MTS

Listed Company · UPCOM

Price

10,200

Latest close

18 Mar 2026

P/E 7.0x

EPS (TTM) 1,449

ROE (TTM) 12.1%

P/B 0.8x

BVPS (Latest) 12,161

ROA (TTM) 3.5%

What Is Changing

MTS no longer looks like a business simply rebounding from a weak base. Revenue posted +1.3% YoY, while net margin reached 0.53% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 21.7bn in 2025.
Revenue growth accelerated to 1.3% in 2025, up 7.2pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	4,132.9	4,080.6	4,339.3	5,399.9	3,946.8
Growth	+1%	-6%	-20%	+37%	—
Net Income	21.7	15.0	15.3	16.7	16.7
Net Margin	0.53%	0.37%	0.35%	0.31%	0.42%

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	1,090.5	893.2	1,065.1	1,084.1	1,026.0	862.9	1,099.0	1,092.7	1,156.3	1,092.9	1,041.0	1,049.0
Growth	+22%	-16%	-2%	+6%	+19%	-21%	+1%	-5%	+6%	+5%	-1%	—
Net Income	6.3	5.7	5.3	4.5	4.6	3.1	3.2	4.1	0.8	8.4	3.0	3.0
Net Margin	0.57%	0.64%	0.50%	0.41%	0.45%	0.35%	0.29%	0.37%	0.07%	0.77%	0.29%	0.29%

Financial Statements

Profitability

Net margin reached 0.53% while Revenue posted +1.3% YoY.

Balance Sheet

Inventory stood at 111.3bn, liabilities at 466.3bn, and equity at 182.4bn.

Cash Flow

Operating cash flow was -10.3bn in 2025, while investing cash flow was -21.3bn.

Financing cash flow: 34.4bn.

Item	2025	2024	2023	2022	2021
Revenue	4,132.9	4,081.0	4,340.8	5,401.9	3,948.7
Revenue Deductions	0.0	0.4	1.5	2.1	0.0
Net Revenue	4,132.9	4,080.6	4,339.3	5,399.9	3,946.8
Cost of Goods Sold	3,932.7	3,903.5	4,170.0	5,183.7	0.0
Gross Profit	200.2	177.1	169.2	216.2	189.6
Financial Income	0.1	0.1	0.1	0.2	0.2
Financial Expenses	9.8	7.3	10.2	10.0	-11.3
Interest Expense	9.8	7.2	10.1	10.0	-11.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	108.0	92.4	84.6	111.9	-92.9
General and Administrative Expenses	71.3	55.1	65.1	74.1	-66.1
Operating Profit	11.0	22.3	9.4	20.4	19.5
Other Income	17.6	1.2	10.6	1.4	0.0
Other Expenses	1.0	4.0	0.6	0.9	0.0
Other Profit	16.5	-2.8	10.0	0.5	1.6
Profit Before Tax	27.6	19.6	19.4	21.0	21.1
Current Income Tax Expense	7.8	3.9	3.2	3.8	-4.3
Deferred Income Tax Expense	-1.9	0.7	0.9	0.5	0.0
Net Income	21.7	15.0	15.3	16.7	16.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	21.7	15.0	15.3	16.7	16.7
Earnings per Share	1,450.00	1,000.00	1,022.00	1,114.00	1,116.00
Diluted EPS	1,449.66	999.76	1,022.04	1,114.00	1,116.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	583.6	495.5	531.2	800.4	785.7
I. Cash and cash equivalents	27.4	24.6	25.0	25.4	11.1
1. Cash	27.4	24.6	25.0	25.4	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	440.7	338.8	308.3	592.0	614.8
1. Short-term trade accounts receivable	421.1	337.5	307.8	481.0	0.0
2. Short-term prepayments to suppliers	18.7	0.1	0.2	0.4	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	0.9	1.1	0.2	110.7	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	111.3	124.7	189.3	177.5	155.8
1. Inventories	111.3	124.7	189.3	177.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.2	7.4	8.6	5.5	4.0
1. Short-term prepayments	2.1	4.5	3.2	2.0	0.0
2. Value added tax to be reclaimed	—	2.7	4.6	2.9	0.0
3. Taxes and other receivables from state authorities	2.1	0.2	0.8	0.5	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)	65.1	82.3	94.4	106.0	119.4
I. Long-term receivables	0.0	0.2	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.2	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	55.7	62.8	83.7	95.0	107.4
1. Tangible fixed assets	55.3	62.8	83.7	95.0	107.4
- Cost	516.9	548.6	549.3	569.2	0.0
- Accumulated depreciation	-461.6	-485.8	-465.6	-474.2	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	0.4	0.0	0.0	0.0	0.0
- Cost	0.5	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	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	1.1	9.3	2.9	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.1	9.3	2.9	0.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.2	10.0	7.8	10.8	0.0
1. Long-term prepayments	6.3	10.0	7.1	9.1	0.0
2. Deferred income tax assets	1.9	0.0	0.7	1.6	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	11.7
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)	648.7	577.8	625.6	906.5	905.1
A. LIABILITIES (300=210+330)	466.3	401.4	447.5	726.4	729.4
I. Short -term liabilities	444.0	389.4	434.8	705.6	703.8
1. Short-term trade accounts payable	229.0	218.7	285.9	516.9	556.4
2. Short-term advances from customers	0.3	0.1	0.2	0.2	0.2
3. Taxes and other payables to state authorities	5.8	3.9	2.4	1.0	0.0
4. Payable to employees	42.4	38.7	39.0	48.5	0.0
5. Short-term acrrued expenses	3.4	1.0	0.5	0.5	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	1.6	0.8	2.5	0.8	0.0
10. Short-term borrowings and financial leases	153.6	118.9	97.8	134.0	95.4
11. Provision for short-term liabilities	3.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	7.3	6.5	3.7	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	22.3	12.0	12.7	20.8	25.5
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	22.3	12.0	12.7	20.8	25.5
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	—	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)	182.4	176.3	178.1	180.1	175.7
I. Owner's equity	182.4	176.3	178.1	180.1	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	175.7
- Common stock with voting right	150.0	150.0	150.0	150.0	150.0
- Preferred stock	—	0.0	0.0	0.0	0.0
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	9.0	9.0	9.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	10.7	10.7	1.7	1.7	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
11. Undistributed earnings after tax	21.7	15.7	17.5	19.4	16.7
- Accumulated retained earning at the end of the previous period	—	0.7	2.1	2.7	0.0
- Undistributed earnings in this period	21.7	15.0	15.3	16.7	16.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	648.7	577.8	625.6	906.5	905.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.6	19.6	19.4	21.0	21.1
Depreciation of Fixed Assets and Investment Property	25.6	25.1	26.6	29.2	31.3
Provision (Increase)/Reversal	3.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-15.1	0.0	-8.4	-0.1	0.0
Interest Expense	9.8	7.2	10.1	10.0	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	50.9	51.9	47.7	60.0	62.7
Increase/(Decrease) in Receivables	-82.3	-28.1	281.8	22.0	0.0
Increase/(Decrease) in Inventory	13.4	64.6	-11.8	-21.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	24.2	-56.5	-246.1	-35.2	0.0
Increase/(Decrease) in Prepaid Expenses	6.1	-4.2	3.6	5.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.8	-7.2	-10.1	-10.0	0.0
Corporate Income Tax Paid	-5.3	-5.9	-3.1	-6.7	0.0
Other Operating Receipts	0.5	1.0	0.2	0.3	0.0
Other Operating Payments	-8.0	-6.4	-6.3	-4.9	0.0
Net Cash Flow from Operating Activities	-10.3	9.2	56.0	9.4	250.3
Payments for Fixed Assets and Other Long-term Assets	-36.4	-19.5	-10.0	-18.5	-25.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.0	-0.1	8.3	0.0	0.9
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.1	0.1	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	-21.3	-19.5	-1.7	-18.4	-24.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,054.1	1,611.8	1,945.7	3,717.0	2,621.9
Repayment of Borrowings	-2,009.1	-1,591.4	-1,990.0	-3,683.1	-2,840.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.5	-10.5	-10.5	-10.5	-10.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	34.4	9.9	-54.8	23.3	-228.6
Net Cash Flow During the Period	2.8	-0.4	-0.4	14.3	-3.5
Cash and Cash Equivalents at Beginning of Period	24.6	25.0	25.4	11.1	13.4
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.4	24.6	25.0	25.4	11.1

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	1,090.5	893.2	1,065.1	1,084.1	1,026.0	862.9	1,099.1	1,093.0	1,156.8	1,093.6	1,041.2	1,049.2
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.1	0.3	0.4	0.7	0.2	0.2
Net Revenue	1,090.5	893.2	1,065.1	1,084.1	1,026.0	862.9	1,099.0	1,092.7	1,156.3	1,092.9	1,041.0	1,049.0
Cost of Goods Sold	1,039.7	857.2	997.0	1,038.7	974.9	829.2	1,052.4	1,045.8	1,125.2	1,023.3	1,006.5	1,015.0
Gross Profit	50.7	36.0	68.1	45.4	51.1	33.8	46.5	47.0	31.1	69.6	34.5	34.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Financial Expenses	3.1	2.5	1.8	2.4	1.9	1.8	1.6	2.0	1.6	2.6	3.3	2.7
Interest Expense	3.1	2.5	1.8	2.4	1.8	1.8	1.6	1.9	1.6	2.6	3.3	2.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.5	19.6	45.9	29.0	27.5	16.3	22.8	26.8	13.4	36.8	17.2	17.7
General and Administrative Expenses	27.1	21.8	14.2	8.2	15.6	11.8	14.6	13.4	23.1	19.7	11.6	10.4
Operating Profit	7.1	-7.9	6.1	5.8	6.1	3.9	7.5	4.8	-7.0	10.6	2.5	3.2
Other Income	1.2	15.3	0.9	0.1	0.0	0.1	0.8	0.3	8.2	0.2	1.5	0.7
Other Expenses	0.4	0.1	0.3	0.3	0.3	0.2	3.4	0.0	0.1	0.2	0.1	0.2
Other Profit	0.9	15.2	0.7	-0.2	-0.3	-0.1	-2.7	0.3	8.1	-0.0	1.4	0.5
Profit Before Tax	8.0	7.3	6.8	5.6	5.8	3.8	4.8	5.1	1.1	10.5	3.9	3.8
Current Income Tax Expense	3.7	1.5	1.5	1.1	1.1	0.7	1.3	0.8	0.9	1.7	0.4	0.2
Deferred Income Tax Expense	-1.9	—	—	—	0.1	0.1	0.3	0.3	-0.5	0.4	0.5	0.5
Net Income	6.3	5.7	5.3	4.5	4.6	3.1	3.2	4.1	0.8	8.4	3.0	3.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.3	5.7	5.3	4.5	4.6	3.1	3.2	4.1	0.8	8.4	3.0	3.0
Earnings per Share	417.00	382.00	353.00	297.00	308.00	204.00	216.00	273.00	53.00	563.00	203.00	200.00
Diluted EPS	417.24	382.33	353.11	296.97	307.72	203.70	215.69	272.64	53.07	562.65	203.08	200.30

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)	583.6	689.9	634.0	632.7	495.5	515.7	680.6	604.9	531.1	560.0	537.0	717.6
I. Cash and cash equivalents	27.4	21.2	36.4	71.5	24.6	29.3	34.0	26.5	25.0	26.0	22.6	19.0
1. Cash	27.4	21.2	36.4	71.5	24.6	29.3	34.0	26.5	25.0	26.0	22.6	19.0
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	440.7	505.0	467.2	439.4	338.8	352.0	460.0	399.3	308.3	344.4	308.8	503.2
1. Short-term trade accounts receivable	421.1	487.0	466.3	438.4	337.5	351.2	459.5	398.5	307.8	343.7	307.6	502.0
2. Short-term prepayments to suppliers	18.7	17.0	0.1	0.2	0.1	0.3	0.1	0.1	0.2	0.2	0.7	0.4
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	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	1.0	0.8	0.8	1.1	0.5	0.4	0.7	0.2	0.6	0.4	0.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	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	0.0
IV. Inventories	111.3	156.3	124.3	116.9	124.7	127.7	178.5	174.5	189.3	186.7	200.1	188.6
1. Inventories	111.3	156.3	124.3	116.9	124.7	127.7	178.5	174.5	189.3	186.7	200.1	188.6
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	4.2	7.4	6.2	5.0	7.4	6.7	8.1	4.7	8.5	2.8	5.5	6.8
1. Short-term prepayments	2.1	7.1	5.5	4.0	4.5	3.8	5.1	3.7	3.1	2.2	3.4	2.4
2. Value added tax to be reclaimed	—	—	—	0.1	2.7	2.7	2.7	0.1	4.6	0.4	1.9	3.3
3. Taxes and other receivables from state authorities	2.1	0.3	0.7	0.8	0.2	0.2	0.2	0.9	0.8	0.1	0.1	1.1
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)	65.1	70.2	69.4	74.9	82.3	75.3	83.9	89.8	94.4	87.1	91.6	98.4
I. Long-term receivables	0.0	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
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	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	55.7	60.7	61.1	66.0	62.8	69.0	76.8	83.1	83.7	76.1	82.7	89.3
1. Tangible fixed assets	55.3	60.3	60.7	66.0	62.8	69.0	76.8	83.1	83.7	76.1	82.7	89.3
- Cost	—	—	—	—	548.6	552.1	554.4	555.1	549.3	568.9	569.1	570.2
- Accumulated depreciation	—	—	—	—	-485.8	-483.1	-477.6	-471.9	-465.6	-492.8	-486.4	-480.9
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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	1.1	1.0	0.8	0.5	9.3	0.2	0.1	0.1	2.9	0.4	0.2	0.2
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.1	1.0	0.8	0.5	9.3	0.2	0.1	0.1	2.9	0.4	0.2	0.2
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.2	8.3	7.3	8.1	10.0	6.0	6.9	6.4	7.8	10.4	8.6	8.8
1. Long-term prepayments	6.3	8.3	7.3	8.1	10.0	5.9	6.7	6.0	7.1	10.3	8.0	7.8
2. Deferred income tax assets	1.9	—	—	—	0.0	0.1	0.2	0.4	0.7	0.1	0.5	1.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	648.7	760.1	703.5	707.6	577.8	591.0	764.4	694.7	625.6	647.1	628.6	816.0
A. LIABILITIES (300=210+330)	466.3	583.9	533.1	526.8	401.4	419.2	595.8	512.5	447.5	471.9	461.8	632.9
I. Short -term liabilities	444.0	565.3	526.8	519.8	389.4	404.6	580.5	495.0	434.7	457.2	437.0	614.1
1. Short-term trade accounts payable	229.0	282.9	324.2	321.1	218.6	257.2	324.0	372.8	285.9	301.8	317.1	493.5
2. Short-term advances from customers	0.3	0.2	0.2	0.2	0.1	0.2	0.3	0.3	0.2	0.2	0.2	0.2
3. Taxes and other payables to state authorities	5.8	4.3	6.4	2.0	3.9	2.3	3.3	3.3	2.4	7.6	2.9	1.3
4. Payable to employees	42.4	36.4	35.3	26.4	38.7	32.3	32.6	24.9	39.0	37.5	25.3	22.2
5. Short-term acrrued expenses	3.4	5.9	2.3	1.5	1.0	2.2	1.7	1.1	0.5	6.2	2.0	1.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.6	4.1	2.7	2.1	0.8	2.2	13.4	2.3	2.5	1.8	13.5	3.3
10. Short-term borrowings and financial leases	153.6	195.2	121.9	153.5	118.9	96.1	184.5	72.7	97.8	75.0	60.2	87.3
11. Provision for short-term liabilities	3.0	29.6	24.7	7.5	0.0	2.7	10.1	11.9	0.0	18.3	5.1	1.8
12.. Bonus and welfare fund	5.0	6.7	9.2	5.5	7.3	9.5	10.6	5.7	6.5	8.7	10.8	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	22.3	18.6	6.3	7.1	12.0	14.7	15.2	17.4	12.7	14.7	24.8	18.8
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	22.3	18.6	6.3	7.1	12.0	14.7	15.2	17.4	12.7	14.7	24.8	18.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	182.4	176.2	170.4	180.8	176.3	171.7	168.7	182.2	178.1	175.2	166.7	183.1
I. Owner's equity	182.4	176.2	170.4	180.8	176.3	171.7	168.7	182.2	178.1	175.2	166.7	183.1
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.7	10.7	10.7	10.7	10.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	21.7	15.5	9.8	20.1	15.7	11.1	8.0	21.6	17.4	14.5	6.1	22.4
- Accumulated retained earning at the end of the previous period	—	—	—	15.7	0.7	0.7	0.7	17.5	2.1	0.0	0.0	19.4
- Undistributed earnings in this period	21.7	15.5	9.8	4.5	15.0	10.4	7.3	4.1	15.3	14.5	6.1	3.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	648.7	760.1	703.5	707.6	577.8	591.0	764.4	694.7	625.6	647.1	628.6	816.0

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
Profit Before Tax	8.0	7.3	6.8	5.6	5.8	3.8	4.8	5.1	1.2	10.5	3.9	3.8
Depreciation of Fixed Assets and Investment Property	8.8	5.4	5.5	5.9	6.2	6.3	6.4	6.3	6.6	6.6	6.6	6.7
Provision (Increase)/Reversal	-26.6	4.9	17.2	7.5	-2.7	-7.4	-1.9	11.9	-18.3	13.2	6.8	-1.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	0.2	-15.4	0.2	-0.0	-0.0	-0.0	-0.0	-0.0	-8.2	-0.0	-0.1	-0.0
Interest Expense	3.1	2.5	1.8	2.4	1.8	1.8	1.6	1.9	1.6	2.6	3.3	2.7
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	-6.6	4.7	31.4	21.4	11.1	4.5	10.9	25.3	-17.1	32.9	20.6	11.4
Increase/(Decrease) in Receivables	81.3	-37.4	-27.5	-98.7	13.2	108.0	-62.7	-86.6	31.3	-34.2	196.8	87.9
Increase/(Decrease) in Inventory	44.9	-32.0	-7.4	7.9	3.0	50.8	-4.0	14.8	-2.6	13.4	-11.5	-11.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-50.2	-39.4	16.8	97.1	-39.6	-64.6	-38.0	85.9	-37.6	3.4	-173.9	-38.0
Increase/(Decrease) in Prepaid Expenses	7.0	-2.5	-0.6	2.3	-4.8	2.1	-2.1	0.6	4.9	-1.1	-1.3	1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-2.5	-1.8	-2.4	-1.8	-1.9	-1.6	-1.9	-1.5	-2.6	-3.3	-2.7
Corporate Income Tax Paid	-1.6	-1.5	-1.1	-1.1	-0.7	-1.3	-3.0	-0.9	-1.7	-0.4	-0.2	-0.8
Other Operating Receipts	—	—	—	—	0.7	0.1	0.0	0.1	0.0	0.0	0.1	0.1
Other Operating Payments	-1.8	-2.5	-1.6	-2.1	-2.9	-1.3	-1.5	-0.8	-2.2	-2.1	-1.6	-0.4
Net Cash Flow from Operating Activities	70.0	-113.1	8.4	24.3	-21.7	96.4	-102.0	36.4	-26.5	9.4	25.7	47.5
Payments for Fixed Assets and Other Long-term Assets	-25.8	-3.0	-0.5	-7.1	-3.1	-3.3	-0.1	-14.5	-3.4	-0.3	-1.2	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.2	15.4	-0.2	—	0.0	1.6	0.0	0.0	8.2	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-25.9	12.4	-0.7	-7.1	-3.1	-1.7	-0.1	-14.5	4.7	-0.3	-1.0	-5.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	469.3	615.1	421.6	548.1	358.8	305.3	469.3	478.3	402.0	536.5	536.0	471.2
Repayment of Borrowings	-507.2	-529.5	-454.0	-518.5	-338.7	-394.3	-359.7	-498.7	-381.3	-531.8	-557.0	-519.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-10.5	—	0.0	-10.5	0.0	0.0	0.0	-10.5	0.0	0.0
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	-37.9	85.6	-42.9	29.7	20.2	-99.5	109.6	-20.4	20.8	-5.8	-21.0	-48.7
Net Cash Flow During the Period	6.2	-15.2	-35.2	46.9	-4.7	-4.7	7.5	1.5	-1.0	3.4	3.6	-6.4
Cash and Cash Equivalents at Beginning of Period	21.2	36.4	71.5	24.6	25.0	25.0	25.0	25.0	25.4	25.4	25.4	25.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.4	21.2	36.4	71.5	24.6	29.3	34.0	26.5	25.0	26.0	22.6	19.0

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

MTS

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research