LCM

Khai thác và Chế biến khoáng sản Lào Cai ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −5.61x

Price

800,000

Latest close

29 May 2026

P/E -4,166.67x

P/B 164.41x

EPS -192

BVPS 4,866

ROE -3.7%

ROA -2.3%

Profit Margin -1.0%

Asset Turnover 0.33x

Equity Mult. 1.44x

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

What Is Changing

On a TTM 2025Q3 basis, LCM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — the growth momentum has held across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 58bn
	                                
+4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 5bn
	                                
−386.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	45.2	33.6	51.4	16.4	9.8
Growth	+35%	-35%	+213%	+68%	—
Net Income	-2.9	1.7	3.2	-109.5	-0.4
Net Margin	-6.40%	5.00%	6.32%	-666.59%	-3.64%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	—	—	11.2	13.9	20.0	13.0	2.6	4.4	7.8	41.1	4.3	3.7
Growth	—	—	-19%	-30%	+53%	+411%	-42%	-44%	-81%	+856%	+17%	—
Net Income	-1.2	-1.7	-1.9	0.2	0.6	0.5	0.4	0.2	0.8	2.2	0.6	0.0
Net Margin	—	—	-17.02%	1.13%	2.92%	4.03%	14.88%	3.58%	10.32%	5.44%	14.86%	0.34%

Drivers of LCM's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 2.8bn

Financial income ↓ 1.3bn

Finance costs ↑ 0.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 0.6bn

Financial income ↓ 0.5bn

Finance costs ↑ 0.2bn

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 -6.40% −11.0pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.61x equity, net debt at 0.08x equity.

Over the last 12 months, working capital absorbed 58.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −57.5bn

Inventories decreased → higher CFO: +11.7bn

Payables decreased → lower CFO: −12.4bn

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 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 0.08x and interest coverage only at -5.61x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 23.4% of debt, and total debt stands at 12.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is -5.61x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.08x +0.07x

Interest Coverage -5.61x −226.45x

Cash / Debt 23.4% −24.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 13.78x +14.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -65.2bn in 2025, against investing cash flow of 55.1bn.

Post-investment cash flow was negative +10.1bn. Financing cash flow was positive +10.0bn.

CFO / net income was 13.78x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 62.8bn −62.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at -5.61x. The next watchpoint is cash generation still needs confirmation.

Watchpoint: Cash generation still needs confirmation.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -5.61x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	45.2	33.6	51.4	16.4	9.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	45.2	33.6	51.4	16.4	9.8
Cost of Goods Sold	44.5	31.8	48.0	17.5	0.0
Gross Profit	0.6	1.7	3.4	-1.0	-0.9
Financial Income	1.0	2.1	2.4	1.1	3.6
Financial Expenses	0.5	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	0.0
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	4.0	2.2	1.5	2.1	-1.0
Operating Profit	-2.9	1.7	4.3	-2.0	1.7
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	1.0	107.5	0.0
Other Profit	—	0.0	-1.0	-107.5	-2.0
Profit Before Tax	-2.9	1.7	3.2	-109.5	-0.4
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	-2.9	1.7	3.2	-109.5	-0.4
Non-controlling Interest	-0.1	0.0	0.1	-5.5	0.0
Profit Attributable to Parent	-2.8	1.6	3.1	-104.0	-0.4
Earnings per Share	-114.00	66.00	127.00	-4,222.00	-13.68
Diluted EPS	-113.59	66.00	127.00	-4,221.83	-14.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	139.1	59.4	42.5	47.5	39.7
I. Cash and cash equivalents	0.1	0.2	0.5	0.5	0.6
1. Cash	0.1	0.2	0.5	0.5	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	137.3	57.2	40.1	44.8	18.9
1. Short-term trade accounts receivable	13.7	18.5	5.1	0.7	0.0
2. Short-term prepayments to suppliers	4.9	0.8	0.8	19.6	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	118.6	37.9	34.2	24.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.3	0.1	0.1	17.8
1. Inventories	0.1	0.3	0.1	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.6	1.7	1.8	2.1	2.4
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.6	1.7	1.8	2.1	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)	55.2	110.9	97.5	84.2	208.7
I. Long-term receivables	0.2	55.3	41.3	27.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	62.2
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	—	55.1	41.1	27.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.1	1.7	2.2	3.1	16.6
1. Tangible fixed assets	1.1	1.7	2.2	3.1	16.6
- Cost	15.2	15.2	15.2	15.2	0.0
- Accumulated depreciation	-14.1	-13.5	-13.0	-12.1	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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	6.0	6.0	6.0	6.0	82.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.0	6.0	6.0	6.0	0.0
V. Long-term financial investments	47.9	47.9	47.9	47.9	47.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	47.9	47.9	47.9	47.9	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	194.4	170.3	140.0	131.7	248.4
A. LIABILITIES (300=210+330)	73.3	46.3	17.7	12.6	22.3
I. Short -term liabilities	73.3	46.3	17.7	12.6	22.3
1. Short-term trade accounts payable	49.6	40.5	11.9	9.0	18.3
2. Short-term advances from customers	0.4	0.4	0.4	0.4	0.4
3. Taxes and other payables to state authorities	—	0.0	0.0	0.0	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.4	0.4	0.4	0.4	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	7.9	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	12.2	2.2	2.2	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	2.8	2.8	2.8	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)	—	0.00	0.00	0.00	0.00
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)	121.1	124.0	122.3	119.1	226.1
I. Owner's equity	121.1	124.0	122.3	119.1	0.0
1. Owner's capital	246.3	246.3	246.3	246.3	226.1
- Common stock with voting right	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	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	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	0.00
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	5.1	5.1	5.1	5.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.8	2.8	2.8	2.8	0.0
11. Undistributed earnings after tax	-135.9	-133.1	-134.8	-137.9	-36.3
- Accumulated retained earning at the end of the previous period	-133.1	-134.8	-137.9	-33.9	-35.7
- Undistributed earnings in this period	-2.8	1.6	3.1	-104.0	-0.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.8	2.9	2.8	2.7	8.1
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)	194.4	170.3	140.0	131.7	248.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-2.9	1.7	3.2	-109.5	0.9
Depreciation of Fixed Assets and Investment Property	0.6	0.6	0.8	2.8	0.5
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	-1.0	-2.1	-2.4	85.8	0.0
Interest Expense	0.1	0.0	0.0	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	-3.3	0.1	1.7	-20.9	-4.7
Increase/(Decrease) in Receivables	-79.0	-24.8	7.4	-25.8	0.0
Increase/(Decrease) in Inventory	0.2	-0.2	0.0	19.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.9	28.6	2.8	-9.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	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	0.0	0.0
Net Cash Flow from Operating Activities	-65.2	3.8	11.9	-36.4	3.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	-9.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-40.5	-14.6	-10.0	-32.9
Receipts from Loan Repayments and Sale of Debt Instruments	55.1	26.5	0.5	45.0	28.1
Investments in Other Entities	—	0.0	0.0	-0.1	-22.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	9.9	0.0	1.4	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	55.1	-4.1	-14.1	36.3	-3.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	20.0	0.0	2.2	0.0	0.0
Repayment of Borrowings	-10.0	0.0	0.0	0.0	0.0
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	10.0	0.0	2.2	0.0	0.0
Net Cash Flow During the Period	-0.1	-0.3	0.0	-0.1	0.0
Cash and Cash Equivalents at Beginning of Period	0.2	0.5	0.5	0.6	0.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.2	0.5	0.5	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	—	—	11.2	13.9	20.0	13.0	2.6	4.4	7.8	41.1	4.3	3.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	11.2	13.9	20.0	13.0	2.6	4.4	7.8	41.1	4.3	3.7
Cost of Goods Sold	—	—	11.4	13.7	19.6	12.6	2.4	3.9	7.2	38.8	3.9	3.3
Gross Profit	—	—	-0.1	0.2	0.4	0.4	0.2	0.4	0.6	2.4	0.4	0.4
Financial Income	0.0	0.0	0.0	0.5	0.5	0.3	0.5	0.4	0.6	0.6	0.6	0.7
Financial Expenses	0.2	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	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
General and Administrative Expenses	0.9	1.2	1.5	0.3	0.3	0.2	0.3	0.3	0.4	-0.1	0.3	1.0
Operating Profit	-1.1	-1.4	-1.9	0.4	0.6	0.5	0.4	0.5	0.8	3.1	0.8	0.0
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.3	—	0.3	—	0.0	0.0	0.4	0.0	0.9	0.1	0.0
Other Profit	-0.1	-0.3	—	-0.3	—	0.0	0.0	-0.4	0.0	-0.9	-0.1	0.0
Profit Before Tax	-1.2	-1.7	-1.9	0.2	0.6	0.5	0.4	0.2	0.8	2.2	0.6	0.0
Current Income Tax Expense	—	—	—	—	—	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
Net Income	-1.2	-1.7	-1.9	0.2	0.6	0.5	0.4	0.2	0.8	2.2	0.6	0.0
Non-controlling Interest	-0.0	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	-0.0
Profit Attributable to Parent	-1.2	-1.7	-1.9	0.2	0.6	0.5	0.4	0.1	0.8	2.1	0.6	0.0
Earnings per Share	-50.00	-70.00	-78.00	6.00	24.00	21.00	15.00	6.00	33.00	91.00	26.00	1.00
Diluted EPS	-48.48	-67.49	-75.36	6.18	23.08	21.30	14.79	5.95	31.24	87.22	25.00	0.51

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	139.8	139.1	146.3	96.9	91.2	17.9	42.4	41.0	51.2	42.1	44.4	35.3
I. Cash and cash equivalents	2.9	0.1	3.2	0.1	1.1	0.1	3.8	0.5	5.3	0.1	0.4	0.4
1. Cash	2.9	0.1	3.2	0.1	1.1	0.1	3.8	0.5	5.3	0.1	0.4	0.4
2. Cash equivalents	—	—	—	—	—	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
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	135.3	137.3	141.4	91.9	76.8	17.6	35.8	38.8	44.0	40.1	41.9	32.7
1. Short-term trade accounts receivable	12.8	13.7	21.3	27.5	13.6	16.2	2.6	5.1	9.8	5.1	3.7	1.2
2. Short-term prepayments to suppliers	4.9	4.9	0.9	0.8	0.8	0.5	0.8	0.8	0.8	0.9	0.9	0.8
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	117.6	118.6	119.1	63.5	62.4	4.2	32.4	32.9	33.3	34.2	37.3	30.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	-3.3	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	0.1	0.1	3.3	11.7	0.2	1.1	0.1	0.1	0.1	0.1	0.2
1. Inventories	—	0.1	0.1	3.3	11.7	0.2	1.1	0.1	0.1	0.1	0.1	0.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.6	1.6	1.6	1.6	1.6	0.0	1.7	1.7	1.7	1.8	2.0	2.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.6	1.6	1.6	1.6	1.6	0.0	1.7	1.7	1.7	1.8	2.0	2.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
5. Other short-term assets	—	—	—	—	—	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)	55.2	55.2	55.5	110.6	110.9	118.9	111.2	111.2	97.5	98.0	98.4	98.4
I. Long-term receivables	0.2	0.2	0.2	55.3	55.3	40.5	55.3	55.3	41.3	41.8	41.8	41.8
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	55.1	55.1	40.5	55.1	55.1	41.1	41.6	41.6	41.6
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.2	0.0	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1.1	1.1	1.4	1.4	1.7	0.0	2.0	2.0	2.2	2.2	2.7	2.7
1. Tangible fixed assets	1.1	1.1	1.4	1.4	1.7	0.0	2.0	2.0	2.2	2.2	2.7	2.7
- Cost	15.2	—	—	—	—	7.8	15.2	15.2	15.2	15.2	15.2	15.2
- Accumulated depreciation	-14.1	—	—	—	—	-7.8	-13.2	-13.2	-13.0	-13.0	-12.5	-12.5
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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
- Cost	—	—	—	—	—	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
III. Investment properties	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.0	6.0	6.0	6.0	6.0	0.0	6.0	6.0	6.0	6.0	6.0	6.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.0	6.0	6.0	6.0	6.0	0.0	6.0	6.0	6.0	6.0	6.0	6.0
V. Long-term financial investments	47.9	47.9	47.9	47.9	47.9	78.4	47.9	47.9	47.9	47.9	47.9	47.9
1. Investments in subsidiaries	—	—	—	—	—	171.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	48.0	48.0	48.0	48.0	48.0	24.1	48.0	48.0	48.0	48.0	48.0	48.0
3. Investments in other entities	—	—	—	—	—	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	-116.7	-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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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
5. Goodwill	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	195.1	194.4	201.8	207.5	202.1	136.8	153.6	152.2	148.7	140.1	142.8	133.7
A. LIABILITIES (300=210+330)	75.2	73.3	79.0	82.8	77.6	19.1	29.9	29.0	25.6	17.8	22.7	14.3
I. Short -term liabilities	75.2	73.3	79.0	82.8	77.6	19.1	29.9	29.0	25.6	17.8	22.7	14.3
1. Short-term trade accounts payable	49.6	49.6	63.2	76.9	71.7	13.2	24.1	23.1	19.7	11.9	7.5	10.7
2. Short-term advances from customers	2.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	11.9	0.4
3. Taxes and other payables to state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	7.9	7.9	0.0	0.0	0.0	2.3	2.3	2.3	2.3	2.2	0.0	0.0
10. Short-term borrowings and financial leases	12.2	12.2	12.2	2.2	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	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
2. Long-term advances from customers	—	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	119.9	121.1	122.8	124.7	124.6	117.7	123.6	123.3	123.1	122.3	120.1	119.4
I. Owner's equity	119.9	121.1	122.8	124.7	124.6	117.7	123.6	123.3	123.1	122.3	120.1	119.4
1. Owner's capital	246.3	246.3	246.3	246.3	246.3	246.3	246.3	246.3	246.3	246.3	246.3	246.3
- Common stock with voting right	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00	246,330,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	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
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00	-1,910,000.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
11. Undistributed earnings after tax	-137.1	-135.9	-134.3	-132.4	-132.6	-136.6	-133.5	-133.9	-134.0	-134.8	-136.9	-137.5
- Accumulated retained earning at the end of the previous period	-135.9	-133.1	-133.1	-133.1	-133.1	-138.1	-134.8	-134.8	-134.8	-137.9	-137.9	-137.9
- Undistributed earnings in this period	-1.2	-2.8	-1.1	0.7	0.6	1.5	1.3	0.9	0.8	3.1	1.0	0.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.7	2.8	2.8	2.9	2.9	0.0	2.9	2.8	2.8	2.8	2.7	2.7
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	195.1	194.4	201.8	207.5	202.1	136.8	153.6	152.2	148.7	140.1	142.8	133.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-1.2	-1.7	-1.8	-0.0	0.6	0.3	0.4	0.2	0.8	2.2	0.6	0.0
Depreciation of Fixed Assets and Investment Property	—	0.3	0.0	0.3	—	0.3	0.0	0.3	0.0	0.4	0.0	0.4
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	-0.0	-0.0	0.0	-0.5	-0.5	-0.5	-0.5	-0.4	-0.6	-0.6	-0.6	-0.7
Interest Expense	0.2	-0.0	—	0.1	—	0.0	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
Interest Income and Dividends	—	—	—	—	—	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
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.0	-1.4	-1.8	-0.1	0.1	0.1	-0.1	-0.0	0.2	2.0	0.0	-0.2
Increase/(Decrease) in Receivables	1.9	5.1	-60.1	-4.4	-19.6	-21.9	4.2	-4.2	-3.2	2.7	-23.2	11.1
Increase/(Decrease) in Inventory	0.1	0.0	3.2	8.4	-11.4	-9.1	-1.0	0.0	0.0	5.1	0.1	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.9	-15.8	15.3	-13.8	31.2	26.7	0.9	3.5	7.8	-10.1	8.4	3.4
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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
Interest Paid	-0.2	0.0	—	-0.1	—	0.0	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
Other Operating Receipts	—	—	—	—	—	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	0.0	0.0
Net Cash Flow from Operating Activities	2.7	-12.1	-43.4	-10.1	0.3	-4.1	4.0	-0.7	4.7	-0.3	-14.7	14.2
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	26.5	-40.5	0.0	0.0	14.6	-14.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	55.1	—	—	0.0	-26.5	26.0	0.5	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.0	-1.0	1.0	-0.5	0.5	0.5	-0.6	9.9	0.0	0.0	0.0	-0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	0.0	-1.0	56.2	-0.5	0.5	0.5	-0.6	-4.6	0.5	0.0	14.6	-14.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	10.0	—	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-10.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	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
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	0.0	—	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	2.7	-3.1	2.7	-0.6	0.9	-3.6	3.4	-5.3	5.2	-0.3	-0.1	-0.5
Cash and Cash Equivalents at Beginning of Period	0.1	3.2	0.5	1.1	0.2	0.5	0.5	0.5	0.1	0.5	0.5	0.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	2.9	0.1	3.2	0.5	1.1	0.2	3.8	0.5	5.3	0.1	0.4	0.4

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LCM

What Is Changing

Drivers of LCM's profit

Financial Highlights

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Balance Sheet ▼

Working Capital Efficiency ●

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow