MEC

Cơ khí - Lắp máy Sông Đà ·UPCOM ·2020Q2

▲▲ Improving positively

The balance sheet remains flexible Debt/equity −6.67x

Price

2,600

Latest close

29 May 2026

P/E —

P/B -0.43x

EPS —

BVPS -6,082

ROE 15.8%

ROA -6.1%

Profit Margin -37.8%

Asset Turnover 0.16x

Equity Mult. -2.61x

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

What Is Changing

On a Năm 2025 basis, MEC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 101bn
	                                
+26.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 38bn
	                                
+46.9%YoY

Metric	2025	2024	2023	2022	2020
Revenue	101.5	80.5	71.1	61.1	31.8
Growth	+26%	+13%	+16%	+92%	—
Net Income	-38.0	-71.5	-40.8	-20.9	-18.2
Net Margin	-37.41%	-88.89%	-57.41%	-34.18%	-57.43%

Metric	Q2'20	Q1'20
Revenue	17.7	14.0
Growth	+26%	—
Net Income	-8.5	-9.7
Net Margin	-48.15%	-69.14%

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 -37.41% +51.5pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at -3.30x equity, with a net cash position equivalent to 6.67x equity.

Inventory ended the period at 97.5bn, roughly 16.4% of total assets.

Over the last 12 months, working capital released 22.4bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +27.4bn

Inventories decreased → higher CFO: +20.3bn

Payables decreased → lower CFO: −25.3bn

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 Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 18.7bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 67.8% of total debt, cash equals 0.3% of debt, and total debt stands at 339.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 67.8% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -6.67x —

Interest Coverage — —

Cash / Debt 0.3% —

Short-term Debt / Total Debt 67.8% —

TTM YoY · Prior -> 2020Q2

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 18.7bn in 2025, against investing cash flow of 0.5bn.

Post-investment cash flow was positive +19.2bn. Financing cash flow was negative +13.9bn.

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 24.2bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -6.67x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in leverage and liquidity, with interest coverage at 0.00x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 6.67x of equity.

Watchpoint: Cash generation still needs confirmation.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.00x.

Statement Data

Item	2025	2024	2023	2022	2020
Revenue	101.5	80.5	71.1	61.1	31.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	101.5	80.5	71.1	61.1	31.8
Cost of Goods Sold	89.2	68.5	65.1	62.7	0.0
Gross Profit	12.3	11.9	6.0	-1.6	2.1
Financial Income	0.0	0.0	0.0	0.7	0.0
Financial Expenses	23.6	58.8	27.1	17.1	-15.4
Interest Expense	23.6	25.4	27.1	15.0	-15.4
Share of Associates and Joint Ventures	—	0.0	-0.1	0.0	-0.1
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	23.0	12.9	15.4	1.8	-3.9
Operating Profit	-34.3	-59.8	-36.5	-19.8	-17.2
Other Income	—	0.0	0.0	0.1	0.0
Other Expenses	3.6	11.5	4.3	1.2	0.0
Other Profit	-3.6	-11.5	-4.3	-1.1	-1.0
Profit Before Tax	-38.0	-71.2	-40.8	-20.9	-18.2
Current Income Tax Expense	—	0.3	0.0	0.0	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-38.0	-71.5	-40.8	-20.9	-18.2
Non-controlling Interest	0.4	0.1	-0.7	0.0	-0.1
Profit Attributable to Parent	-38.4	-71.6	-40.1	-20.9	-18.1
Earnings per Share	-4,593.00	-8,571.00	-4,801.00	-2,499.89	-2,166.00
Diluted EPS	-4,593.00	-8,571.00	-4,801.00	-2,499.89	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	379.5	432.7	466.2	488.8
I. Cash and cash equivalents	7.7	2.4	2.2	5.1
1. Cash	7.7	2.4	2.2	5.1
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.4	0.4	0.4
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	—	0.4	0.4	0.4
III. Short-term receivables	254.0	292.1	310.8	312.0
1. Short-term trade accounts receivable	170.7	202.3	223.9	223.0
2. Short-term prepayments to suppliers	20.0	20.1	20.4	24.6
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	2.7	2.7	2.7	13.8
6. Other short-term receivables	86.2	82.4	77.3	76.7
7. Provision for short-term doubtful debts (*)	-42.4	-32.2	-30.3	-26.0
8. Assets awaiting resolution	16.8	16.8	16.8	0.0
IV. Inventories	97.5	117.8	133.3	151.5
1. Inventories	97.5	117.8	133.3	151.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	20.4	19.9	19.5	19.8
1. Short-term prepayments	0.2	0.3	0.2	0.1
2. Value added tax to be reclaimed	20.1	19.6	19.3	19.7
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)	215.7	224.9	266.6	55.9
I. Long-term receivables	0.0	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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	205.1	214.1	222.8	1.6
1. Tangible fixed assets	203.5	212.4	221.2	0.0
- Cost	379.7	379.7	379.5	112.1
- Accumulated depreciation	-176.2	-167.2	-158.3	-112.0
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	1.6	1.6	1.6	1.6
- Cost	2.2	2.2	2.2	2.1
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5
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	0.8	0.8	0.8	0.8
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.8	0.8	0.8	0.8
V. Long-term financial investments	4.1	4.1	36.9	47.4
1. Investments in subsidiaries	—	0.0	0.0	62.7
2. Investments in associates, joint-ventures	39.1	39.1	36.8	39.1
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-35.0	-35.0	0.0	-54.4
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	5.6	5.8	6.1	6.1
1. Long-term prepayments	5.4	5.6	5.9	6.1
2. Deferred income tax assets	0.2	0.2	0.2	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)	595.2	657.5	732.8	544.7
A. LIABILITIES (300=210+330)	853.9	878.2	882.6	633.4
I. Short -term liabilities	803.3	816.6	810.0	633.4
1. Short-term trade accounts payable	145.7	158.0	156.4	149.1
2. Short-term advances from customers	49.6	55.5	81.6	80.9
3. Taxes and other payables to state authorities	86.1	86.4	72.6	65.4
4. Payable to employees	11.5	14.5	11.8	7.0
5. Short-term acrrued expenses	60.9	60.3	59.9	16.4
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	262.8	252.4	237.5	132.5
10. Short-term borrowings and financial leases	184.8	187.7	188.4	180.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.8	1.9	1.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	50.6	61.6	72.6	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	50.6	61.6	72.6	0.0
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	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)	-258.6	-220.7	-149.8	-88.7
I. Owner's equity	-258.6	-220.7	-149.8	-88.7
1. Owner's capital	83.5	83.5	83.5	83.5
- Common stock with voting right	83,536,200,000.00	83,536,200,000.00	83,536,200,000.00	83,536,200,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	11.9	11.9	11.9	11.9
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
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	42.3	42.3	42.3	42.3
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	-397.3	-358.9	-288.0	-226.5
- Accumulated retained earning at the end of the previous period	-358.9	-287.3	-247.9	-205.6
- Undistributed earnings in this period	-38.4	-71.6	-40.1	-20.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	0.9	0.4	0.4	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)	595.2	657.5	732.8	544.7

Item	2025	2024	2023	2022	2020
Profit Before Tax	-38.0	-71.2	-40.8	-20.9	0.0
Depreciation of Fixed Assets and Investment Property	8.9	8.9	8.9	0.1	0.0
Provision (Increase)/Reversal	10.2	35.3	3.9	-6.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0	-0.7	0.0
Interest Expense	23.6	25.4	27.1	15.0	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	4.8	-1.6	-0.9	-12.5	0.0
Increase/(Decrease) in Receivables	27.4	16.4	-7.8	31.2	0.0
Increase/(Decrease) in Inventory	20.3	15.5	41.8	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-25.3	-11.9	-53.2	-4.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	0.2	0.5	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-8.8	-6.5	26.3	-2.2	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	0.0
Net Cash Flow from Operating Activities	18.7	12.1	6.6	12.8	5.6
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-0.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	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	-0.0	0.0	0.7	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	0.5	-0.2	0.0	0.3	0.0
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	—	0.3	0.0	8.3	2.5
Repayment of Borrowings	-13.9	-12.1	-14.0	-21.3	-11.0
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	-13.9	-11.7	-14.1	-13.0	-8.4
Net Cash Flow During the Period	5.3	0.2	-7.4	0.1	0.0
Cash and Cash Equivalents at Beginning of Period	2.4	2.2	9.6	5.0	3.9
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	7.7	2.4	2.2	5.1	0.0

Item	Q2'20	Q1'20
Revenue	17.7	14.0
Revenue Deductions	0.0	0.0
Net Revenue	17.7	14.0
Cost of Goods Sold	0.0	0.0
Gross Profit	0.3	1.8
Financial Income	0.0	0.0
Financial Expenses	-7.3	-8.1
Interest Expense	-7.3	-8.1
Share of Associates and Joint Ventures	-0.1	0.0
Selling Expenses	0.0	0.0
General and Administrative Expenses	-0.8	-3.1
Operating Profit	-7.8	-9.4
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	-0.7	-0.3
Profit Before Tax	-8.5	-9.7
Current Income Tax Expense	-0.0	0.0
Deferred Income Tax Expense	0.0	0.0
Net Income	-8.5	-9.7
Non-controlling Interest	0.1	-0.2
Profit Attributable to Parent	-8.6	-9.5
Earnings per Share	-1,030.00	-1,136.00
Diluted EPS	-1,029.42	-1,136.26

Item	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	538.2	613.8
I. Cash and cash equivalents	1.0	3.4
1. Cash	0.0	0.0
2. Cash equivalents	0.0	0.0
II. Short-term financial investments	0.0	0.0
1. Available for sale securities	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0
3. Held to maturity investments	0.0	0.0
III. Short-term receivables	315.3	384.8
1. Short-term trade accounts receivable	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0
5. Short-term loan receivables	0.0	0.0
6. Other short-term receivables	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0
8. Assets awaiting resolution	0.0	0.0
IV. Inventories	202.3	205.9
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	19.6	19.7
1. Short-term prepayments	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0
4. Government bonds	0.0	0.0
5. Other short-term assets	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	239.1	241.2
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0
3. Capital at inter-company	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0
5. Long-term loan receivables	0.0	0.0
6. Other long-term receivables	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0
II. Fixed assets	193.1	195.5
1. Tangible fixed assets	191.5	193.9
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
3. Intangible fixed assets	1.6	1.6
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
III. Investment properties	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	0.8	0.8
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	37.3	37.4
1. Investments in subsidiaries	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0
3. Investments in other entities	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0
5. Held to maturity investments	0.0	0.0
6. Other long-term investments	0.0	0.0
VI. Other long-term assets	0.0	0.0
1. Long-term prepayments	0.0	0.0
2. Deferred income tax assets	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0
4. Other long-term assets	7.9	7.5
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	777.3	855.1
A. LIABILITIES (300=210+330)	828.1	822.0
I. Short -term liabilities	718.8	712.7
1. Short-term trade accounts payable	155.2	154.9
2. Short-term advances from customers	68.7	66.6
3. Taxes and other payables to state authorities	0.0	0.0
4. Payable to employees	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0
6. Short-term inter-company payables	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0
8. Short-term unearned revenue	0.0	0.0
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	230.4	236.3
11. Provision for short-term liabilities	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0
13. Price stabilization fund	0.0	0.0
14. Government bonds	0.0	0.0
II. Long-term liabilities	109.3	109.3
1. Long-term trade payables	0.0	0.0
2. Long-term advances from customers	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0
5. Long-term inter-company payables	0.0	0.0
6. Long-term unearned revenue	0.0	0.0
7. Other long-term liabilities	0.0	0.0
8. Long-term borrowings and financial leases	109.3	109.3
9. Convertible bonds	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0
13. Fund for technology development	0.0	0.0
14. Provision for severance allowances	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-50.8	33.0
I. Owner's equity	0.0	0.0
1. Owner's capital	-50.8	33.0
- Common stock with voting right	83,536,200,000.00	83,536,200,000.00
- Preferred stock	0.00	0.00
2. Share premium	11.9	11.9
3. Convertible bond option	0.0	0.0
4. Other capital of owners	0.0	0.0
5. Treasury shares	0.00	0.00
6. Assets revaluation differences	0.0	0.0
7. Foreign exchange differences	0.0	0.0
8. Investment and development fund	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0
10. Other funds from owner's equity	0.0	0.0
11. Undistributed earnings after tax	-192.5	-108.6
- Accumulated retained earning at the end of the previous period	-174.4	-99.1
- Undistributed earnings in this period	-18.1	-9.5
12. Reserves for investment in construction	0.0	0.0
13. Minority's interest	3.9	3.8
14. Financial reserves	0.0	0.0
II. Other resources and funds	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	777.3	855.1

Item	Q4'25	Q2'25	Q2'20	Q1'20
Profit Before Tax	-23.3	-14.6	0.0	0.0
Depreciation of Fixed Assets and Investment Property	4.5	4.5	0.0	0.0
Provision (Increase)/Reversal	7.5	2.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	0.0	0.0
Interest Expense	11.8	11.9	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	0.0	0.0
Interest Income and Dividends	—	—	0.0	0.0
Amortization of Goodwill	—	—	0.0	0.0
Other Adjustments	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	0.4	4.4	0.0	0.0
Increase/(Decrease) in Receivables	20.3	7.1	0.0	0.0
Increase/(Decrease) in Inventory	26.7	-6.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.0	-2.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.0	0.0	0.0
Changes in Trading Securities	—	—	0.0	0.0
Interest Paid	-8.7	-0.1	0.0	0.0
Corporate Income Tax Paid	—	—	0.0	0.0
Other Operating Receipts	—	—	0.0	0.0
Other Operating Payments	-0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	15.9	2.7	3.6	2.0
Payments for Fixed Assets and Other Long-term Assets	—	—	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	-0.0	0.0
Loans and Purchases of Debt Instruments	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	—	0.0	0.0
Investments in Other Entities	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	—	0.0	0.0
Dividends and Interest Income Received	0.0	—	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	0.0	0.0
Other Investing Receipts	—	—	0.0	0.0
Other Investing Payments	—	—	0.0	0.0
Net Cash Flow from Investing Activities	0.5	—	-0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	0.00	0.00
Share Repurchases	—	—	0.00	0.00
Proceeds from Borrowings	—	—	0.8	1.7
Repayment of Borrowings	-10.0	-3.9	-6.8	-4.2
Repayment of Finance Leases	—	—	0.0	0.0
Dividends Paid	—	—	0.0	0.0
Other Financing Receipts	—	—	0.0	0.0
Other Financing Payments	—	—	0.0	0.0
Net Cash Flow from Financing Activities	-10.0	-3.9	-6.0	-2.5
Net Cash Flow During the Period	6.4	-1.1	-2.4	-0.5
Cash and Cash Equivalents at Beginning of Period	2.4	2.4	3.4	3.9
FX Difference from Revaluation	—	—	-0.0	0.0
Cash and Cash Equivalents at End of Period	7.7	1.3	1.0	3.4

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MEC

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