PIA

Tin học Viễn thông Petrolimex ·HNX ·2026Q1

▼ Slightly negative

Capital structure should be read with cycle risk in mind Debt/equity −0.47x

Price

25,000

Latest close

29 May 2026

P/E 8.08x

P/B 1.58x

EPS 3,094

BVPS 15,789

ROE 19.5%

ROA 13.7%

Profit Margin 6.9%

Asset Turnover 2.00x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2026Q1 basis, PIA is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 176bn
	                                
+7.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
−6.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	175.6	158.9	118.5	185.7	146.7
Growth	+10%	+34%	-36%	+27%	—
Net Income	13.5	14.0	13.2	16.0	14.0
Net Margin	7.71%	8.80%	11.11%	8.63%	9.57%

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	22.6	75.4	45.2	32.9	22.1	59.9	29.3	52.9	16.8	53.3	24.9	27.7
Growth	-70%	+67%	+37%	+49%	-63%	+104%	-45%	+214%	-68%	+114%	-10%	—
Net Income	-3.6	7.1	4.0	4.5	-2.1	7.9	1.3	5.7	-1.0	8.1	2.3	4.5
Net Margin	-15.69%	9.39%	8.95%	13.65%	-9.44%	13.22%	4.45%	10.87%	-5.85%	15.28%	9.29%	16.45%

Drivers of PIA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to the main negative driver. Supporting and offsetting drivers:

Gross profit ↑ 1.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to the main negative driver. Supporting and offsetting drivers:

Gross profit ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.7% = 7.8% × 1.90 × 1.32

2026Q1 19.5% = 6.9% × 2.00 × 1.42

ROE is broadly flat at 19.5% — the components are offsetting one another.

Net margin: 6.9% -1.0pp Asset turnover: 2.00x +0.11x Leverage: 1.42x +0.09x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 6.85%, falling 1.0pp. The main pressure comes from Gross margin fell 1.9pp and SG&A / Revenue rose 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 6.85% −1.0pp

Gross Margin 34.63% −1.9pp

SG&A / Revenue 26.31% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.56x equity, with a net cash position equivalent to 0.47x equity.

Over the last 12 months, working capital released 11.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +2.2bn

Inventories increased → lower CFO: −0.4bn

Payables increased → higher CFO: +10.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.4 days versus the same period last year. The main moves came from DIO fell 14.5 days, DSO fell 8.7 days, and DPO fell 4.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 39.3 days −8.7 days

Inventory 42.2 days −14.5 days

Payables 22.6 days −4.8 days

Cash Conversion Cycle 58.9 days −18.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 23.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.47x and interest coverage at 266.81x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.47x —

Interest Coverage 266.81x −43.63x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.96x +2.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.2bn in 2025, against investing cash flow of -7.6bn.

Post-investment cash flow was positive +15.6bn. Financing cash flow was negative +7.0bn.

CFO / net income was 1.96x.

After spending +10.4bn on fixed-asset investment, the business generated trailing free cash flow of +13.3bn.

Cash Conversion

CFO TTM 23.7bn +25.1bn

Cash Capex 10.4bn +7.1bn

FCF TTM +13.3bn +18.0bn

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 balance-sheet flexibility, with net cash/equity at about -0.47x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.47x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	175.6	158.9	118.7	185.7	146.7
Revenue Deductions	—	0.0	0.2	0.0	0.0
Net Revenue	175.6	158.9	118.5	185.7	146.7
Cost of Goods Sold	114.8	100.7	64.4	124.3	0.0
Gross Profit	60.8	58.2	54.0	61.4	50.7
Financial Income	0.8	1.0	1.0	0.7	0.8
Financial Expenses	0.0	0.0	0.0	0.2	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	44.6	40.5	38.5	41.9	-20.5
General and Administrative Expenses	—	0.0	0.0	0.0	-13.4
Operating Profit	17.0	18.8	16.6	20.1	17.6
Other Income	0.1	0.1	0.0	0.2	0.0
Other Expenses	0.0	0.5	0.0	0.0	0.0
Other Profit	0.1	-0.4	0.0	0.2	0.1
Profit Before Tax	17.0	18.4	16.6	20.3	17.7
Current Income Tax Expense	3.5	4.4	3.5	4.2	-3.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	13.5	14.0	13.2	16.0	14.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	13.5	14.0	13.2	16.0	14.0
Earnings per Share	3,469.00	3,587.00	3,375.00	4,112.00	3,424.00
Diluted EPS	3,468.51	3,586.80	3,375.48	4,111.51	3,599.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	94.6	86.9	84.0	84.2	92.6
I. Cash and cash equivalents	33.8	25.3	24.7	20.7	14.8
1. Cash	9.2	10.1	4.0	10.2	0.0
2. Cash equivalents	24.6	15.1	20.7	10.6	0.0
II. Short-term financial investments	6.9	3.2	7.5	4.1	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	6.9	3.2	7.5	4.1	0.0
III. Short-term receivables	43.9	46.9	41.2	45.8	50.7
1. Short-term trade accounts receivable	42.0	46.4	40.8	42.0	0.0
2. Short-term prepayments to suppliers	1.3	1.3	0.4	2.4	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	3.4	1.6	2.0	1.3	0.0
7. Provision for short-term doubtful debts (*)	-2.9	-2.3	-2.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	7.7	8.3	9.4	11.8	22.2
1. Inventories	7.7	8.3	9.4	11.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.3	3.2	1.1	1.7	2.8
1. Short-term prepayments	2.3	3.2	1.1	1.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.2	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)	20.5	14.2	10.4	13.4	14.1
I. Long-term receivables	0.5	0.6	0.6	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.6
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	0.5	0.6	0.6	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.8	4.1	2.2	2.6	3.9
1. Tangible fixed assets	2.8	4.1	2.2	2.5	3.5
- Cost	18.8	19.0	15.5	14.7	0.0
- Accumulated depreciation	-16.0	-14.8	-13.4	-12.3	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	—	0.0	0.0	0.1	0.3
- Cost	1.6	1.7	1.7	1.7	0.0
- Accumulated depreciation	-1.6	-1.7	-1.6	-1.5	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	14.0	3.4	1.8	2.9	5.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	14.0	3.4	1.8	2.9	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	3.2	6.1	5.9	7.3	0.0
1. Long-term prepayments	3.2	6.1	5.9	7.3	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	3.7
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)	115.2	101.1	94.4	97.7	106.6
A. LIABILITIES (300=210+330)	41.5	28.4	25.2	29.7	42.8
I. Short -term liabilities	41.3	28.3	25.1	29.6	42.8
1. Short-term trade accounts payable	25.6	16.5	14.8	16.9	27.3
2. Short-term advances from customers	1.6	0.6	1.5	0.1	2.2
3. Taxes and other payables to state authorities	3.0	2.9	2.9	3.4	0.0
4. Payable to employees	6.5	5.2	1.2	4.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.1	0.7	0.2	0.4	0.0
9. Other short-term payables	1.0	0.6	0.4	0.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.2	0.2	0.1	0.2	0.0
12.. Bonus and welfare fund	3.4	1.7	3.9	3.9	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	0.1	0.1	0.1	0.1	0.0
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	0.1	0.1	0.1	0.1	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)	—	0.00	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)	73.7	72.7	69.2	68.0	63.8
I. Owner's equity	73.7	72.7	69.2	68.0	0.0
1. Owner's capital	39.0	39.0	39.0	39.0	63.8
- Common stock with voting right	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00
- 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	18.9	17.5	16.2	12.9	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	15.8	16.2	14.0	16.0	14.0
- Accumulated retained earning at the end of the previous period	2.3	2.2	0.9	0.0	0.0
- Undistributed earnings in this period	13.5	14.0	13.2	16.0	14.0
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)	115.2	101.1	94.4	97.7	106.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.0	18.4	16.6	20.3	17.7
Depreciation of Fixed Assets and Investment Property	1.7	1.6	1.4	1.6	1.4
Provision (Increase)/Reversal	0.6	0.4	2.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.0	-0.1	0.0
Gain/Loss from Investment Activities	-0.8	-0.9	-1.0	-0.5	0.0
Interest Expense	—	0.0	0.0	0.0	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	18.5	19.3	19.1	21.1	17.8
Increase/(Decrease) in Receivables	2.5	-6.0	2.8	6.8	0.0
Increase/(Decrease) in Inventory	0.6	1.1	2.4	9.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.4	5.3	-4.2	-13.5	0.0
Increase/(Decrease) in Prepaid Expenses	3.8	-3.9	3.0	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.8	-4.4	-3.7	-3.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.9	-4.9	-4.1	-4.6	0.0
Net Cash Flow from Operating Activities	23.2	6.6	15.2	15.7	0.7
Payments for Fixed Assets and Other Long-term Assets	-4.8	-3.5	-1.1	-0.4	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-3.7	-0.2	-4.4	-2.1	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.5	1.0	0.0	2.5
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	0.8	0.9	1.0	0.5	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	-7.6	1.7	-3.5	-2.0	-3.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-7.0	-7.8	-7.8	-7.8	-7.8
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	-7.0	-7.8	-7.8	-7.8	-7.8
Net Cash Flow During the Period	8.5	0.5	4.0	5.9	-3.0
Cash and Cash Equivalents at Beginning of Period	25.3	24.7	20.7	14.8	24.9
FX Difference from Revaluation	-0.0	0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.8	25.3	24.7	20.7	14.8

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	22.6	75.4	45.2	32.9	22.1	59.9	29.3	52.9	16.8	53.5	24.9	27.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Net Revenue	22.6	75.4	45.2	32.9	22.1	59.9	29.3	52.9	16.8	53.3	24.9	27.7
Cost of Goods Sold	14.9	53.7	28.7	17.9	14.5	38.4	17.5	33.8	10.8	32.5	13.2	13.3
Gross Profit	7.7	21.6	16.5	15.1	7.6	21.5	11.7	19.1	6.1	20.7	11.7	14.3
Financial Income	0.3	0.3	0.2	0.2	0.2	0.3	0.2	0.3	0.3	0.4	0.3	0.2
Financial Expenses	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	11.5	12.9	11.7	—	9.8	11.7	10.3	11.3	7.3	10.7	9.1	9.4
General and Administrative Expenses	—	—	—	10.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit	-3.5	9.0	5.0	5.1	-2.1	10.1	1.6	8.1	-1.0	10.3	2.9	5.2
Other Income	0.0	0.0	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	0.3	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.0	0.0	—	0.0	0.0	0.0	-0.3	0.0	0.0	0.0	0.0
Profit Before Tax	-3.6	9.0	5.1	5.1	-2.1	10.1	1.6	7.8	-1.0	10.3	2.9	5.2
Current Income Tax Expense	—	1.9	1.0	0.6	—	2.2	0.3	2.0	0.0	2.2	0.6	0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.6	7.1	4.0	4.5	-2.1	7.9	1.3	5.7	-1.0	8.1	2.3	4.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-3.6	7.1	4.0	4.5	-2.1	7.9	1.3	5.7	-1.0	8.1	2.3	4.5
Earnings per Share	-911.00	1,815.00	1,037.00	1,153.00	-534.00	2,029.00	334.00	1,474.00	-253.00	2,086.00	593.00	1,166.00
Diluted EPS	-910.53	1,814.83	1,036.67	1,153.03	-534.32	2,029.23	334.02	1,474.02	-252.60	2,086.43	592.74	1,166.47

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)	73.6	94.6	77.7	75.8	68.8	86.7	77.5	92.0	81.3	84.0	63.3	71.1
I. Cash and cash equivalents	28.7	33.8	22.2	24.3	25.2	25.3	33.6	23.2	32.3	24.7	20.5	21.8
1. Cash	7.8	9.2	7.5	4.7	3.4	10.1	6.4	4.2	6.4	4.0	4.9	4.6
2. Cash equivalents	20.9	24.6	14.7	19.6	21.8	15.1	27.2	19.0	25.9	20.7	15.6	17.2
II. Short-term financial investments	6.9	6.9	3.3	3.3	3.2	3.2	3.2	5.5	7.6	7.5	7.4	7.3
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	6.9	6.9	3.3	3.3	3.2	3.2	3.2	5.5	7.6	7.5	7.4	7.3
III. Short-term receivables	23.0	43.9	40.4	30.3	25.7	46.7	25.1	46.0	21.6	41.2	20.0	24.3
1. Short-term trade accounts receivable	14.8	42.0	35.8	26.4	23.1	46.4	23.4	45.6	20.0	40.8	15.6	20.5
2. Short-term prepayments to suppliers	7.3	1.3	4.1	3.4	2.5	1.2	2.8	1.9	1.3	0.4	3.1	2.0
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	3.7	3.4	2.3	2.5	2.5	1.6	2.3	2.1	2.3	2.1	1.4	1.8
7. Provision for short-term doubtful debts (*)	-2.9	-2.9	-1.9	-1.9	-2.3	-2.5	-3.4	-3.7	-2.1	-2.1	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.5	7.8	10.5	15.9	13.1	8.3	14.7	15.6	19.3	9.4	14.8	16.0
1. Inventories	13.5	7.8	10.5	15.9	13.1	8.3	14.7	15.6	19.3	9.4	14.8	16.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	2.3	1.3	1.9	1.5	3.1	0.9	1.7	0.6	1.1	0.6	1.7
1. Short-term prepayments	1.3	2.3	1.1	1.9	1.3	3.1	0.9	1.7	0.6	1.1	0.6	1.4
2. Value added tax to be reclaimed	0.3	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.4
3. Taxes and other receivables from state authorities	—	—	0.1	—	—	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)	20.0	20.6	15.1	14.0	13.4	14.4	8.4	6.6	9.4	10.4	10.5	11.4
I. Long-term receivables	0.5	0.5	0.5	0.6	0.6	0.6	0.5	0.5	0.6	0.6	0.6	0.6
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	0.5	0.5	0.5	0.6	0.6	0.6	0.5	0.5	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.4	2.8	3.3	3.6	3.8	4.1	2.1	1.4	1.8	2.2	1.6	1.8
1. Tangible fixed assets	2.4	2.8	3.3	3.6	3.8	4.1	2.1	1.4	1.8	2.2	1.5	1.8
- Cost	18.7	—	—	—	—	19.0	16.6	15.5	15.5	15.5	14.6	14.7
- Accumulated depreciation	-16.3	—	—	—	—	-14.8	-14.5	-14.1	-13.7	-13.4	-13.1	-12.9
2. Financial leased fixed assets	—	—	—	—	—	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
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
- Cost	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	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	13.3	14.0	7.8	4.2	3.6	3.4	1.8	1.8	1.8	1.8	0.7	0.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	13.3	14.0	7.8	4.2	3.6	3.4	1.8	1.8	1.8	1.8	0.7	0.5
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	3.8	3.2	3.4	5.7	5.4	6.3	4.0	2.9	5.2	5.9	7.6	8.4
1. Long-term prepayments	3.8	3.2	3.4	5.7	5.4	6.3	4.0	2.9	5.2	5.9	7.6	8.4
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)	93.7	115.2	92.8	89.8	82.2	101.1	85.9	98.6	90.8	94.4	73.8	82.5
A. LIABILITIES (300=210+330)	32.1	41.5	26.1	27.2	19.7	28.4	21.2	35.1	22.6	25.2	12.7	23.7
I. Short -term liabilities	32.0	41.4	26.0	27.1	19.6	28.3	21.0	34.9	22.4	25.1	12.6	23.6
1. Short-term trade accounts payable	7.3	25.6	10.5	10.0	6.9	16.6	10.6	18.2	8.7	14.8	4.3	7.9
2. Short-term advances from customers	11.8	1.6	4.9	1.8	2.2	0.6	4.7	2.8	7.1	1.5	1.4	0.6
3. Dividends and profits payable	4.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	3.0	1.6	0.9	0.1	2.9	2.0	2.1	0.2	2.9	0.9	0.8
4. Payable to employees	0.7	6.5	3.6	0.9	0.3	5.1	0.6	0.8	1.6	1.2	0.7	0.3
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.2	0.2	0.0	0.0	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	0.1	0.1	0.2	0.3	0.5	0.7	0.5	0.0	3.8	0.2	0.7	0.4
9. Other short-term payables	0.4	1.0	0.9	7.7	3.7	0.6	0.0	7.9	0.3	0.5	0.1	7.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.1	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
12.. Bonus and welfare fund	7.4	3.4	4.2	5.2	5.7	1.7	2.3	2.9	0.7	3.9	4.4	5.3
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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)	61.6	73.7	66.6	62.6	62.4	72.7	64.8	63.5	68.2	69.2	61.1	58.8
I. Owner's equity	61.6	73.7	66.6	62.6	62.4	72.7	64.8	63.5	68.2	69.2	61.1	58.8
1. Owner's capital	39.0	39.0	39.0	39.0	39.0	39.0	39.0	39.0	39.0	39.0	39.0	39.0
- Common stock with voting right	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00	39,000,000,000.00
- 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	19.8	18.9	18.9	18.9	19.0	17.5	17.5	17.5	16.2	16.2	16.2	16.2
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	2.7	15.8	8.7	4.7	4.5	16.2	8.3	7.0	13.1	14.1	5.9	3.6
- Accumulated retained earning at the end of the previous period	6.3	2.3	2.3	2.3	6.6	2.2	2.2	2.2	14.0	0.9	0.9	0.9
- Undistributed earnings in this period	-3.6	13.5	6.5	2.4	-2.1	14.0	6.0	4.8	-1.0	13.2	5.0	2.7
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)	93.7	115.2	92.8	89.8	82.2	101.1	85.9	98.6	90.8	94.4	73.8	82.5

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	-3.6	9.0	5.1	5.1	-2.1	10.1	1.6	7.6	-1.0	10.3	2.9	5.2
Depreciation of Fixed Assets and Investment Property	0.4	0.3	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.4	0.4
Provision (Increase)/Reversal	-0.0	0.1	0.9	-0.4	-0.0	1.0	-3.0	1.6	0.0	2.0	-0.1	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	-0.0	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-0.2	-0.3	-0.2	-0.2	-0.2	-0.2	-0.2	-0.3	-0.2	-0.4	-0.3	-0.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-3.4	9.2	6.3	4.9	-1.8	11.2	-1.1	9.3	-0.9	12.4	2.8	5.5
Increase/(Decrease) in Receivables	20.7	-4.4	-10.1	-4.0	21.0	-20.8	21.2	-26.0	19.6	-23.2	4.7	5.9
Increase/(Decrease) in Inventory	-5.8	2.8	5.4	-2.8	-4.8	6.4	0.9	3.6	-9.9	5.4	1.2	1.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.9	14.5	1.1	3.4	-13.6	3.2	-6.2	4.1	-0.3	10.3	-1.1	3.3
Increase/(Decrease) in Prepaid Expenses	0.4	-0.9	3.0	-0.8	2.6	-4.6	-0.3	1.3	1.2	2.3	-0.8	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.9	-1.0	-0.6	0.0	-2.2	-1.7	-0.2	-0.4	-2.2	-0.6	-0.7	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-1.3	-0.6	-1.1	-0.9	-0.6	2.4	-3.5	-0.2	-1.3	-0.0	-1.7
Net Cash Flow from Operating Activities	0.8	18.9	4.5	-0.5	0.3	-7.0	16.7	-11.4	7.4	5.3	6.1	15.0
Payments for Fixed Assets and Other Long-term Assets	-6.1	-3.9	0.2	-0.5	-0.5	-1.6	-1.2	-0.0	-0.1	-1.1	0.0	0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-3.6	—	-0.1	—	0.0	0.2	-0.2	0.0	-1.4	0.1	-3.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	2.3	2.2	0.0	1.0	0.0	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	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.4	0.3	0.2
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	-5.9	-7.3	0.4	-0.4	-0.4	-1.4	1.5	2.3	0.2	-1.1	0.4	-2.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-7.0	—	—	-0.0	-7.8	0.0	0.0	-0.0	-7.8	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	—	0.0	-7.0	—	—	-0.0	-7.8	0.0	0.0	-0.0	-7.8	0.0
Net Cash Flow During the Period	-5.1	11.6	-2.1	-0.8	-0.1	-8.4	10.4	-9.1	7.6	4.2	-1.3	13.0
Cash and Cash Equivalents at Beginning of Period	33.8	22.2	24.3	25.2	25.3	24.7	24.7	24.7	24.7	20.7	20.7	20.7
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.0	-0.0	0.1	-0.1	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	28.7	33.8	22.2	24.3	25.2	25.3	33.6	23.2	32.3	24.7	20.5	21.8

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PIA

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Statement Data

What is driving the margin?

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Working Capital Efficiency

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Cash Flow