PVV

Listed Company · UPCOM

Price

2,100

Latest close

03 Apr 2026

P/E 0.6x

EPS (TTM) 3,541

ROE (TTM) -127.7%

P/B -2.4x

BVPS (Latest) -887

ROA (TTM) 13.6%

What Is Changing

PVV no longer looks like a business simply rebounding from a weak base. Revenue posted +29.9% YoY, while net margin reached 540.80% with an additional +771.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 99.4bn in 2025.
Net Margin broke above its recent high, rising 69391bps to 540.80% in 2025.
Revenue growth accelerated to 29.9% in 2025, up 47.8pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	18.4	14.1	17.2	22.6	20.4
Growth	+30%	-18%	-24%	+11%	—
Net Income	99.4	-32.6	-32.7	-34.6	-32.4
Net Margin	540.80%	-230.50%	-189.76%	-153.11%	-159.02%

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	5.6	4.4	6.0	2.4	5.7	3.7	2.3	2.4	10.8	6.4	2.3	2.1
Growth	+27%	-26%	+153%	-58%	+52%	+58%	-3%	-78%	+67%	+182%	+8%	—
Net Income	-14.3	200.4	-79.5	-7.4	-13.6	-6.2	-7.1	-6.7	-10.6	-21.8	-7.1	-8.9
Net Margin	-254.12%	4523.84%	-1334.83%	-315.54%	-240.05%	-166.57%	-303.02%	-278.56%	-98.60%	-338.37%	-310.27%	-422.39%

Financial Statements

Profitability

Net margin reached 540.80% while Revenue posted +29.9% YoY.

Balance Sheet

Inventory stood at 141.3bn, liabilities at 680.3bn, and equity at -30.8bn.

Cash Flow

Operating cash flow was 146.7bn in 2025, while investing cash flow was 0.0bn.

Financing cash flow: -141.8bn.

Item	2025	2024	2023	2022	2021
Revenue	18.4	14.1	17.2	22.6	20.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	18.4	14.1	17.2	22.6	20.4
Cost of Goods Sold	17.6	13.0	15.0	17.5	0.0
Gross Profit	0.8	1.2	2.2	5.1	2.5
Financial Income	0.1	0.6	0.1	0.5	0.4
Financial Expenses	228.1	27.8	25.3	31.7	-26.6
Interest Expense	227.6	26.7	25.1	26.9	-27.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	5.6	5.5	6.5	6.3	-4.8
Operating Profit	-232.8	-31.5	-29.4	-32.4	-28.5
Other Income	423.0	0.0	0.0	0.0	0.0
Other Expenses	84.6	0.8	3.0	1.9	0.0
Other Profit	338.4	-0.8	-3.0	-1.9	-3.5
Profit Before Tax	105.7	-32.3	-32.4	-34.3	-32.0
Current Income Tax Expense	4.3	0.0	-0.1	0.0	-0.4
Deferred Income Tax Expense	2.0	0.3	0.4	0.3	0.0
Net Income	99.4	-32.6	-32.7	-34.6	-32.4
Non-controlling Interest	-2.9	-0.4	-0.4	-0.4	-0.6
Profit Attributable to Parent	102.3	-32.2	-32.3	-34.3	-31.8
Earnings per Share	3,410.00	-1,075.00	-1,078.00	-1,142.00	-497.00
Diluted EPS	3,410.17	-1,074.52	-1,077.57	-1,141.86	-1,059.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	576.6	580.3	588.5	603.8	630.6
I. Cash and cash equivalents	5.5	0.6	0.2	2.6	15.2
1. Cash	4.5	0.6	0.2	1.6	0.0
2. Cash equivalents	1.0	0.0	0.0	1.0	0.0
II. Short-term financial investments	98.4	97.8	97.9	97.5	0.0
1. Available for sale securities	7.9	7.2	7.2	6.8	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.1	-1.0	-0.9	-0.9	0.0
3. Held to maturity investments	91.6	91.6	91.6	91.6	0.0
III. Short-term receivables	330.7	324.0	327.2	331.2	338.5
1. Short-term trade accounts receivable	156.6	143.4	145.9	149.9	0.0
2. Short-term prepayments to suppliers	130.4	130.5	130.4	130.4	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	52.6	59.0	59.9	59.8	0.0
7. Provision for short-term doubtful debts (*)	-8.9	-8.9	-8.9	-8.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	141.3	158.0	163.2	172.4	179.1
1. Inventories	141.3	158.0	163.2	172.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	0.0	0.0	0.1	0.4
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.7	0.0	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	73.0	274.0	283.7	290.5	298.1
I. Long-term receivables	—	193.7	193.7	193.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	193.7
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	—	193.7	193.7	193.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.3	2.0	2.3	2.8	4.4
1. Tangible fixed assets	2.3	2.0	2.3	2.8	4.4
- Cost	56.8	56.2	56.2	56.2	0.0
- Accumulated depreciation	-54.5	-54.2	-53.9	-53.4	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	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	28.2	30.1	32.0	34.0	35.9
- Cost	46.8	47.9	47.9	47.9	0.0
- Accumulated depreciation	-18.6	-17.8	-15.8	-13.9	0.0
IV. Long-term assets in progress	12.0	13.5	13.5	13.5	13.5
1. Long-term production in progress	—	1.4	1.4	1.4	0.0
2. Construction in progress	12.0	12.0	12.0	12.0	0.0
V. Long-term financial investments	0.0	0.0	3.0	3.0	3.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	3.0	3.0	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	30.4	34.7	39.2	43.5	0.0
1. Long-term prepayments	30.3	34.5	38.9	43.2	0.0
2. Deferred income tax assets	0.2	0.2	0.2	0.3	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	47.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	649.6	854.3	872.2	894.3	928.7
A. LIABILITIES (300=210+330)	680.3	984.5	969.7	959.2	954.3
I. Short -term liabilities	637.2	938.2	918.5	903.4	894.6
1. Short-term trade accounts payable	136.6	136.7	136.3	137.2	148.4
2. Short-term advances from customers	82.5	78.7	80.5	88.6	87.3
3. Taxes and other payables to state authorities	6.2	2.0	3.2	2.6	0.0
4. Payable to employees	2.2	2.2	2.2	2.2	0.0
5. Short-term acrrued expenses	295.3	380.3	354.3	329.9	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	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	21.1	103.2	103.6	104.4	0.0
10. Short-term borrowings and financial leases	92.6	234.4	237.7	237.7	238.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	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	43.1	46.3	51.2	55.8	59.8
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	34.7	39.9	45.0	50.1	55.2
7. Other long-term liabilities	0.7	0.7	0.7	0.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	3.0
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	7.7	5.8	5.5	5.3	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)	-30.8	-130.2	-97.6	-64.9	-25.7
I. Owner's equity	-30.8	-130.2	-97.6	-64.9	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	-25.7
- Common stock with voting right	300.0	300.0	300.0	300.0	300.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	15.1	15.1	15.1	15.1	15.1
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	—	0.0	0.0	0.0	0.0
8. Investment and development fund	4.5	4.5	4.5	4.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.1	1.1	0.0
11. Undistributed earnings after tax	-351.4	-453.8	-421.5	-389.2	-350.3
- Accumulated retained earning at the end of the previous period	-453.8	-421.5	-389.2	-354.9	-318.4
- Undistributed earnings in this period	102.3	-32.2	-32.3	-34.3	-32.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-0.0	2.9	3.2	3.6	4.0
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)	649.6	854.3	872.2	894.3	928.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	105.7	-32.3	-32.4	-34.3	-31.8
Depreciation of Fixed Assets and Investment Property	2.2	2.2	2.4	3.5	5.8
Provision (Increase)/Reversal	0.1	0.1	0.0	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	1.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.6	-0.0	-0.3	0.0
Interest Expense	227.6	26.7	25.1	26.9	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	335.9	-2.9	-4.9	-3.8	-1.0
Increase/(Decrease) in Receivables	186.4	3.3	4.2	8.7	0.0
Increase/(Decrease) in Inventory	16.7	5.2	9.2	6.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-395.8	-9.9	-14.8	-24.9	0.0
Increase/(Decrease) in Prepaid Expenses	4.2	4.5	4.3	4.3	0.0
Changes in Trading Securities	-0.7	-0.0	-0.4	-5.6	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.2	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	146.7	0.2	-2.5	-14.7	20.3
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-3.0	-37.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	8.0	37.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	3.6	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.4	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	0.0	3.6	0.0	5.4	0.4
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.4	0.7	2.9	0.0	6.2
Repayment of Borrowings	-142.2	-4.0	-2.9	-3.4	-13.1
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	-141.8	-3.4	0.0	-3.4	-6.9
Net Cash Flow During the Period	4.9	0.4	-2.5	-12.6	14.8
Cash and Cash Equivalents at Beginning of Period	0.6	0.2	2.6	15.2	1.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.5	0.6	0.2	2.6	15.2

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	5.6	4.4	6.0	2.4	5.7	3.7	2.3	2.4	10.8	6.4	2.3	2.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.6	4.4	6.0	2.4	5.7	3.7	2.3	2.4	10.8	6.4	2.3	2.1
Cost of Goods Sold	6.8	3.7	5.7	1.5	7.1	2.9	1.5	1.5	10.6	4.4	1.5	1.5
Gross Profit	-1.2	0.7	0.3	0.9	-1.5	0.8	0.9	0.9	0.2	2.0	0.8	0.6
Financial Income	0.1	0.0	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.1	0.0	0.1
Financial Expenses	211.4	-2.5	11.9	6.1	9.1	6.3	6.2	6.2	7.9	17.3	6.2	6.2
Interest Expense	211.2	3.1	7.1	6.2	8.0	6.3	6.2	6.2	8.0	17.1	6.2	6.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.5	1.6	1.5	1.0	1.7	1.2	1.7	0.9	1.8	4.6	1.5	1.8
Operating Profit	-214.1	1.6	-13.1	-6.2	-12.2	-6.1	-7.0	-6.2	-9.6	-19.8	-6.9	-7.3
Other Income	203.6	219.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	3.0	15.0	65.3	1.2	0.1	0.1	0.1	0.5	1.0	2.0	0.2	1.6
Other Profit	200.6	204.4	-65.3	-1.2	-0.1	-0.1	-0.1	-0.5	-1.0	-2.0	-0.2	-1.6
Profit Before Tax	-13.5	206.0	-78.4	-7.4	-12.3	-6.2	-7.1	-6.7	-10.6	-21.8	-7.1	-8.9
Current Income Tax Expense	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.8	5.6	1.1	0.0	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-14.3	200.4	-79.5	-7.4	-13.6	-6.2	-7.1	-6.7	-10.6	-21.8	-7.1	-8.9
Non-controlling Interest	-1.2	0.0	-1.6	-0.0	-0.4	0.0	-0.0	-0.0	-0.4	-0.0	0.0	-0.0
Profit Attributable to Parent	-13.1	200.4	-77.9	-7.4	-13.2	-6.2	-7.1	-6.7	-10.3	-21.8	-7.1	-8.9
Earnings per Share	-436.95	6,679.36	-2,596.33	-105.00	-440.70	-77.00	-237.35	-223.90	-342.09	-726.91	-237.66	-297.57
Diluted EPS	-436.95	6,679.36	-2,596.33	-247.96	-440.70	-206.71	-237.35	-223.90	-342.09	-726.91	-237.66	-297.57

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)	576.6	578.3	568.8	578.6	580.3	586.0	587.5	587.2	588.5	598.7	598.7	599.7
I. Cash and cash equivalents	4.5	0.4	0.7	0.8	0.6	0.4	0.6	0.4	0.2	0.5	0.4	0.3
1. Cash	4.5	0.4	0.7	0.8	0.6	0.4	0.6	0.4	0.2	0.5	0.4	0.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	99.4	98.1	98.8	98.6	97.8	97.9	97.9	97.9	97.9	97.7	98.1	98.0
1. Available for sale securities	7.9	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.1	7.3	7.3
2. Provision for diminution in value of available for sale securities (*)	-1.1	-1.0	-1.0	-1.0	-1.0	-1.0	-0.9	-0.9	-0.9	-1.0	-0.8	-0.9
3. Held to maturity investments	92.6	91.8	92.6	92.3	91.6	91.6	91.6	91.6	91.6	91.6	91.6	91.6
III. Short-term receivables	330.9	333.8	321.9	321.2	324.0	326.0	326.0	326.2	327.2	328.1	328.8	330.3
1. Short-term trade accounts receivable	156.6	155.1	141.2	139.8	143.4	145.5	145.3	145.6	145.9	146.4	147.4	148.8
2. Short-term prepayments to suppliers	130.6	130.5	130.5	130.5	130.5	130.4	130.5	130.4	130.4	130.7	130.5	130.4
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	52.6	57.1	59.1	59.8	59.0	59.0	59.1	59.1	59.9	59.8	59.8	59.9
7. Provision for short-term doubtful debts (*)	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9	-8.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	141.1	145.1	147.3	158.0	158.0	161.7	163.1	162.8	163.2	172.3	171.4	171.0
1. Inventories	141.1	145.1	147.3	158.0	158.0	161.7	163.1	162.8	163.2	172.3	171.4	171.0
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	0.7	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.7	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
3. Taxes and other receivables from state authorities	0.0	—	—	—	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)	73.0	167.2	270.7	272.4	274.0	275.7	280.3	282.0	283.7	285.5	287.2	288.9
I. Long-term receivables	—	91.8	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7
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	—	91.8	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7	193.7
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	2.3	1.8	1.8	1.9	2.0	2.1	2.2	2.2	2.3	2.4	2.5	2.6
1. Tangible fixed assets	2.3	1.8	1.8	1.9	2.0	2.1	2.2	2.2	2.3	2.4	2.5	2.6
- Cost	—	—	—	—	56.2	56.2	56.2	56.2	56.2	56.2	56.2	56.2
- Accumulated depreciation	—	—	—	—	-54.2	-54.1	-54.0	-53.9	-53.9	-53.8	-53.7	-53.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	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	28.2	28.7	29.2	29.6	30.1	30.6	31.1	31.6	32.0	32.5	33.0	33.5
- 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	12.0	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5
1. Long-term production in progress	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
2. Construction in progress	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	3.0	3.0	3.0	3.0	3.0	3.0
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	3.0	3.0	3.0	3.0	3.0	3.0
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	30.4	31.5	32.5	33.6	34.7	35.8	36.9	38.0	39.2	40.4	41.5	42.6
1. Long-term prepayments	30.3	31.3	32.4	33.4	34.5	35.6	36.7	37.8	38.9	40.1	41.2	42.3
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3
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)	649.6	745.5	839.5	851.0	854.3	861.6	867.8	869.2	872.2	884.2	885.9	888.6
A. LIABILITIES (300=210+330)	676.2	757.8	1,052.2	988.6	984.5	979.3	979.3	973.5	969.7	970.8	966.8	962.4
I. Short -term liabilities	633.1	714.3	1,007.3	943.6	938.2	931.9	930.7	923.6	918.5	918.6	913.4	907.7
1. Short-term trade accounts payable	136.7	135.9	135.9	136.4	136.7	136.5	137.2	136.6	136.3	136.2	135.7	136.2
2. Short-term advances from customers	82.5	78.5	78.7	78.7	78.7	80.7	80.5	80.5	80.5	88.5	88.4	88.5
3. Taxes and other payables to state authorities	1.9	1.9	2.7	1.9	2.0	2.9	3.2	2.6	3.2	2.9	2.9	2.6
4. Payable to employees	2.2	2.2	2.0	2.0	2.2	2.0	2.2	2.2	2.2	2.0	2.0	2.0
5. Short-term acrrued expenses	295.3	381.4	393.3	386.2	380.3	372.4	366.4	360.3	354.3	346.5	342.1	335.9
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	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	21.1	21.2	159.7	103.2	103.2	102.4	103.2	103.3	103.6	104.1	103.8	104.1
10. Short-term borrowings and financial leases	92.6	92.4	234.4	234.4	234.4	234.4	237.4	237.4	237.7	237.7	237.7	237.7
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	43.1	43.6	44.8	45.0	46.3	47.3	48.6	49.9	51.2	52.2	53.4	54.7
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	34.7	36.0	37.3	38.6	39.9	41.1	42.4	43.7	45.0	46.2	47.5	48.8
7. Other long-term liabilities	0.7	0.6	0.6	0.7	0.7	0.7	0.6	0.7	0.7	0.7	0.6	0.6
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	7.7	6.9	6.9	5.8	5.8	5.5	5.5	5.5	5.5	5.3	5.3	5.3
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)	-26.6	-12.3	-212.7	-137.6	-133.0	-117.6	-111.4	-104.3	-97.6	-86.7	-80.9	-73.8
I. Owner's equity	-26.6	-12.3	-212.7	-137.6	-133.0	-117.6	-111.4	-104.3	-97.6	-86.7	-80.9	-73.8
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
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	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
11. Undistributed earnings after tax	-347.3	-334.2	-534.6	-461.2	-453.8	-441.6	-435.4	-428.2	-421.5	-411.0	-405.2	-398.1
- Accumulated retained earning at the end of the previous period	-453.8	-453.8	-453.8	-453.8	-421.5	-421.5	-421.5	-421.5	-389.2	-389.2	-389.2	-389.2
- Undistributed earnings in this period	106.4	119.5	-80.9	-7.4	-32.2	-20.0	-13.8	-6.7	-32.3	-21.8	-16.0	-8.9
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	1.2	1.2	2.9	0.0	3.2	3.2	3.2	3.2	3.6	3.6	3.6
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	—	—	—	—	2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	649.6	745.5	839.5	851.0	854.3	861.6	867.8	869.2	872.2	884.2	885.9	888.6

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	-13.3	200.4	-73.9	-7.4	-12.3	-6.2	-7.1	-6.7	-10.6	-5.8	-7.1	-8.9
Depreciation of Fixed Assets and Investment Property	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7
Provision (Increase)/Reversal	0.2	-0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	0.1	-0.1	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.1	-0.1	0.1	-0.1
Interest Expense	211.2	3.1	7.1	6.2	8.0	6.3	6.2	6.2	8.0	4.6	6.3	6.2
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	198.6	204.1	-66.0	-0.8	-3.7	0.7	-0.3	0.0	-2.1	-0.5	-0.2	-2.1
Increase/(Decrease) in Receivables	95.2	89.0	-0.7	2.8	2.0	-0.0	0.2	1.1	1.0	0.7	1.5	1.0
Increase/(Decrease) in Inventory	3.8	2.2	10.7	-0.0	3.7	1.4	-0.3	0.4	9.1	-0.9	-0.3	1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-293.3	-155.5	55.1	-2.1	-3.0	-3.3	-0.5	-2.1	-9.4	-0.6	-1.9	-3.0
Increase/(Decrease) in Prepaid Expenses	1.0	1.0	1.0	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	0.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	-0.0	0.0	-0.4	0.5	-0.5	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	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
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	4.6	140.9	0.2	1.0	0.1	-0.1	0.2	0.6	-0.6	0.3	-0.3	-1.9
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	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.8	-0.3	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	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	0.3	-0.3	0.5	-0.5
Proceeds from Investments in Other Entities	—	—	—	—	0.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.1	0.1	-0.1	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	0.2	0.8	-0.3	-0.7	0.0	3.0	-0.0	0.0	0.2	-0.2	0.4	-0.4
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	0.4	—	—	—	0.0	0.0	0.0	0.7	2.9	-2.9	2.9	0.0
Repayment of Borrowings	-0.2	-142.0	—	—	0.0	-3.0	-0.0	-1.0	-2.9	2.9	-2.9	0.0
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	0.2	-142.0	—	—	0.0	-3.0	0.0	-0.4	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	5.0	-0.3	-0.1	0.3	0.1	-0.1	0.2	0.2	-0.4	0.1	0.1	-2.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.7	0.8	0.6	0.2	0.2	0.2	0.2	2.6	2.6	2.6	2.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.5	0.4	0.7	0.8	0.6	0.4	0.6	0.4	0.2	0.5	0.4	0.3

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PVV

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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