PNC

Listed Company · HOSE

Price

27,950

Latest close

03 Apr 2026

P/E 147.1x

EPS (TTM) 190

ROE (TTM) 1.1%

P/B 1.7x

BVPS (Latest) 16,639

ROA (TTM) 0.4%

What Is Changing

PNC has not yet shown a broad-based top-line recovery. Revenue posted -3.1% YoY, but net margin reached 0.34% with an additional -1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 156.4% YoY to VND -2.3bn in 2025Q4.
Net margin declined from 1.66% in the prior period to 0.34% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	595.2	614.5	653.3	710.6	286.5
Growth	-3%	-6%	-8%	+148%	—
Net Income	2.0	10.2	16.8	13.3	-20.7
Net Margin	0.34%	1.66%	2.57%	1.87%	-7.22%

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	138.2	166.7	144.1	146.3	157.0	182.1	140.7	134.6	139.5	185.1	159.0	169.7
Growth	-17%	+16%	-2%	-7%	-14%	+29%	+5%	-4%	-25%	+16%	-6%	—
Net Income	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1	3.5
Net Margin	-1.69%	1.74%	-0.70%	1.70%	2.64%	2.26%	0.97%	1.79%	-3.41%	3.75%	3.82%	2.09%

Financial Statements

Profitability

Net margin reached 0.34% while Revenue posted -3.1% YoY.

Balance Sheet

Inventory stood at 272.5bn, liabilities at 359.8bn, and equity at 183.7bn.

Cash Flow

Operating cash flow was 9.2bn in 2025, while investing cash flow was -97.8bn.

Financing cash flow: -5.5bn.

Item	2025	2024	2023	2022	2021
Revenue	601.2	621.1	660.7	717.7	289.7
Revenue Deductions	6.0	6.6	7.4	7.1	0.0
Net Revenue	595.2	614.5	653.3	710.6	286.5
Cost of Goods Sold	367.2	365.5	399.2	453.5	0.0
Gross Profit	228.0	249.0	254.1	257.1	110.2
Financial Income	16.9	17.3	21.3	8.8	9.3
Financial Expenses	0.4	0.3	0.4	0.0	-0.0
Interest Expense	0.1	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	217.7	220.2	219.5	216.8	-122.7
General and Administrative Expenses	33.3	33.6	33.4	28.7	-17.6
Operating Profit	-6.6	12.2	22.1	20.3	-20.8
Other Income	12.1	5.5	8.7	1.7	0.0
Other Expenses	2.5	3.9	7.6	4.3	0.0
Other Profit	9.5	1.6	1.1	-2.6	0.4
Profit Before Tax	3.0	13.8	23.2	17.7	-20.4
Current Income Tax Expense	0.9	3.5	6.2	4.3	-0.2
Deferred Income Tax Expense	0.0	0.1	0.2	0.2	0.0
Net Income	2.0	10.2	16.8	13.3	-20.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	10.2	16.8	13.3	-20.7
Earnings per Share	189.00	946.00	1,554.00	1,228.00	-1,916.00
Diluted EPS	189.00	946.00	1,519.89	1,228.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	481.4	518.3	494.5	504.6	443.2
I. Cash and cash equivalents	24.9	119.0	142.2	106.6	73.1
1. Cash	11.4	13.1	16.1	28.0	0.0
2. Cash equivalents	13.5	105.9	126.1	78.6	0.0
II. Short-term financial investments	135.5	50.0	45.9	25.6	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	135.5	50.0	45.9	25.6	0.0
III. Short-term receivables	39.4	49.0	54.6	97.0	69.1
1. Short-term trade accounts receivable	29.0	31.2	35.1	30.4	0.0
2. Short-term prepayments to suppliers	6.2	8.8	7.7	10.7	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	—	0.7	0.0	40.0	0.0
6. Other short-term receivables	13.6	17.3	20.7	24.6	0.0
7. Provision for short-term doubtful debts (*)	-10.6	-10.6	-9.9	-9.9	0.0
8. Assets awaiting resolution	1.3	1.6	1.0	1.2	0.0
IV. Inventories	272.5	293.3	247.6	271.4	231.9
1. Inventories	307.4	327.0	283.2	304.4	0.0
2. Provision for decline in value of inventories	-34.9	-33.7	-35.6	-32.9	0.0
V. Other short-term assets	9.1	7.0	4.3	4.0	6.9
1. Short-term prepayments	4.7	4.0	3.1	2.7	0.0
2. Value added tax to be reclaimed	4.3	2.9	1.2	1.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.2	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)	62.1	52.6	33.2	33.3	63.1
I. Long-term receivables	19.4	14.0	11.4	9.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.3
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	1.9	2.2	0.0
6. Other long-term receivables	19.4	14.0	9.5	7.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	31.2	29.9	13.7	19.5	44.6
1. Tangible fixed assets	30.1	28.4	11.9	17.1	43.8
- Cost	153.4	146.7	140.2	146.3	0.0
- Accumulated depreciation	-123.3	-118.3	-128.3	-129.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.1	1.5	1.8	2.5	0.7
- Cost	8.3	7.9	7.4	7.4	0.0
- Accumulated depreciation	-7.2	-6.4	-5.6	-5.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	4.2	4.2	4.2	4.2	0.0
- Accumulated depreciation	-4.2	-4.2	-4.2	-4.2	0.0
IV. Long-term assets in progress	6.7	2.2	4.5	0.2	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.7	2.2	4.5	0.2	0.0
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5
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	2.5	2.5	2.5	2.5	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	2.3	4.0	1.1	1.5	0.0
1. Long-term prepayments	2.1	3.7	0.8	0.9	0.0
2. Deferred income tax assets	0.2	0.2	0.3	0.5	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	3.6
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)	543.5	570.8	527.7	537.8	506.3
A. LIABILITIES (300=210+330)	359.8	383.8	345.5	372.4	338.7
I. Short -term liabilities	358.8	382.5	344.7	368.2	333.3
1. Short-term trade accounts payable	314.6	319.7	265.0	281.3	257.9
2. Short-term advances from customers	1.4	1.7	0.6	4.2	1.2
3. Taxes and other payables to state authorities	2.0	4.7	7.6	5.2	0.0
4. Payable to employees	16.3	26.9	31.2	24.4	0.0
5. Short-term acrrued expenses	12.2	12.2	13.4	23.6	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	—	1.8	3.3	2.3	1.7
9. Other short-term payables	12.3	15.6	23.6	27.1	0.0
10. Short-term borrowings and financial leases	0.1	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1.0	1.2	0.8	4.2	5.4
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	0.5	0.5	0.8	4.2	0.0
8. Long-term borrowings and financial leases	0.5	0.7	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	—	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)	183.7	187.1	182.2	165.5	167.6
I. Owner's equity	183.7	187.1	182.2	165.5	0.0
1. Owner's capital	110.4	110.4	110.4	110.4	167.6
- Common stock with voting right	110.4	110.4	110.4	110.4	110.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	24.7	24.7	24.7	24.7	24.7
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	-2.6	-2.6	-2.6	-2.6	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	2.0	2.0	2.0	2.0	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	49.2	52.5	47.7	30.9	33.0
- Accumulated retained earning at the end of the previous period	47.1	42.3	30.9	17.7	27.4
- Undistributed earnings in this period	2.0	10.2	16.8	13.3	5.6
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)	543.5	570.8	527.7	537.8	506.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.0	13.8	23.2	17.7	0.0
Depreciation of Fixed Assets and Investment Property	12.3	11.1	12.5	13.4	0.0
Provision (Increase)/Reversal	1.6	-1.2	2.7	15.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.0	-6.7	-11.7	-4.9	0.0
Interest Expense	0.1	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	9.9	17.0	26.6	41.9	0.0
Increase/(Decrease) in Receivables	5.4	-0.6	0.5	15.4	0.0
Increase/(Decrease) in Inventory	19.2	-43.8	21.2	-32.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.4	40.5	-28.8	8.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-3.8	-0.2	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.3	-5.9	-4.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.2	3.3	14.7	33.4	-76.2
Payments for Fixed Assets and Other Long-term Assets	-18.1	-25.7	-11.3	-4.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-202.5	-80.6	-233.5	-124.4	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	117.8	77.7	253.5	165.0	57.5
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	5.0	6.7	12.2	8.6	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	-97.8	-21.9	20.9	45.1	59.4
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	6.6	0.8	0.0	0.0	0.0
Repayment of Borrowings	-6.7	-0.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.4	-5.4	0.0	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	-5.5	-4.6	0.0	0.0	0.0
Net Cash Flow During the Period	-94.1	-23.2	35.6	78.5	0.0
Cash and Cash Equivalents at Beginning of Period	119.0	142.2	106.6	28.1	73.1
FX Difference from Revaluation	—	0.0	0.0	0.0	25.5
Cash and Cash Equivalents at End of Period	24.9	119.0	142.2	106.6	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	139.2	168.8	145.5	147.7	159.1	183.8	142.1	136.1	141.7	186.8	161.0	171.2
Revenue Deductions	1.1	2.1	1.4	1.4	2.1	1.7	1.4	1.5	2.2	1.7	2.1	1.5
Net Revenue	138.2	166.7	144.1	146.3	157.0	182.1	140.7	134.6	139.5	185.1	159.0	169.7
Cost of Goods Sold	86.2	102.9	88.7	89.5	89.0	111.6	85.7	78.0	78.3	118.6	99.8	102.4
Gross Profit	52.0	63.8	55.4	56.8	68.0	70.5	55.0	56.7	61.2	66.5	59.1	67.3
Financial Income	4.5	2.4	5.5	4.5	5.2	2.3	4.5	3.6	3.9	3.5	11.6	2.2
Financial Expenses	0.0	0.0	0.3	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.4	0.0
Interest Expense	0.0	—	0.0	0.0	0.0	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	0.0
Selling Expenses	56.6	54.6	57.9	49.6	61.5	57.8	50.8	49.0	50.3	56.1	55.0	58.0
General and Administrative Expenses	5.9	8.7	8.0	9.7	7.9	10.1	7.9	9.5	15.8	6.7	9.3	7.8
Operating Profit	-6.0	2.9	-5.4	1.9	3.6	4.9	0.5	1.8	-1.0	7.2	6.0	3.6
Other Income	5.8	0.8	4.4	1.2	0.9	0.4	1.4	0.8	2.9	1.4	4.2	0.2
Other Expenses	2.0	0.2	0.3	0.1	0.1	0.1	0.1	0.1	7.0	0.4	0.2	0.1
Other Profit	3.8	0.6	4.1	1.1	0.7	0.3	1.3	0.7	-4.1	1.1	4.0	0.0
Profit Before Tax	-2.2	3.5	-1.3	3.0	4.4	5.1	1.8	2.5	-5.1	8.3	10.0	3.7
Current Income Tax Expense	0.1	0.6	0.1	0.4	0.2	1.0	0.5	0.0	-0.3	1.4	3.9	0.0
Deferred Income Tax Expense	—	0.0	-0.3	0.0	0.0	0.0	-0.0	0.1	0.0	-0.0	0.0	0.1
Net Income	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1	3.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1	3.5
Earnings per Share	-216.00	268.00	-93.00	231.00	383.00	382.00	127.00	223.00	-441.00	642.00	562.00	328.00
Diluted EPS	-211.36	261.95	-91.13	225.61	374.80	373.18	124.03	218.46	-431.50	628.02	550.06	320.93

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)	485.2	503.1	516.5	512.9	514.7	548.7	519.8	503.6	494.5	536.7	525.1	532.2
I. Cash and cash equivalents	24.9	59.0	134.8	112.1	119.0	131.2	119.6	146.6	142.2	40.6	19.9	34.1
1. Cash	11.4	20.3	87.6	19.0	13.1	22.7	12.8	14.9	16.1	19.2	19.6	16.1
2. Cash equivalents	13.5	38.7	47.2	93.1	105.9	108.5	106.8	131.7	126.1	21.4	0.3	18.0
II. Short-term financial investments	135.5	128.2	39.5	65.2	50.0	59.0	44.7	45.9	45.9	46.6	43.8	24.3
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	135.5	128.2	39.5	65.2	50.0	59.0	44.7	45.9	45.9	46.6	43.8	24.3
III. Short-term receivables	43.3	36.8	41.9	41.1	45.0	44.4	56.4	50.1	54.6	173.3	173.1	190.4
1. Short-term trade accounts receivable	31.6	28.4	28.9	28.3	31.4	30.6	32.1	34.8	35.1	37.1	33.7	35.6
2. Short-term prepayments to suppliers	9.2	5.2	7.1	7.7	12.4	13.1	10.3	11.2	7.7	11.3	4.9	17.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	0.4	0.7	0.7	0.0	0.0	0.0	0.0	122.2	120.0	132.2
6. Other short-term receivables	11.8	12.3	14.6	13.0	9.5	9.5	22.5	13.0	20.7	11.0	23.0	13.3
7. Provision for short-term doubtful debts (*)	-10.6	-10.6	-10.6	-10.6	-10.6	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9
8. Assets awaiting resolution	1.3	1.7	1.5	2.0	1.6	1.1	1.5	1.1	1.0	1.5	1.3	2.0
IV. Inventories	272.5	272.0	292.4	287.1	293.3	306.4	292.1	256.9	247.6	272.1	283.1	279.3
1. Inventories	307.4	306.5	326.9	320.8	327.0	343.5	329.2	292.5	283.2	310.0	318.0	312.2
2. Provision for decline in value of inventories	-34.9	-34.5	-34.5	-33.7	-33.7	-37.1	-37.1	-35.6	-35.6	-38.0	-34.9	-32.9
V. Other short-term assets	9.1	7.1	7.9	7.3	7.4	7.7	7.0	4.1	4.3	4.1	5.3	4.1
1. Short-term prepayments	4.7	3.4	3.6	3.5	4.0	3.6	3.4	2.6	3.1	2.9	3.5	2.5
2. Value added tax to be reclaimed	4.3	3.7	4.3	3.8	3.4	4.0	3.6	1.5	1.2	1.2	1.7	1.6
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0
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)	61.3	54.7	53.7	63.6	60.4	60.9	43.8	46.2	33.2	39.9	34.2	39.6
I. Long-term receivables	18.6	13.8	12.9	21.3	21.8	22.4	9.4	22.2	11.4	19.1	11.4	16.9
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	1.0	1.2	1.5	1.9	0.0	2.2	0.0
6. Other long-term receivables	18.6	13.8	12.9	21.3	21.8	21.3	8.1	20.6	9.5	19.1	9.2	16.9
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	31.2	31.8	34.3	32.9	29.9	21.2	23.6	12.9	13.7	16.5	16.4	17.0
1. Tangible fixed assets	30.1	30.5	32.8	31.6	28.4	19.7	21.9	11.0	11.9	14.6	14.3	14.7
- Cost	—	—	—	—	146.7	155.5	155.2	141.6	140.2	151.6	148.6	146.3
- Accumulated depreciation	—	—	—	—	-118.3	-135.8	-133.3	-130.6	-128.3	-137.0	-134.3	-131.6
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	1.1	1.3	1.5	1.3	1.5	1.5	1.6	1.8	1.8	1.9	2.1	2.3
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.7	4.2	1.3	3.2	2.2	11.7	5.0	7.7	4.5	0.5	2.4	1.6
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	6.7	4.2	1.3	3.2	2.2	11.7	5.0	7.7	4.5	0.5	2.4	1.6
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.3	2.4	2.8	3.7	4.0	3.1	3.4	1.0	1.1	1.3	1.4	1.6
1. Long-term prepayments	2.1	2.2	2.6	3.5	3.7	2.9	3.1	0.8	0.8	0.9	1.0	1.2
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	546.6	557.8	570.2	576.5	575.1	609.6	563.6	549.9	527.7	576.6	559.3	571.8
A. LIABILITIES (300=210+330)	362.9	366.3	381.7	386.9	387.3	420.4	377.5	365.2	350.5	394.6	384.2	402.8
I. Short -term liabilities	361.8	365.2	380.4	385.6	385.9	419.1	376.1	363.6	349.7	390.4	380.1	398.0
1. Short-term trade accounts payable	317.8	320.9	337.2	337.5	323.5	347.4	313.5	301.5	265.3	293.4	284.4	307.0
2. Short-term advances from customers	0.4	0.6	0.8	0.4	1.9	2.7	2.8	0.5	0.6	0.5	2.0	3.1
3. Taxes and other payables to state authorities	2.0	2.2	1.7	2.5	4.4	3.6	1.2	1.1	6.4	7.1	5.0	1.6
4. Payable to employees	16.3	13.5	11.7	14.8	26.9	24.9	21.6	20.0	31.2	31.2	24.3	26.5
5. Short-term acrrued expenses	12.2	13.3	13.6	13.5	12.2	15.5	14.3	12.5	13.4	18.4	22.6	25.8
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	0.9	1.1	1.2	1.4	1.8	3.3	2.6	3.3	3.3	3.8	4.6	2.0
9. Other short-term payables	12.0	13.6	14.3	15.6	15.3	21.7	20.0	24.6	23.4	36.1	37.0	31.9
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	6.2	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.1	1.2	1.3	1.3	1.3	1.4	1.5	1.6	0.8	4.2	4.1	4.8
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.6	0.6	0.6	0.6	0.7	0.8	0.8	4.2	0.0	4.8
8. Long-term borrowings and financial leases	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.0	0.0	4.1	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	183.7	191.4	188.5	189.5	187.9	189.1	186.0	184.7	177.2	182.0	175.1	169.0
I. Owner's equity	183.7	191.4	188.5	189.5	187.9	189.1	186.0	184.7	177.2	182.0	175.1	169.0
1. Owner's capital	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4
- Common stock with voting right	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7
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	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	49.2	56.9	54.0	55.0	53.3	54.6	51.5	50.1	42.7	47.5	40.6	34.5
- Accumulated retained earning at the end of the previous period	47.1	52.5	52.5	52.5	42.3	47.7	47.7	47.7	30.9	30.9	30.9	30.9
- Undistributed earnings in this period	2.0	4.4	1.5	2.5	11.0	6.9	3.8	2.4	11.8	16.5	9.6	3.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	546.6	557.8	570.2	576.5	575.1	609.6	563.6	549.9	527.7	576.6	559.3	571.8

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	-2.2	3.5	-1.3	3.0	4.4	5.1	1.9	2.4	1.2	8.3	10.0	3.7
Depreciation of Fixed Assets and Investment Property	5.0	1.3	3.2	2.8	10.1	2.7	2.8	2.4	4.1	1.8	9.1	-2.6
Provision (Increase)/Reversal	0.8	0.0	0.8	—	0.9	0.0	1.4	0.0	2.7	-2.0	2.0	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
Gain/Loss from Investment Activities	5.4	-9.5	-2.9	—	8.7	0.1	-2.9	0.0	5.7	-11.5	-6.1	0.2
Interest Expense	0.0	0.0	—	-0.0	0.0	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	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	9.1	-4.7	-0.2	5.8	24.2	7.9	3.3	4.8	13.6	-3.4	15.0	1.3
Increase/(Decrease) in Receivables	-1.9	-2.2	13.6	-4.1	-13.4	-1.6	4.1	-6.9	15.5	-17.2	7.4	-5.2
Increase/(Decrease) in Inventory	-1.4	20.4	6.3	-6.2	9.5	-14.4	-36.6	-9.3	26.9	8.0	-5.0	-8.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.5	-14.1	-9.5	7.7	-27.9	40.9	18.0	18.9	-45.8	4.7	-18.2	30.4
Increase/(Decrease) in Prepaid Expenses	-1.6	0.5	3.4	-1.9	-0.8	-0.0	-3.1	0.5	-0.0	0.7	-7.3	6.4
Changes in Trading Securities	—	—	—	—	0.0	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	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.2	-0.2	-6.9	3.6	5.9	0.0	-5.9	0.0	0.1	0.0	-0.9	-3.6
Other Operating Receipts	—	—	—	—	0.0	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	-2.0	-0.3	3.5	8.1	-2.5	32.8	-20.3	8.0	10.3	-7.3	-9.1	20.7
Payments for Fixed Assets and Other Long-term Assets	-55.9	47.3	-3.6	-5.8	-18.7	-7.0	-11.1	-4.8	-5.8	0.0	-6.9	1.4
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	0.0
Loans and Purchases of Debt Instruments	-13.9	-111.8	-64.1	-12.8	42.2	-14.1	-30.0	0.0	-151.3	146.0	-133.7	-94.5
Receipts from Loan Repayments and Sale of Debt Instruments	50.6	-20.1	84.9	2.4	-30.7	0.0	31.5	0.4	253.5	-130.0	130.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-7.4	9.5	1.6	1.3	3.0	0.0	2.9	0.0	-5.2	12.0	5.4	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	-26.6	-75.1	18.8	-14.9	-4.2	-21.1	-6.7	-4.4	91.3	27.9	-5.2	-93.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	6.6	—	—	—	0.0	0.0	0.0	0.8	0.0	0.0	0.0	0.0
Repayment of Borrowings	-6.6	-0.0	-0.0	-0.0	-0.0	-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	0.0
Dividends Paid	-5.4	—	—	—	-5.4	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	-5.5	-0.0	-0.0	-0.0	-5.4	-0.0	-0.0	0.8	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-34.1	-75.4	22.2	-6.9	-12.2	11.6	-27.0	4.4	101.6	20.7	-14.3	-72.4
Cash and Cash Equivalents at Beginning of Period	59.0	134.4	112.1	119.0	142.2	142.2	142.2	142.2	106.6	106.6	106.6	106.6
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	24.9	59.0	134.4	112.1	119.0	131.2	119.6	146.6	142.2	40.6	19.9	34.1

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PNC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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