PAS

Listed Company · UPCOM

Price

2,700

Latest close

03 Apr 2026

P/E 4.8x

EPS (TTM) 565

ROE (TTM) 3.8%

P/B 0.2x

BVPS (Latest) 15,924

ROA (TTM) 1.6%

What Is Changing

PAS no longer looks like a business simply rebounding from a weak base. Revenue posted +55.2% YoY, while net margin reached 0.82% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.02% in 2023 to 0.82% in 2025.
Net Income recovered 221.5% to VND 13.6bn in 2025.
Revenue increased 55.2% YoY to VND 1,658.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,658.1	1,068.1	683.2	968.7	1,123.5
Growth	+55%	+56%	-29%	-14%	—
Net Income	13.6	4.2	0.1	9.5	61.9
Net Margin	0.82%	0.39%	0.02%	0.99%	5.51%

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	453.2	358.2	580.0	266.7	255.4	231.6	353.6	227.5	161.9	269.3	107.4	144.5
Growth	+27%	-38%	+117%	+4%	+10%	-34%	+55%	+40%	-40%	+151%	-26%	—
Net Income	12.9	-1.1	1.6	0.2	9.6	0.4	0.8	1.2	3.7	-4.3	0.3	0.4
Net Margin	2.85%	-0.31%	0.28%	0.06%	3.75%	0.18%	0.22%	0.54%	2.27%	-1.60%	0.32%	0.27%

Financial Statements

Profitability

Net margin reached 0.82% while Revenue posted +55.2% YoY.

Balance Sheet

Inventory stood at 327.1bn, liabilities at 660.3bn, and equity at 446.7bn.

Cash Flow

Operating cash flow was 164.9bn in 2025, while investing cash flow was -382.0bn.

Financing cash flow: 203.5bn.

Item	2025	2024	2023	2022	2021
Revenue	1,659.0	1,068.2	683.2	968.8	1,123.7
Revenue Deductions	0.9	0.1	0.1	0.1	0.0
Net Revenue	1,658.1	1,068.1	683.2	968.7	1,123.5
Cost of Goods Sold	1,608.7	1,051.4	681.9	955.4	0.0
Gross Profit	49.4	16.7	1.2	13.3	104.3
Financial Income	20.8	9.0	10.4	1.2	0.2
Financial Expenses	32.6	11.7	18.2	28.9	-18.3
Interest Expense	32.0	11.6	10.5	20.5	-17.0
Share of Associates and Joint Ventures	-0.1	0.0	0.0	0.0	-0.0
Selling Expenses	3.0	2.4	1.4	1.7	-1.9
General and Administrative Expenses	14.5	3.0	-9.3	93.1	-5.7
Operating Profit	20.1	8.6	1.3	-109.1	78.5
Other Income	0.0	0.0	0.0	123.0	0.0
Other Expenses	0.2	1.8	0.9	1.8	0.0
Other Profit	-0.1	-1.8	-0.9	121.3	-0.8
Profit Before Tax	19.9	6.8	0.4	12.1	77.7
Current Income Tax Expense	4.6	2.4	0.3	2.6	-15.7
Deferred Income Tax Expense	1.8	0.2	0.0	0.0	0.0
Net Income	13.6	4.2	0.1	9.5	61.9
Non-controlling Interest	-3.0	-0.2	0.0	0.0	-0.0
Profit Attributable to Parent	16.6	4.4	0.1	9.5	61.9
Earnings per Share	591.00	150.00	4.00	340.00	2,219.84
Diluted EPS	590.84	157.20	3.80	340.45	2,208.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.1	766.7	341.6	518.8	507.7
I. Cash and cash equivalents	5.4	19.1	4.3	2.4	8.6
1. Cash	5.4	19.1	4.3	2.4	0.0
2. Cash equivalents	—	0.0	0.0	0.1	0.0
II. Short-term financial investments	—	0.0	1.1	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	1.1	0.0	0.0
III. Short-term receivables	187.6	441.2	38.4	198.1	198.0
1. Short-term trade accounts receivable	124.1	196.0	83.8	186.6	0.0
2. Short-term prepayments to suppliers	9.3	142.1	21.9	98.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	81.8	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.9	138.7	6.1	1.0	0.0
7. Provision for short-term doubtful debts (*)	-35.6	-35.6	-73.4	-88.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	327.1	305.1	297.0	316.0	299.0
1. Inventories	328.7	308.2	301.9	316.1	0.0
2. Provision for decline in value of inventories	-1.7	-3.0	-4.9	-0.1	0.0
V. Other short-term assets	2.1	1.4	0.7	2.3	2.0
1. Short-term prepayments	0.4	0.4	0.2	0.1	0.0
2. Value added tax to be reclaimed	1.6	0.9	0.4	2.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	584.9	118.1	363.3	244.9	187.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	11.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	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	0.0
II. Fixed assets	175.8	53.1	45.8	49.7	63.7
1. Tangible fixed assets	80.8	53.1	45.8	49.7	61.7
- Cost	163.3	130.6	117.9	117.8	0.0
- Accumulated depreciation	-82.5	-77.5	-72.0	-68.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	2.0
- Cost	—	0.4	0.0	0.0	0.0
- Accumulated depreciation	—	-0.4	0.0	0.0	0.0
3. Intangible fixed assets	95.0	0.0	0.0	0.0	0.0
- Cost	95.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	305.5	31.6	31.6	31.6	56.7
- Cost	305.5	31.6	31.6	31.6	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	13.8	11.4	211.4	2.5	2.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.8	11.4	211.4	2.5	0.0
V. Long-term financial investments	—	0.1	69.7	160.1	53.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	77.1	168.5	0.0
3. Investments in other entities	0.1	0.1	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	0.0	-7.4	-8.4	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	89.8	21.9	4.9	1.0	0.0
1. Long-term prepayments	6.9	1.2	4.9	1.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.6
5. Goodwill	82.9	20.7	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,107.0	884.8	704.9	763.7	695.4
A. LIABILITIES (300=210+330)	660.3	452.0	334.5	393.4	334.4
I. Short -term liabilities	578.8	451.8	334.5	393.4	333.0
1. Short-term trade accounts payable	105.5	108.2	174.9	160.6	107.1
2. Short-term advances from customers	2.2	2.2	58.1	0.7	0.4
3. Taxes and other payables to state authorities	9.8	5.4	7.2	12.8	0.0
4. Payable to employees	1.1	0.5	0.4	0.3	0.0
5. Short-term acrrued expenses	1.3	0.9	0.4	0.3	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	0.2	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.9	0.0	0.0	0.0
10. Short-term borrowings and financial leases	457.3	333.4	93.2	218.4	211.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.2	0.2	0.2	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	81.5	0.2	0.0	0.0	1.4
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	79.5	0.0	0.0	0.0	1.4
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	2.0	0.2	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)	446.7	432.9	370.4	370.3	360.9
I. Owner's equity	446.7	432.9	370.4	370.3	0.0
1. Owner's capital	280.5	280.5	280.5	280.5	360.9
- Common stock with voting right	280.5	280.5	280.5	280.5	280.5
- 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	0.0	0.0	0.0
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	0.8	0.6	0.6	0.6	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	72.8	57.2	89.3	89.2	79.9
- Accumulated retained earning at the end of the previous period	56.2	52.7	89.2	79.7	18.1
- Undistributed earnings in this period	16.6	4.4	0.1	9.5	61.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	92.5	94.7	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)	1,107.0	884.8	704.9	763.7	695.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	19.9	6.8	0.4	12.1	77.7
Depreciation of Fixed Assets and Investment Property	7.8	3.9	4.0	8.1	8.4
Provision (Increase)/Reversal	-1.3	-47.1	-10.8	90.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-1.1	0.0
Gain/Loss from Investment Activities	-6.1	-0.0	-8.1	-123.1	0.0
Interest Expense	32.0	11.6	10.5	20.5	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	52.4	-24.9	-4.1	7.3	104.2
Increase/(Decrease) in Receivables	272.5	29.3	186.4	-69.5	0.0
Increase/(Decrease) in Inventory	-20.6	-8.5	14.2	-17.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-100.7	-123.7	-131.6	52.6	0.0
Increase/(Decrease) in Prepaid Expenses	-5.8	3.6	-4.0	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.7	-11.6	-16.1	-20.4	0.0
Corporate Income Tax Paid	-1.4	-5.0	-5.7	-5.1	0.0
Other Operating Receipts	—	4.2	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	164.9	-136.6	39.3	-52.7	33.7
Payments for Fixed Assets and Other Long-term Assets	-303.2	-124.9	-0.1	-0.8	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	15.0	0.1
Loans and Purchases of Debt Instruments	-81.8	0.0	-1.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.1	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	29.9	89.0	34.5	0.0
Dividends and Interest Income Received	2.9	0.0	0.0	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	-382.0	-93.9	87.9	48.8	-0.8
Proceeds from Equity Issuance and Capital Contributions	—	5.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,213.4	535.3	329.5	567.8	500.5
Repayment of Borrowings	-1,009.9	-295.1	-454.8	-560.5	-499.1
Repayment of Finance Leases	—	0.0	0.0	-9.6	-0.8
Dividends Paid	—	0.0	0.0	0.0	-27.3
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	203.5	245.2	-125.2	-2.3	-26.7
Net Cash Flow During the Period	-13.7	14.7	1.9	-6.2	-2.0
Cash and Cash Equivalents at Beginning of Period	19.1	4.3	2.4	8.6	2.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.4	19.1	4.3	2.4	8.6

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	453.4	358.6	580.2	266.7	255.4	231.7	353.6	227.5	162.0	269.3	107.4	144.5
Revenue Deductions	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Net Revenue	453.2	358.2	580.0	266.7	255.4	231.6	353.6	227.5	161.9	269.3	107.4	144.5
Cost of Goods Sold	441.8	347.1	563.7	256.0	255.9	225.2	348.2	222.2	164.6	268.7	109.7	138.9
Gross Profit	11.4	11.1	16.3	10.7	-0.5	6.4	5.4	5.3	-2.6	0.6	-2.3	5.6
Financial Income	18.3	0.9	1.6	0.0	0.1	0.0	0.0	0.0	0.7	0.0	9.7	0.0
Financial Expenses	9.1	8.3	8.9	6.2	-1.4	2.8	2.1	1.9	6.6	3.0	2.4	6.3
Interest Expense	9.3	7.6	8.9	6.2	5.3	2.7	1.8	1.8	1.4	2.9	5.3	6.3
Share of Associates and Joint Ventures	-0.1	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.6	0.5	1.0	0.7	0.5	0.7	0.5	0.3	0.4	0.4	0.3
General and Administrative Expenses	3.8	3.7	4.2	2.8	-1.0	1.6	1.5	1.0	-12.4	1.1	3.9	-1.8
Operating Profit	15.7	-0.5	4.3	0.6	1.8	1.5	1.2	2.0	3.6	-3.9	0.8	0.8
Other Income	0.0	0.0	0.0	0.0	9.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.4	0.8	0.0	0.5	-0.0	0.4	0.3	0.2
Other Profit	-0.1	-0.0	-0.0	-0.0	9.0	-0.8	-0.0	-0.5	0.0	-0.4	-0.3	-0.2
Profit Before Tax	15.6	-0.5	4.3	0.6	10.8	0.7	1.1	1.5	3.6	-4.3	0.5	0.5
Current Income Tax Expense	1.7	0.2	2.5	0.3	1.3	0.3	0.3	0.3	-0.0	0.0	0.2	0.2
Deferred Income Tax Expense	1.1	0.4	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.9	-1.1	1.6	0.2	9.6	0.4	0.8	1.2	3.7	-4.3	0.3	0.4
Non-controlling Interest	-0.8	-1.1	-0.7	-0.4	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.7	-0.0	2.3	0.6	9.8	0.4	0.8	1.2	3.7	-4.3	0.3	0.4
Earnings per Share	487.93	-1.33	57.00	21.69	348.00	15.00	28.00	44.00	131.00	-153.00	12.00	14.00
Diluted EPS	487.93	-1.33	82.56	21.69	347.96	14.72	28.27	43.96	131.13	-153.33	12.23	13.77

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)	522.1	636.8	719.6	704.4	636.8	502.3	481.0	309.2	341.6	579.5	447.0	512.4
I. Cash and cash equivalents	5.4	14.0	22.6	8.5	26.5	1.7	12.0	0.9	4.3	4.6	1.8	0.2
1. Cash	5.4	14.0	22.6	8.5	26.5	1.7	12.0	0.9	4.3	4.6	1.8	0.2
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	20.1	0.1	1.1	1.1	1.1	0.9	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	20.1	0.1	1.1	1.1	1.1	0.9	0.0
III. Short-term receivables	187.6	281.8	375.9	377.9	303.8	164.4	167.4	10.7	38.4	273.1	140.1	193.2
1. Short-term trade accounts receivable	124.1	231.9	256.4	193.4	196.0	168.1	129.7	71.8	83.8	132.3	78.5	152.6
2. Short-term prepayments to suppliers	9.3	46.4	22.9	158.0	143.1	35.0	77.4	12.0	21.9	218.9	149.3	127.7
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	81.8	38.0	100.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.9	1.1	32.2	62.1	0.2	1.4	0.3	0.3	6.1	10.1	0.3	1.1
7. Provision for short-term doubtful debts (*)	-35.6	-35.6	-35.6	-35.6	-35.6	-40.0	-40.0	-73.4	-73.4	-88.1	-88.1	-88.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	327.1	338.3	319.0	315.0	305.1	314.6	300.8	295.7	297.0	300.2	303.4	316.8
1. Inventories	328.7	338.3	320.2	318.1	308.2	315.7	301.9	297.2	301.9	302.6	305.8	316.9
2. Provision for decline in value of inventories	-1.7	—	-1.2	-3.0	-3.0	-1.1	-1.1	-1.5	-4.9	-2.5	-2.5	-0.1
V. Other short-term assets	2.1	2.7	2.1	2.9	1.4	1.5	0.8	0.7	0.7	0.5	0.9	2.2
1. Short-term prepayments	0.4	0.7	1.0	1.5	0.4	0.3	0.5	0.6	0.2	0.3	0.4	0.6
2. Value added tax to be reclaimed	1.6	1.9	1.0	1.3	0.9	1.1	0.3	0.1	0.4	0.1	0.4	1.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	584.9	371.7	343.6	236.4	327.0	330.0	330.7	362.5	363.3	239.4	240.4	246.8
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	175.8	168.9	169.0	167.1	53.1	46.0	45.8	45.1	45.8	46.6	47.6	48.6
1. Tangible fixed assets	80.8	73.9	74.0	72.1	53.1	46.0	45.8	45.1	45.8	46.6	47.6	48.6
- Cost	—	—	—	—	130.6	120.5	119.4	117.9	117.9	117.9	117.9	117.8
- Accumulated depreciation	—	—	—	—	-77.5	-74.5	-73.6	-72.8	-72.0	-71.3	-70.3	-69.2
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	95.0	95.0	95.0	95.0	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	305.5	131.9	131.9	31.6	31.6	31.6	31.6	31.6	31.6	31.6	31.6	31.6
- 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	13.8	18.5	17.9	14.2	220.5	211.5	211.5	212.6	211.4	2.5	2.5	2.5
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	13.8	18.5	17.9	14.2	220.5	211.5	211.5	212.6	211.4	2.5	2.5	2.5
V. Long-term financial investments	—	26.3	0.1	0.1	0.1	39.6	39.6	69.7	69.7	157.7	157.7	163.0
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	—	26.9	—	—	0.0	47.1	47.1	47.1	77.1	162.6	162.6	168.5
3. Investments in other entities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	30.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.7	—	—	0.0	-7.6	-7.6	-7.4	-7.4	-4.8	-4.8	-5.4
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	89.8	26.1	24.7	23.4	21.7	1.3	2.3	3.7	4.9	0.9	1.0	1.1
1. Long-term prepayments	6.9	7.0	5.0	3.2	1.2	1.3	2.3	3.7	4.9	0.9	1.0	1.1
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
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	82.9	19.1	19.6	20.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	20.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,107.0	1,008.5	1,063.2	940.8	963.8	832.3	811.8	671.7	704.9	818.9	687.4	759.2
A. LIABILITIES (300=210+330)	660.3	579.2	628.7	507.7	531.1	460.0	439.4	300.5	334.5	452.2	316.4	388.5
I. Short -term liabilities	578.8	578.2	628.1	507.4	530.9	460.0	439.4	300.5	334.5	452.2	316.4	388.5
1. Short-term trade accounts payable	105.5	167.0	146.4	68.3	109.2	191.6	296.2	155.2	174.9	313.0	165.5	167.9
2. Short-term advances from customers	2.2	3.0	3.0	3.7	2.2	5.2	13.6	48.6	58.1	28.9	16.3	3.0
3. Taxes and other payables to state authorities	9.8	7.7	8.5	7.1	5.4	2.5	2.5	4.7	7.2	9.9	11.9	13.5
4. Payable to employees	1.1	1.0	0.7	0.7	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.3
5. Short-term acrrued expenses	1.3	0.0	1.0	0.0	0.9	0.1	0.3	0.6	0.4	0.6	0.7	0.0
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	0.2	1.0	—	0.9	0.0	0.9	0.0	0.8	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	1.1	1.2	2.5	79.0	61.8	0.1	0.1	0.0	0.5	0.4	0.1
10. Short-term borrowings and financial leases	457.3	397.0	466.9	423.9	333.4	197.2	126.1	89.7	93.2	98.7	121.0	203.4
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	81.5	0.9	0.6	0.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	79.5	—	—	—	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	2.0	0.9	0.6	0.3	0.2	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)	446.7	429.4	434.5	433.0	432.7	372.2	372.3	371.2	370.4	366.7	371.0	370.7
I. Owner's equity	446.7	429.4	434.5	433.0	432.7	372.2	372.3	371.2	370.4	366.7	371.0	370.7
1. Owner's capital	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5
- Common stock with voting right	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5
- 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	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
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	0.8	0.8	0.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	72.8	59.5	59.6	57.8	57.0	91.2	91.3	90.2	89.3	85.6	89.9	89.6
- Accumulated retained earning at the end of the previous period	56.2	58.9	56.7	57.6	46.2	88.9	88.9	88.9	89.2	89.2	89.2	89.2
- Undistributed earnings in this period	16.6	0.7	2.9	0.2	10.8	2.2	2.4	1.2	0.1	-3.6	0.7	0.4
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	92.5	88.5	93.5	94.2	94.7	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)	1,107.0	1,008.5	1,063.2	940.8	963.8	832.3	811.8	671.7	704.9	818.9	687.4	759.2

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	15.6	-0.5	4.3	0.6	12.6	-1.9	1.1	1.5	3.6	-4.3	0.5	0.5
Depreciation of Fixed Assets and Investment Property	4.5	0.1	1.7	1.5	1.8	0.8	0.8	0.8	0.8	1.0	1.1	1.1
Provision (Increase)/Reversal	1.1	-0.5	-1.9	—	-10.2	0.0	-33.6	-3.4	-9.7	0.0	1.8	-2.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	—	-0.0	—	-0.1	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.7	3.2	-1.6	-0.0	-9.0	-0.0	-0.0	-0.0	1.7	-0.0	-9.7	-0.0
Interest Expense	16.8	—	8.9	6.2	5.3	2.7	1.8	1.8	-4.0	2.9	5.3	6.3
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	45.5	-12.8	11.4	8.3	0.4	1.6	-29.9	0.8	-7.6	-0.4	-1.1	5.0
Increase/(Decrease) in Receivables	270.5	-108.7	162.8	-52.1	-17.1	0.0	-118.2	26.6	249.7	-132.8	64.0	5.4
Increase/(Decrease) in Inventory	9.5	-18.1	-2.1	-9.9	7.5	-13.8	-4.7	2.5	0.8	3.2	11.1	-0.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-159.5	129.4	-36.1	-34.5	-188.7	-50.7	91.2	-15.1	-312.2	159.8	10.6	10.2
Increase/(Decrease) in Prepaid Expenses	0.4	-1.7	-4.0	-0.5	0.1	1.2	1.5	0.9	-3.9	0.2	0.2	-0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.0	—	-7.8	-6.9	-7.9	0.0	12.3	-16.1	-2.1	-3.0	-4.7	-6.3
Corporate Income Tax Paid	-0.5	—	-0.9	—	0.0	-0.4	-1.9	-2.6	-2.6	-1.7	-1.3	0.0
Other Operating Receipts	—	—	—	—	6.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	133.4	3.7	123.3	-95.5	-199.2	-62.2	-49.7	-3.0	-77.9	25.2	78.8	13.1
Payments for Fixed Assets and Other Long-term Assets	-271.9	-0.5	-25.3	-5.5	-7.6	-1.4	-1.2	-0.0	-0.0	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-43.8	124.0	-162.0	—	20.1	-18.0	-0.9	-1.1	0.0	-0.3	-0.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	62.0	—	0.0	0.0	1.1	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	-15.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	85.5	0.0	25.6	4.3	83.1	0.0	5.9	0.0
Dividends and Interest Income Received	2.9	—	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	-281.9	57.5	-152.2	-5.5	82.7	-19.4	24.6	3.1	83.1	-0.3	5.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	5.0	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	478.2	206.2	329.3	199.8	241.3	138.5	136.0	19.5	75.1	15.2	123.4	115.9
Repayment of Borrowings	-338.3	-276.0	-286.3	-109.3	-105.1	-67.3	-99.7	-23.0	-80.6	-37.4	-205.6	-131.1
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	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	139.8	-69.8	42.9	90.5	141.2	71.1	36.4	-3.5	-5.5	-22.2	-82.2	-15.3
Net Cash Flow During the Period	-8.6	-8.6	14.1	-10.5	24.7	-10.4	11.2	-3.4	-0.3	2.8	1.6	-2.2
Cash and Cash Equivalents at Beginning of Period	14.0	22.6	8.5	19.1	4.3	4.3	4.3	4.3	2.4	2.4	2.4	2.4
FX Difference from Revaluation	0.0	—	0.0	—	0.1	-0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.4	14.0	22.6	8.5	26.5	1.7	12.1	0.9	4.3	4.6	1.8	0.2

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PAS

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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