PVE

Listed Company · UPCOM

Price

3,200

Latest close

03 Apr 2026

P/E 22.9x

EPS (TTM) 140

ROE (TTM) -16.4%

P/B -0.7x

BVPS (Latest) -4,336

ROA (TTM) 0.4%

What Is Changing

PVE has not yet shown a broad-based top-line recovery. Revenue posted -0.2% YoY, but net margin reached 0.45% with an additional -0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income increased 4749.5% YoY to VND 5.7bn in 2025Q4.
Net margin declined from 0.86% in the prior period to 0.45% in 2025.

Metric	2025	2024	2023	2022
Revenue	168.8	169.2	175.8	271.8
Growth	-0%	-4%	-35%	—
Net Income	0.8	1.5	-137.5	7.5
Net Margin	0.45%	0.86%	-78.22%	2.77%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Growth	+78%	+3%	-15%	-2%	-6%	-60%	+228%	-39%	—
Net Income	5.7	-0.6	-2.0	-0.2	0.1	0.8	5.1	0.4	0.9
Net Margin	9.25%	-1.77%	-6.15%	-0.44%	0.29%	1.91%	4.87%	1.12%	1.74%

Financial Statements

Profitability

Net margin reached 0.45% while Revenue posted -0.2% YoY.

Balance Sheet

Inventory stood at 630.1bn, liabilities at 928.3bn, and equity at -110.5bn.

Cash Flow

Operating cash flow was 32.8bn in 2025, while investing cash flow was 2.4bn.

Financing cash flow: -37.8bn.

Item	2025	2024	2023	2022
Revenue	168.8	169.2	175.8	271.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	168.8	169.2	175.8	271.8
Cost of Goods Sold	124.4	111.3	130.2	270.6
Gross Profit	44.4	57.9	45.6	1.2
Financial Income	0.8	0.9	1.6	156.3
Financial Expenses	15.8	22.9	18.4	29.7
Interest Expense	15.6	22.9	18.4	29.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	33.2	27.6	36.9	106.3
Operating Profit	-3.9	8.3	-8.1	21.6
Other Income	11.9	0.2	3.0	0.3
Other Expenses	2.1	2.9	130.6	3.7
Other Profit	9.8	-2.7	-127.6	-3.5
Profit Before Tax	5.9	5.7	-135.7	18.1
Current Income Tax Expense	4.2	4.5	2.1	5.2
Deferred Income Tax Expense	1.0	-0.3	-0.3	5.4
Net Income	0.8	1.5	-137.5	7.5
Non-controlling Interest	-0.6	0.0	0.1	0.2
Profit Attributable to Parent	1.4	1.4	-137.6	7.3
Earnings per Share	56.00	57.00	-5,505.00	294.00
Diluted EPS	56.10	56.93	-5,504.80	293.68

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	803.2	831.7	792.9	893.4
I. Cash and cash equivalents	9.6	12.2	15.6	32.3
1. Cash	9.6	12.2	15.3	28.3
2. Cash equivalents	—	0.0	0.3	4.0
II. Short-term financial investments	6.3	0.9	0.4	0.3
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	6.3	0.9	0.4	0.3
III. Short-term receivables	152.3	175.5	173.7	243.6
1. Short-term trade accounts receivable	202.4	232.2	239.1	238.8
2. Short-term prepayments to suppliers	16.7	17.2	16.4	16.2
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	0.0	0.0
6. Other short-term receivables	67.6	65.9	54.7	67.0
7. Provision for short-term doubtful debts (*)	-134.3	-139.8	-136.5	-78.4
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	630.1	639.6	600.1	608.1
1. Inventories	651.9	797.6	758.1	766.4
2. Provision for decline in value of inventories	-21.8	-158.0	-158.0	-158.4
V. Other short-term assets	4.9	3.5	3.0	9.1
1. Short-term prepayments	1.7	0.4	0.1	0.2
2. Value added tax to be reclaimed	3.1	3.1	2.8	8.9
3. Taxes and other receivables from state authorities	0.1	0.1	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)	14.6	11.0	9.5	9.8
I. Long-term receivables	0.4	0.3	0.3	0.3
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	0.4	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4.2	1.0	0.4	0.3
1. Tangible fixed assets	0.8	0.9	0.3	0.2
- Cost	55.5	105.5	102.6	103.1
- Accumulated depreciation	-54.7	-104.5	-102.3	-102.9
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	3.4	0.0	0.1	0.1
- Cost	14.9	11.4	11.4	11.4
- Accumulated depreciation	-11.6	-11.4	-11.3	-11.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.2
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	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	0.0	0.2
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	9.9	9.7	8.9	9.0
1. Long-term prepayments	1.9	0.7	1.8	0.6
2. Deferred income tax assets	8.1	9.0	7.1	8.4
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)	817.8	842.7	802.4	903.2
A. LIABILITIES (300=210+330)	928.3	953.3	939.7	839.9
I. Short -term liabilities	928.1	953.2	939.6	839.8
1. Short-term trade accounts payable	334.3	330.1	329.4	325.2
2. Short-term advances from customers	6.6	4.5	5.5	5.4
3. Taxes and other payables to state authorities	120.3	122.3	111.4	111.4
4. Payable to employees	37.5	35.5	27.0	24.7
5. Short-term acrrued expenses	13.8	19.7	33.9	46.3
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	285.5	272.5	244.4	226.3
10. Short-term borrowings and financial leases	128.1	166.0	184.5	93.3
11. Provision for short-term liabilities	—	0.0	0.0	2.8
12.. Bonus and welfare fund	2.1	2.7	3.4	4.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	0.0	0.0	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	0.1	0.1	0.1	0.1
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)	-110.5	-110.7	-137.3	63.3
I. Owner's equity	-110.5	-110.7	-137.3	63.3
1. Owner's capital	250.0	250.0	250.0	250.0
- Common stock with voting right	250.0	250.0	250.0	250.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	11.4	11.4	11.4	11.4
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	9.4	9.4	-15.9	-7.5
8. Investment and development fund	24.9	24.9	24.9	24.8
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	-413.9	-414.7	-416.0	-223.5
- Accumulated retained earning at the end of the previous period	-414.7	-416.1	-278.4	-230.7
- Undistributed earnings in this period	0.9	1.4	-137.6	7.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	6.1	6.7	6.6	6.6
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)	817.8	842.7	802.4	903.2

Item	2025	2024	2023	2022
Profit Before Tax	5.9	5.7	-135.7	18.1
Depreciation of Fixed Assets and Investment Property	0.4	0.1	0.2	0.3
Provision (Increase)/Reversal	-141.7	0.4	3.8	24.5
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	-0.3	-0.4
Gain/Loss from Investment Activities	-11.5	-0.3	-0.4	-2.4
Interest Expense	15.6	22.9	18.5	29.7
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	-131.3	28.8	-113.9	69.9
Increase/(Decrease) in Receivables	28.4	-1.4	15.0	124.5
Increase/(Decrease) in Inventory	145.7	0.6	-0.4	67.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.5	-13.6	-4.5	1.0
Increase/(Decrease) in Prepaid Expenses	-2.4	0.8	-1.2	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.8	0.0	-2.4	-1.5
Corporate Income Tax Paid	-0.1	-0.1	-0.5	-1.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.9	-1.3	-1.9
Net Cash Flow from Operating Activities	32.8	14.3	-109.3	258.4
Payments for Fixed Assets and Other Long-term Assets	-3.8	-0.8	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-5.4	-0.5	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.2	0.5
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	1.8	1.5	17.3
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	2.4	0.5	1.4	17.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	2.0	121.7	0.0
Repayment of Borrowings	-37.8	-20.5	-30.5	-288.0
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	-37.8	-18.5	91.2	-288.0
Net Cash Flow During the Period	-2.7	-3.7	-16.7	-11.6
Cash and Cash Equivalents at Beginning of Period	12.2	15.6	32.3	52.3
FX Difference from Revaluation	0.1	0.3	0.0	-8.3
Cash and Cash Equivalents at End of Period	9.6	12.2	15.6	32.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Revenue	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Cost of Goods Sold	38.6	22.5	32.3	30.3	29.7	31.6	48.2	28.4	136.8
Gross Profit	22.5	11.9	0.9	8.9	10.1	10.6	56.5	3.6	-84.8
Financial Income	0.1	0.2	0.1	0.2	0.1	0.1	2.1	0.1	270.7
Financial Expenses	2.9	3.6	5.1	4.3	2.5	1.8	8.4	0.3	124.7
Interest Expense	2.8	3.6	4.9	4.3	2.5	1.8	8.4	0.3	7.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	8.8	8.7	—	7.5	0.0	42.3	0.0	0.0
General and Administrative Expenses	10.4	—	—	4.7	0.0	7.5	0.0	2.7	57.6
Operating Profit	9.2	-0.3	-12.8	0.1	0.2	1.4	7.9	0.7	3.7
Other Income	0.2	0.2	11.5	0.2	0.3	0.0	0.2	0.1	0.0
Other Expenses	0.6	0.6	0.7	0.5	0.4	0.2	1.3	0.3	1.3
Other Profit	-0.4	-0.3	10.8	-0.3	-0.1	-0.2	-1.1	-0.2	-1.2
Profit Before Tax	8.9	-0.6	-2.0	-0.2	0.2	1.3	6.8	0.5	2.4
Current Income Tax Expense	3.2	0.0	0.0	0.0	0.0	0.5	1.7	0.1	1.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Income	5.7	-0.6	-2.0	-0.2	0.1	0.8	5.1	0.4	0.9
Non-controlling Interest	0.2	-0.2	-0.5	-0.1	0.0	0.1	0.1	0.0	0.0
Profit Attributable to Parent	5.5	-0.4	-1.5	-0.1	0.1	0.7	5.0	0.3	0.9
Earnings per Share	220.00	-17.00	-61.00	-2.00	4.00	28.59	201.10	12.65	35.49
Diluted EPS	219.86	-17.00	-61.00	-2.00	4.00	28.59	201.10	12.65	35.49

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	807.7	804.5	808.5	805.9	858.9	900.3	1,082.1	1,170.6	1,172.1
I. Cash and cash equivalents	9.6	12.3	12.1	13.0	14.1	14.6	32.3	16.2	14.7
1. Cash	9.6	12.3	12.1	13.0	13.6	14.1	28.3	16.2	14.7
2. Cash equivalents	—	—	—	—	0.6	0.5	4.0	0.0	0.0
II. Short-term financial investments	6.3	1.0	0.9	1.0	0.5	0.5	0.3	2.5	2.5
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	6.3	1.0	0.9	1.0	0.5	0.5	0.3	2.5	2.5
III. Short-term receivables	156.4	156.2	159.9	156.9	225.6	264.5	364.1	380.1	377.3
1. Short-term trade accounts receivable	204.1	209.0	204.3	213.7	202.7	209.3	247.0	190.7	164.6
2. Short-term prepayments to suppliers	19.2	20.2	19.6	20.0	13.2	29.2	28.2	37.6	46.9
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	67.5	66.8	75.8	63.0	88.0	104.3	179.3	205.9	219.9
7. Provision for short-term doubtful debts (*)	-134.3	-139.8	-139.8	-139.8	-78.4	-78.4	-90.5	-54.1	-54.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Inventories	629.8	629.9	629.7	631.6	609.6	611.2	676.2	761.8	768.2
1. Inventories	651.5	787.8	787.7	789.6	768.0	769.5	834.6	761.8	768.2
2. Provision for decline in value of inventories	-21.8	-158.0	-158.0	-158.0	-158.4	-158.4	-158.4	0.0	0.0
V. Other short-term assets	5.7	5.2	5.8	3.3	9.1	9.6	9.1	9.9	9.4
1. Short-term prepayments	2.4	2.0	2.7	0.2	0.1	0.1	0.2	0.0	0.0
2. Value added tax to be reclaimed	3.1	3.1	3.1	3.1	9.0	9.5	8.9	9.8	9.2
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.1
4. Government bonds	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	15.9	12.3	12.3	12.7	13.4	12.4	11.0	16.0	15.1
I. Long-term receivables	0.4	0.4	0.4	0.3	0.5	0.5	0.5	0.3	0.3
1. Long-term trade receivables	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.4	0.3	0.5	0.5	0.5	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.2	0.9	1.0	0.9	0.3	0.4	0.3	0.4	0.5
1. Tangible fixed assets	0.8	0.9	0.9	0.9	0.2	0.2	0.2	0.3	0.3
- Cost	—	—	—	—	102.9	103.2	103.1	117.5	117.5
- Accumulated depreciation	—	—	—	—	-102.7	-103.0	-102.9	-117.3	-117.2
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.4	—	0.1	0.0	0.1	0.1	0.1	0.2	0.2
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	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
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.2	0.2	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	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
3. Investments in other entities	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	0.2	0.2	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.4	11.1	11.0	11.5	12.4	11.4	10.2	15.3	14.3
1. Long-term prepayments	2.3	2.1	2.0	2.5	2.8	3.0	0.6	2.7	1.7
2. Deferred income tax assets	9.0	9.0	9.0	9.0	9.6	8.4	9.6	12.6	12.6
3. Long-term equipment, supplies, spare parts	—	—	—	—	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
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	823.6	816.9	820.8	818.5	872.2	912.7	1,093.1	1,186.6	1,187.2
A. LIABILITIES (300=210+330)	932.0	930.9	934.2	929.4	805.7	846.3	1,006.3	959.4	959.8
I. Short -term liabilities	932.0	930.9	934.2	929.3	805.6	846.2	1,006.2	959.2	959.7
1. Short-term trade accounts payable	336.5	329.1	326.7	326.2	303.5	324.2	381.5	401.9	396.0
2. Short-term advances from customers	7.4	14.4	5.0	3.4	18.2	8.7	8.8	21.1	35.3
3. Taxes and other payables to state authorities	119.3	120.9	122.8	123.3	118.9	113.9	112.0	105.8	105.8
4. Payable to employees	37.5	30.4	32.5	28.2	30.0	31.0	24.7	30.7	29.8
5. Short-term acrrued expenses	28.7	28.4	25.6	23.2	34.5	50.3	258.4	182.6	169.8
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	272.4	274.8	274.4	270.8	223.7	230.3	120.2	115.7	121.5
10. Short-term borrowings and financial leases	128.1	130.2	144.3	151.8	69.9	80.6	93.3	93.5	93.7
11. Provision for short-term liabilities	—	—	—	—	2.8	2.8	2.8	2.8	2.8
12.. Bonus and welfare fund	2.1	2.7	2.8	2.5	4.1	4.4	4.7	5.0	5.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-108.4	-114.0	-113.4	-110.9	66.5	66.4	86.7	227.3	227.4
I. Owner's equity	-108.4	-114.0	-113.4	-110.9	66.5	66.4	86.7	227.3	227.4
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Share premium	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	9.4	9.4	9.4	9.6	-5.3	-5.3	-5.3	0.4	0.4
8. Investment and development fund	24.9	24.9	24.9	24.8	24.8	24.8	25.4	25.2	25.2
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	-411.8	-417.2	-416.8	-414.8	-222.7	-222.8	-208.8	-73.1	-73.1
- Accumulated retained earning at the end of the previous period	-415.3	-415.2	-415.2	-414.7	-223.5	-223.5	-215.4	-74.2	-74.2
- Undistributed earnings in this period	3.5	-2.0	-1.6	-0.1	0.8	0.7	6.5	1.1	1.2
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	6.1	5.9	6.1	6.6	6.7	6.7	12.4	11.7	11.8
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	823.6	816.9	820.8	818.5	872.2	912.7	1,093.1	1,186.6	1,187.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Profit Before Tax	8.8	-0.6	-2.0	-0.2	0.2	1.3	13.1	0.5	4.5
Depreciation of Fixed Assets and Investment Property	0.2	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.2
Provision (Increase)/Reversal	-141.7	—	—	—	0.0	0.0	24.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	—	—	—	0.0	0.0	-0.4	0.0	0.0
Gain/Loss from Investment Activities	-11.1	-0.2	-0.1	-0.2	-0.1	-0.1	151.8	-0.1	-154.0
Interest Expense	2.8	3.6	4.9	4.3	2.5	1.8	11.4	0.3	18.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-141.1	2.9	2.9	4.0	2.6	3.0	200.5	0.7	-131.3
Increase/(Decrease) in Receivables	9.1	3.8	-3.1	18.6	38.9	-20.8	137.5	8.7	-21.7
Increase/(Decrease) in Inventory	136.0	-0.2	1.9	8.0	1.6	-3.1	-15.6	-3.6	86.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.0	7.2	7.4	-14.0	-32.2	17.3	-41.1	5.6	36.5
Increase/(Decrease) in Prepaid Expenses	0.6	0.5	-2.0	-1.5	0.2	-2.3	2.0	-1.0	-0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-0.0	—	—	-0.3	0.0	0.6	-0.2	-1.8
Corporate Income Tax Paid	-0.1	—	—	—	1.1	-0.2	-0.6	-0.3	-0.3
Other Operating Receipts	—	—	—	—	-1.9	1.1	-5.9	-8.3	14.2
Other Operating Payments	-1.0	—	—	-0.1	0.0	0.0	-1.8	-0.1	0.0
Net Cash Flow from Operating Activities	-1.6	12.9	6.6	14.9	10.1	-5.1	275.6	1.5	-18.7
Payments for Fixed Assets and Other Long-term Assets	-3.7	0.0	-0.1	—	0.0	0.0	2.2	-2.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3	—	—	—	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-5.4	—	—	—	-0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.5	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	-270.7	0.0	270.7
Dividends and Interest Income Received	-0.2	0.2	0.1	0.2	0.1	0.2	17.0	0.1	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	2.2	-2.2
Net Cash Flow from Investing Activities	2.1	0.2	-0.1	0.2	0.1	0.2	-250.9	0.1	268.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.3	-12.9	-7.5	-14.2	-10.7	-12.7	-0.3	-0.2	-287.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.3	-12.9	-7.5	-14.2	-10.7	-12.7	-0.3	-0.2	-287.5
Net Cash Flow During the Period	-2.8	0.2	-0.9	0.9	-0.5	-17.7	24.5	1.5	-37.6
Cash and Cash Equivalents at Beginning of Period	12.3	12.1	13.0	12.2	32.3	32.3	52.3	52.3	52.3
FX Difference from Revaluation	0.1	—	—	—	0.0	0.0	-8.3	0.0	0.0
Cash and Cash Equivalents at End of Period	9.6	12.3	12.1	13.0	14.1	14.6	32.3	16.2	14.7

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