PBP

Bao bì Dầu khí Việt Nam ·HNX ·2026Q1

▼ Under pressure

Price

11,800

Latest close

03 Jun 2026

P/E 7.31x

P/B 0.79x

EPS 1,615

BVPS 14,935

ROE 10.9%

ROA 5.4%

Profit Margin 2.4%

Asset Turnover 2.20x

Equity Mult. 2.04x

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

What Is Changing

On a TTM 2026Q1 basis, PBP is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 317bn
	                                
−32.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
−14.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.59x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	420.6	370.2	359.7	355.6	330.0
Growth	+14%	+3%	+1%	+8%	—
Net Income	8.1	8.1	8.0	6.8	5.8
Net Margin	1.94%	2.20%	2.23%	1.90%	1.76%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	50.7	93.4	78.8	94.4	154.1	154.5	72.9	86.0	56.9	156.8	86.7	78.4
Growth	-46%	+19%	-17%	-39%	-0%	+112%	-15%	+51%	-64%	+81%	+11%	—
Net Income	1.7	1.9	1.9	2.3	2.1	2.0	2.7	2.4	1.1	3.2	1.4	2.2
Net Margin	3.27%	2.05%	2.41%	2.41%	1.33%	1.26%	3.72%	2.76%	1.95%	2.07%	1.67%	2.84%

Drivers of PBP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 1.7bn

Tax ↓ 0.6bn

Financial income ↑ 0.5bn

Selling expenses ↓ 0.4bn

Gross profit ↓ 4.2bn

Finance costs ↑ 0.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 0.3bn

Financial income ↑ 0.3bn

Selling expenses ↓ 0.2bn

Administrative expenses ↓ 0.1bn

Gross profit ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.2% = 1.9% × 3.20 × 2.13

2026Q1 10.9% = 2.4% × 2.20 × 2.04

ROE fell from 13.2% to 10.9% — asset turnover weakened the most, though net margin still provided support.

Net margin: 2.4% +0.5pp Asset turnover: 2.20x -1.01x Leverage: 2.04x -0.09x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 2.44%, rising 0.5pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (with additional support from Net financial result / Revenue rose 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.44% +0.5pp

Gross Margin 9.34% +2.1pp

SG&A / Revenue 6.49% +1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 11.57%, losing 15.3pp. That translates to 11.57 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 9.14x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 11.57% −15.3pp

NOPAT Margin 2.44% +0.5pp

Capital Turnover 4.74x −9.14x

Average Invested Capital 67.0bn +33.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.20x equity.

Inventory ended the period at 45.4bn, roughly 34.4% of total assets.

Over the last 12 months, working capital absorbed 49.6bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −8.4bn

Inventories increased → lower CFO: −11.9bn

Payables decreased → lower CFO: −29.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 29.8 days versus the same period last year. The main moves came from DIO rose 33.5 days, DSO rose 0.9 days, and DPO rose 4.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +29.8 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 5.6 days +0.9 days

Inventory 64.3 days +33.5 days

Payables 24.5 days +4.6 days

Cash Conversion Cycle 45.5 days +29.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 9.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.20x and interest coverage at 9.83x.

At present, short-term debt accounts for 30.3% of total debt, cash equals 207.5% of debt, and total debt stands at 13.6bn.

Leverage and liquidity trend

Net Debt / Equity -0.20x −0.30x

Interest Coverage 9.83x −6.66x

Cash / Debt 207.5% +167.8pp

Short-term Debt / Total Debt 30.3% +2.4pp

CFO / NI -4.59x −5.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.0bn in 2025, against investing cash flow of 27.9bn.

Post-investment cash flow was positive +37.0bn. Financing cash flow was negative +4.8bn.

CFO / net income was -4.59x.

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 35.6bn −39.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at -4.59x. The next item to monitor is cash generation still needs confirmation.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -4.59x.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	420.6	370.3	359.7	355.6	330.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	420.6	370.2	359.7	355.6	330.0
Cost of Goods Sold	389.8	339.7	328.7	329.4	0.0
Gross Profit	30.8	30.5	31.1	26.1	29.7
Financial Income	1.6	1.6	1.9	0.7	0.0
Financial Expenses	1.0	0.6	0.3	0.4	-0.6
Interest Expense	1.0	0.6	0.3	0.4	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	6.8	6.4	6.4	5.1	-7.2
General and Administrative Expenses	14.1	14.6	16.2	12.6	-14.4
Operating Profit	10.5	10.5	10.2	8.6	7.5
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	0.0	-0.0	-0.0
Profit Before Tax	10.6	10.5	10.2	8.6	7.5
Current Income Tax Expense	2.4	2.3	2.2	1.9	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.1	8.1	8.0	6.8	5.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.1	8.1	8.0	6.8	5.8
Earnings per Share	1,357.00	1,357.00	1,337.00	1,125.00	1,105.00
Diluted EPS	1,696.09	1,695.88	1,671.09	1,406.83	1,208.55

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.5	104.9	86.2	100.5	59.0
I. Cash and cash equivalents	35.2	3.1	22.5	10.4	17.4
1. Cash	20.2	3.1	12.5	10.4	0.0
2. Cash equivalents	15.0	0.0	10.0	0.0	0.0
II. Short-term financial investments	—	35.0	30.0	50.0	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	—	35.0	30.0	50.0	0.0
III. Short-term receivables	2.1	7.7	4.1	2.1	3.1
1. Short-term trade accounts receivable	1.8	7.2	3.7	1.2	0.0
2. Short-term prepayments to suppliers	0.3	0.2	0.0	0.3	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	0.1	0.4	0.5	0.7	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.1	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	45.4	58.2	28.6	37.6	38.1
1. Inventories	45.4	58.2	28.9	37.6	0.0
2. Provision for decline in value of inventories	—	0.0	-0.3	0.0	0.0
V. Other short-term assets	0.7	1.0	0.9	0.4	0.4
1. Short-term prepayments	0.7	0.3	0.5	0.4	0.0
2. Value added tax to be reclaimed	—	0.7	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	48.4	47.4	38.9	38.3	43.1
I. Long-term receivables	0.6	0.5	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.6	0.5	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	44.8	43.6	34.3	35.5	40.7
1. Tangible fixed assets	33.9	32.4	34.3	35.5	40.7
- Cost	138.9	131.6	128.0	123.5	0.0
- Accumulated depreciation	-105.0	-99.3	-93.7	-88.0	0.0
2. Financial leased fixed assets	10.9	11.2	0.0	0.0	0.0
- Cost	14.1	12.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	-0.8	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	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	—	0.0	2.2	0.1	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	2.2	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	3.1	3.3	2.4	2.7	0.0
1. Long-term prepayments	3.1	3.3	2.4	2.7	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	2.4
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)	131.9	152.3	125.1	138.8	102.1
A. LIABILITIES (300=210+330)	61.9	83.6	58.0	74.1	38.9
I. Short -term liabilities	52.4	74.5	55.1	73.0	36.2
1. Short-term trade accounts payable	13.9	14.3	21.4	17.0	22.9
2. Short-term advances from customers	24.7	47.8	23.8	45.6	0.0
3. Taxes and other payables to state authorities	2.4	0.7	1.0	1.6	0.0
4. Payable to employees	5.7	7.5	6.8	5.6	0.0
5. Short-term acrrued expenses	0.6	0.5	0.3	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.1	0.1	0.0	0.0
10. Short-term borrowings and financial leases	4.2	3.2	1.2	2.6	3.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.4	0.5	0.3	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	9.5	9.1	3.0	1.0	2.7
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	9.5	9.1	3.0	1.0	2.7
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	70.0	68.7	67.0	64.7	63.2
I. Owner's equity	70.0	68.7	67.0	64.7	0.0
1. Owner's capital	48.0	48.0	48.0	48.0	63.2
- Common stock with voting right	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
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	—	0.00	0.00	0.00	0.00
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	14.7	12.5	10.9	9.9	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	7.3	8.2	8.1	6.8	5.9
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.1	0.1	0.1
- Undistributed earnings in this period	7.2	8.1	8.0	6.8	5.8
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)	131.9	152.3	125.1	138.8	102.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.6	10.5	10.2	8.6	7.5
Depreciation of Fixed Assets and Investment Property	8.2	6.3	5.7	7.5	9.6
Provision (Increase)/Reversal	0.0	-0.2	0.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.4	-1.0	-1.9	-0.7	0.0
Interest Expense	1.0	0.6	0.3	0.4	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	19.3	16.1	14.6	15.8	17.3
Increase/(Decrease) in Receivables	6.0	-4.5	-2.6	1.7	0.0
Increase/(Decrease) in Inventory	12.7	-29.2	8.7	0.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.1	17.7	-17.5	37.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.7	0.2	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-0.6	-0.3	-0.4	0.0
Corporate Income Tax Paid	-2.5	-2.6	-1.8	-1.6	0.0
Other Operating Receipts	—	0.0	0.3	0.0	0.0
Other Operating Payments	-2.4	-2.2	-1.7	-1.4	0.0
Net Cash Flow from Operating Activities	9.0	-6.0	-0.1	51.8	23.7
Payments for Fixed Assets and Other Long-term Assets	-7.8	-1.6	-6.4	-2.4	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-50.0	-30.0	-50.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	35.0	45.0	50.0	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	0.7	1.2	2.1	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	27.9	-5.4	15.7	-52.3	-1.3
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	3.1	0.5	3.2	1.1	0.7
Repayment of Borrowings	-1.5	-1.3	-2.6	-3.4	-4.0
Repayment of Finance Leases	-2.4	-2.9	0.0	0.0	0.0
Dividends Paid	-4.1	-4.3	-4.1	-4.1	-3.8
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	-4.8	-8.0	-3.5	-6.4	-7.2
Net Cash Flow During the Period	32.1	-19.4	12.1	-7.0	-41.9
Cash and Cash Equivalents at Beginning of Period	3.1	22.5	10.4	17.4	2.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	35.2	3.1	22.5	10.4	17.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	50.7	93.4	78.8	94.4	154.1	154.5	72.9	86.0	56.9	156.8	86.7	78.4
Revenue Deductions	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	50.7	93.4	78.8	94.4	154.1	154.5	72.9	86.0	56.9	156.8	86.7	78.4
Cost of Goods Sold	42.7	85.0	71.7	88.2	144.9	145.8	64.2	78.7	51.1	143.9	82.0	69.5
Gross Profit	8.0	8.4	7.0	6.2	9.2	8.7	8.7	7.3	5.8	12.9	4.6	8.9
Financial Income	0.3	0.5	0.4	0.6	0.0	0.7	0.1	0.5	0.3	0.5	0.5	0.4
Financial Expenses	0.2	0.3	0.2	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Interest Expense	0.2	0.3	0.2	0.3	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.8	2.2	1.3	1.2	2.0	2.2	1.5	1.3	1.4	2.5	0.7	1.9
General and Administrative Expenses	4.1	3.9	3.5	2.4	4.2	4.2	3.8	3.4	3.1	6.8	2.5	4.5
Operating Profit	2.1	2.4	2.4	2.9	2.8	2.7	3.4	2.9	1.6	4.1	1.8	2.8
Other Income	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	2.1	2.4	2.4	2.9	2.8	2.6	3.4	2.9	1.6	4.1	1.8	2.8
Current Income Tax Expense	0.5	0.5	0.5	0.6	0.8	0.7	0.7	0.5	0.5	0.8	0.4	0.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.7	1.9	1.9	2.3	2.1	2.0	2.7	2.4	1.1	3.2	1.4	2.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.7	1.9	1.9	2.3	2.1	2.0	2.7	2.4	1.1	3.2	1.4	2.2
Earnings per Share	346.00	400.00	395.00	474.00	427.00	406.00	564.00	493.00	232.00	676.00	301.00	463.00
Diluted EPS	345.99	399.66	395.02	474.13	427.28	406.47	564.30	493.42	231.69	676.09	301.13	463.48

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	104.0	83.5	97.7	70.8	93.7	104.9	76.3	78.5	114.4	86.2	110.8	72.5
I. Cash and cash equivalents	28.1	35.2	47.2	26.1	4.6	3.1	5.0	44.1	80.7	22.5	41.3	37.1
1. Cash	8.1	20.2	27.2	16.1	4.6	3.1	5.0	4.1	25.7	12.5	21.3	7.1
2. Cash equivalents	20.0	15.0	20.0	10.0	—	0.0	0.0	40.0	55.0	10.0	20.0	30.0
II. Short-term financial investments	—	—	—	—	35.0	35.0	0.0	0.0	0.0	30.0	30.0	0.0
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	35.0	35.0	0.0	0.0	0.0	30.0	30.0	0.0
III. Short-term receivables	17.7	2.1	10.6	5.8	8.9	7.7	38.1	7.6	4.7	4.1	5.5	2.7
1. Short-term trade accounts receivable	2.0	1.8	9.8	3.7	7.7	7.2	35.3	2.9	4.4	3.7	4.0	1.9
2. Short-term prepayments to suppliers	15.8	0.3	0.7	2.1	0.9	0.2	2.8	4.6	0.3	0.0	1.3	0.7
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.1	0.2	0.1	0.4	0.4	0.1	0.1	0.1	0.5	0.3	0.2
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-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
IV. Inventories	56.6	45.4	39.4	38.0	44.7	58.2	32.6	25.8	28.1	28.6	33.3	31.6
1. Inventories	56.6	45.4	39.4	38.0	44.7	58.2	32.6	25.9	28.4	28.9	34.5	31.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	-0.0	-0.3	-0.3	-1.2	0.0
V. Other short-term assets	1.6	0.7	0.5	0.9	0.5	1.0	0.6	1.0	0.9	0.9	0.7	1.2
1. Short-term prepayments	1.1	0.7	0.9	0.9	0.5	0.3	0.6	1.0	0.9	0.5	0.7	1.2
2. Value added tax to be reclaimed	0.5	—	-0.4	—	—	0.7	0.0	0.0	0.0	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	45.5	48.4	48.6	45.0	45.7	47.4	43.8	37.3	38.1	38.9	35.9	36.5
I. Long-term receivables	0.6	0.5	0.5	0.5	0.5	0.5	0.3	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	0.6	0.5	0.5	0.5	0.5	0.5	0.3	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
II. Fixed assets	42.6	44.8	44.3	39.9	41.6	43.6	40.4	34.4	33.0	34.3	33.2	34.2
1. Tangible fixed assets	32.4	33.9	32.8	29.9	31.0	32.4	33.2	34.4	33.0	34.3	33.2	34.2
- Cost	138.9	—	—	—	—	131.6	131.0	130.8	128.1	128.0	125.6	125.3
- Accumulated depreciation	-106.5	—	—	—	—	-99.3	-97.9	-96.5	-95.1	-93.7	-92.4	-91.1
2. Financial leased fixed assets	10.2	10.9	11.5	10.0	10.6	11.2	7.2	0.0	0.0	0.0	0.0	0.0
- Cost	14.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	—	—	0.2	0.1	0.1	0.0	0.1	0.2	2.2	2.2	0.2	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.2	0.1	0.1	0.0	0.1	0.2	2.2	2.2	0.2	0.1
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.3	3.1	3.6	4.4	3.6	3.3	3.1	2.8	2.9	2.4	2.5	2.2
1. Long-term prepayments	2.3	3.1	3.6	4.4	3.6	3.3	3.1	2.8	2.9	2.4	2.5	2.2
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	149.5	131.9	146.3	115.8	139.4	152.3	120.1	115.9	152.5	125.1	146.7	109.0
A. LIABILITIES (300=210+330)	77.8	61.9	73.2	44.6	69.5	83.6	49.0	47.5	85.1	58.0	78.9	42.6
I. Short -term liabilities	68.4	53.3	64.1	37.1	61.2	74.5	42.5	45.1	82.5	55.1	77.5	41.1
1. Short-term trade accounts payable	9.4	13.9	9.3	18.9	29.1	14.3	29.1	9.1	18.0	21.4	16.9	9.7
2. Short-term advances from customers	50.4	24.7	42.9	5.8	20.8	47.8	0.0	24.1	56.0	23.8	48.3	17.3
3. Taxes and other payables to state authorities	0.5	2.4	0.5	0.5	1.1	0.7	1.7	0.9	0.5	1.0	0.6	1.7
4. Payable to employees	2.7	5.7	5.0	5.9	5.6	7.5	7.4	7.4	5.0	6.8	9.7	9.3
5. Short-term acrrued expenses	0.2	0.6	0.1	0.5	—	0.5	0.4	0.8	0.0	0.3	0.0	0.3
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.0	0.6	0.6	0.6	0.1	0.6	0.5	0.5	0.1	0.5	0.5
10. Short-term borrowings and financial leases	4.1	5.1	5.0	3.2	3.2	3.2	2.4	1.2	1.2	1.2	0.6	1.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.8	0.6	1.7	0.7	0.4	0.9	1.1	1.2	0.5	1.0	1.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	9.5	8.6	9.2	7.5	8.3	9.1	6.5	2.3	2.7	3.0	1.4	1.5
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	9.5	8.6	9.2	7.5	8.3	9.1	6.5	2.3	2.7	3.0	1.4	1.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	71.7	70.0	73.1	71.2	69.9	68.7	71.1	68.4	67.4	67.0	67.9	66.4
I. Owner's equity	71.7	70.0	73.1	71.2	69.9	68.7	71.1	68.4	67.4	67.0	67.9	66.4
1. Owner's capital	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0
- Common stock with voting right	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00	47,995,160,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	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
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	14.7	14.7	14.7	14.7	12.5	12.5	12.5	12.5	10.9	10.9	10.9	10.9
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	9.0	7.3	10.4	8.5	9.4	8.2	10.6	7.9	8.4	8.1	9.0	7.5
- Accumulated retained earning at the end of the previous period	7.3	0.0	4.1	4.1	7.3	0.1	4.4	4.4	7.3	0.1	4.2	4.2
- Undistributed earnings in this period	1.7	7.2	6.2	4.3	2.1	8.1	6.2	3.5	1.1	8.0	4.8	3.3
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	149.5	131.9	146.3	115.8	139.4	152.3	120.1	115.9	152.5	125.1	146.7	109.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	2.1	2.4	2.4	2.9	2.8	2.6	3.4	2.9	1.6	4.1	1.8	2.8
Depreciation of Fixed Assets and Investment Property	2.2	2.2	2.0	1.9	2.0	2.2	1.4	1.4	1.4	1.3	1.3	1.3
Provision (Increase)/Reversal	—	0.0	—	—	—	0.1	-0.0	-0.3	0.0	-0.9	1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	—	0.1	—	-0.5	—	0.0	0.6	-0.6	0.0	-1.9	0.9	-0.9
Interest Expense	0.2	0.3	0.2	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	4.6	4.5	5.2	4.6	5.1	5.2	5.5	3.5	3.0	2.7	5.3	3.2
Increase/(Decrease) in Receivables	-15.6	8.9	-5.3	3.6	-1.2	29.4	-32.2	-0.2	-0.6	0.8	-2.8	1.1
Increase/(Decrease) in Inventory	-11.2	-6.0	-1.4	6.8	13.4	-25.6	-6.7	2.5	0.5	5.6	-2.9	10.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.1	-44.4	59.0	-60.0	22.4	30.8	-3.8	-38.3	27.8	-24.2	38.3	-20.2
Increase/(Decrease) in Prepaid Expenses	0.4	0.7	0.9	-1.3	-0.5	0.1	0.1	0.0	-0.9	0.3	0.1	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.3	-0.2	-0.2	-0.3	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1
Corporate Income Tax Paid	-0.5	-0.5	-0.4	-0.8	-0.8	-1.3	0.0	-0.3	-1.0	-0.4	-0.6	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Other Operating Payments	-0.4	-0.8	-0.9	-0.1	-0.5	-0.1	-0.3	-1.4	-0.1	-0.9	0.1	-0.7
Net Cash Flow from Operating Activities	-7.0	-37.8	56.8	-47.6	37.7	38.3	-37.4	-34.3	28.6	-15.9	37.5	-6.0
Payments for Fixed Assets and Other Long-term Assets	—	-4.8	-1.6	-1.0	-0.4	-0.7	-0.5	-0.3	-0.1	-3.1	-1.5	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	-35.0	-35.0	0.0	0.0	0.0	-30.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	35.0	—	0.0	0.0	0.0	30.0	30.0	-30.0	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	—	-0.1	—	0.9	—	0.0	-1.0	1.0	0.0	2.1	-0.9	0.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	—	30.9	-37.5	69.9	-35.4	-35.7	-1.5	0.7	29.9	-1.0	-32.4	-0.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.9	0.5	2.7	—	—	0.5	0.0	0.0	0.0	2.4	0.0	0.7
Repayment of Borrowings	-0.5	-0.4	-0.3	-0.3	-0.4	-0.3	-0.3	-0.3	-0.3	-0.1	-0.8	-0.8
Repayment of Finance Leases	-0.5	-1.0	-0.5	-0.5	-0.5	-0.3	0.1	-2.7	0.0	0.0	0.0	0.0
Dividends Paid	—	-4.1	—	—	—	-4.3	0.0	0.0	0.0	-4.1	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-0.1	-5.0	1.8	-0.8	-0.8	-4.5	-0.2	-3.0	-0.3	-1.8	-0.8	-0.1
Net Cash Flow During the Period	-7.1	-11.9	21.1	21.5	1.4	-1.9	-39.1	-36.6	58.1	-18.7	4.2	-6.8
Cash and Cash Equivalents at Beginning of Period	35.2	47.2	26.1	4.6	3.1	22.5	22.5	22.5	22.5	10.4	10.4	10.4
FX Difference from Revaluation	—	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	28.1	35.2	47.2	26.1	4.6	3.1	5.0	44.1	80.7	22.5	41.3	37.1

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PBP

What Is Changing

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Cash Flow ●

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Balance Sheet

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Leverage & Liquidity

Cash Flow