PTC

Listed Company · HOSE

Price

7,270

Latest close

03 Apr 2026

P/E 4.7x

EPS (TTM) 1,538

ROE (TTM) 12.3%

P/B 0.5x

BVPS (Latest) 13,238

ROA (TTM) 11.8%

What Is Changing

PTC has not yet shown a broad-based top-line recovery. Revenue posted -100.0% YoY, but net margin reached 49658.48% with an additional +49645.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -87.41% in 2022 to 49658.48% in 2024.
Net Income recovered 38.1% to VND 19.4bn in 2024.
Revenue decreased 100.0% YoY to VND 0.0bn in 2024.

Metric	2024	2023	2022	2020
Revenue	0.0	107.7	69.2	2.9
Growth	-100%	+56%	+2248%	—
Net Income	19.4	14.0	-60.5	43.9
Net Margin	49658.48%	13.02%	-87.41%	1487.72%

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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0	36.5
Growth	0%	0%	0%	0%	0%	+277%	-20%	-100%	+90%	+29%	-59%	—
Net Income	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2	7.8
Net Margin	34547.05%	218715.07%	48042.27%	28770.18%	21082.60%	36340.82%	233318.02%	30462.81%	23.05%	16.27%	-34.31%	21.45%

Financial Statements

Profitability

Net margin reached 49658.48% while Revenue posted -100.0% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 9.7bn, and equity at 427.0bn.

Cash Flow

Operating cash flow was -153.1bn in 2024, while investing cash flow was 137.7bn.

Financing cash flow: 3.8bn.

Item	2024	2023	2022	2020
Revenue	0.1	107.7	69.2	2.9
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	0.0	107.7	69.2	2.9
Cost of Goods Sold	0.0	51.0	46.1	0.0
Gross Profit	0.0	56.7	23.2	-4.5
Financial Income	25.7	13.6	33.5	66.3
Financial Expenses	3.1	34.8	93.0	-5.1
Interest Expense	0.2	46.8	34.9	-0.8
Share of Associates and Joint Ventures	0.0	-3.9	-10.8	3.3
Selling Expenses	0.0	0.0	0.0	-0.1
General and Administrative Expenses	4.1	16.3	13.6	-9.3
Operating Profit	18.4	15.2	-60.7	50.6
Other Income	0.9	0.0	3.8	0.0
Other Expenses	0.0	1.2	3.6	0.0
Other Profit	0.9	-1.2	0.2	5.9
Profit Before Tax	19.4	14.0	-60.5	56.5
Current Income Tax Expense	0.0	0.0	0.0	-12.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	19.4	14.0	-60.5	43.9
Non-controlling Interest	0.0	4.0	-6.8	-0.2
Profit Attributable to Parent	19.4	10.0	-53.7	44.1
Earnings per Share	601.00	311.00	-1,713.00	2,718.00
Diluted EPS	601.00	311.00	-1,713.00	2,447.83

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	258.2	230.8	173.3	171.7	147.3
I. Cash and cash equivalents	6.0	3.1	37.4	5.7	4.9
1. Cash	4.3	1.4	14.7	4.1	0.0
2. Cash equivalents	1.7	1.7	22.7	1.6	0.0
II. Short-term financial investments	220.3	219.9	81.5	100.8	0.0
1. Available for sale securities	259.9	226.7	63.5	116.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-39.6	-6.8	-2.0	-35.2	0.0
3. Held to maturity investments	—	0.0	20.0	20.0	0.0
III. Short-term receivables	31.5	7.6	54.0	65.0	73.4
1. Short-term trade accounts receivable	0.7	0.6	39.4	55.0	0.0
2. Short-term prepayments to suppliers	0.2	0.2	0.3	0.6	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	30.5	1.4	7.3	3.0	0.0
6. Other short-term receivables	0.8	5.9	7.5	6.8	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.5	-0.4	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.3	0.4	0.3	0.7
1. Short-term prepayments	0.1	0.1	0.2	0.1	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	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)	178.5	174.4	982.9	1,039.9	156.1
I. Long-term receivables	—	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	—	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.9	2.6	772.9	816.1	5.7
1. Tangible fixed assets	1.9	2.6	772.9	816.1	5.7
- Cost	7.7	7.7	862.0	862.0	0.0
- Accumulated depreciation	-5.8	-5.1	-89.1	-45.9	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	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	176.7	171.7	129.8	133.7	150.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	148.0	148.0	129.8	133.7	0.0
3. Investments in other entities	42.7	42.7	4.9	4.9	0.0
4. Provision for diminution in value of long-term investments	-14.0	-19.0	-4.9	-4.9	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	0.0	0.0	80.1	90.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.1	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	0.1
5. Goodwill	—	0.0	80.1	89.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	436.7	405.2	1,156.2	1,211.7	303.4
A. LIABILITIES (300=210+330)	9.7	27.0	634.3	703.8	43.7
I. Short -term liabilities	9.7	27.0	192.1	120.3	43.7
1. Short-term trade accounts payable	0.4	0.4	123.7	58.0	8.7
2. Short-term advances from customers	—	0.0	0.0	0.0	3.2
3. Taxes and other payables to state authorities	3.6	0.3	1.1	0.5	0.0
4. Payable to employees	0.8	0.0	0.8	0.8	0.0
5. Short-term acrrued expenses	0.1	0.1	0.7	1.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	4.7	22.4	22.5	22.1	0.0
10. Short-term borrowings and financial leases	—	3.8	43.3	37.6	3.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	—	0.0	442.2	583.5	0.0
1. Long-term trade payables	—	0.0	0.0	98.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	442.2	485.4	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)	427.0	378.2	521.9	507.9	259.7
I. Owner's equity	427.0	378.2	521.9	507.9	0.0
1. Owner's capital	323.1	323.1	323.1	323.1	259.7
- Common stock with voting right	323.1	323.1	323.1	323.1	180.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	33.0	33.0	33.0	33.0	35.7
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	-0.7	-0.7	-0.7	-0.7	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	—	0.0	0.0	0.0	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	71.6	22.8	-13.6	-23.6	27.4
- Accumulated retained earning at the end of the previous period	22.8	3.4	-23.6	30.1	-27.9
- Undistributed earnings in this period	48.9	19.4	10.0	-53.7	55.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	180.1	176.1	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)	436.7	405.2	1,156.2	1,211.7	303.4

Item	2024	2023	2022	2020
Profit Before Tax	19.4	14.0	-60.5	18.8
Depreciation of Fixed Assets and Investment Property	0.8	52.9	40.3	0.1
Provision (Increase)/Reversal	1.0	-33.3	30.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.5	-7.1	2.4	0.0
Interest Expense	0.2	46.8	34.9	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	10.8	73.3	47.3	-19.8
Increase/(Decrease) in Receivables	-0.1	10.8	-1.5	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	0.7	-58.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.1	0.0
Changes in Trading Securities	-163.2	52.6	-44.4	0.0
Interest Paid	-0.2	-47.1	-34.0	0.0
Corporate Income Tax Paid	0.0	0.0	-13.0	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	-153.1	90.4	-103.5	20.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-15.0	-23.0	-6.1	-76.7
Receipts from Loan Repayments and Sale of Debt Instruments	15.9	18.7	2.3	12.8
Investments in Other Entities	0.0	-32.3	-97.4	-69.5
Proceeds from Investments in Other Entities	126.0	5.0	70.7	0.0
Dividends and Interest Income Received	10.7	10.5	3.4	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	137.7	-21.1	-27.0	-9.9
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	38.5	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	39.5	5.9	87.7	14.6
Repayment of Borrowings	-35.8	-43.5	-69.2	-24.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	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	3.8	-37.6	57.0	-9.5
Net Cash Flow During the Period	-11.7	31.7	-73.5	0.0
Cash and Cash Equivalents at Beginning of Period	14.7	5.7	79.2	5.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.1	37.4	5.7	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0	36.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0	36.5
Cost of Goods Sold	—	—	—	—	0.0	0.0	0.0	0.0	13.2	12.3	12.3	12.9
Gross Profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	23.5	7.0	2.7	23.6
Financial Income	13.4	30.5	14.8	12.4	3.4	7.4	13.5	1.4	1.8	6.9	3.5	1.3
Financial Expenses	8.4	-8.5	19.5	10.8	-0.8	0.6	4.0	-0.8	11.6	9.0	5.4	8.6
Interest Expense	—	0.0	0.0	0.1	0.2	0.0	0.0	0.0	10.0	11.0	12.3	13.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	2.2	-1.6	-4.2
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.4	1.1	1.4	1.2	1.0	1.3	1.1	0.7	4.5	3.9	4.1	4.0
Operating Profit	3.6	37.9	-6.1	0.3	3.2	5.5	8.4	1.5	9.0	3.3	-4.9	8.1
Other Income	—	—	13.3	4.0	0.0	0.0	0.9	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	0.2	0.3	0.2
Other Profit	—	—	13.3	4.0	0.0	-0.0	0.9	0.0	-0.5	-0.2	-0.3	-0.2
Profit Before Tax	3.6	37.9	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2	7.8
Current Income Tax Expense	-1.6	5.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2	7.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	6.4	-2.2	-4.8	4.7
Profit Attributable to Parent	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	2.1	5.3	-0.4	3.1
Earnings per Share	161.00	1,019.00	224.00	133.58	98.00	168.73	287.61	47.15	65.28	164.76	-11.41	97.36
Diluted EPS	160.40	1,015.47	223.06	133.58	97.88	168.73	287.61	47.15	65.28	164.76	-11.41	97.36

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)	258.2	258.3	220.3	222.7	230.8	230.8	224.3	212.7	173.3	162.3	170.8	194.3
I. Cash and cash equivalents	6.0	7.2	15.1	7.5	3.1	3.7	11.1	19.0	19.4	29.1	24.2	34.1
1. Cash	4.3	5.5	13.4	5.8	1.4	2.0	9.4	8.1	14.7	11.0	10.6	32.5
2. Cash equivalents	1.7	1.7	1.7	1.7	1.7	1.7	1.7	10.9	4.7	18.1	13.6	1.6
II. Short-term financial investments	220.3	249.0	193.2	208.5	219.9	218.8	189.4	184.7	99.5	89.8	108.1	115.3
1. Available for sale securities	259.9	277.8	230.6	228.2	226.7	220.8	191.0	185.7	63.5	79.6	116.3	113.3
2. Provision for diminution in value of available for sale securities (*)	-39.6	-28.8	-37.4	-19.7	-6.8	-2.0	-1.6	-1.0	-2.0	-9.8	-23.2	-30.1
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	38.0	20.0	15.0	32.0
III. Short-term receivables	31.5	1.7	11.7	6.4	7.6	7.9	23.5	8.8	54.0	42.8	37.7	44.1
1. Short-term trade accounts receivable	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.7	39.3	28.7	23.7	35.4
2. Short-term prepayments to suppliers	0.2	0.2	0.4	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.3	0.3
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	30.5	—	9.1	—	1.4	1.7	17.0	2.3	7.3	7.3	7.7	2.7
6. Other short-term receivables	0.8	1.4	2.0	6.1	5.9	5.9	6.1	6.0	7.5	7.0	6.5	6.1
7. Provision for short-term doubtful debts (*)	-0.7	-0.5	-0.5	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.4	0.6	0.7	0.8
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.2	0.3	0.5	0.6
2. Value added tax to be reclaimed	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. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	178.5	174.8	174.9	176.0	174.4	188.0	188.2	190.5	983.0	996.5	1,007.6	1,022.4
I. Long-term receivables	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.0	0.1
6. Other long-term receivables	—	—	—	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.1	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	1.9	2.0	2.2	2.4	2.6	2.8	3.0	3.2	772.9	783.7	794.5	805.3
1. Tangible fixed assets	1.9	2.0	2.2	2.4	2.6	2.8	3.0	3.2	772.9	783.7	794.5	805.3
- Cost	—	—	—	—	7.7	7.7	7.7	7.7	862.0	862.0	862.0	862.0
- Accumulated depreciation	—	—	—	—	-5.1	-4.9	-4.7	-4.5	-89.1	-78.3	-67.5	-56.7
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	—	—	—	—	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
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	176.7	172.7	172.7	173.5	171.7	185.1	185.1	187.2	129.9	130.1	127.9	129.5
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	148.0	148.0	148.0	148.0	148.0	148.0	148.0	148.0	129.9	130.1	127.9	129.5
3. Investments in other entities	42.7	42.7	42.7	42.7	42.7	62.2	62.2	62.2	4.9	4.9	4.9	4.9
4. Provision for diminution in value of long-term investments	-14.0	-17.9	-18.0	-17.1	-18.9	-25.1	-25.1	-22.9	-4.9	-4.9	-4.9	-4.9
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	80.1	82.6	85.0	87.5
TOTAL ASSETS (280=100+200)	436.7	433.0	395.2	398.8	405.3	418.8	412.5	403.2	1,156.3	1,158.8	1,178.4	1,216.7
A. LIABILITIES (300=210+330)	9.0	10.5	5.5	16.3	27.0	43.7	42.9	42.9	634.1	645.1	667.8	701.0
I. Short -term liabilities	9.0	10.5	5.5	16.3	27.0	43.7	42.9	42.9	191.9	94.1	106.0	117.5
1. Short-term trade accounts payable	0.4	0.4	0.4	0.5	0.4	20.0	19.9	20.0	123.7	36.4	58.0	59.6
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.7	5.3	0.3	0.3	0.3	0.3	0.3	0.3	1.1	1.2	0.8	1.2
4. Payable to employees	—	—	—	—	0.0	0.0	0.0	0.0	0.8	0.2	0.2	0.7
5. Short-term acrrued expenses	0.1	—	0.1	—	0.1	0.0	0.0	0.0	0.5	0.9	2.2	1.1
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	4.7	4.7	4.7	15.4	22.4	22.4	22.5	22.4	22.5	22.5	22.6	22.1
10. Short-term borrowings and financial leases	—	—	—	—	3.8	0.9	0.0	0.0	43.3	32.7	22.0	32.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	—	—	0.0	0.0	0.0	0.0	442.2	551.0	561.8	583.5
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	98.0	98.0	98.0
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	485.4
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	442.2	453.0	463.8	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)	427.7	422.5	389.7	382.5	378.2	375.1	369.6	360.3	522.2	513.7	510.6	515.7
I. Owner's equity	427.7	422.5	389.7	382.5	378.2	375.1	369.6	360.3	522.2	513.7	510.6	515.7
1. Owner's capital	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1
- Common stock with voting right	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0
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	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7
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	72.3	67.1	34.3	27.1	22.9	19.7	14.2	5.0	-13.4	-15.5	-20.8	-20.5
- Accumulated retained earning at the end of the previous period	67.1	34.3	27.1	22.8	3.4	3.4	3.4	3.4	-23.6	-23.6	-23.6	-23.6
- Undistributed earnings in this period	5.2	32.8	7.2	4.3	19.4	16.3	10.8	1.5	10.2	8.1	2.8	3.1
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	180.2	173.8	176.0	180.8
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)	436.7	433.0	395.2	398.8	405.3	418.8	412.5	403.2	1,156.3	1,158.8	1,178.4	1,216.7

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	37.9	7.2	4.3	3.2	5.5	9.2	1.5	8.2	3.2	-5.2	7.8	-27.2
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.2	0.2	20.6	6.0	15.6	10.8	7.2
Provision (Increase)/Reversal	-8.6	18.5	11.1	-1.2	0.3	2.8	-0.9	-7.8	-13.4	-8.6	-3.4	3.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.9	-0.7	-4.0	-0.3	-4.6	-3.4	-0.9	-2.6	-7.8	4.4	-1.0	13.1
Interest Expense	0.0	0.0	0.1	0.2	0.0	0.0	0.0	10.2	11.0	12.2	13.3	3.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	25.6	25.2	11.7	2.0	1.4	8.8	-0.2	28.5	-1.0	18.4	27.5	0.1
Increase/(Decrease) in Receivables	-1.3	-1.4	1.1	0.0	0.3	-0.1	-0.1	-11.0	-7.6	9.1	20.3	-38.6
Increase/(Decrease) in Inventory	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.0	-10.8	-7.0	40.8	-26.5	-0.9	0.7	95.2	-95.8	3.4	-2.1	-82.7
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.2	0.2	0.2	-0.5	0.0
Changes in Trading Securities	—	—	—	-5.9	-29.8	-5.3	-122.2	16.2	36.7	-3.0	2.7	-4.8
Interest Paid	0.3	-0.0	-0.1	-0.2	-0.0	-0.0	0.0	-10.3	-11.1	-12.3	-13.5	-2.9
Corporate Income Tax Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Other Operating Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Operating Activities	-17.7	8.2	6.6	36.7	-54.6	2.5	-121.8	118.6	-78.6	16.0	34.4	-128.9
Payments for Fixed Assets and Other Long-term Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	54.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	-20.0	—	—	15.0	-15.0	0.0	0.0	0.0	0.0	0.0	0.0	-12.3
Loans and Purchases of Debt Instruments	48.2	-15.1	-4.0	0.0	0.0	-15.0	0.0	-16.1	20.0	-14.9	-12.0	14.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	6.0	5.4	0.0	0.0	0.3	0.0	11.5	-20.0	27.2	0.0	2.0
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	-32.3	0.0	0.0	0.0	28.0
Proceeds from Investments in Other Entities	—	—	—	0.0	0.0	0.0	126.0	3.0	0.0	2.0	0.0	-0.9
Dividends and Interest Income Received	-7.0	8.5	0.1	2.7	3.4	4.4	0.0	6.1	1.5	1.9	1.0	1.3
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	9.8	-0.6	1.5	2.7	3.4	-10.3	126.0	-27.9	1.5	16.2	-11.0	86.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2
Share Repurchases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	26.4	10.9	6.8	12.0	0.0	10.3	2.1	3.3	0.5	0.1	20.0
Repayment of Borrowings	0.0	-26.4	-14.7	-46.9	31.8	0.0	-10.3	-84.5	78.8	-42.6	4.9	-8.8
Repayment of Finance Leases	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	0.0	0.0	-3.8	-40.1	43.8	0.0	0.0	-82.5	82.1	-42.1	5.0	11.0
Net Cash Flow During the Period	-7.9	7.6	4.4	-0.6	-7.4	-7.9	4.2	8.3	4.9	-9.9	28.4	-31.2
Cash and Cash Equivalents at Beginning of Period	15.1	7.5	3.1	14.7	14.7	14.7	14.7	5.7	5.7	5.7	5.7	79.2
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.2	15.1	7.5	3.1	3.7	11.1	19.0	37.4	29.1	24.2	34.1	5.7

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PTC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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