.0	0.0
IV. Inventories	507.4	501.8	504.8	503.4	509.3	509.0	509.2	524.1	459.3	641.1	580.2	575.6
1. Inventories	507.4	501.8	504.8	503.4	509.3	509.0	509.2	524.1	459.3	641.1	580.2	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	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.4	0.3	0.4	0.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.4	0.3	0.4	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	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. LONG-TERM ASSETS (200=210+220+240+250+260+270)	36.2	46.9	49.9	56.9	60.1	63.2	67.1	70.7	71.9	77.5	89.0	90.7
I. Long-term receivables	0.3	1.6	1.6	5.6	5.6	5.6	5.6	5.6	1.7	1.7	6.5	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	1.7
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	0.3	1.6	1.6	5.6	5.6	5.6	5.6	5.6	1.7	1.7	6.5	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	32.2	41.7	44.6	47.6	50.6	53.7	56.7	59.8	63.6	67.6	71.6	75.6
1. Tangible fixed assets	29.5	30.6	32.7	34.9	37.1	39.4	41.6	43.9	46.9	50.1	53.3	56.5
- Cost	263.9	260.9	260.9	260.9	260.9	260.9	260.9	260.9	260.9	260.9	260.9	0.0
- Accumulated depreciation	-234.4	-230.3	-228.2	-226.0	-223.8	-221.6	-219.3	-217.0	-214.0	-210.9	-207.7	0.0
2. Financial leased fixed assets	2.5	10.9	11.7	12.4	13.2	13.9	14.7	15.4	16.2	17.0	17.7	18.5
- 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	0.2	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6	0.6
- 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	0.2	0.2	0.2	0.2	0.2	0.2	0.6	0.6	0.6	0.6	0.6	0.6
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	0.5	0.5	0.5	0.5	0.5	0.5	0.9	0.9	0.9	0.9	0.9	0.0
4. Provision for diminution in value of long-term investments	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	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	3.5	3.4	3.5	3.6	3.7	3.8	4.2	4.7	6.0	7.6	10.2	0.0
1. Long-term prepayments	3.5	3.4	3.5	3.6	3.7	3.8	4.2	4.7	6.0	7.6	10.2	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	0.0	12.8
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)	675.9	681.6	692.1	706.1	720.7	720.2	708.1	729.8	809.0	857.7	798.8	815.4
A. LIABILITIES (300=210+330)	695.3	686.4	682.2	681.3	686.8	673.4	649.7	656.2	688.2	710.1	651.2	667.9
I. Short -term liabilities	695.3	686.4	682.2	681.3	686.8	673.4	649.5	655.5	686.5	707.2	647.2	662.7
1. Short-term trade accounts payable	123.0	125.7	126.4	136.4	129.9	132.2	122.2	125.6	116.9	124.3	121.7	130.5
2. Short-term advances from customers	56.6	52.8	56.8	52.7	73.1	69.6	69.3	74.7	83.1	91.4	96.9	100.7
3. Taxes and other payables to state authorities	36.0	37.4	38.1	36.5	34.1	33.7	30.1	30.7	21.2	19.9	21.6	0.0
4. Payable to employees	30.5	28.1	30.3	36.0	35.4	37.2	37.6	39.5	44.1	40.3	32.3	0.0
5. Short-term acrrued expenses	91.4	80.8	69.4	58.6	49.5	35.1	23.7	14.3	5.9	1.0	0.5	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	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	0.7	0.0	0.0	0.7	0.7	0.0	0.0	0.0	0.0
9. Other short-term payables	65.4	64.2	63.1	61.7	60.4	59.2	56.3	54.5	52.6	50.7	46.5	0.0
10. Short-term borrowings and financial leases	290.4	295.5	296.3	296.8	302.5	304.6	307.6	313.5	360.6	377.6	0.0	323.4
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	324.1	0.0
12.. Bonus and welfare fund	1.8	1.8	1.8	1.8	1.8	1.8	2.0	2.0	2.0	2.0	3.6	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	0.2	0.7	1.8	2.8	4.0	5.1
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	0.2	0.7	1.8	2.8	4.0	5.1
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)	-19.4	-4.8	9.9	24.8	33.9	46.8	58.4	73.6	120.8	147.6	147.6	147.6
I. Owner's equity	-19.4	-4.8	9.9	24.8	33.9	46.8	58.4	73.6	120.8	147.6	147.6	0.0
1. Owner's capital	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	147.6
- Common stock with voting right	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8	75.8
- 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	14.9	14.9	14.9	14.9	0.0	14.9	14.9	14.9	14.9	14.9	14.9	14.9
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	14.9	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	49.1	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	49.1	49.1	49.1	49.1	0.0	49.1	49.1	49.1	49.1	49.1	49.1	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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	0.0
11. Undistributed earnings after tax	-163.5	-149.0	-134.2	-119.3	-110.3	-97.4	-85.8	-70.6	-23.4	3.4	3.4	3.4
- Accumulated retained earning at the end of the previous period	-119.4	-119.4	-119.4	-70.6	-70.6	-70.6	-70.6	3.4	3.4	3.4	3.4	3.0
- Undistributed earnings in this period	-44.1	-29.5	-14.8	-48.8	-39.7	-26.8	-15.3	-74.0	-26.8	0.0	0.0	0.4
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)	675.9	681.6	692.1	706.1	720.7	720.2	708.1	729.8	809.0	857.7	798.8	815.4

Item	Q4'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	-71.2	-14.6	-14.7	-14.8	-9.1	-12.9	-11.6	-15.3	-47.2	-28.0	0.5	0.7
Depreciation of Fixed Assets and Investment Property	5.6	2.5	2.9	3.0	3.0	3.0	3.0	3.1	3.8	4.0	4.0	4.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	0.0	0.1	-0.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	-0.2	0.0	0.6	-0.8	0.4	-0.0	-0.2	-0.0
Gain/Loss from Investment Activities	-50.8	0.0	0.0	0.0	-0.0	0.0	-0.4	0.0	-0.2	0.0	-0.6	-0.1
Interest Expense	42.6	12.2	11.5	11.0	12.6	11.6	11.5	9.5	8.6	6.9	6.6	6.1
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	-73.8	0.1	-0.3	-0.8	6.3	1.7	3.2	-3.4	-33.2	-17.1	10.5	10.6
Increase/(Decrease) in Receivables	94.4	1.1	-1.5	12.1	5.3	-8.2	-12.6	4.1	109.4	-137.1	-1.2	4.5
Increase/(Decrease) in Inventory	0.7	-5.7	3.0	-1.4	5.9	-0.3	0.1	14.9	-64.8	181.8	-59.4	-6.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-19.7	9.8	-0.0	-9.4	-12.4	9.2	6.7	-4.8	7.9	-7.4	5.3	-13.1
Increase/(Decrease) in Prepaid Expenses	0.8	-0.1	0.1	0.0	0.3	0.0	0.5	0.5	1.5	1.6	2.6	2.6
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	-1.6	-0.0	-0.3	-0.5	-0.1	-0.1	-0.1	-0.3	-2.0	-6.2	-6.1
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0	0.0	-0.4	0.0	0.0	0.0	-0.2	-2.0
Other Operating Receipts	—	0.0	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	-0.2	0.0	0.0	0.0	-1.5	0.0
Net Cash Flow from Operating Activities	2.3	3.7	1.2	0.3	5.0	2.2	-2.7	11.3	20.4	19.8	-50.1	-9.6
Payments for Fixed Assets and Other Long-term Assets	-0.1	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	57.7	0.0	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	-0.0	0.0	0.0	-4.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	-0.5	0.5	0.0	0.0	19.3	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	0.5	-0.5	0.5	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0	0.0	0.0	0.4	0.0	1.0	0.3	0.3	0.1
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	57.8	0.0	0.0	0.0	0.0	0.0	0.9	0.0	20.3	0.3	0.3	-4.4
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	0.7	2.0	0.0	0.0	0.0	0.0	0.0	0.0	7.6	23.8	177.4	97.1
Repayment of Borrowings	-60.3	-2.0	-0.4	0.0	-4.7	-1.1	-2.2	-5.5	-55.5	-41.3	-123.9	-96.8
Repayment of Finance Leases	-0.1	-4.2	-0.4	-0.5	-0.9	-1.0	-1.1	-1.0	-0.2	-0.6	-1.2	-0.8
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	-59.7	-4.2	-0.8	-0.5	-5.6	-2.1	-3.2	-6.5	-48.1	-18.1	52.4	-0.5
Net Cash Flow During the Period	0.4	-0.5	0.4	-0.2	-0.7	0.1	-5.1	4.8	-7.4	1.9	2.6	-14.5
Cash and Cash Equivalents at Beginning of Period	0.4	0.4	0.4	0.4	1.2	1.2	1.2	1.2	18.3	18.3	18.3	18.3
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0	0.0	-0.0	0.1	0.2	0.1	-0.0	0.1
Cash and Cash Equivalents at End of Period	0.8	0.2	0.6	0.2	0.4	1.2	1.1	6.2	1.2	8.4	6.4	3.8

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L61

What Is Changing

Financial Statements

Profitability

Balance Sheet

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