LIG

Listed Company · HNX

Price

3,700

Latest close

03 Apr 2026

P/E 17.1x

EPS (TTM) 217

ROE (TTM) 1.7%

P/B 0.3x

BVPS (Latest) 14,033

ROA (TTM) 0.3%

What Is Changing

LIG no longer looks like a business simply rebounding from a weak base. Revenue posted +26.2% YoY, while net margin reached 0.66% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 409.0% to VND 30.8bn in 2025.
Net margin improved from 0.16% in the prior period to 0.66% in 2025.
Revenue growth accelerated to 26.2% in 2025, up 14.9pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	4,661.8	3,695.2	3,321.3	2,966.2	2,395.1
Growth	+26%	+11%	+12%	+24%	—
Net Income	30.8	6.1	2.6	9.0	47.6
Net Margin	0.66%	0.16%	0.08%	0.30%	1.99%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,281.5	1,231.0	1,588.3	638.3	1,466.4	701.3	1,017.6	564.9	1,409.7	938.6	601.2	368.1
Growth	+4%	-22%	+149%	-56%	+109%	-31%	+80%	-60%	+50%	+56%	+63%	—
Net Income	17.4	8.1	5.1	0.4	1.2	0.9	-1.1	1.2	0.1	6.4	0.1	0.7
Net Margin	1.36%	0.66%	0.32%	0.06%	0.08%	0.13%	-0.10%	0.21%	0.01%	0.69%	0.01%	0.18%

Financial Statements

Profitability

Net margin reached 0.66% while Revenue posted +26.2% YoY.

Balance Sheet

Inventory stood at 977.8bn, liabilities at 6,353.6bn, and equity at 1,334.4bn.

Cash Flow

Operating cash flow was -223.0bn in 2025, while investing cash flow was -389.4bn.

Financing cash flow: 657.0bn.

Item	2025	2024	2023	2022	2021
Revenue	4,661.8	3,695.2	3,325.2	2,968.8	2,401.3
Revenue Deductions	—	0.0	3.9	2.6	0.0
Net Revenue	4,661.8	3,695.2	3,321.3	2,966.2	2,395.1
Cost of Goods Sold	4,457.4	3,579.4	3,239.5	2,826.4	0.0
Gross Profit	204.4	115.7	81.8	139.8	70.4
Financial Income	93.4	70.6	316.0	67.0	203.8
Financial Expenses	157.8	104.4	284.8	98.6	-159.1
Interest Expense	123.2	52.0	130.4	98.6	-159.1
Share of Associates and Joint Ventures	-0.4	6.3	0.0	0.0	-0.0
Selling Expenses	—	0.0	2.6	4.1	-7.2
General and Administrative Expenses	83.8	72.6	99.4	85.6	-67.8
Operating Profit	55.8	15.6	11.1	18.4	40.0
Other Income	0.6	1.7	3.0	2.5	0.0
Other Expenses	5.0	6.0	9.9	5.2	0.0
Other Profit	-4.4	-4.4	-6.9	-2.8	21.8
Profit Before Tax	51.4	11.2	4.2	15.7	61.8
Current Income Tax Expense	20.5	5.2	1.6	6.7	-14.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	30.8	6.1	2.6	9.0	47.6
Non-controlling Interest	8.1	4.0	-0.3	1.4	-0.4
Profit Attributable to Parent	22.7	2.1	2.9	7.6	48.0
Earnings per Share	241.00	22.00	31.00	101.00	822.00
Diluted EPS	239.01	21.97	30.70	79.75	739.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,749.8	3,734.0	4,158.1	3,899.2	3,697.3
I. Cash and cash equivalents	81.2	36.6	40.9	44.9	102.7
1. Cash	77.6	33.1	37.4	38.2	0.0
2. Cash equivalents	3.5	3.5	3.5	6.7	0.0
II. Short-term financial investments	171.8	67.9	73.8	48.1	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	171.8	67.9	73.8	48.1	0.0
III. Short-term receivables	3,461.0	3,019.7	3,123.7	2,858.0	2,320.0
1. Short-term trade accounts receivable	1,613.3	1,668.4	1,625.0	1,266.3	0.0
2. Short-term prepayments to suppliers	1,170.1	677.4	629.8	706.9	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	12.3	0.0	0.0
5. Short-term loan receivables	25.3	12.5	35.3	27.3	0.0
6. Other short-term receivables	692.3	693.6	846.7	863.7	0.0
7. Provision for short-term doubtful debts (*)	-39.9	-32.2	-25.4	-7.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	1.2	0.0
IV. Inventories	977.8	569.4	825.1	856.8	1,084.6
1. Inventories	977.8	569.4	825.1	856.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	58.0	40.3	94.5	91.4	107.3
1. Short-term prepayments	2.6	1.7	3.6	5.0	0.0
2. Value added tax to be reclaimed	55.4	38.6	90.5	84.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.4	2.1	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)	2,938.2	2,349.7	2,425.9	2,571.2	1,735.5
I. Long-term receivables	405.6	228.1	466.9	562.4	0.0
1. Long-term trade receivables	—	0.0	7.8	23.4	365.8
2. Long-term prepayments to suppliers	0.8	3.4	14.7	127.2	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	27.0	27.0	0.0	0.0	0.0
6. Other long-term receivables	377.8	197.7	444.4	411.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,004.2	232.5	279.3	294.3	197.7
1. Tangible fixed assets	871.8	144.3	193.9	205.5	153.5
- Cost	1,007.9	288.4	394.0	398.6	0.0
- Accumulated depreciation	-136.1	-144.1	-200.1	-193.1	0.0
2. Financial leased fixed assets	130.7	86.5	82.5	85.5	40.5
- Cost	177.2	116.6	110.9	110.0	0.0
- Accumulated depreciation	-46.5	-30.1	-28.4	-24.5	0.0
3. Intangible fixed assets	1.7	1.7	2.9	3.3	3.7
- Cost	1.8	1.9	5.7	5.7	0.0
- Accumulated depreciation	-0.2	-0.2	-2.8	-2.4	0.0
III. Investment properties	133.0	86.4	182.3	163.4	133.0
- Cost	133.0	87.6	193.4	169.0	0.0
- Accumulated depreciation	—	-1.3	-11.1	-5.6	0.0
IV. Long-term assets in progress	793.8	1,253.0	1,189.3	1,294.5	883.6
1. Long-term production in progress	62.8	62.6	0.0	0.0	0.0
2. Construction in progress	731.0	1,190.4	1,189.3	1,294.5	0.0
V. Long-term financial investments	551.6	490.7	233.0	165.1	46.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	462.5	410.0	147.4	30.0	0.0
3. Investments in other entities	89.7	81.3	85.8	134.9	0.0
4. Provision for diminution in value of long-term investments	-0.6	-0.5	-0.4	0.0	0.0
5. Held to maturity investments	—	0.0	0.2	0.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	50.0	58.9	75.2	91.4	0.0
1. Long-term prepayments	8.2	2.2	8.2	14.0	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	109.3
5. Goodwill	41.8	56.7	67.0	77.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,688.0	6,083.7	6,584.0	6,470.4	5,432.9
A. LIABILITIES (300=210+330)	6,353.6	4,940.8	5,183.6	5,163.8	4,546.5
I. Short -term liabilities	4,151.9	3,438.8	3,673.4	3,942.0	3,585.8
1. Short-term trade accounts payable	1,081.0	895.5	1,074.0	1,096.3	972.6
2. Short-term advances from customers	713.2	397.6	315.4	398.2	780.5
3. Taxes and other payables to state authorities	20.0	12.0	38.2	61.4	0.0
4. Payable to employees	24.3	28.5	107.6	47.4	0.0
5. Short-term acrrued expenses	213.9	166.4	213.6	81.4	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	1.4	1.4	8.1	1.7	1.3
9. Other short-term payables	211.5	259.5	222.3	909.4	0.0
10. Short-term borrowings and financial leases	1,883.7	1,674.4	1,690.6	1,341.9	1,058.7
11. Provision for short-term liabilities	—	0.0	0.2	0.7	0.0
12.. Bonus and welfare fund	2.8	3.3	3.5	3.6	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	2,201.7	1,502.0	1,510.1	1,221.8	960.7
1. Long-term trade payables	93.4	111.6	237.7	313.0	241.9
2. Long-term advances from customers	376.3	27.1	94.3	169.4	132.2
3. Long-term acrrued expenses	—	0.0	0.0	5.4	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	1.7
7. Other long-term liabilities	643.5	530.8	302.0	13.6	0.0
8. Long-term borrowings and financial leases	1,081.4	827.4	874.3	716.9	403.5
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	7.1	5.2	1.9	3.6	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)	1,334.4	1,142.9	1,400.5	1,306.6	886.4
I. Owner's equity	1,334.4	1,142.9	1,400.5	1,306.6	0.0
1. Owner's capital	950.8	950.8	950.8	950.8	886.4
- Common stock with voting right	950.8	950.8	950.8	950.8	649.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.1	0.1	0.1	0.1
5. Treasury shares	-12.0	-12.0	-12.0	-12.0	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	20.8	20.2	22.6	22.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.7	6.3	10.6	10.1	54.4
- Accumulated retained earning at the end of the previous period	6.0	4.2	7.7	2.5	18.7
- Undistributed earnings in this period	22.7	2.1	2.9	7.6	35.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	345.7	177.3	428.1	334.8	174.4
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)	7,688.0	6,083.7	6,584.0	6,470.4	5,432.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	51.4	11.2	4.2	15.7	0.0
Depreciation of Fixed Assets and Investment Property	47.5	30.8	59.4	43.6	0.0
Provision (Increase)/Reversal	5.8	3.9	16.2	-0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-53.2	-71.7	-21.6	-67.0	0.0
Interest Expense	123.2	52.0	136.3	98.6	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	174.7	26.2	194.6	90.5	0.0
Increase/(Decrease) in Receivables	-628.3	398.4	-185.6	-959.7	0.0
Increase/(Decrease) in Inventory	-408.5	240.9	31.6	230.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	766.7	-173.6	-267.8	442.0	0.0
Increase/(Decrease) in Prepaid Expenses	-6.9	8.0	7.2	6.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-106.7	-59.6	-136.3	-104.3	0.0
Corporate Income Tax Paid	-13.8	-3.2	-8.7	-9.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-9.9	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	-223.0	427.1	-364.9	-304.1	44.9
Payments for Fixed Assets and Other Long-term Assets	-265.2	-335.7	-65.5	-521.3	-242.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	2.7	0.8	0.0	0.3
Loans and Purchases of Debt Instruments	-180.5	-112.8	-33.7	-21.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	66.4	106.9	0.0	0.0	0.0
Investments in Other Entities	-60.9	-15.8	-68.3	-119.0	-2.0
Proceeds from Investments in Other Entities	49.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	9.4	21.6	9.0	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	-389.4	-345.3	-145.1	-653.0	-242.4
Proceeds from Equity Issuance and Capital Contributions	147.0	0.0	0.0	257.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	4,480.2	3,484.3	3,330.2	2,877.8	1,838.0
Repayment of Borrowings	-3,931.4	-3,547.4	-2,824.1	-2,265.2	-1,798.7
Repayment of Finance Leases	-38.8	-23.0	0.0	-26.6	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	657.0	-86.1	506.1	843.0	39.2
Net Cash Flow During the Period	44.5	-4.3	-3.9	-114.1	0.0
Cash and Cash Equivalents at Beginning of Period	36.6	40.9	44.9	158.9	190.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.2	36.6	40.9	44.9	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,281.5	1,231.0	1,588.3	638.3	1,466.4	701.3	1,017.6	564.9	1,410.9	938.6	601.2	370.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0	2.7
Net Revenue	1,281.5	1,231.0	1,588.3	638.3	1,466.4	701.3	1,017.6	564.9	1,409.7	938.6	601.2	368.1
Cost of Goods Sold	1,228.3	1,170.6	1,528.4	606.7	1,430.3	671.0	992.0	524.1	1,373.7	982.4	555.6	334.2
Gross Profit	53.2	60.4	59.8	31.6	36.0	30.3	25.6	40.8	36.0	-43.8	45.7	33.9
Financial Income	78.6	10.1	5.1	9.5	4.6	10.2	53.5	0.4	191.2	112.3	4.9	7.6
Financial Expenses	68.2	40.7	34.2	25.0	2.4	26.0	60.7	23.8	199.9	38.2	29.0	21.2
Interest Expense	33.0	41.5	13.5	18.1	6.8	26.0	14.0	23.8	199.9	38.2	29.0	21.2
Share of Associates and Joint Ventures	-0.4	-0.1	—	—	0.0	0.7	0.7	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.1	1.4	0.7	0.0	7.7
General and Administrative Expenses	27.3	19.0	23.1	14.5	32.5	13.7	19.0	16.1	22.3	18.7	21.0	11.2
Operating Profit	35.9	10.7	7.6	1.7	5.7	1.5	0.1	1.3	3.5	11.0	0.6	1.4
Other Income	0.1	0.5	0.0	0.2	0.6	0.1	0.0	3.9	4.1	0.4	1.8	0.6
Other Expenses	1.9	2.2	0.4	0.6	2.8	0.4	0.3	3.4	7.1	2.9	2.2	1.2
Other Profit	-1.8	-1.7	-0.3	-0.5	-2.2	-0.3	-0.3	0.5	-3.0	-2.5	-0.3	-0.5
Profit Before Tax	34.1	9.0	7.2	1.2	3.5	1.2	-0.2	1.8	0.5	8.5	0.3	0.8
Current Income Tax Expense	16.7	0.9	2.2	0.8	2.3	0.3	0.9	0.6	0.3	2.1	0.2	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.4	8.1	5.1	0.4	1.2	0.9	-1.1	1.2	0.1	6.4	0.1	0.7
Non-controlling Interest	-0.7	7.5	3.4	0.1	1.5	-0.2	0.4	0.7	0.1	0.3	0.1	0.2
Profit Attributable to Parent	18.1	0.6	1.7	0.3	-0.2	1.1	-1.5	0.5	0.1	6.1	-0.1	0.4
Earnings per Share	192.00	6.00	18.00	1.00	-3.00	12.00	-16.00	5.00	1.00	65.00	-1.00	5.00
Diluted EPS	190.15	5.96	17.40	—	-2.63	11.88	-15.47	4.99	0.67	64.45	-0.55	4.67

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,748.2	4,620.7	4,159.0	3,901.6	3,828.7	3,700.6	4,030.3	4,186.4	4,180.9	3,885.4	3,732.6	3,981.9
I. Cash and cash equivalents	81.2	205.0	22.6	67.9	36.6	27.0	20.3	43.2	40.9	85.2	27.9	33.1
1. Cash	77.6	201.4	19.0	64.3	33.1	23.5	16.8	39.7	37.4	66.5	24.4	29.5
2. Cash equivalents	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	18.7	3.5	3.5
II. Short-term financial investments	171.8	150.9	62.5	88.6	67.9	49.8	78.3	50.8	37.9	44.1	54.4	50.3
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	171.8	150.9	62.5	88.6	67.9	49.8	78.3	50.8	37.9	44.1	54.4	50.3
III. Short-term receivables	3,461.0	3,406.3	3,269.9	2,928.1	3,115.2	2,825.1	3,045.9	3,132.5	3,200.5	2,866.5	2,645.5	2,897.9
1. Short-term trade accounts receivable	1,613.3	1,738.7	1,618.3	1,450.1	1,723.1	1,554.1	1,716.1	1,514.1	1,627.1	1,497.7	1,148.9	1,174.4
2. Short-term prepayments to suppliers	1,170.1	936.2	922.9	735.0	688.4	699.9	645.4	706.9	633.5	497.1	580.2	832.3
3. Short-term inter-company receivables	—	—	—	—	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	7.0	9.8	7.2	0.0	0.0	0.0
5. Short-term loan receivables	25.3	25.3	18.6	12.5	12.5	12.5	60.4	55.4	74.8	82.8	49.9	49.9
6. Other short-term receivables	692.3	741.1	745.2	763.4	723.5	583.4	641.7	871.5	865.2	796.2	873.7	847.3
7. Provision for short-term doubtful debts (*)	-39.9	-35.1	-35.1	-32.9	-32.2	-24.6	-24.6	-25.4	-7.3	-7.3	-7.3	-7.3
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.2
IV. Inventories	977.8	815.8	763.4	762.2	569.6	739.0	821.2	852.9	808.0	795.3	923.9	904.5
1. Inventories	977.8	815.8	763.4	762.2	569.6	739.0	821.2	852.9	808.0	795.3	923.9	904.5
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	56.4	42.8	40.6	54.8	39.3	59.7	64.6	107.0	93.6	94.3	80.8	96.2
1. Short-term prepayments	0.9	2.3	1.6	1.0	0.6	0.8	0.9	3.5	2.7	3.4	3.4	5.6
2. Value added tax to be reclaimed	55.4	40.3	28.7	41.1	24.9	43.4	49.1	91.0	80.3	56.2	64.9	74.2
3. Taxes and other receivables from state authorities	0.1	0.1	10.2	12.7	13.7	15.5	14.5	12.5	10.6	34.7	12.5	16.3
4. Government bonds	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,939.8	2,537.0	2,418.4	2,281.4	2,174.8	2,076.0	1,927.2	2,459.5	2,411.7	2,596.4	2,560.2	2,722.9
I. Long-term receivables	405.6	106.6	67.8	68.1	68.6	144.2	46.6	421.5	456.2	639.0	680.6	522.6
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	8.9	7.8	19.2	19.9	22.3
2. Long-term prepayments to suppliers	0.8	3.6	3.5	3.5	3.4	3.4	8.4	14.5	14.7	183.5	105.8	107.0
3. Capital at inter-company	—	—	—	—	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	433.7	0.0	554.8	0.0
5. Long-term loan receivables	27.0	27.0	27.0	27.0	27.0	27.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	377.8	76.0	37.2	37.7	38.1	113.8	38.2	398.2	0.0	436.4	0.0	393.2
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,004.2	242.1	233.7	231.3	232.5	228.5	225.4	266.6	279.3	278.4	285.7	284.4
1. Tangible fixed assets	871.8	137.3	139.3	140.4	142.2	149.1	140.7	187.9	193.9	190.8	192.5	199.4
- Cost	—	—	—	—	286.2	283.9	304.6	393.2	394.0	388.7	375.1	395.5
- Accumulated depreciation	—	—	—	—	-144.1	-134.8	-163.8	-205.3	-200.1	-198.0	-182.6	-196.0
2. Financial leased fixed assets	130.7	103.2	92.8	89.2	88.7	77.7	84.2	76.0	82.5	84.7	90.1	81.7
- Cost	—	—	—	—	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
3. Intangible fixed assets	1.7	1.7	1.7	1.7	1.7	1.7	0.5	2.8	2.9	3.0	3.1	3.2
- Cost	—	—	—	—	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
III. Investment properties	133.0	133.0	134.7	101.8	86.3	74.5	74.6	185.0	159.2	160.3	161.7	162.8
- Cost	—	—	—	—	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
IV. Long-term assets in progress	793.8	1,476.3	1,445.1	1,346.0	1,243.6	1,080.0	1,031.5	1,274.9	1,204.1	1,198.9	1,116.5	1,367.1
1. Long-term production in progress	62.8	62.7	—	62.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	731.0	1,413.6	1,445.1	1,283.4	1,243.6	1,080.0	1,031.5	1,274.9	1,204.1	1,198.9	1,116.5	1,367.1
V. Long-term financial investments	551.6	518.3	482.8	474.4	484.5	484.5	484.1	235.4	233.1	228.3	225.2	291.1
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	462.5	513.7	478.2	469.8	479.5	89.0	153.4	147.4	172.9	33.1	58.5	156.2
3. Investments in other entities	89.7	5.4	5.4	5.4	5.4	395.9	330.9	88.2	60.3	195.2	166.8	134.9
4. Provision for diminution in value of long-term investments	-0.6	-0.8	-0.8	-0.8	-0.4	-0.4	-0.4	-0.4	-0.3	-0.3	-0.3	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	51.6	60.8	54.3	59.8	59.3	64.3	64.9	9.1	12.9	19.4	18.6	17.5
1. Long-term prepayments	9.8	9.8	3.4	3.1	3.2	3.1	3.7	9.0	12.9	19.3	18.5	17.3
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
5. Goodwill	41.8	50.9	50.9	56.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	56.0	61.1	61.1	67.0	67.0	72.1	72.1	77.4
TOTAL ASSETS (280=100+200)	7,688.0	7,157.7	6,577.4	6,183.0	6,003.5	5,776.5	5,957.5	6,645.9	6,592.7	6,481.8	6,292.8	6,704.9
A. LIABILITIES (300=210+330)	6,353.6	5,862.8	5,288.8	—	4,862.5	4,635.7	4,801.0	5,205.4	5,185.0	5,069.3	4,886.7	5,375.3
I. Short -term liabilities	4,151.9	3,800.1	3,556.5	—	3,608.6	3,355.2	3,599.6	3,560.3	3,926.0	3,377.1	3,161.3	3,960.5
1. Short-term trade accounts payable	1,081.0	1,042.8	974.2	—	986.0	940.0	1,055.2	1,007.7	0.0	1,008.2	979.5	969.1
2. Short-term advances from customers	713.2	514.2	375.2	—	442.1	427.3	380.3	432.5	1,040.9	420.0	450.8	506.1
3. Taxes and other payables to state authorities	20.0	7.3	12.4	—	7.3	6.0	5.4	39.3	320.5	38.2	70.3	62.1
4. Payable to employees	24.3	14.1	22.2	—	28.5	15.4	25.7	28.1	39.4	75.4	29.1	26.0
5. Short-term acrrued expenses	213.9	198.9	158.8	—	142.9	121.6	144.9	163.1	106.1	116.2	74.6	88.2
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	211.1	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
8. Short-term unearned revenue	1.4	4.9	2.0	—	1.4	1.8	1.8	8.0	8.1	3.3	3.7	1.5
9. Other short-term payables	211.5	127.4	161.4	—	227.2	199.3	194.8	191.7	433.5	139.0	187.8	818.2
10. Short-term borrowings and financial leases	1,883.7	1,887.7	1,846.8	—	1,769.7	1,640.5	1,787.3	1,686.3	1,762.8	1,571.5	1,362.0	1,482.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.2	2.0	0.0	3.1
12.. Bonus and welfare fund	2.8	2.9	3.5	—	3.3	3.3	4.1	3.5	3.5	3.4	3.5	3.4
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	2,201.7	2,062.7	1,732.3	—	1,253.9	1,280.4	1,201.5	1,645.2	1,259.0	1,692.2	1,725.4	1,414.7
1. Long-term trade payables	93.4	178.3	155.4	—	213.1	204.5	210.2	269.5	274.2	261.7	316.0	327.6
2. Long-term advances from customers	376.3	149.5	—	—	0.0	0.0	0.0	91.6	94.3	211.4	187.4	181.0
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	643.5	678.9	559.6	—	299.2	287.2	268.6	302.0	85.4	377.2	363.0	168.4
8. Long-term borrowings and financial leases	1,081.4	1,050.0	1,011.3	—	736.5	785.0	719.2	980.2	803.3	842.0	856.9	737.7
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.1	6.0	6.0	—	5.2	3.8	3.5	1.8	1.9	0.0	2.1	0.0
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	1,334.4	1,294.9	1,288.6	—	1,141.0	1,140.9	1,156.4	1,440.4	1,407.6	1,412.5	1,406.1	968.4
I. Owner's equity	1,334.4	1,294.9	1,288.6	—	1,141.0	1,140.9	1,156.4	1,440.4	1,407.6	1,412.5	1,406.1	968.4
1. Owner's capital	950.8	950.8	950.8	—	950.8	950.8	950.8	950.8	950.8	950.8	950.8	950.8
- Common stock with voting right	950.8	950.8	950.8	—	950.8	950.8	950.8	950.8	950.8	950.8	950.8	950.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.3	0.3	0.3	—	0.3	0.3	1.4	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.1	—	—	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.0
4. Other capital of owners	-12.0	-12.0	0.1	—	-12.0	-12.0	-12.0	-12.0	0.1	-12.0	0.1	0.1
5. Treasury shares	—	—	-12.0	—	0.0	0.0	0.0	0.0	-12.0	0.0	-12.0	-12.0
6. Assets revaluation differences	—	—	—	—	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
8. Investment and development fund	20.8	27.4	27.3	—	26.9	20.4	29.5	22.6	22.6	22.6	22.6	22.5
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
10. Other funds from owner's equity	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.7	16.0	7.9	—	8.4	9.2	8.5	6.0	16.7	17.5	10.5	6.7
- Accumulated retained earning at the end of the previous period	6.0	6.0	-4.2	—	2.3	2.4	2.6	5.1	10.1	10.1	10.1	1.2
- Undistributed earnings in this period	22.7	10.1	12.1	—	6.1	6.8	5.9	0.8	6.6	7.5	0.4	5.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	345.7	312.2	314.3	—	166.4	172.0	178.1	472.6	429.1	433.2	433.8	0.0
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	361.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,688.0	7,157.7	6,577.4	—	6,003.5	5,776.5	5,957.5	6,645.9	6,592.7	6,481.8	6,292.8	6,704.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	43.0	—	8.3	—	0.0	-2.1	2.1	0.0	4.2	-1.1	1.1	0.0
Depreciation of Fixed Assets and Investment Property	30.5	—	17.0	—	0.0	-16.3	16.3	0.0	59.4	-25.9	25.9	0.0
Provision (Increase)/Reversal	3.8	—	2.0	—	0.0	2.6	-2.6	0.0	16.2	1.9	-1.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-48.3	—	-4.9	—	0.0	8.3	-8.3	0.0	-21.6	9.1	-9.1	0.0
Interest Expense	74.5	—	48.7	—	0.0	-42.2	42.2	0.0	136.3	-49.9	49.9	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
Interest Income and Dividends	—	—	—	—	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
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	103.5	—	71.2	—	0.0	-49.9	49.9	0.0	194.6	-65.9	65.9	0.0
Increase/(Decrease) in Receivables	-537.0	—	-91.3	—	0.0	-342.9	342.9	0.0	-185.6	-284.3	284.3	0.0
Increase/(Decrease) in Inventory	-214.4	—	-194.1	—	0.0	3.7	-3.7	0.0	31.6	65.1	-65.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	824.9	—	-58.2	—	0.0	301.9	-301.9	0.0	-267.8	280.6	-280.6	0.0
Increase/(Decrease) in Prepaid Expenses	-5.8	—	-1.2	—	0.0	-7.2	7.2	0.0	7.2	-2.9	2.9	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-59.8	—	-46.8	—	0.0	34.5	-34.5	0.0	-136.3	52.8	-52.8	0.0
Corporate Income Tax Paid	-3.9	-7.1	-1.5	-1.2	-0.8	-0.6	-0.8	-1.0	-0.2	-3.9	-2.4	-2.1
Other Operating Receipts	—	—	—	—	426.3	918.0	-489.5	489.5	-960.5	960.5	-394.4	394.4
Other Operating Payments	547.3	-547.4	109.1	-109.1	-299.9	-598.0	356.1	-356.2	879.0	-878.9	257.0	-257.1
Net Cash Flow from Operating Activities	-269.4	369.6	-255.0	-68.3	75.6	-147.8	100.1	-42.0	-279.8	-35.2	-66.0	16.1
Payments for Fixed Assets and Other Long-term Assets	-208.1	139.5	-180.6	-16.2	-17.2	32.6	-44.2	-13.9	-16.4	57.8	-93.3	-13.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	0.2	0.0	0.0	-2.1	2.5	0.0	0.8	-1.2	1.2	0.0
Loans and Purchases of Debt Instruments	-138.2	—	-42.3	—	0.0	103.9	-103.9	0.0	-33.7	28.9	-28.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	29.6	—	36.8	—	0.0	-73.4	73.4	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	-12.5	4.4	-4.4	0.0	33.5	-101.8	98.7	-98.7
Proceeds from Investments in Other Entities	38.3	—	10.9	—	0.0	-52.5	52.5	39.8	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	-3.7	4.5	0.2	0.0	-4.2	4.5	0.3	16.9	-2.9	3.3	4.3
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-12.1	-182.5	-158.2	-36.7	-47.8	18.5	-26.3	32.9	25.0	-43.1	-9.6	-117.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	12.5	0.2	0.0	0.0	-198.7	198.7	0.0	0.0
Share Repurchases	—	—	—	—	5.9	-35.0	10.0	-10.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,744.2	403.1	1,599.1	733.7	881.6	426.0	819.5	718.4	1,447.9	482.5	801.6	598.1
Repayment of Borrowings	-1,371.1	-602.9	-1,376.8	-580.5	-913.5	-296.1	-983.1	-585.2	-1,171.6	-424.0	-778.4	-450.1
Repayment of Finance Leases	-29.6	10.0	-16.2	-3.1	-3.2	11.3	92.6	-112.5	132.8	-121.6	47.1	-58.3
Dividends Paid	—	—	—	-13.9	-1.5	-5.4	0.0	0.0	0.1	-0.1	0.1	-0.1
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	157.7	-4.8	367.9	136.2	-18.2	101.1	-61.0	10.7	210.5	135.6	70.4	89.6
Net Cash Flow During the Period	-123.8	182.4	-45.3	31.2	9.6	-28.3	12.8	1.6	-44.3	57.3	-5.2	-11.8
Cash and Cash Equivalents at Beginning of Period	205.0	22.6	67.9	36.6	40.9	40.9	40.9	41.7	44.9	44.9	44.9	44.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.2	205.0	22.6	67.9	36.6	27.0	55.3	43.2	40.9	85.2	27.9	33.1

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LIG

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Balance Sheet

Cash Flow

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