PPT

Listed Company · HNX

Price

15,300

Latest close

03 Apr 2026

P/E 31.9x

EPS (TTM) 480

ROE (TTM) 4.6%

P/B 1.5x

BVPS (Latest) 10,528

ROA (TTM) 1.8%

What Is Changing

PPT no longer looks like a business simply rebounding from a weak base. Revenue posted +12.6% YoY, while net margin reached 0.10% with an additional -0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 4.6bn in 2025.
Revenue increased 12.6% YoY to VND 4,550.2bn in 2025.

Metric	2025	2024	2023	2022
Revenue	4,550.2	4,040.3	3,306.0	2,120.3
Growth	+13%	+22%	+56%	—
Net Income	4.6	9.1	7.5	7.0
Net Margin	0.10%	0.22%	0.23%	0.33%

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	1,363.7	1,176.9	1,057.4	952.2	1,101.6	912.0	1,081.8	945.5	1,084.0	989.9	647.5	584.6
Growth	+16%	+11%	+11%	-14%	+21%	-16%	+14%	-13%	+10%	+53%	+11%	—
Net Income	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6	1.4
Net Margin	0.14%	0.20%	0.28%	0.21%	0.18%	0.22%	0.28%	0.22%	0.21%	0.17%	0.40%	0.24%

Financial Statements

Profitability

Net margin reached 0.10% while Revenue posted +12.6% YoY.

Balance Sheet

Inventory stood at 140.5bn, liabilities at 304.1bn, and equity at 201.9bn.

Cash Flow

Operating cash flow was 11.9bn in 2025, while investing cash flow was -23.8bn.

Financing cash flow: 17.6bn.

Item	2025	2024	2023	2022
Revenue	4,550.5	4,047.9	3,306.0	2,120.3
Revenue Deductions	0.4	7.6	0.0	0.0
Net Revenue	4,550.2	4,040.3	3,306.0	2,120.3
Cost of Goods Sold	4,500.7	4,005.0	3,269.3	2,087.5
Gross Profit	49.5	35.3	36.7	32.9
Financial Income	4.1	9.0	8.3	3.7
Financial Expenses	17.2	13.6	15.3	16.2
Interest Expense	14.2	13.5	15.3	10.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	18.8	15.1	14.3	3.7
General and Administrative Expenses	10.1	5.2	5.8	7.5
Operating Profit	7.5	10.4	9.5	9.2
Other Income	0.0	0.9	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.4
Other Profit	0.0	0.9	-0.1	-0.4
Profit Before Tax	7.5	11.3	9.4	8.8
Current Income Tax Expense	2.8	2.3	1.9	1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	4.6	9.1	7.5	7.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	4.6	9.1	7.5	7.0
Earnings per Share	236.00	514.00	490.00	774.00
Diluted EPS	236.00	514.00	490.00	774.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	325.7	329.1	293.3	248.1
I. Cash and cash equivalents	58.0	52.4	37.0	50.9
1. Cash	58.0	52.4	37.0	50.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	27.5	16.2	38.7	15.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	27.5	16.2	38.7	15.0
III. Short-term receivables	97.9	88.2	119.9	73.3
1. Short-term trade accounts receivable	90.2	75.0	61.2	44.9
2. Short-term prepayments to suppliers	0.3	0.3	10.2	17.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	5.5	10.0
6. Other short-term receivables	14.4	14.2	44.0	1.2
7. Provision for short-term doubtful debts (*)	-7.0	-1.3	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	140.5	165.7	95.7	103.5
1. Inventories	140.5	165.7	95.7	103.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.8	6.7	1.9	5.4
1. Short-term prepayments	0.4	0.3	0.0	0.0
2. Value added tax to be reclaimed	1.4	6.4	1.9	5.4
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	180.3	167.1	192.7	81.5
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	63.2	64.9	66.4	52.9
1. Tangible fixed assets	9.0	10.7	12.2	12.9
- Cost	16.3	16.6	16.7	16.0
- Accumulated depreciation	-7.3	-5.9	-4.6	-3.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	54.2	54.3	54.3	40.0
- Cost	54.3	54.3	54.3	40.0
- Accumulated depreciation	-0.1	-0.1	-0.0	-0.0
III. Investment properties	101.5	101.5	101.6	9.2
- Cost	101.7	101.7	101.7	9.2
- Accumulated depreciation	-0.2	-0.1	-0.0	0.0
IV. Long-term assets in progress	—	0.0	12.4	12.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	12.4	12.4
V. Long-term financial investments	14.7	0.0	10.0	4.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.7	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	10.0	4.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.7	2.2	3.0
1. Long-term prepayments	0.9	0.7	2.2	3.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	506.0	496.2	486.0	329.6
A. LIABILITIES (300=210+330)	304.1	299.0	306.4	165.1
I. Short -term liabilities	284.1	299.0	292.8	165.1
1. Short-term trade accounts payable	1.0	36.7	5.8	1.4
2. Short-term advances from customers	13.1	10.7	3.3	4.1
3. Taxes and other payables to state authorities	1.2	0.5	0.3	0.5
4. Payable to employees	—	0.1	0.1	0.0
5. Short-term acrrued expenses	0.3	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.2
10. Short-term borrowings and financial leases	268.5	251.0	283.2	158.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	20.0	0.0	13.6	0.0
1. Long-term trade payables	20.0	0.0	13.6	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	201.9	197.3	179.5	164.5
I. Owner's equity	201.9	197.3	179.5	164.5
1. Owner's capital	196.4	181.9	157.5	150.0
- Common stock with voting right	196.4	181.9	157.5	150.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	5.6	15.5	22.2	14.7
- Accumulated retained earning at the end of the previous period	0.9	6.4	14.7	7.6
- Undistributed earnings in this period	4.6	9.1	7.5	7.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	506.0	496.2	486.0	329.6

Item	2025	2024	2023	2022
Profit Before Tax	7.5	11.3	9.4	8.8
Depreciation of Fixed Assets and Investment Property	1.6	1.7	1.7	1.5
Provision (Increase)/Reversal	5.6	0.4	1.0	-1.7
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.8	-3.4	-4.9	-0.7
Interest Expense	14.2	13.5	15.3	10.9
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	28.1	23.5	22.4	18.7
Increase/(Decrease) in Receivables	-11.6	33.2	-46.5	34.4
Increase/(Decrease) in Inventory	25.2	-70.0	7.8	-25.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.3	24.6	17.2	-43.0
Increase/(Decrease) in Prepaid Expenses	-0.3	1.2	0.8	-1.1
Changes in Trading Securities	—	0.0	0.0	21.5
Interest Paid	-14.0	-13.3	-15.3	-10.2
Corporate Income Tax Paid	-2.2	-2.1	-2.1	-1.9
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	11.9	-2.8	-15.7	-7.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-108.1	-57.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	1.0	0.4	0.0
Loans and Purchases of Debt Instruments	-29.0	-27.2	-336.5	-39.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.0	65.5	311.3	28.5
Investments in Other Entities	-14.7	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	2.7	3.0	0.8
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-23.8	42.0	-130.0	-66.7
Proceeds from Equity Issuance and Capital Contributions	—	8.7	7.5	69.9
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	1,226.3	1,557.4	1,441.5	897.9
Repayment of Borrowings	-1,208.7	-1,589.8	-1,317.3	-867.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	17.6	-23.8	131.8	100.3
Net Cash Flow During the Period	5.7	15.3	-13.9	26.5
Cash and Cash Equivalents at Beginning of Period	52.4	37.0	50.9	24.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	58.0	52.4	37.0	50.9

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
Revenue	1,363.7	1,176.9	1,057.7	952.2	1,109.1	912.0	1,081.8	945.5	1,084.0	989.9	647.5	584.6
Revenue Deductions	0.0	0.1	0.3	—	7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,363.7	1,176.9	1,057.4	952.2	1,101.6	912.0	1,081.8	945.5	1,084.0	989.9	647.5	584.6
Cost of Goods Sold	1,346.5	1,165.2	1,046.7	942.2	1,093.4	906.7	1,070.0	935.3	1,073.3	978.2	640.7	577.1
Gross Profit	17.2	11.7	10.7	10.0	8.2	5.2	11.8	10.2	10.7	11.7	6.8	7.5
Financial Income	0.3	0.1	3.5	0.3	3.2	4.9	0.3	0.5	0.9	1.0	4.7	0.5
Financial Expenses	7.0	3.2	3.5	3.2	3.4	3.4	3.4	3.4	4.2	4.5	3.4	3.3
Interest Expense	4.2	3.2	3.5	3.2	3.4	3.3	3.4	3.4	4.2	4.5	3.3	3.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.7	4.7	5.7	3.5	3.9	3.9	3.8	3.5	3.9	4.5	3.7	2.1
General and Administrative Expenses	2.2	1.0	1.1	1.0	1.6	1.2	1.3	1.2	1.2	1.6	1.1	0.9
Operating Profit	2.5	2.8	3.8	2.5	2.5	1.6	3.7	2.5	2.2	2.1	3.2	1.8
Other Income	-0.2	0.2	—	—	0.0	0.9	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	0.0	0.1
Other Profit	-0.2	0.2	—	—	0.0	0.9	0.0	0.0	0.0	0.0	0.0	-0.1
Profit Before Tax	2.3	3.0	3.8	2.5	2.5	2.5	3.7	2.5	2.2	2.1	3.3	1.7
Current Income Tax Expense	0.5	0.6	0.8	0.5	0.5	0.5	0.7	0.5	0.0	0.4	0.7	0.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6	1.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6	1.4
Earnings per Share	93.84	121.17	153.21	111.99	111.24	111.06	172.34	129.16	142.65	105.58	174.69	92.76
Diluted EPS	93.84	121.17	153.21	111.99	111.24	111.06	172.34	129.16	142.65	105.58	174.69	92.76

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)	330.2	307.4	326.5	330.5	329.1	327.4	286.8	295.3	301.3	311.1	265.9	255.2
I. Cash and cash equivalents	58.0	47.1	58.0	67.4	52.4	29.7	25.0	29.3	37.0	4.8	62.7	38.2
1. Cash	3.3	3.4	1.6	4.2	2.6	1.8	2.6	29.3	37.0	4.8	22.7	38.2
2. Cash equivalents	54.8	43.7	56.4	63.1	49.8	27.9	22.5	0.0	0.0	0.0	40.0	0.0
II. Short-term financial investments	27.5	6.2	6.2	6.2	16.2	10.0	19.0	24.7	38.7	42.8	33.0	15.3
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	27.5	6.2	6.2	6.2	16.2	10.0	19.0	24.7	38.7	42.8	33.0	15.3
III. Short-term receivables	102.7	131.8	95.2	80.7	88.7	99.7	83.6	106.1	128.0	122.1	47.1	82.4
1. Short-term trade accounts receivable	90.2	108.2	85.6	63.7	75.5	70.3	49.1	57.1	68.3	47.2	41.9	58.2
2. Short-term prepayments to suppliers	0.3	0.7	0.6	0.3	0.3	0.3	0.6	0.3	10.2	13.3	4.5	16.0
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	—	—	—	8.0	0.0	0.0	0.0	6.0	5.5	10.0	0.0	7.4
6. Other short-term receivables	14.4	24.3	10.4	10.2	14.2	30.1	34.9	43.7	43.9	51.6	0.6	0.7
7. Provision for short-term doubtful debts (*)	-2.1	-1.3	-1.3	-1.3	-1.3	-1.0	-1.0	-1.0	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	0.0
IV. Inventories	140.1	121.2	162.1	169.9	165.2	179.2	152.9	131.6	95.7	135.8	117.4	115.6
1. Inventories	140.1	121.2	162.1	169.9	165.2	179.2	152.9	131.6	95.7	135.8	117.4	115.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	1.1	5.0	6.3	6.6	8.8	6.3	3.6	1.9	5.6	5.8	3.7
1. Short-term prepayments	0.4	0.3	0.1	0.2	0.3	0.5	0.3	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.4	0.8	4.9	6.1	6.3	8.3	6.0	3.5	1.9	5.6	5.8	3.7
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	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)	180.3	160.8	181.1	166.6	167.1	167.8	168.4	169.3	192.7	189.9	170.0	90.6
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	50.3	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	50.3	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	63.2	63.6	64.1	64.5	64.9	65.3	65.6	66.0	68.2	68.2	81.6	52.2
1. Tangible fixed assets	9.0	9.3	9.9	10.3	10.7	11.0	11.3	11.7	13.9	13.9	14.3	12.2
- Cost	—	—	—	—	16.6	16.6	16.7	16.7	18.5	18.1	18.1	15.6
- Accumulated depreciation	—	—	—	—	-5.9	-5.6	-5.4	-5.0	-4.6	-4.2	-3.8	-3.4
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	54.2	54.2	54.2	54.3	54.3	54.3	54.3	54.3	54.3	54.3	67.3	40.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	101.5	—	101.5	101.5	101.5	101.6	101.6	101.6	99.9	92.7	9.2	9.2
- 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	—	81.8	—	—	0.0	0.0	0.0	0.0	12.4	12.4	12.4	12.4
1. Long-term production in progress	—	81.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	-0.2	—	—	0.0	0.0	0.0	0.0	12.4	12.4	12.4	12.4
V. Long-term financial investments	14.7	14.7	14.7	—	0.0	0.0	0.0	0.0	10.0	14.0	14.0	14.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	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	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	14.7	14.7	14.7	—	0.0	0.0	0.0	0.0	10.0	14.0	14.0	14.0
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	0.9	0.8	0.8	0.6	0.7	0.9	1.2	1.6	2.2	2.7	2.6	2.8
1. Long-term prepayments	0.9	0.8	0.8	0.6	0.7	0.9	1.2	1.6	2.2	2.7	2.6	2.8
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)	510.5	468.3	507.7	497.1	496.2	495.2	455.2	464.6	494.0	501.1	435.9	345.8
A. LIABILITIES (300=210+330)	303.7	263.3	305.4	297.8	299.0	300.0	270.6	283.0	313.7	322.5	267.4	179.9
I. Short -term liabilities	283.7	263.3	305.4	297.8	299.0	300.0	270.6	283.0	300.1	310.0	258.8	179.9
1. Short-term trade accounts payable	1.0	0.8	60.6	26.8	36.7	36.4	6.8	13.1	5.9	8.6	16.7	3.1
2. Short-term advances from customers	13.1	16.7	10.7	22.1	10.7	4.4	12.0	4.0	10.3	18.2	23.9	5.2
3. Taxes and other payables to state authorities	0.7	0.9	0.7	0.5	0.5	0.5	0.4	0.4	0.5	0.6	0.5	0.3
4. Payable to employees	—	0.1	0.1	0.1	0.1	0.1	0.4	0.1	0.1	0.2	0.0	0.0
5. Short-term acrrued expenses	0.3	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
10. Short-term borrowings and financial leases	268.5	244.8	233.3	248.3	251.0	258.5	250.9	265.4	283.2	282.4	217.7	171.2
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	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	20.0	—	—	—	0.0	0.0	0.0	0.0	13.6	12.5	8.5	0.0
1. Long-term trade payables	20.0	—	—	—	0.0	0.0	0.0	0.0	13.6	12.5	8.5	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	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)	206.8	205.0	202.3	199.3	197.3	195.2	184.6	181.6	180.3	178.6	168.5	165.9
I. Owner's equity	206.8	205.0	202.3	199.3	197.3	195.2	184.6	181.6	180.3	178.6	168.5	165.9
1. Owner's capital	196.4	196.4	196.4	181.9	181.9	181.9	173.2	157.5	157.5	157.5	150.0	150.0
- Common stock with voting right	196.4	196.4	196.4	181.9	181.9	181.9	173.2	157.5	157.5	157.5	150.0	150.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.5	8.7	6.0	17.5	15.5	13.5	11.5	24.2	22.9	21.2	18.7	16.0
- Accumulated retained earning at the end of the previous period	0.9	0.9	0.9	15.5	6.4	6.4	6.4	22.2	14.6	14.7	14.7	14.7
- Undistributed earnings in this period	9.6	7.7	5.0	2.0	9.1	7.0	5.0	2.0	8.3	6.5	4.0	1.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	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)	510.5	468.3	507.7	497.1	496.2	495.2	455.2	464.6	494.0	501.1	435.9	345.8

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	0.8	—	6.7	—	0.0	-6.3	6.3	0.0	9.4	-6.1	6.1	0.0
Depreciation of Fixed Assets and Investment Property	0.8	—	0.8	—	0.0	-0.9	0.9	0.0	1.7	-0.8	0.8	0.0
Provision (Increase)/Reversal	5.6	—	—	—	0.0	0.0	0.0	0.0	1.0	0.0	0.0	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	-0.4	—	-0.4	—	0.0	0.9	-0.9	0.0	-4.9	3.0	-3.0	0.0
Interest Expense	7.4	—	6.9	—	0.0	-6.9	6.9	0.0	15.3	-6.5	6.5	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	14.2	—	13.9	—	0.0	-13.1	13.1	0.0	22.4	-10.4	10.4	0.0
Increase/(Decrease) in Receivables	-4.8	—	-6.8	—	0.0	-26.3	26.3	0.0	-46.5	31.3	-31.3	0.0
Increase/(Decrease) in Inventory	23.2	—	2.0	—	0.0	57.2	-57.2	0.0	7.8	14.0	-14.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.2	—	24.9	—	0.0	-8.4	8.4	0.0	17.2	-43.6	43.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	—	0.1	—	0.0	-0.7	0.7	0.0	0.8	-0.5	0.5	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.3	—	-6.6	—	0.0	6.5	-6.5	0.0	-15.3	6.5	-6.5	0.0
Corporate Income Tax Paid	-0.6	-0.5	-0.5	-0.6	-0.5	-0.4	-0.7	-0.5	-0.5	-0.5	-0.5	-0.6
Other Operating Receipts	—	—	—	—	15.9	66.9	-35.8	35.8	-377.8	377.8	-222.8	222.8
Other Operating Payments	—	-82.7	—	-23.5	-11.4	-27.4	15.1	-15.1	365.5	-365.5	184.3	-184.3
Net Cash Flow from Operating Activities	17.4	-31.9	12.4	14.0	29.9	-20.2	-2.9	-13.5	35.5	-52.7	19.2	-17.6
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	-0.1	0.0	0.0	0.0	-8.5	-67.1	-32.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-9.2	9.4	—	—	0.3	0.7	0.0	0.0	0.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-21.0	—	-8.0	—	0.0	6.0	-6.0	0.0	-336.5	106.2	-106.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	—	18.0	—	0.0	-41.2	41.2	0.0	311.3	-88.5	88.5	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	0.0	0.0	-0.0	1.7	2.5	-1.3	1.3	0.0	2.5	-1.2	1.4	0.3
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	-30.2	9.4	-6.7	3.7	-3.8	8.6	13.1	23.5	-4.0	-77.4	-41.2	-7.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	8.7	0.0	0.0	0.0	7.5	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	307.6	325.3	294.1	299.3	364.6	367.4	431.9	403.2	448.4	440.3	279.9	272.9
Repayment of Borrowings	-283.9	-313.8	-309.1	-302.0	-368.1	-359.8	-446.3	-421.0	-447.6	-375.6	-233.4	-260.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	23.7	11.5	-15.0	-2.7	-3.5	16.2	-14.4	-17.8	0.8	72.2	46.5	12.3
Net Cash Flow During the Period	11.0	-10.9	-9.3	15.0	22.6	4.7	-4.2	-7.8	32.3	-57.9	24.5	-12.7
Cash and Cash Equivalents at Beginning of Period	47.1	58.0	67.4	52.4	37.0	37.0	37.0	37.0	50.9	50.9	50.9	50.9
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	58.0	47.1	58.0	67.4	52.4	29.7	25.0	29.3	37.0	4.8	62.7	38.2

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