LAI

Đầu Tư Xây dựng Long An IDICO ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 4.41x

Price

11,300

Latest close

04 Jun 2026

P/E 5.78x

P/B 0.79x

EPS 1,956

BVPS 14,345

ROE 11.4%

ROA 3.2%

Profit Margin 16.5%

Asset Turnover 0.19x

Equity Mult. 3.58x

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

What Is Changing

On a Năm 2025 basis, LAI posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 270bn
	                                
−31.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 50bn
	                                
−65.3%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	38.9	35.1	105.4	78.8	50.4
Growth	+11%	-67%	+34%	+56%	—
Net Income	3.1	-2.9	24.1	18.3	10.0
Net Margin	7.85%	-8.20%	22.90%	23.18%	19.73%

Drivers of LAI's profit

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 1.9bn

Administrative expenses ↓ 1.0bn

Gross profit ↓ 10.1bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

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

Profitability trend

Net Margin 16.49% −18.0pp

Gross Margin 35.61% —

SG&A / Revenue 9.61% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 4.5% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC currently stands at 4.49%. Track NOPAT margin and capital turnover to assess capital efficiency.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 4.49% —

NOPAT Margin 16.52% —

Capital Turnover 0.27x —

Average Invested Capital 949.0bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.45x equity, net debt at 1.48x equity.

Development inventory ended the period at 915.9bn, about 68.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 14.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +22.9bn

Inventories increased → lower CFO: −0.0bn

Payables decreased → lower CFO: −37.3bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.48x and interest coverage only at 4.41x.

At present, short-term debt accounts for 42.4% of total debt, cash equals 3.2% of debt, and total debt stands at 599.9bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.48x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 3.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.48x −0.14x

Interest Coverage 4.41x —

Cash / Debt 3.2% +1.9pp

Short-term Debt / Total Debt 42.4% +10.3pp

CFO / NI 0.17x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -12.6bn in 2025, against investing cash flow of -15.3bn.

Post-investment cash flow was negative +27.9bn. Financing cash flow was positive +55.3bn.

CFO / net income was 0.17x.

Track how much investment can be funded internally from operating cash flow.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 7.0bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.17x. The next item to monitor is capital efficiency, with ROIC at 4.5%. The main risk still sits in leverage and liquidity, with interest coverage at 4.41x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.17x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.48x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022
Revenue	269.7	392.3	214.6	250.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	269.7	392.3	214.6	250.6
Cost of Goods Sold	167.6	158.2	138.3	176.4
Gross Profit	102.0	234.0	76.3	74.2
Financial Income	0.9	0.0	0.3	0.3
Financial Expenses	12.1	19.1	6.9	5.7
Interest Expense	12.1	19.0	6.8	5.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	6.3	17.3	5.7	6.0
General and Administrative Expenses	20.1	18.9	19.4	19.4
Operating Profit	64.5	178.7	44.7	43.5
Other Income	1.0	0.9	2.7	0.5
Other Expenses	1.0	0.8	0.0	0.0
Other Profit	0.0	0.1	2.7	0.5
Profit Before Tax	64.5	178.9	47.3	44.0
Current Income Tax Expense	13.3	37.8	9.5	8.7
Deferred Income Tax Expense	1.5	-1.9	0.0	0.0
Net Income	49.7	143.0	37.9	35.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	49.7	143.0	37.9	35.2
Earnings per Share	1,720.00	8,156.00	4,202.00	3,970.00
Diluted EPS	1,720.00	8,156.00	4,430.14	4,122.45

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,000.1	988.6	817.5	600.4
I. Cash and cash equivalents	32.6	5.1	76.2	33.2
1. Cash	9.5	2.1	66.2	4.2
2. Cash equivalents	23.1	3.0	10.0	29.0
II. Short-term financial investments	16.0	0.0	0.1	0.1
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	16.0	0.0	0.1	0.1
III. Short-term receivables	34.3	66.5	49.9	35.8
1. Short-term trade accounts receivable	36.0	63.1	48.2	33.5
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.7	3.7	1.7	2.1
7. Provision for short-term doubtful debts (*)	-2.4	-0.4	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	915.9	914.5	676.8	518.8
1. Inventories	915.9	914.5	676.8	518.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.2	2.5	14.6	12.6
1. Short-term prepayments	0.7	1.5	14.2	12.6
2. Value added tax to be reclaimed	0.5	1.0	0.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	341.9	337.0	346.6	301.1
I. Long-term receivables	4.2	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	4.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	12.6	13.4	14.2	15.3
1. Tangible fixed assets	9.9	10.7	11.6	12.6
- Cost	25.4	25.4	25.4	36.3
- Accumulated depreciation	-15.5	-14.7	-13.9	-23.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	2.7	2.7	2.7	2.7
- Cost	2.7	2.7	2.7	2.7
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	318.0	315.0	325.6	279.1
1. Long-term production in progress	317.9	314.8	325.4	278.9
2. Construction in progress	0.1	0.1	0.1	0.1
V. Long-term financial investments	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	6.8	6.8	6.8	6.8
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.3	1.9	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0
2. Deferred income tax assets	0.3	1.9	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,342.0	1,325.7	1,164.1	901.5
A. LIABILITIES (300=210+330)	952.5	983.1	961.8	734.3
I. Short -term liabilities	282.6	326.4	620.0	242.3
1. Short-term trade accounts payable	20.0	30.5	32.2	33.2
2. Short-term advances from customers	27.1	86.9	306.3	42.3
3. Taxes and other payables to state authorities	5.5	20.5	4.3	6.7
4. Payable to employees	2.0	2.8	2.4	3.1
5. Short-term acrrued expenses	0.1	6.8	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	14.1	5.3	48.9	46.7
10. Short-term borrowings and financial leases	213.7	171.5	225.4	109.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	2.0	0.5	0.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	669.9	656.7	341.8	492.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	47.3	279.3
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	291.8	291.7	291.7	206.2
8. Long-term borrowings and financial leases	378.1	365.0	2.8	6.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	389.4	342.5	202.3	167.1
I. Owner's equity	389.4	342.5	202.3	167.1
1. Owner's capital	273.6	171.0	85.5	85.5
- Common stock with voting right	273,599,690,000.00	171,000,000,000.00	85,500,000,000.00	85,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	9.0	9.0	9.0	9.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.0	1.0	1.0	1.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	18.5	18.5	23.1	23.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	87.3	143.0	83.7	48.5
- Accumulated retained earning at the end of the previous period	37.6	0.0	45.8	13.3
- Undistributed earnings in this period	49.7	143.0	37.9	35.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,342.0	1,325.7	1,164.1	901.5

Item	2025	2024	2023	2022
Profit Before Tax	64.5	178.9	47.3	44.0
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.9	1.1
Provision (Increase)/Reversal	2.1	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.9	-0.0	-2.5	-0.3
Interest Expense	12.1	19.0	6.8	5.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	78.5	199.0	52.5	50.4
Increase/(Decrease) in Receivables	26.6	-6.7	-14.5	22.2
Increase/(Decrease) in Inventory	20.9	-227.4	-197.3	-343.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-71.7	-285.1	113.8	510.2
Increase/(Decrease) in Prepaid Expenses	0.8	12.7	-1.6	-12.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-34.7	-42.3	-7.4	-5.7
Corporate Income Tax Paid	-28.3	-21.5	-10.4	-8.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-4.7	-1.3	-2.7	-2.5
Net Cash Flow from Operating Activities	-12.6	-372.5	-67.6	210.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-174.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.6	0.0
Loans and Purchases of Debt Instruments	-16.0	0.0	-0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.1	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.0	0.3	0.3
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-15.3	0.1	2.8	-174.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	194.1	770.9	264.2	137.1
Repayment of Borrowings	-138.8	-462.7	-152.3	-149.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-6.9	-4.1	-15.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	55.3	301.4	107.7	-27.4
Net Cash Flow During the Period	27.4	-71.0	43.0	9.1
Cash and Cash Equivalents at Beginning of Period	5.1	76.2	33.2	24.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	32.6	5.1	76.2	33.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	38.9	35.1	105.4	78.8	50.4
Revenue Deductions	—	—	—	—	0.0
Net Revenue	38.9	35.1	105.4	78.8	50.4
Cost of Goods Sold	28.8	27.2	63.4	46.8	30.2
Gross Profit	10.1	7.9	42.0	31.9	20.2
Financial Income	0.3	0.6	0.3	0.0	0.0
Financial Expenses	3.4	3.2	3.2	3.0	2.9
Interest Expense	3.4	3.2	3.1	2.9	2.8
Share of Associates and Joint Ventures	—	—	—	—	0.0
Selling Expenses	0.4	1.1	3.2	1.1	1.0
General and Administrative Expenses	3.0	5.3	5.5	5.2	4.1
Operating Profit	3.6	-1.0	30.4	22.7	12.4
Other Income	0.2	0.2	0.2	0.2	0.4
Other Expenses	0.0	0.5	0.4	0.1	0.1
Other Profit	0.2	-0.2	-0.2	0.1	0.3
Profit Before Tax	3.8	-1.3	30.3	22.8	12.7
Current Income Tax Expense	0.7	1.3	5.2	4.4	2.5
Deferred Income Tax Expense	0.1	0.3	0.9	0.1	0.2
Net Income	3.1	-2.9	24.1	18.3	10.0
Non-controlling Interest	—	—	—	—	0.0
Profit Attributable to Parent	3.1	-2.9	24.1	18.3	10.0
Earnings per Share	112.00	-105.00	882.00	1,067.00	582.00
Diluted EPS	112.00	-105.05	882.38	1,067.33	582.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,005.5	1,000.1	1,030.5	990.4	981.1
I. Cash and cash equivalents	19.2	32.6	68.8	15.8	7.3
1. Cash	19.2	9.5	9.7	12.8	7.3
2. Cash equivalents	—	23.1	59.0	3.0	0.0
II. Short-term financial investments	16.4	16.0	—	—	0.0
1. Available for sale securities	—	—	—	—	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0
3. Held to maturity investments	16.4	16.0	—	—	0.0
III. Short-term receivables	28.2	34.3	56.1	53.1	54.7
1. Short-term trade accounts receivable	30.1	36.0	52.7	46.5	50.9
2. Short-term prepayments to suppliers	0.1	0.1	2.3	5.5	1.4
3. Short-term inter-company receivables	—	—	—	—	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0
5. Short-term loan receivables	—	—	—	—	0.0
6. Other short-term receivables	0.4	0.7	1.5	1.5	2.8
7. Provision for short-term doubtful debts (*)	-2.4	-2.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	0.0
IV. Inventories	939.3	915.9	905.3	920.0	915.1
1. Inventories	939.3	915.9	905.3	920.0	915.1
2. Provision for decline in value of inventories	—	—	—	—	0.0
V. Other short-term assets	2.4	1.2	0.3	1.5	4.0
1. Short-term prepayments	—	0.7	—	1.5	1.5
2. Value added tax to be reclaimed	2.4	0.5	0.3	—	0.8
3. Taxes and other receivables from state authorities	—	—	—	—	1.8
4. Government bonds	—	—	—	—	0.0
5. Other short-term assets	—	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	341.9	341.9	340.8	341.8	341.4
I. Long-term receivables	4.2	4.2	4.2	4.2	4.2
1. Long-term trade receivables	—	—	—	—	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0
3. Capital at inter-company	—	—	—	—	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0
5. Long-term loan receivables	—	—	—	—	0.0
6. Other long-term receivables	4.2	4.2	4.2	4.2	4.2
7. Provision for long-term doubtful debts	—	—	—	—	0.0
II. Fixed assets	12.6	12.6	12.8	13.0	13.2
1. Tangible fixed assets	9.9	9.9	10.1	10.3	10.5
- Cost	25.7	—	—	—	25.4
- Accumulated depreciation	-15.8	—	—	—	-14.9
2. Financial leased fixed assets	—	—	—	—	0.0
- Cost	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
3. Intangible fixed assets	2.7	2.7	2.7	2.7	2.7
- Cost	2.7	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
III. Investment properties	—	—	—	—	0.0
- Cost	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
IV. Long-term assets in progress	318.1	318.0	316.4	316.3	315.6
1. Long-term production in progress	318.0	317.9	316.3	316.2	315.5
2. Construction in progress	0.1	0.1	0.1	0.1	0.1
V. Long-term financial investments	6.8	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	—	—	—	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0
3. Investments in other entities	6.8	6.8	6.8	6.8	6.8
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0
5. Held to maturity investments	—	—	—	—	0.0
6. Other long-term investments	—	—	—	—	0.0
VI. Other long-term assets	0.3	0.3	0.6	1.5	1.7
1. Long-term prepayments	—	—	—	—	0.0
2. Deferred income tax assets	0.3	0.3	0.6	1.5	1.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0
4. Other long-term assets	—	—	—	—	0.0
5. Goodwill	—	—	—	—	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0
TOTAL ASSETS (280=100+200)	1,347.4	1,342.0	1,371.2	1,332.2	1,322.5
A. LIABILITIES (300=210+330)	954.9	952.5	978.9	964.0	970.1
I. Short -term liabilities	317.3	282.6	287.3	275.3	284.8
1. Short-term trade accounts payable	24.6	20.0	15.2	16.4	19.2
2. Short-term advances from customers	19.5	27.1	38.0	49.2	62.8
3. Dividends and profits payable	0.6	—	—	—	—
3. Taxes and other payables to state authorities	0.6	5.5	5.6	2.9	0.1
4. Payable to employees	0.6	2.0	0.6	0.7	0.6
5. Short-term acrrued expenses	0.1	0.1	4.4	7.0	5.8
6. Short-term inter-company payables	—	—	—	—	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0
8. Short-term unearned revenue	—	—	—	—	0.0
9. Other short-term payables	17.0	14.1	15.9	11.1	10.2
10. Short-term borrowings and financial leases	254.2	213.7	207.2	186.1	186.1
11. Provision for short-term liabilities	—	—	—	—	0.0
12.. Bonus and welfare fund	0.1	0.1	0.4	2.0	0.0
13. Price stabilization fund	—	—	—	—	0.0
14. Government bonds	—	—	—	—	0.0
II. Long-term liabilities	637.6	669.9	691.6	688.7	685.2
1. Long-term trade payables	—	—	—	—	0.0
2. Long-term advances from customers	—	—	—	—	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0
5. Long-term inter-company payables	—	—	—	—	0.0
6. Long-term unearned revenue	—	—	—	—	0.0
7. Other long-term liabilities	291.8	291.8	291.7	291.7	291.7
8. Long-term borrowings and financial leases	345.7	378.1	399.9	397.0	393.5
9. Convertible bonds	—	—	—	—	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0
13. Fund for technology development	—	—	—	—	0.0
14. Provision for severance allowances	—	—	—	—	0.0
B. OWNER'S EQUITY (400=410+430)	392.5	389.4	392.3	368.2	352.5
I. Owner's equity	392.5	389.4	392.3	368.2	352.5
1. Owner's capital	273.6	273.6	273.6	171.0	171.0
- Common stock with voting right	273,599,690,000.00	273,599,690,000.00	273,599,690,000.00	171,000,000,000.00	171,000,000,000.00
- Preferred stock	—	—	—	—	0.00
2. Share premium	9.0	9.0	9.0	9.0	9.0
3. Convertible bond option	—	—	—	—	0.0
4. Other capital of owners	1.0	1.0	1.0	1.0	1.0
5. Treasury shares	—	—	—	—	0.00
6. Assets revaluation differences	—	—	—	—	0.0
7. Foreign exchange differences	—	—	—	—	0.0
8. Investment and development fund	18.5	18.5	18.5	18.5	18.5
9. Fund to support corporate restructuring	—	—	—	—	0.0
10. Other funds from owner's equity	—	—	—	—	0.0
11. Undistributed earnings after tax	90.3	87.3	90.2	168.6	152.9
- Accumulated retained earning at the end of the previous period	87.3	37.6	37.6	140.2	143.0
- Undistributed earnings in this period	3.1	49.7	52.5	28.4	10.0
12. Reserves for investment in construction	—	—	—	—	0.0
13. Minority's interest	—	—	—	—	0.0
14. Financial reserves	—	—	—	—	0.0
II. Other resources and funds	—	—	—	—	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,347.4	1,342.0	1,371.2	1,332.2	1,322.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	3.8	-1.3	30.3	22.8	12.7
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2
Provision (Increase)/Reversal	—	2.1	—	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0
Gain/Loss from Investment Activities	-0.3	-0.6	-0.3	-0.0	-0.0
Interest Expense	3.4	3.2	3.1	2.9	2.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0
Interest Income and Dividends	—	—	—	—	0.0
Amortization of Goodwill	—	—	—	—	0.0
Other Adjustments	—	—	—	—	0.0
Operating Profit Before Changes in Working Capital	7.1	3.5	33.3	26.0	15.7
Increase/(Decrease) in Receivables	4.1	19.7	-3.3	2.4	7.8
Increase/(Decrease) in Inventory	-16.3	-5.5	21.2	0.5	4.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.4	-9.4	-10.3	-14.2	-37.9
Increase/(Decrease) in Prepaid Expenses	0.7	-0.7	1.5	—	0.0
Changes in Trading Securities	—	—	—	—	0.0
Interest Paid	-8.1	-11.9	-9.2	-8.8	-4.8
Corporate Income Tax Paid	-5.4	-0.7	-3.0	0.0	-24.6
Other Operating Receipts	—	—	—	—	0.0
Other Operating Payments	-0.1	-0.3	-1.5	-0.8	-2.0
Net Cash Flow from Operating Activities	-21.4	-5.4	28.7	5.1	-41.0
Payments for Fixed Assets and Other Long-term Assets	-0.3	—	—	—	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0
Loans and Purchases of Debt Instruments	—	-16.0	—	—	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0
Investments in Other Entities	—	—	—	—	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0
Dividends and Interest Income Received	0.1	0.5	0.2	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0
Other Investing Receipts	—	—	—	—	0.0
Other Investing Payments	—	—	—	—	0.0
Net Cash Flow from Investing Activities	-0.2	-15.5	0.2	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00
Share Repurchases	—	—	—	—	0.00
Proceeds from Borrowings	43.1	23.0	40.3	65.0	65.8
Repayment of Borrowings	-34.9	-38.3	-16.3	-61.6	-22.6
Repayment of Finance Leases	—	—	—	—	0.0
Dividends Paid	—	—	—	—	0.0
Other Financing Receipts	—	—	—	—	0.0
Other Financing Payments	—	—	—	—	0.0
Net Cash Flow from Financing Activities	8.2	-15.3	24.0	3.4	43.2
Net Cash Flow During the Period	-13.4	-36.2	53.0	8.5	2.2
Cash and Cash Equivalents at Beginning of Period	32.6	68.8	15.8	7.3	5.1
FX Difference from Revaluation	—	—	—	—	0.0
Cash and Cash Equivalents at End of Period	19.2	32.6	68.8	15.8	7.3

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LAI

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