L62

Listed Company · UPCOM

Price

2,600

Latest close

03 Apr 2026

P/E -0.2x

EPS (TTM) -14,199

ROE (TTM) -898.7%

P/B -0.5x

BVPS (Latest) -5,466

ROA (TTM) -22.9%

What Is Changing

L62 has not yet shown a broad-based top-line recovery. Revenue posted -45.9% YoY, but net margin reached -335.02% with an additional +105.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -58.9% in 2025 from 75.8% in the prior period, at VND -74.2bn.
Revenue decreased 45.9% YoY to VND 22.1bn in 2025.
Net margin improved from -440.40% in the prior period to -335.02% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	22.1	41.0	80.2	119.7	254.5
Growth	-46%	-49%	-33%	-53%	—
Net Income	-74.2	-180.4	-102.6	-34.6	-3.0
Net Margin	-335.02%	-440.40%	-127.87%	-28.88%	-1.19%

Metric	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	26.8	29.9	24.9	8.3	17.1	37.1	25.5	37.3	19.9	135.3	49.4	42.2
Growth	-11%	+20%	+200%	-51%	-54%	+46%	-32%	+88%	-85%	+174%	+17%	—
Net Income	-14.3	-58.7	-14.6	-30.3	0.1	6.0	-0.2	-0.4	-0.4	-3.2	0.1	0.1
Net Margin	-53.34%	-196.17%	-58.44%	-364.43%	0.41%	16.25%	-0.86%	-1.05%	-1.78%	-2.37%	0.11%	0.13%

Financial Statements

Profitability

Net margin reached -335.02% while Revenue posted -45.9% YoY.

Balance Sheet

Inventory stood at 77.5bn, liabilities at 540.4bn, and equity at -328.2bn.

Cash Flow

Operating cash flow was 12.7bn in 2025, while investing cash flow was 0.0bn.

Financing cash flow: -21.6bn.

Item	2025	2024	2023	2022	2021
Revenue	22.1	41.0	80.2	119.7	254.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	22.1	41.0	80.2	119.7	254.5
Cost of Goods Sold	37.9	105.3	78.3	83.0	0.0
Gross Profit	-15.8	-64.4	2.0	36.7	32.6
Financial Income	0.0	0.1	0.5	0.5	0.0
Financial Expenses	17.1	53.7	58.4	31.8	-27.7
Interest Expense	17.1	52.6	58.3	31.8	-27.3
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	52.1	39.0	17.3	24.9	-10.7
Operating Profit	-85.0	-157.0	-73.3	-19.5	-5.9
Other Income	19.1	0.7	1.1	0.7	0.0
Other Expenses	8.4	23.9	29.7	15.6	0.0
Other Profit	10.8	-23.2	-28.6	-14.9	2.9
Profit Before Tax	-74.2	-180.2	-101.9	-34.4	-3.0
Current Income Tax Expense	—	0.2	0.7	0.2	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-74.2	-180.4	-102.6	-34.6	-3.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-74.2	-180.4	-102.6	-34.6	-3.1
Earnings per Share	-8,942.00	-21,739.00	-12,364.00	-4,165.00	12.00
Diluted EPS	-8,942.00	-21,739.00	-12,364.00	-4,165.00	-371.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	160.4	291.6	417.1	505.2	496.5
I. Cash and cash equivalents	1.9	10.7	1.1	3.1	0.8
1. Cash	1.9	10.7	1.1	3.1	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	81.0	136.8	194.5	253.2	293.6
1. Short-term trade accounts receivable	82.1	90.6	113.6	162.4	0.0
2. Short-term prepayments to suppliers	24.6	24.8	25.5	26.7	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	70.5	71.9	74.8	78.2	0.0
7. Provision for short-term doubtful debts (*)	-96.3	-50.5	-19.4	-14.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	77.5	144.1	221.4	248.6	201.9
1. Inventories	118.9	155.7	233.1	248.6	0.0
2. Provision for decline in value of inventories	-41.4	-11.7	-11.7	0.0	0.0
V. Other short-term assets	—	0.0	0.0	0.3	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.3	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)	51.7	60.2	69.4	83.0	94.0
I. Long-term receivables	0.5	1.2	2.1	2.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.5
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	0.5	1.2	2.1	2.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.9	54.6	62.7	70.9	81.3
1. Tangible fixed assets	46.5	54.0	62.1	70.2	76.8
- Cost	180.5	180.5	181.8	181.9	0.0
- Accumulated depreciation	-134.1	-126.5	-119.7	-111.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	3.6
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.5	0.6	0.7	0.8
- Cost	1.9	1.9	1.9	1.9	0.0
- Accumulated depreciation	-1.4	-1.4	-1.3	-1.2	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	5.3	5.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	5.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	4.3	4.5	4.6	4.7	0.0
1. Long-term prepayments	4.3	4.5	4.6	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	5.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	212.1	351.8	486.5	588.2	590.5
A. LIABILITIES (300=210+330)	540.4	563.3	517.6	516.7	484.4
I. Short -term liabilities	328.6	367.7	516.5	515.6	481.3
1. Short-term trade accounts payable	49.0	50.7	69.8	109.4	98.4
2. Short-term advances from customers	0.9	19.8	26.6	59.5	49.7
3. Taxes and other payables to state authorities	35.3	36.0	31.2	27.4	0.0
4. Payable to employees	2.4	3.9	7.8	1.9	0.0
5. Short-term acrrued expenses	0.1	0.7	2.1	5.0	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	199.5	179.4	114.4	57.9	0.0
10. Short-term borrowings and financial leases	39.9	75.7	263.0	252.5	280.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.6	1.7	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	211.8	195.5	1.1	1.1	3.1
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	0.7	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	211.2	195.5	1.1	1.1	3.1
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)	-328.2	-211.5	-31.1	71.5	106.1
I. Owner's equity	-328.2	-211.5	-31.1	71.5	0.0
1. Owner's capital	83.0	83.0	83.0	83.0	106.1
- Common stock with voting right	83.0	83.0	83.0	83.0	83.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	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	19.9	19.9	19.9	19.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	0.0
11. Undistributed earnings after tax	-434.4	-317.7	-137.3	-34.7	-0.1
- Accumulated retained earning at the end of the previous period	-360.3	-137.3	-34.7	-0.1	2.9
- Undistributed earnings in this period	-74.2	-180.4	-102.6	-34.6	-3.1
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)	212.1	351.8	486.5	588.2	590.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	-74.2	-180.2	-101.9	0.0	0.3
Depreciation of Fixed Assets and Investment Property	7.7	7.4	8.4	0.0	8.4
Provision (Increase)/Reversal	75.4	31.1	16.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.4	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.5	-0.1	0.0	0.0
Interest Expense	17.1	52.6	58.3	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	26.0	-89.5	-18.8	0.0	28.6
Increase/(Decrease) in Receivables	10.7	29.4	54.0	0.0	0.0
Increase/(Decrease) in Inventory	-4.4	77.3	15.5	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.7	-15.7	-58.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.2	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.1	-0.4	-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	66.6	0.0
Other Operating Payments	—	0.0	-0.3	-22.7	0.0
Net Cash Flow from Operating Activities	12.7	1.3	-8.0	31.2	4.5
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.2	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.1	0.1	0.0	0.4
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	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	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	0.0	1.2	-0.1	0.0	0.3
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	4.2	20.5	14.5	15.6	36.3
Repayment of Borrowings	-25.8	-13.4	-8.4	-43.4	-41.3
Repayment of Finance Leases	—	0.0	0.0	-1.2	-1.2
Dividends Paid	—	0.0	0.0	0.0	-0.5
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	-21.6	7.1	6.1	-29.0	-6.7
Net Cash Flow During the Period	-8.9	9.6	-2.0	2.3	0.0
Cash and Cash Equivalents at Beginning of Period	10.7	1.1	3.1	0.8	8.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.9	10.7	1.1	3.1	0.0

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	26.8	29.9	24.9	8.3	17.1	37.1	25.5	37.3	19.9	135.3	49.4	42.2
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	26.8	29.9	24.9	8.3	17.1	37.1	25.5	37.3	19.9	135.3	49.4	42.2
Cost of Goods Sold	24.6	29.4	20.2	5.8	15.0	23.5	18.9	28.2	11.1	0.0	0.0	0.0
Gross Profit	2.1	0.6	4.8	2.6	2.0	13.6	6.6	9.1	8.8	3.2	9.4	11.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.3	0.0	0.0	0.0	0.0
Financial Expenses	14.2	31.4	0.1	26.8	0.0	0.2	2.8	6.8	6.9	-7.6	-6.4	-7.0
Interest Expense	13.1	0.0	0.0	26.7	0.0	0.2	2.8	6.8	6.9	-7.5	-6.2	-6.9
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	0.6	5.2	0.7	5.6	2.1	5.5	4.3	3.1	2.4	-1.6	-3.0	-4.2
Operating Profit	-12.6	-36.1	4.0	-29.9	-0.1	8.2	-0.5	-0.6	-0.5	-6.0	0.0	-0.0
Other Income	0.1	2.6	0.0	0.5	0.3	0.0	0.3	0.2	0.2	0.0	0.0	0.0
Other Expenses	1.7	25.2	18.6	1.0	0.1	2.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-1.7	-22.6	-18.6	-0.4	0.1	-2.1	0.3	0.2	0.2	2.8	0.0	0.1
Profit Before Tax	-14.3	-58.7	-14.6	-30.3	0.1	6.0	-0.2	-0.4	-0.4	-3.2	0.1	0.1
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	-14.3	-58.7	-14.6	-30.3	0.1	6.0	-0.2	-0.4	-0.4	-3.2	0.1	0.1
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	-14.3	-58.7	-14.6	-30.3	0.1	6.0	-0.2	-0.4	-0.4	-3.2	0.0	0.0
Earnings per Share	-1,719.48	-7,075.35	-1,755.95	-3,648.33	8.41	725.93	-26.53	-47.04	-42.57	-386.82	3.94	12.00
Diluted EPS	-1,719.48	-7,075.35	-1,755.95	-3,648.33	8.41	725.93	-26.53	-47.04	-42.57	-386.82	3.94	3.96

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	399.8	421.4	456.3	487.5	482.4	508.6	490.3	486.5	490.4	496.5	478.2	465.6
I. Cash and cash equivalents	0.5	1.1	1.5	3.3	5.7	3.1	4.3	2.0	7.8	0.8	6.5	2.0
1. Cash	0.5	1.1	1.5	3.3	5.7	3.1	4.3	2.0	7.8	0.0	0.0	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	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	197.3	190.0	216.9	219.8	223.9	256.6	253.5	255.2	271.6	293.6	242.5	233.2
1. Short-term trade accounts receivable	116.8	120.9	130.6	130.7	136.0	162.4	155.0	149.9	165.9	0.0	0.0	0.0
2. Short-term prepayments to suppliers	25.5	25.5	39.5	26.1	26.0	26.7	30.0	29.9	30.3	0.0	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	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	74.5	74.7	77.8	78.7	76.1	76.4	77.4	82.4	82.5	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-19.4	-31.1	-31.1	-15.7	-14.1	-9.0	-9.0	-7.1	-7.1	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	0.0	0.0
IV. Inventories	201.9	230.3	237.9	262.5	251.5	248.6	232.0	227.8	210.2	201.9	228.9	229.2
1. Inventories	213.6	230.3	237.9	262.5	251.5	248.6	232.0	227.8	210.2	0.0	0.0	0.0
2. Provision for decline in value of inventories	-11.7	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	1.9	1.3	0.3	0.6	1.5	0.7	0.1	0.3	1.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	1.9	1.2	0.3	0.5	1.4	0.6	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)	66.1	69.4	76.9	78.8	80.9	83.7	85.9	88.3	91.4	94.0	96.9	99.6
I. Long-term receivables	0.8	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.5	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	2.5	2.5	2.5
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	0.8	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.5	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	60.7	62.7	64.8	66.7	68.8	71.5	73.7	76.1	78.6	81.3	84.2	86.9
1. Tangible fixed assets	60.1	62.1	64.2	66.0	68.1	70.8	73.0	75.3	74.8	76.8	79.2	81.4
- Cost	181.9	181.8	182.1	181.9	181.9	184.6	184.6	185.9	179.6	0.0	0.0	0.0
- Accumulated depreciation	-121.8	-119.7	-118.0	-115.9	-113.8	-113.8	-111.6	-110.6	-104.9	0.0	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	3.1	3.6	4.2	4.7
- 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	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.9
- 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	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.1	5.0
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	5.3	5.3	5.3	5.3	5.3	5.3	5.3	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	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	4.5	4.6	4.6	4.6	4.7	4.7	4.8	4.9	4.9	0.0	0.0	0.0
1. Long-term prepayments	4.5	4.6	4.6	4.6	4.7	4.7	4.8	4.9	4.9	0.0	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	5.0	5.1	5.2
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)	465.9	490.8	533.2	566.3	563.3	592.3	576.2	574.8	581.8	590.5	575.0	565.2
A. LIABILITIES (300=210+330)	511.2	537.3	520.9	525.0	491.7	486.1	476.1	469.5	476.1	484.4	464.7	454.4
I. Short -term liabilities	510.2	536.2	519.8	523.9	490.6	485.0	475.0	468.3	473.9	481.3	459.2	446.4
1. Short-term trade accounts payable	62.3	76.9	89.8	86.9	88.9	109.4	97.5	85.2	86.5	98.4	104.9	95.6
2. Short-term advances from customers	23.4	26.6	39.0	49.5	46.0	59.5	62.3	74.7	65.9	49.7	51.0	50.7
3. Taxes and other payables to state authorities	29.4	45.2	38.2	27.7	27.5	13.1	13.5	13.4	12.3	0.0	0.0	0.0
4. Payable to employees	1.7	7.8	0.1	3.4	0.4	3.2	0.2	0.2	0.2	0.0	0.0	0.0
5. Short-term acrrued expenses	1.7	2.1	3.5	7.8	8.8	5.0	4.1	4.2	8.4	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	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	0.3	0.0	0.3	0.0	0.3	0.0	0.3	0.0	0.3	0.0	0.3	0.0
9. Other short-term payables	129.0	113.0	84.1	81.8	51.3	40.4	39.7	35.2	35.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	260.7	263.0	263.0	265.0	265.5	252.5	255.4	253.3	263.2	280.2	250.4	248.9
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	1.6	1.7	1.7	1.8	1.9	2.0	2.1	2.1	2.1	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	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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	2.2	3.1	5.5	8.0
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	2.2	3.1	5.5	8.0
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)	-45.4	-46.4	12.3	41.3	71.6	106.1	100.1	105.3	105.7	106.1	110.4	110.8
I. Owner's equity	-45.4	-46.4	12.3	41.3	71.6	106.1	100.1	105.3	105.7	0.0	0.0	0.0
1. Owner's capital	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	106.1	110.4	110.8
- Common stock with voting right	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0
- 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	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. 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	19.9	19.9	19.9	19.9	19.9	19.9	19.9	19.9	19.9	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	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	0.0	0.0	0.0
11. Undistributed earnings after tax	-151.6	-152.6	-93.9	-64.9	-34.6	-0.1	-6.1	-0.9	-0.5	-0.1	3.1	3.6
- Accumulated retained earning at the end of the previous period	-137.3	-34.7	-34.7	-34.7	-34.7	-0.1	-0.1	-0.1	-0.1	2.9	3.0	3.5
- Undistributed earnings in this period	-14.3	-117.9	-59.2	-30.2	0.1	0.0	-6.0	-0.7	-0.4	-3.1	0.1	0.1
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	1.1	1.0
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)	465.9	490.8	533.2	566.3	563.3	592.3	576.2	574.8	581.8	590.5	575.0	565.2

Item	Q4'25	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21
Profit Before Tax	-74.2	0.0	-101.9	44.7	-44.7	0.0	0.0	0.0	0.0	0.0	0.1
Depreciation of Fixed Assets and Investment Property	7.7	0.0	8.4	-4.2	4.2	0.0	0.0	0.0	0.0	0.0	2.7
Provision (Increase)/Reversal	75.4	0.0	16.9	-16.9	16.9	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.4	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	-0.1	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	17.1	0.0	58.3	-26.8	26.8	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	26.0	0.0	-18.8	-3.3	3.3	0.0	0.0	0.0	0.0	0.0	9.2
Increase/(Decrease) in Receivables	10.7	0.0	54.0	-32.3	32.3	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-4.4	0.0	15.5	11.8	-11.8	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.7	0.0	-58.2	32.2	-32.2	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.2	-0.1	0.1	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
Interest Paid	-7.1	0.0	-0.4	0.1	-0.1	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
Other Operating Receipts	—	2.4	-3.4	3.4	-2.1	2.1	54.5	3.3	-3.3	12.1	0.0
Other Operating Payments	—	-4.3	35.5	-35.6	25.4	-25.6	12.2	-6.4	1.8	-30.3	0.0
Net Cash Flow from Operating Activities	12.7	1.8	4.2	-3.5	1.7	-10.4	-6.6	7.9	4.9	25.0	5.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0	0.0	0.0	-0.1	0.1	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
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
Investments in Other Entities	—	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	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
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	-0.1	-0.0	0.0	0.0	-0.0	-0.1	0.1	0.0	-0.1
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
Share Repurchases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	4.2	0.0	-1.7	2.0	0.0	14.2	7.9	-4.4	12.2	0.0	2.9
Repayment of Borrowings	-25.8	-2.4	-2.7	-0.3	-4.1	-1.2	-2.5	-1.1	-21.8	-17.9	-3.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.2	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.5
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	-21.6	-2.4	-4.4	1.7	-4.1	13.0	5.4	-5.6	-10.8	-17.9	-1.4
Net Cash Flow During the Period	-8.9	-0.6	-0.4	-1.8	-2.4	2.6	-1.2	2.3	-5.8	7.0	3.7
Cash and Cash Equivalents at Beginning of Period	10.7	1.1	3.1	3.1	3.1	3.1	0.8	0.8	0.8	0.8	2.8
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	1.9	0.5	1.1	1.5	3.3	5.7	3.1	4.3	2.0	7.8	6.5

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L62

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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