POT

Listed Company · HNX

Price

19,800

Latest close

03 Apr 2026

P/E 35.1x

EPS (TTM) 565

ROE (TTM) 3.5%

P/B 1.2x

BVPS (Latest) 16,176

ROA (TTM) 0.4%

What Is Changing

POT no longer looks like a business simply rebounding from a weak base. Revenue posted +8.6% YoY, while net margin reached 0.62% 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 Income recovered 224.6% to VND 10.9bn in 2025.
Net margin improved from 0.21% in the prior period to 0.62% in 2025.
Revenue increased 8.6% YoY to VND 1,757.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,757.7	1,618.4	1,157.7	1,481.2	1,105.3
Growth	+9%	+40%	-22%	+34%	—
Net Income	10.9	3.4	2.6	15.3	13.2
Net Margin	0.62%	0.21%	0.23%	1.03%	1.20%

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	914.9	299.8	401.3	132.9	684.5	435.0	402.5	95.6	562.8	114.8	240.5	237.9
Growth	+205%	-25%	+202%	-81%	+57%	+8%	+321%	-83%	+390%	-52%	+1%	—
Net Income	19.2	0.8	0.4	-9.4	3.1	0.6	0.2	0.1	1.5	0.0	0.4	0.6
Net Margin	2.10%	0.26%	0.11%	-7.07%	0.45%	0.14%	0.06%	0.08%	0.27%	0.02%	0.17%	0.24%

Financial Statements

Profitability

Net margin reached 0.62% while Revenue posted +8.6% YoY.

Balance Sheet

Inventory stood at 416.4bn, liabilities at 2,365.6bn, and equity at 306.1bn.

Cash Flow

Operating cash flow was 6.1bn in 2025, while investing cash flow was -2.2bn.

Financing cash flow: 23.6bn.

Item	2025	2024	2023	2022	2021
Revenue	1,757.8	1,618.4	1,157.7	1,481.4	1,107.0
Revenue Deductions	0.1	0.0	0.0	0.2	0.0
Net Revenue	1,757.7	1,618.4	1,157.7	1,481.2	1,105.3
Cost of Goods Sold	1,623.6	1,512.9	1,044.5	1,317.7	0.0
Gross Profit	134.0	105.5	113.2	163.5	146.3
Financial Income	0.8	1.2	1.0	1.9	2.0
Financial Expenses	43.0	39.5	53.7	48.7	-33.1
Interest Expense	43.0	38.4	52.0	41.7	-32.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	33.3	5.2	6.2	24.7	-36.6
General and Administrative Expenses	48.5	56.0	50.5	72.5	-62.5
Operating Profit	10.0	6.0	3.7	19.5	16.0
Other Income	10.1	9.9	11.7	5.7	0.0
Other Expenses	1.3	7.3	5.2	2.7	0.0
Other Profit	8.8	2.6	6.5	3.0	1.8
Profit Before Tax	18.8	8.7	10.2	22.5	17.8
Current Income Tax Expense	7.9	5.3	7.6	7.2	-4.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.9	3.4	2.6	15.3	13.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.9	3.4	2.6	15.3	13.2
Earnings per Share	561.00	173.00	135.00	786.00	681.29
Diluted EPS	561.16	172.89	134.51	785.94	681.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,503.1	1,371.0	1,065.8	1,223.0	1,150.1
I. Cash and cash equivalents	133.8	106.2	57.4	201.2	179.1
1. Cash	129.8	104.2	55.3	194.1	0.0
2. Cash equivalents	3.9	2.1	2.0	7.0	0.0
II. Short-term financial investments	5.2	5.1	5.1	1.1	0.0
1. Available for sale securities	0.1	0.1	0.1	0.1	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	5.1	5.1	5.0	1.0	0.0
III. Short-term receivables	931.7	870.8	644.5	675.0	691.9
1. Short-term trade accounts receivable	872.1	809.9	585.6	628.9	0.0
2. Short-term prepayments to suppliers	11.4	17.2	16.4	7.0	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	61.3	56.4	55.1	51.9	0.0
7. Provision for short-term doubtful debts (*)	-13.1	-12.7	-12.6	-12.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	416.4	380.8	347.4	329.1	260.0
1. Inventories	461.0	425.2	366.3	347.1	0.0
2. Provision for decline in value of inventories	-44.6	-44.3	-18.9	-18.0	0.0
V. Other short-term assets	16.0	8.0	11.4	16.6	19.1
1. Short-term prepayments	0.6	0.3	0.6	0.2	0.0
2. Value added tax to be reclaimed	14.4	7.5	10.8	16.4	0.0
3. Taxes and other receivables from state authorities	1.1	0.1	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)	1,168.6	1,168.9	1,215.8	1,252.3	1,278.4
I. Long-term receivables	30.4	28.8	25.2	25.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	25.1
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	30.4	28.8	25.2	25.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	255.9	248.8	305.4	336.6	365.9
1. Tangible fixed assets	127.5	105.7	93.0	106.4	113.8
- Cost	330.7	293.7	300.9	301.2	0.0
- Accumulated depreciation	-203.2	-188.0	-207.9	-194.8	0.0
2. Financial leased fixed assets	126.6	141.3	210.6	228.4	250.3
- Cost	142.5	142.5	251.6	251.6	0.0
- Accumulated depreciation	-15.9	-1.2	-41.0	-23.2	0.0
3. Intangible fixed assets	1.8	1.8	1.8	1.8	1.8
- Cost	2.1	2.2	2.4	2.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.6	-0.5	0.0
III. Investment properties	1.7	1.9	2.0	2.2	0.0
- Cost	2.4	2.4	2.4	2.4	0.0
- Accumulated depreciation	-0.7	-0.5	-0.3	-0.2	0.0
IV. Long-term assets in progress	825.9	824.1	818.7	816.7	811.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	825.9	824.1	818.7	816.7	0.0
V. Long-term financial investments	6.1	13.6	13.6	13.6	13.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.1	13.6	13.6	13.6	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	48.7	51.7	50.8	58.2	0.0
1. Long-term prepayments	48.7	51.7	50.8	58.2	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	62.3
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)	2,671.7	2,539.9	2,281.6	2,475.3	2,428.5
A. LIABILITIES (300=210+330)	2,365.6	2,233.1	1,970.7	2,145.0	2,100.3
I. Short -term liabilities	1,399.1	1,231.9	1,003.2	1,170.5	1,029.7
1. Short-term trade accounts payable	635.3	561.8	359.0	385.2	470.9
2. Short-term advances from customers	45.6	1.2	2.1	6.8	5.8
3. Taxes and other payables to state authorities	8.7	20.9	6.0	3.4	0.0
4. Payable to employees	5.9	5.3	4.1	6.4	0.0
5. Short-term acrrued expenses	14.3	13.9	14.3	20.4	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	1.2	0.2	0.4
9. Other short-term payables	5.5	5.9	7.9	6.2	0.0
10. Short-term borrowings and financial leases	678.0	615.2	593.0	716.6	487.9
11. Provision for short-term liabilities	5.6	7.0	14.1	24.0	0.0
12.. Bonus and welfare fund	0.3	0.6	1.5	1.5	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	966.5	1,001.2	967.5	974.5	1,070.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.2	0.0	0.0	0.0	0.0
7. Other long-term liabilities	867.6	865.6	859.3	853.5	0.0
8. Long-term borrowings and financial leases	97.0	133.9	82.2	69.9	152.9
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	1.7	1.7	26.0	51.2	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)	306.1	306.8	310.9	330.3	328.2
I. Owner's equity	306.1	306.8	310.9	330.3	0.0
1. Owner's capital	194.3	194.3	194.3	194.3	328.2
- Common stock with voting right	194.3	194.3	194.3	194.3	194.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	45.9	45.9	45.9	45.9	45.9
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	-0.4	7.1	7.1	7.1	0.0
8. Investment and development fund	36.0	36.0	36.0	36.0	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	30.2	23.4	27.5	46.9	44.7
- Accumulated retained earning at the end of the previous period	19.3	20.0	24.9	31.7	0.0
- Undistributed earnings in this period	10.9	3.4	2.6	15.3	44.7
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)	2,671.7	2,539.9	2,281.6	2,475.3	2,428.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	18.8	8.7	10.2	22.5	17.8
Depreciation of Fixed Assets and Investment Property	31.8	33.3	34.6	36.0	35.4
Provision (Increase)/Reversal	-0.6	-6.0	-34.3	-10.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	-0.2	-0.4	0.0
Gain/Loss from Investment Activities	-0.8	-10.2	-1.3	-3.5	0.0
Interest Expense	43.0	38.4	52.0	41.7	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	92.0	64.3	61.1	86.2	85.7
Increase/(Decrease) in Receivables	-108.9	-188.7	32.3	-92.7	0.0
Increase/(Decrease) in Inventory	-35.8	-58.9	-19.2	-69.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	107.0	223.0	-20.8	18.0	0.0
Increase/(Decrease) in Prepaid Expenses	1.4	-2.1	5.6	6.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-43.2	-39.0	-54.7	-40.5	0.0
Corporate Income Tax Paid	-5.3	-4.8	-9.9	-7.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-6.0	-3.6	-4.1	0.0
Net Cash Flow from Operating Activities	6.1	-12.1	-9.2	-103.8	-54.8
Payments for Fixed Assets and Other Long-term Assets	-41.1	-13.0	-8.6	-12.2	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	38.4	95.6	0.5	2.4	0.0
Loans and Purchases of Debt Instruments	-0.0	-0.0	-4.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	49.0	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	0.5	0.4	0.8	1.2	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	-2.2	83.1	-11.4	40.4	-0.2
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	1,318.2	1,309.7	1,107.1	1,099.5	1,095.3
Repayment of Borrowings	-1,273.5	-1,261.9	-1,189.4	-924.5	-1,039.8
Repayment of Finance Leases	-18.8	-68.0	-29.0	-29.4	0.0
Dividends Paid	-2.3	-1.9	-12.0	-10.2	-9.7
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	23.6	-22.1	-123.2	135.5	45.7
Net Cash Flow During the Period	27.5	48.9	-143.9	72.1	132.4
Cash and Cash Equivalents at Beginning of Period	106.2	57.4	201.2	129.1	188.4
FX Difference from Revaluation	0.1	-0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	133.8	106.2	57.4	201.2	179.1

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	915.0	299.8	401.3	133.0	684.5	435.0	402.5	95.6	562.8	114.8	240.5	238.0
Revenue Deductions	0.1	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Net Revenue	914.9	299.8	401.3	132.9	684.5	435.0	402.5	95.6	562.8	114.8	240.5	237.9
Cost of Goods Sold	850.6	274.3	364.6	119.2	623.4	408.4	369.5	80.4	521.1	100.6	214.4	211.6
Gross Profit	64.3	25.5	36.7	13.8	61.2	26.6	33.1	15.2	41.7	14.2	26.1	26.3
Financial Income	0.2	0.1	0.1	0.1	0.2	0.1	0.8	0.2	-0.8	0.3	0.2	0.2
Financial Expenses	13.3	10.6	12.1	8.4	8.1	10.1	15.5	5.8	11.9	11.7	16.2	11.0
Interest Expense	13.4	10.6	12.1	8.5	8.2	10.1	14.5	5.8	11.4	11.7	16.1	11.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.5	8.5	8.1	5.0	21.8	4.4	2.5	2.2	1.9	2.4	3.5	3.5
General and Administrative Expenses	16.9	8.7	16.4	10.3	18.5	11.5	23.0	6.9	16.0	10.6	6.2	11.0
Operating Profit	21.8	-2.2	0.2	-9.8	12.9	0.8	-7.1	0.4	11.1	-10.2	0.4	1.0
Other Income	5.2	3.8	0.5	0.6	174.7	0.4	7.5	0.1	1.2	10.3	1.2	0.2
Other Expenses	0.3	0.5	0.1	0.2	179.2	0.4	0.1	0.5	3.7	0.1	1.0	0.5
Other Profit	4.9	3.3	0.4	0.5	-4.5	0.0	7.5	-0.4	-2.5	10.3	0.2	-0.3
Profit Before Tax	26.7	1.0	0.6	-9.3	8.4	0.8	0.4	0.1	8.6	0.0	0.6	0.7
Current Income Tax Expense	7.5	0.3	0.2	0.1	5.3	0.2	0.2	0.0	7.0	0.0	0.2	0.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	19.2	0.8	0.4	-9.4	3.1	0.6	0.2	0.1	1.5	0.0	0.4	0.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.2	0.8	0.4	-9.4	3.1	0.6	0.2	0.1	1.5	0.0	0.4	0.6
Earnings per Share	986.85	39.70	21.78	-483.66	159.31	32.32	12.29	3.78	79.21	1.41	20.87	28.82
Diluted EPS	986.85	39.70	21.78	-483.66	159.31	32.32	12.29	3.78	79.21	1.41	20.87	28.82

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)	1,508.5	979.2	1,109.1	1,151.2	1,344.1	1,051.8	870.6	860.5	1,191.9	996.4	1,097.2	1,112.3
I. Cash and cash equivalents	138.8	43.4	74.1	101.4	111.3	44.5	45.9	69.3	62.4	67.3	93.2	149.3
1. Cash	129.8	40.8	68.3	98.3	111.3	37.4	38.8	69.3	55.3	60.2	86.1	141.3
2. Cash equivalents	9.0	2.6	5.7	3.1	0.0	7.1	7.1	0.0	7.1	7.1	7.1	8.0
II. Short-term financial investments	0.1	5.1	5.1	5.1	0.1	0.1	0.1	5.1	0.1	0.1	0.1	0.1
1. Available for sale securities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	5.1	5.1	5.1	0.0	0.0	0.0	5.0	0.0	0.0	0.0	0.0
III. Short-term receivables	932.9	555.9	599.7	607.5	809.6	544.1	441.2	390.8	770.5	455.0	609.1	534.6
1. Short-term trade accounts receivable	874.0	454.4	527.0	509.1	743.2	472.8	358.1	292.4	690.8	384.8	538.1	471.5
2. Short-term prepayments to suppliers	11.4	58.0	29.1	52.9	17.2	28.4	40.3	48.5	32.1	26.8	25.6	17.9
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	—	—	—	—	61.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	60.5	56.3	56.2	58.2	0.0	55.5	55.4	62.6	60.3	56.0	58.1	58.0
7. Provision for short-term doubtful debts (*)	-13.0	-12.8	-12.7	-12.7	-12.5	-12.6	-12.6	-12.6	-12.6	-12.6	-12.7	-12.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	420.9	354.7	410.9	417.1	414.7	443.9	374.0	377.7	347.4	447.4	375.0	405.1
1. Inventories	465.6	399.0	455.2	461.5	433.2	461.9	393.0	396.3	366.3	464.4	392.1	422.7
2. Provision for decline in value of inventories	-44.7	-44.3	-44.3	-44.3	-18.5	-18.0	-19.0	-18.6	-18.9	-17.0	-17.1	-17.6
V. Other short-term assets	15.8	20.1	19.3	20.0	8.5	19.1	9.4	17.6	11.5	26.7	19.8	23.2
1. Short-term prepayments	0.8	1.4	1.5	0.7	0.6	0.8	0.8	4.6	0.8	2.3	2.5	1.8
2. Value added tax to be reclaimed	14.9	18.6	17.8	19.2	7.5	18.3	8.6	12.8	10.8	24.2	17.3	21.3
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.4	0.1	0.1	0.1	0.0	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)	1,207.4	1,212.7	1,218.6	1,205.4	1,168.6	1,191.0	1,198.5	1,207.4	1,215.8	1,225.0	1,230.8	1,239.6
I. Long-term receivables	30.4	30.3	29.4	29.4	28.8	25.4	25.3	25.2	25.2	25.2	25.2	25.1
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	30.4	30.3	29.4	29.4	28.8	25.4	25.3	25.2	25.2	25.2	25.2	25.1
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	286.2	259.6	267.2	274.1	248.7	281.3	289.2	297.2	305.0	313.1	320.5	328.2
1. Tangible fixed assets	127.4	127.6	131.5	134.7	105.6	82.3	85.7	89.3	92.6	96.3	99.2	102.4
- Cost	—	—	—	—	266.8	263.0	279.4	300.9	273.5	275.2	274.4	273.8
- Accumulated depreciation	—	—	—	—	-161.2	-180.7	-193.6	-211.6	-180.9	-178.9	-175.2	-171.4
2. Financial leased fixed assets	157.0	130.3	134.0	137.6	141.3	197.2	201.7	206.1	210.6	215.0	219.5	223.9
- 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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
- 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	1.7	1.7	1.8	1.8	1.9	1.9	1.9	2.0	2.0	2.0	2.1	2.1
- 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	826.3	826.9	824.5	824.3	823.8	821.2	820.8	819.0	818.7	817.0	814.8	813.1
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	826.3	826.9	824.5	824.3	823.8	821.2	820.8	819.0	818.7	817.0	814.8	813.1
V. Long-term financial investments	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6
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	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	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	49.2	80.5	82.1	62.2	51.8	47.6	47.8	50.4	51.3	53.9	54.7	57.5
1. Long-term prepayments	49.2	80.5	82.1	62.2	51.8	47.6	47.8	50.4	51.3	53.9	54.7	57.5
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	—	—	—	—	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)	2,715.9	2,191.9	2,327.7	2,356.6	2,512.7	2,242.8	2,069.1	2,067.9	2,407.7	2,221.4	2,328.0	2,351.9
A. LIABILITIES (300=210+330)	2,401.6	1,896.7	2,030.7	2,059.3	2,205.0	1,933.7	1,758.8	1,756.9	2,096.9	1,910.8	2,005.5	2,029.8
I. Short -term liabilities	1,394.2	884.2	1,038.2	1,049.2	1,134.0	965.7	781.2	776.7	1,119.0	942.9	1,028.2	1,049.8
1. Short-term trade accounts payable	635.4	216.6	330.0	436.4	502.0	301.2	206.7	132.3	463.5	270.8	376.4	336.5
2. Short-term advances from customers	45.6	12.0	17.8	9.8	1.6	19.2	31.4	34.3	17.7	24.4	17.0	15.6
3. Taxes and other payables to state authorities	8.7	6.0	0.4	0.1	21.1	3.5	0.9	0.1	6.0	1.0	1.7	1.6
4. Payable to employees	5.9	2.1	3.9	1.6	5.3	2.0	3.1	1.2	4.1	0.8	2.2	2.5
5. Short-term acrrued expenses	19.2	11.9	12.6	12.0	19.8	11.2	14.3	11.9	19.7	14.3	17.1	18.0
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	—	0.0	32.1	0.5	0.5	1.5	1.3	1.4	1.4	1.3	0.3	0.4
9. Other short-term payables	6.0	8.2	17.9	16.3	5.9	4.5	8.6	9.2	19.9	7.7	47.0	5.4
10. Short-term borrowings and financial leases	667.5	620.2	617.1	566.7	568.5	612.7	503.4	573.1	581.5	614.3	558.5	654.7
11. Provision for short-term liabilities	5.6	6.7	5.7	5.4	8.7	9.3	10.7	12.3	3.6	6.1	5.1	11.2
12.. Bonus and welfare fund	0.3	0.5	0.8	0.5	0.6	0.6	0.9	1.0	1.5	2.3	2.9	3.9
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	1,007.5	1,012.5	992.5	1,010.0	1,071.0	968.0	977.6	980.2	977.9	967.9	977.3	980.0
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	31.1	31.5	—	11.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	867.2	867.0	866.3	865.7	865.2	862.8	862.6	861.2	859.2	859.2	857.2	853.8
8. Long-term borrowings and financial leases	107.4	112.1	124.2	131.6	180.5	85.2	95.2	95.2	82.2	66.2	69.9	69.9
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	1.7	1.9	1.9	1.7	25.3	20.0	19.7	23.8	36.5	42.5	50.2	56.2
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)	314.3	295.1	297.1	297.4	307.8	309.1	310.4	311.0	310.8	310.6	322.6	322.1
I. Owner's equity	314.3	295.1	297.1	297.4	307.8	309.1	310.4	311.0	310.8	310.6	322.6	322.1
1. Owner's capital	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3
- Common stock with voting right	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9
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	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
8. Investment and development fund	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0
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	30.9	11.7	13.6	13.9	24.4	25.6	27.0	27.5	27.4	27.2	39.1	38.7
- Accumulated retained earning at the end of the previous period	30.9	—	—	—	0.0	0.0	27.0	0.0	24.9	27.2	39.1	38.7
- Undistributed earnings in this period	—	—	—	—	0.0	0.0	0.0	0.0	2.5	0.0	0.0	0.0
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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,715.9	2,191.9	2,327.7	2,356.6	2,512.7	2,242.8	2,069.1	2,067.9	2,407.7	2,221.4	2,328.0	2,351.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	26.4	1.0	0.6	-9.3	8.4	0.8	0.5	0.1	8.6	0.0	0.8	0.7
Depreciation of Fixed Assets and Investment Property	13.8	2.3	13.3	2.4	2.5	7.1	8.9	8.1	9.8	7.3	9.2	8.3
Provision (Increase)/Reversal	-0.7	1.3	0.3	-1.6	5.1	2.6	-5.2	-4.3	-14.4	0.4	-12.2	-8.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	-0.0	—	0.0	0.7	-0.7	0.0	-0.2	-0.1	0.1	0.0
Gain/Loss from Investment Activities	3.6	-3.9	0.0	-0.6	4.4	0.3	-7.9	0.2	8.4	-9.2	-0.7	0.1
Interest Expense	11.5	10.6	12.3	8.5	8.2	10.1	14.4	5.8	11.4	11.7	17.9	11.0
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	54.6	11.5	26.5	-0.6	28.6	21.5	10.0	9.8	23.7	10.2	15.1	12.1
Increase/(Decrease) in Receivables	-22.3	-331.9	120.0	125.3	-115.4	-131.9	57.8	110.0	-224.6	115.2	-70.1	211.9
Increase/(Decrease) in Inventory	-62.0	56.2	6.2	-36.3	28.7	-68.9	3.3	-30.0	98.1	-69.9	28.1	-75.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	71.1	277.4	-214.6	-26.9	109.9	-5.4	-12.7	-58.8	115.1	-69.3	53.3	-120.0
Increase/(Decrease) in Prepaid Expenses	31.0	-29.2	10.2	-10.5	-4.0	1.2	5.4	-3.3	3.0	1.8	1.3	-0.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.3	-9.9	-16.1	-5.0	-37.9	21.0	-15.4	-5.6	-14.3	-8.5	-22.0	-9.9
Corporate Income Tax Paid	-0.1	-0.1	-6.1	1.0	-0.4	-0.2	-0.2	-3.9	-4.2	-0.4	-0.2	-5.1
Other Operating Receipts	—	—	—	—	0.1	0.6	-0.1	0.1	-2.4	2.4	0.0	0.0
Other Operating Payments	6.8	-7.3	-0.5	—	-4.5	0.2	-1.1	-0.0	-1.2	-0.8	0.5	-2.1
Net Cash Flow from Operating Activities	60.0	-26.7	-73.3	46.0	5.0	-161.9	47.0	18.2	-6.7	-19.3	6.0	10.8
Payments for Fixed Assets and Other Long-term Assets	-40.8	35.9	-36.1	-0.1	-0.1	5.1	-5.2	-0.2	-7.5	1.9	-2.2	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	38.4	—	0.0	0.0	0.0	0.0	0.5	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	2.1	—	-2.2	—	0.0	0.0	-0.0	0.0	-4.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	1.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.3	0.0	0.2	0.1	0.0	0.0	0.1	0.1	0.4	-0.0	0.3	0.1
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	-2.2	-1.5	1.5	-0.0	-0.0	5.1	-5.2	-0.0	-10.6	1.7	-1.8	-0.7
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	356.0	328.7	281.9	351.6	428.2	508.3	202.8	302.8	232.2	365.9	215.9	293.0
Repayment of Borrowings	-319.2	-322.6	-229.4	-402.4	-337.3	-360.3	-258.7	-309.0	-218.4	-353.3	-262.8	-354.9
Repayment of Finance Leases	-4.7	-4.7	-9.4	—	-29.0	14.5	-14.5	0.0	-6.5	-8.0	-14.5	0.0
Dividends Paid	0.3	-2.6	-0.0	—	-0.1	-1.9	0.0	0.0	-0.0	-11.9	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	32.5	-1.2	43.1	-50.8	61.8	160.6	-70.4	-6.2	7.3	-7.3	-61.3	-61.9
Net Cash Flow During the Period	90.3	-29.4	-28.7	-4.8	66.8	3.8	-28.6	12.0	-10.0	-24.9	-57.1	-51.9
Cash and Cash Equivalents at Beginning of Period	43.4	73.0	101.4	106.2	57.4	57.4	57.4	57.4	201.2	201.2	201.2	201.2
FX Difference from Revaluation	0.1	0.0	0.3	—	-0.0	-0.1	0.1	0.0	0.1	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	133.8	43.4	73.0	101.4	111.3	44.5	40.9	69.3	57.4	67.3	92.2	149.3

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