NAG

Listed Company · HNX

Price

8,200

Latest close

03 Apr 2026

P/E 10.2x

EPS (TTM) 804

ROE (TTM) 7.1%

P/B 0.7x

BVPS (Latest) 12,361

ROA (TTM) 1.6%

What Is Changing

NAG no longer looks like a business simply rebounding from a weak base. Revenue posted +21.1% YoY, while net margin reached 1.00% with an additional +0.0pp 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 32.9bn in 2025.
Revenue increased 21.1% YoY to VND 3,298.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	3,298.9	2,723.3	2,118.1	1,904.0	1,407.6
Growth	+21%	+29%	+11%	+35%	—
Net Income	32.9	26.9	25.2	23.6	15.6
Net Margin	1.00%	0.99%	1.19%	1.24%	1.10%

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	884.6	551.9	899.8	963.0	580.6	397.1	1,068.1	676.4	504.6	398.5	651.7	533.4
Growth	+60%	-39%	-7%	+66%	+46%	-63%	+58%	+34%	+27%	-39%	+22%	—
Net Income	2.4	4.5	12.3	13.7	2.3	1.3	11.9	12.9	0.6	4.8	10.4	9.7
Net Margin	0.27%	0.81%	1.36%	1.42%	0.40%	0.34%	1.11%	1.90%	0.12%	1.21%	1.60%	1.83%

Financial Statements

Profitability

Net margin reached 1.00% while Revenue posted +21.1% YoY.

Balance Sheet

Inventory stood at 870.8bn, liabilities at 1,743.8bn, and equity at 477.5bn.

Cash Flow

Operating cash flow was -230.7bn in 2025, while investing cash flow was 17.5bn.

Financing cash flow: 389.3bn.

Item	2025	2024	2023	2022	2021
Revenue	3,329.0	2,744.0	2,140.6	1,910.0	1,474.9
Revenue Deductions	30.0	20.8	22.5	6.0	0.0
Net Revenue	3,298.9	2,723.3	2,118.1	1,904.0	1,407.6
Cost of Goods Sold	3,004.4	2,425.9	1,809.7	1,648.1	0.0
Gross Profit	294.5	297.4	308.4	255.9	182.0
Financial Income	22.2	25.0	15.9	11.1	6.2
Financial Expenses	95.9	77.5	81.9	54.4	-40.2
Interest Expense	73.7	63.7	75.4	51.6	-38.0
Share of Associates and Joint Ventures	0.8	0.2	0.2	0.5	6.0
Selling Expenses	130.8	169.6	177.7	149.8	-98.9
General and Administrative Expenses	43.4	42.4	48.9	37.4	-29.5
Operating Profit	47.5	33.1	16.0	26.0	25.6
Other Income	0.6	4.7	17.7	6.9	0.0
Other Expenses	4.6	2.4	1.8	1.5	0.0
Other Profit	-3.9	2.3	16.0	5.4	-2.8
Profit Before Tax	43.6	35.4	32.0	31.4	22.8
Current Income Tax Expense	12.3	8.2	9.3	5.7	-7.3
Deferred Income Tax Expense	-1.6	0.2	-2.4	2.1	0.0
Net Income	32.9	26.9	25.2	23.6	15.6
Non-controlling Interest	0.5	-0.0	0.7	1.4	-2.2
Profit Attributable to Parent	32.4	27.0	24.5	22.2	17.7
Earnings per Share	863.00	773.00	757.00	908.00	1,095.00
Diluted EPS	863.00	773.00	757.00	908.00	1,062.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,997.6	1,632.2	1,413.0	1,312.3	1,094.6
I. Cash and cash equivalents	247.7	71.6	46.5	14.7	24.6
1. Cash	16.4	21.6	16.5	14.7	0.0
2. Cash equivalents	231.3	50.0	30.0	0.0	0.0
II. Short-term financial investments	228.3	326.6	198.7	128.7	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	228.3	326.6	198.7	128.7	0.0
III. Short-term receivables	645.0	486.4	419.1	465.2	349.2
1. Short-term trade accounts receivable	523.6	410.2	384.4	379.3	0.0
2. Short-term prepayments to suppliers	82.7	32.8	13.5	26.4	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	28.7	35.1	20.6	59.9	0.0
6. Other short-term receivables	13.9	13.1	5.2	4.3	0.0
7. Provision for short-term doubtful debts (*)	-4.0	-4.7	-4.7	-4.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	870.8	739.1	737.2	682.2	619.6
1. Inventories	874.0	743.3	740.4	690.0	0.0
2. Provision for decline in value of inventories	-3.2	-4.2	-3.2	-7.9	0.0
V. Other short-term assets	5.8	8.4	11.5	21.5	24.5
1. Short-term prepayments	1.7	3.1	5.4	5.0	0.0
2. Value added tax to be reclaimed	4.1	5.2	6.0	16.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	223.6	172.8	178.0	165.4	106.4
I. Long-term receivables	2.3	2.2	2.3	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.2	2.3	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	96.7	94.4	102.8	26.0	29.2
1. Tangible fixed assets	77.9	87.9	96.4	20.7	24.1
- Cost	177.8	179.1	177.2	122.6	0.0
- Accumulated depreciation	-99.9	-91.2	-80.7	-101.9	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	18.8	6.5	6.4	5.3	5.2
- Cost	21.7	8.7	8.0	6.5	0.0
- Accumulated depreciation	-2.9	-2.2	-1.6	-1.2	0.0
III. Investment properties	48.1	0.0	0.0	0.0	0.0
- Cost	48.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.2	0.2	0.6	68.8	0.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	0.2	0.6	68.8	0.0
V. Long-term financial investments	48.9	48.1	35.9	30.7	40.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	28.9	28.1	15.9	15.7	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	20.0	20.0	20.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	24.4	27.9	36.4	37.6	0.0
1. Long-term prepayments	2.4	4.4	9.4	9.0	0.0
2. Deferred income tax assets	5.3	3.6	3.9	2.2	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	35.4
5. Goodwill	16.6	19.9	23.2	26.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,221.2	1,805.1	1,591.0	1,477.8	1,201.0
A. LIABILITIES (300=210+330)	1,743.8	1,376.1	1,189.4	1,084.0	972.1
I. Short -term liabilities	1,742.2	1,374.6	1,187.9	1,081.8	970.5
1. Short-term trade accounts payable	173.8	182.0	136.6	164.0	110.0
2. Short-term advances from customers	32.0	14.8	37.4	22.9	26.3
3. Taxes and other payables to state authorities	22.7	22.9	18.5	10.3	0.0
4. Payable to employees	4.7	4.3	4.7	5.3	0.0
5. Short-term acrrued expenses	2.9	5.2	3.3	1.8	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	3.8	2.9	2.6	4.1	0.0
10. Short-term borrowings and financial leases	1,496.5	1,137.3	980.3	868.6	793.2
11. Provision for short-term liabilities	4.4	3.9	3.7	4.4	0.0
12.. Bonus and welfare fund	1.3	1.3	0.9	0.4	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	1.5	1.5	1.5	2.2	1.6
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)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	1.5	1.5	1.5	2.2	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)	477.5	429.0	401.6	393.8	228.9
I. Owner's equity	477.5	429.0	401.6	393.8	0.0
1. Owner's capital	386.2	341.8	316.5	316.5	228.9
- Common stock with voting right	386.2	341.8	316.5	316.5	166.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	5.1	5.3	5.3	5.3	5.7
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	-0.0	-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	11.2	9.8	8.6	7.1	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	54.7	52.3	52.4	45.7	34.6
- Accumulated retained earning at the end of the previous period	22.3	25.3	27.9	23.6	16.6
- Undistributed earnings in this period	32.4	27.0	24.5	22.2	18.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	20.2	19.8	18.9	19.1	15.4
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)	2,221.2	1,805.1	1,591.0	1,477.8	1,201.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.6	35.4	32.0	31.4	0.0
Depreciation of Fixed Assets and Investment Property	11.3	11.8	10.7	5.5	0.0
Provision (Increase)/Reversal	-1.2	1.3	-5.5	-8.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.2	0.4	-0.6	0.0
Gain/Loss from Investment Activities	-18.2	-21.3	-17.8	-8.8	0.0
Interest Expense	73.7	63.7	75.4	51.6	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	109.1	90.7	95.2	71.1	0.0
Increase/(Decrease) in Receivables	-129.3	-41.9	33.7	-55.7	0.0
Increase/(Decrease) in Inventory	-130.6	-2.9	-50.4	-61.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.4	32.4	16.2	45.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	7.3	-0.8	-6.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-73.5	-64.2	-74.9	-51.2	0.0
Corporate Income Tax Paid	-8.4	-9.9	-5.8	-7.9	0.0
Other Operating Receipts	—	0.0	-15.8	0.0	0.0
Other Operating Payments	—	-0.1	-0.0	-0.5	0.0
Net Cash Flow from Operating Activities	-230.7	11.3	-2.6	-67.8	-237.1
Payments for Fixed Assets and Other Long-term Assets	-90.4	-3.1	-31.7	-70.3	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	5.7	0.1	0.1
Loans and Purchases of Debt Instruments	-226.2	335.8	-179.1	-115.6	-113.7
Receipts from Loan Repayments and Sale of Debt Instruments	317.9	-478.2	132.1	39.3	36.0
Investments in Other Entities	—	-12.0	0.0	0.0	-55.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	16.0	14.1	10.1	4.7	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	17.5	-143.3	-62.9	-141.8	-131.8
Proceeds from Equity Issuance and Capital Contributions	15.8	0.0	0.0	139.3	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	3,270.1	2,616.1	2,142.5	1,757.0	1,642.0
Repayment of Borrowings	-2,896.6	-2,459.0	-2,030.8	-1,681.6	-1,255.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-14.3	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	389.3	157.0	97.4	214.8	386.6
Net Cash Flow During the Period	176.0	25.1	31.8	5.1	15.5
Cash and Cash Equivalents at Beginning of Period	71.6	46.5	14.7	9.6	4.9
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	247.7	71.6	46.5	14.7	23.7

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	887.7	555.4	918.2	966.5	587.9	403.0	1,074.6	677.3	520.4	402.9	655.3	537.3
Revenue Deductions	3.2	3.5	18.4	3.5	7.4	5.9	6.5	1.0	15.8	4.4	3.6	3.9
Net Revenue	884.6	551.9	899.8	963.0	580.6	397.1	1,068.1	676.4	504.6	398.5	651.7	533.4
Cost of Goods Sold	822.8	490.0	797.8	879.4	532.3	349.8	956.8	608.9	479.0	345.2	547.9	474.0
Gross Profit	61.8	61.9	102.0	83.6	48.3	47.2	111.3	67.4	25.6	53.3	103.7	59.4
Financial Income	12.3	1.6	5.3	1.4	10.3	9.2	6.9	3.7	9.5	2.1	4.3	1.0
Financial Expenses	29.2	19.6	29.2	18.5	21.2	15.8	21.6	22.0	22.9	17.5	25.2	17.1
Interest Expense	25.3	16.1	19.5	13.5	18.1	14.6	16.3	17.8	19.5	16.0	23.6	16.6
Share of Associates and Joint Ventures	0.1	0.1	0.2	0.6	2.9	-4.3	-0.2	1.9	0.7	-1.2	-3.6	1.5
Selling Expenses	27.3	29.0	47.1	36.6	31.6	22.6	73.3	26.6	7.3	16.4	51.9	24.8
General and Administrative Expenses	11.7	11.3	14.9	10.4	2.9	11.3	11.6	8.7	12.4	13.1	11.8	10.7
Operating Profit	6.0	3.6	16.4	20.2	5.8	2.4	11.4	15.7	-6.8	7.2	15.6	9.3
Other Income	1.3	0.1	0.1	0.1	-2.8	3.5	3.7	0.2	7.1	0.0	2.0	0.0
Other Expenses	3.5	0.5	0.3	0.6	0.4	1.7	0.0	0.3	0.1	0.8	0.6	0.2
Other Profit	-2.2	-0.4	-0.2	-0.5	-3.2	1.8	3.7	-0.1	7.0	-0.8	1.3	-0.2
Profit Before Tax	3.8	3.2	16.2	19.7	2.6	4.3	15.0	15.6	0.3	6.4	16.9	9.1
Current Income Tax Expense	1.6	-2.0	4.3	7.8	0.9	2.2	3.0	3.4	1.6	0.1	5.4	1.7
Deferred Income Tax Expense	-0.2	0.7	-0.4	-1.8	-0.6	0.7	0.2	-0.6	-1.9	1.5	1.1	-2.3
Net Income	2.4	4.5	12.3	13.7	2.3	1.3	11.9	12.9	0.6	4.8	10.4	9.7
Non-controlling Interest	-0.4	5.3	-1.3	-3.1	0.5	-1.9	1.8	-0.3	0.1	-0.4	-1.2	2.5
Profit Attributable to Parent	2.8	-0.8	13.5	16.8	1.9	3.3	10.0	13.2	0.5	5.2	11.7	7.2
Earnings per Share	77.00	-23.00	372.00	378.00	72.00	42.00	367.00	398.00	19.00	150.00	322.00	302.00
Diluted EPS	77.00	-23.00	372.00	470.70	55.24	103.38	317.52	416.03	14.65	165.20	368.44	228.99

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)	2,002.6	2,053.5	2,167.6	1,866.3	1,540.8	1,570.8	1,746.7	1,641.4	1,388.0	1,443.7	1,451.5	1,381.6
I. Cash and cash equivalents	246.4	238.4	166.7	101.3	141.3	36.5	101.5	64.9	17.2	11.3	16.0	26.0
1. Cash	16.4	18.4	26.7	51.3	21.3	6.5	41.5	34.9	17.2	11.3	16.0	26.0
2. Cash equivalents	230.0	220.0	140.0	50.0	120.0	30.0	60.0	30.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	242.5	259.4	301.4	330.0	256.6	264.3	264.3	260.7	213.0	138.2	142.7	133.7
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	242.5	259.4	301.4	330.0	256.6	264.3	264.3	260.7	213.0	138.2	142.7	133.7
III. Short-term receivables	650.4	617.4	718.5	575.1	417.9	535.5	662.0	581.0	434.7	527.2	579.9	542.9
1. Short-term trade accounts receivable	522.6	560.9	656.9	523.0	332.0	478.3	628.7	537.4	384.9	457.8	492.9	475.2
2. Short-term prepayments to suppliers	90.1	19.0	23.8	8.5	37.8	17.6	8.4	18.7	28.3	14.5	28.3	24.8
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	28.7	32.7	27.1	35.9	35.1	34.6	20.1	21.3	20.6	56.9	58.6	43.7
6. Other short-term receivables	12.9	8.8	15.3	12.3	17.7	9.7	9.5	8.3	5.2	2.6	4.8	3.9
7. Provision for short-term doubtful debts (*)	-4.0	-4.0	-4.7	-4.7	-4.7	-4.7	-4.7	-4.7	-4.3	-4.6	-4.7	-4.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	857.8	931.1	964.9	845.8	723.0	691.4	708.7	722.2	711.5	751.1	684.5	663.5
1. Inventories	861.2	933.5	970.7	850.0	727.1	703.4	727.6	725.4	714.7	754.4	687.9	671.3
2. Provision for decline in value of inventories	-3.4	-2.4	-5.8	-4.2	-4.2	-12.0	-18.9	-3.2	-3.2	-3.2	-3.4	-7.9
V. Other short-term assets	5.5	7.1	16.1	14.1	2.0	43.0	10.2	12.7	11.7	15.8	28.3	15.6
1. Short-term prepayments	1.7	2.6	4.6	5.2	2.0	7.6	5.1	5.4	5.6	6.0	19.4	5.1
2. Value added tax to be reclaimed	3.8	4.5	10.4	8.9	0.0	35.4	5.0	7.3	6.1	9.7	8.3	9.9
3. Taxes and other receivables from state authorities	—	0.0	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.6
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)	223.6	213.1	168.7	170.4	174.6	168.9	187.5	175.5	190.6	192.4	193.5	171.2
I. Long-term receivables	2.3	2.4	2.4	2.2	2.2	2.5	2.4	2.3	2.3	1.9	1.9	1.9
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	2.3	2.4	2.4	2.2	2.2	2.5	2.4	2.3	2.3	1.9	1.9	1.9
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	96.6	86.1	88.8	91.7	94.6	96.1	98.8	100.1	102.8	105.3	101.1	26.2
1. Tangible fixed assets	77.8	80.0	82.6	85.3	88.1	89.5	92.0	93.8	96.4	99.5	95.2	21.0
- Cost	—	—	—	—	179.1	178.6	178.3	177.4	177.2	188.3	199.2	124.3
- Accumulated depreciation	—	—	—	—	-91.0	-89.1	-86.3	-83.6	-80.7	-88.8	-104.0	-103.3
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	18.8	6.1	6.2	6.3	6.5	6.6	6.8	6.2	6.4	5.8	5.9	5.2
- 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	48.1	—	—	—	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	3.1	50.7	2.0	0.5	0.6	0.2	0.2	0.6	0.2	0.7	6.4	71.4
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	3.1	50.7	2.0	0.5	0.6	0.2	0.2	0.6	0.2	0.7	6.4	71.4
V. Long-term financial investments	49.2	49.0	49.0	48.8	48.1	45.2	53.5	37.8	49.1	48.4	44.6	32.2
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	29.2	29.0	29.0	28.8	28.1	25.2	17.5	17.8	13.1	12.4	13.6	17.2
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	20.0	20.0	20.0	20.0	20.0	20.0	36.0	20.0	36.0	36.0	31.0	15.0
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	24.3	24.9	26.5	27.3	29.1	24.8	32.5	12.4	13.1	12.2	14.7	13.8
1. Long-term prepayments	2.4	2.6	2.6	2.8	5.5	1.0	6.7	8.0	9.2	10.3	11.3	9.3
2. Deferred income tax assets	5.3	4.9	5.6	5.4	3.6	3.1	4.3	4.5	3.9	1.9	3.4	4.5
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	16.6	17.5	18.3	19.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	19.9	20.7	21.5	22.4	23.2	24.0	24.8	25.6
TOTAL ASSETS (280=100+200)	2,226.3	2,266.6	2,336.3	2,036.7	1,715.4	1,739.7	1,934.2	1,817.0	1,578.7	1,636.1	1,645.0	1,552.9
A. LIABILITIES (300=210+330)	1,748.9	1,791.4	1,865.5	1,578.2	1,285.5	1,312.2	1,507.4	1,401.6	1,177.3	1,235.4	1,232.5	1,149.3
I. Short -term liabilities	1,746.5	1,789.3	1,863.5	1,576.7	1,263.5	1,293.6	1,488.7	1,400.1	1,175.0	1,233.1	1,230.4	1,147.1
1. Short-term trade accounts payable	167.1	308.9	551.3	383.5	77.7	159.4	418.1	149.9	129.0	287.4	256.5	173.0
2. Short-term advances from customers	29.5	12.7	13.0	14.2	13.6	24.2	28.2	78.5	39.7	12.5	37.2	56.1
3. Taxes and other payables to state authorities	21.8	18.5	21.8	18.1	18.2	62.4	32.5	24.4	15.2	19.7	17.5	13.1
4. Payable to employees	4.8	4.9	4.9	3.6	4.3	4.2	5.0	4.7	4.9	4.7	5.2	4.6
5. Short-term acrrued expenses	3.2	14.0	24.2	7.2	7.2	3.7	4.8	3.1	3.3	0.1	3.2	0.1
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	—	0.1	0.0	2.3	0.0	0.1	0.8	2.3	0.0	0.0
9. Other short-term payables	3.0	2.9	3.8	74.4	3.3	3.8	3.7	2.9	2.6	2.9	7.9	5.9
10. Short-term borrowings and financial leases	1,510.8	1,425.0	1,240.1	1,071.3	1,137.3	1,028.0	988.5	1,132.4	977.8	900.0	899.0	889.6
11. Provision for short-term liabilities	5.1	1.1	3.1	3.2	0.6	4.0	6.4	3.2	0.9	2.4	3.0	4.4
12.. Bonus and welfare fund	1.3	1.3	1.3	1.3	1.3	1.4	1.4	0.9	0.9	0.9	0.9	0.4
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	2.4	2.1	2.0	1.5	22.1	18.5	18.7	1.5	2.3	2.3	2.2	2.2
1. Long-term trade payables	—	—	—	—	20.8	17.2	17.2	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	0.8	0.7	0.7	—	0.0	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	0.0
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	1.6	1.4	1.4	1.5	1.3	1.3	1.5	1.5	2.3	2.3	2.2	2.2
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)	477.4	475.2	470.7	458.5	429.8	427.5	426.8	415.4	401.4	381.7	412.5	403.5
I. Owner's equity	477.4	475.2	470.7	458.5	429.8	427.5	426.8	415.4	401.4	381.7	412.5	403.5
1. Owner's capital	386.2	386.2	357.6	357.6	341.8	316.5	316.5	316.5	316.5	316.5	316.5	316.5
- Common stock with voting right	386.2	386.2	357.6	357.6	341.8	316.5	316.5	316.5	316.5	316.5	316.5	316.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	5.1	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-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	11.2	11.2	11.2	9.8	9.8	9.8	9.8	8.6	8.3	8.3	8.3	7.1
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	54.7	51.9	81.3	69.1	53.1	76.5	73.8	65.5	52.0	51.6	62.9	53.0
- Accumulated retained earning at the end of the previous period	22.3	22.3	50.9	52.3	25.3	50.6	50.6	52.4	28.2	28.2	44.0	45.7
- Undistributed earnings in this period	32.4	29.6	30.4	16.8	27.8	25.9	23.2	13.2	23.8	23.4	18.9	7.2
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	20.2	20.6	15.3	16.6	19.8	19.4	21.3	19.5	19.2	0.0	19.4	21.6
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	19.1	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,226.3	2,266.6	2,336.3	2,036.7	1,715.4	1,739.7	1,934.2	1,817.0	1,578.7	1,636.1	1,645.0	1,552.9

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	7.3	—	36.3	—	0.0	-29.6	29.6	0.0	32.0	-25.3	25.3	0.0
Depreciation of Fixed Assets and Investment Property	5.5	—	5.8	—	0.0	-5.8	5.8	0.0	10.7	-4.6	4.6	0.0
Provision (Increase)/Reversal	-1.6	—	0.4	—	0.0	-18.5	18.5	0.0	-5.5	5.1	-5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.6	—	1.6	—	0.0	1.0	-1.0	0.0	0.4	-0.5	0.5	0.0
Gain/Loss from Investment Activities	-11.8	—	-6.4	—	0.0	10.4	-10.4	0.0	-17.8	3.5	-3.5	0.0
Interest Expense	40.8	—	32.9	—	0.0	-33.8	33.8	0.0	75.4	-39.6	39.6	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	38.6	—	70.5	—	0.0	-76.3	76.3	0.0	95.2	-61.4	61.4	0.0
Increase/(Decrease) in Receivables	114.7	—	-244.0	—	0.0	236.7	-236.7	0.0	33.7	90.5	-90.5	0.0
Increase/(Decrease) in Inventory	96.8	—	-227.4	—	0.0	-10.3	10.3	0.0	-50.4	11.1	-11.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-386.4	—	385.0	—	0.0	-313.2	313.2	0.0	16.2	-99.6	99.6	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	—	0.3	—	0.0	-2.9	2.9	0.0	-0.8	3.6	-3.6	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-40.6	—	-32.9	—	0.0	34.2	-34.2	0.0	-74.9	39.0	-39.0	0.0
Corporate Income Tax Paid	-0.4	-0.2	-7.8	-0.1	0.0	-2.5	-6.4	-0.9	-1.7	-1.2	-2.1	-0.9
Other Operating Receipts	—	—	—	—	3.4	14.5	-1.2	1.2	-20.1	4.3	-3.6	3.6
Other Operating Payments	—	-168.9	—	-137.9	-51.0	-248.5	74.0	-74.0	159.0	-159.0	4.2	-4.2
Net Cash Flow from Operating Activities	-75.2	-99.0	-138.2	81.7	-14.6	-97.5	197.4	-73.0	22.7	-39.2	31.8	-17.9
Payments for Fixed Assets and Other Long-term Assets	-39.9	-48.5	-1.6	-0.4	0.0	-0.1	-1.3	-0.2	-12.0	3.0	-18.8	-3.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	—	0.1	0.0	0.0	0.0	3.9	-0.2	2.0	0.0
Loans and Purchases of Debt Instruments	-83.3	—	-142.9	—	0.0	107.7	-107.7	0.0	-179.1	66.4	-66.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	150.0	—	167.9	—	0.0	-26.5	26.5	0.0	132.1	-38.4	38.4	0.0
Investments in Other Entities	—	—	—	—	0.0	-12.0	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	12.4	-0.4	1.3	2.7	3.1	7.4	3.6	1.2	3.2	4.1	1.9	0.8
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	17.2	-26.8	29.0	-1.9	10.0	-7.8	-16.1	-61.8	-55.0	37.9	-54.0	8.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.9	-0.9	0.9	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	952.9	725.8	901.3	690.1	707.2	525.3	766.9	616.8	739.0	382.4	565.5	455.6
Repayment of Borrowings	-885.6	-522.1	-732.8	-756.1	-597.9	-485.8	-910.7	-464.6	-658.8	-381.3	-556.1	-434.6
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	0.0	0.0	-12.8	-1.5	-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	67.2	203.7	168.5	-50.2	109.3	40.4	-144.8	153.0	67.5	-0.4	9.3	21.0
Net Cash Flow During the Period	9.3	77.9	59.3	29.6	104.7	-64.9	36.6	18.3	35.2	-1.7	-13.0	11.2
Cash and Cash Equivalents at Beginning of Period	238.4	160.6	101.3	71.6	46.5	46.5	46.5	46.5	14.7	14.7	14.7	14.7
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	247.7	238.4	160.6	101.3	141.3	36.5	101.4	64.9	46.5	11.3	13.0	26.0

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

NAG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research