RCL

Địa ốc Chợ Lớn ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 34.81%, +21.12pp YoY

Price

11,200

Latest close

04 Jun 2026

P/E 19.01x

P/B 0.54x

EPS 589

BVPS 20,773

ROE 2.9%

ROA 1.7%

Profit Margin 34.8%

Asset Turnover 0.05x

Equity Mult. 1.70x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, RCL is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 24bn
	                                
+94.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
+395.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	23.9	14.9	13.6	81.4	122.0
Growth	+60%	+10%	-83%	-33%	—
Net Income	8.0	1.5	1.2	7.9	17.1
Net Margin	33.38%	10.08%	8.54%	9.72%	13.98%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2.5	13.8	2.7	4.8	2.5	4.7	2.6	2.4	5.2	6.4	2.5	2.4
Growth	-82%	+407%	-44%	+93%	-47%	+81%	+8%	-53%	-19%	+158%	+3%	—
Net Income	0.1	7.3	0.1	0.9	0.1	0.9	0.3	0.4	0.2	0.1	0.2	0.4
Net Margin	4.56%	52.41%	3.08%	17.72%	2.60%	18.18%	13.27%	16.85%	3.35%	1.40%	8.06%	18.31%

Drivers of RCL's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 10.2bn

Tax ↑ 1.3bn

Financial income ↓ 0.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Tax ↑ 0.0bn

Gross profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.6% = 13.7% × 0.03 × 1.67

2026Q1 2.9% = 34.8% × 0.05 × 1.70

ROE rose from 0.6% to 2.9% — all three components improved, with net margin contributing the most.

Net margin: 34.8% +21.1pp Asset turnover: 0.05x +0.02x Leverage: 1.70x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 34.81%, rising 21.1pp. The main driver is SG&A / Revenue fell 28.2pp and Gross margin rose 12.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 12.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 34.81% +21.1pp

Gross Margin 74.32% +12.7pp

SG&A / Revenue 31.34% −28.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 2.8% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 2.78%, rising 2.3pp. That translates to 2.78 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 23.9pp, with capital turnover broadly stable; with invested capital holding roughly steady.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 2.78% +2.3pp

NOPAT Margin 34.81% +23.9pp

Capital Turnover 0.08x +0.04x

Average Invested Capital 298.8bn +10.1bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.70x equity, net debt at 0.02x equity.

Development inventory ended the period at 111.1bn, about 22.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 10.27x.

At present, short-term debt accounts for 12.1% of total debt, cash equals 48.1% of debt, and total debt stands at 12.9bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.01x

Interest Coverage 10.27x —

Cash / Debt 48.1% +16.4pp

Short-term Debt / Total Debt 12.1% +1.3pp

CFO / NI 0.30x +10.99x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.9bn in 2025, against investing cash flow of 0.7bn.

Post-investment cash flow was positive +2.5bn. Financing cash flow was negative +1.6bn.

CFO / net income was 0.30x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 2.5bn +20.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 21.1 pp. The next item to monitor is capital efficiency, with ROIC at 2.8%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 34.81% after expanding 21.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	23.9	14.9	13.6	81.4	122.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	23.9	14.9	13.6	81.4	122.0
Cost of Goods Sold	6.2	7.5	7.2	57.1	0.0
Gross Profit	17.7	7.5	6.3	24.3	29.6
Financial Income	0.7	1.7	1.0	1.1	1.4
Financial Expenses	1.0	0.1	-0.7	1.2	-0.2
Interest Expense	0.9	0.3	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	4.7	-8.7
General and Administrative Expenses	7.6	7.6	6.7	9.5	-7.4
Operating Profit	9.8	1.5	1.4	9.9	14.8
Other Income	—	0.4	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.0	0.1	0.0
Other Profit	-0.3	0.4	-0.0	-0.1	5.0
Profit Before Tax	9.6	1.9	1.4	9.9	19.8
Current Income Tax Expense	1.6	0.4	0.2	2.0	-2.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.0	1.5	1.2	7.9	17.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.0	1.5	1.2	7.9	17.1
Earnings per Share	455.00	86.00	66.00	451.00	1,354.32
Diluted EPS	563.28	86.00	83.75	571.00	1,354.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	336.0	326.4	304.8	310.9	393.8
I. Cash and cash equivalents	6.5	5.6	6.6	10.9	8.7
1. Cash	3.4	2.5	3.5	2.8	0.0
2. Cash equivalents	3.2	3.1	3.1	8.2	0.0
II. Short-term financial investments	0.2	0.0	3.8	3.7	0.0
1. Available for sale securities	0.2	0.0	4.4	5.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	0.0	-0.5	-1.3	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	218.2	207.9	207.2	205.7	234.2
1. Short-term trade accounts receivable	88.6	78.4	77.6	76.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.1	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	129.6	129.6	129.6	129.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	111.1	111.1	86.8	90.6	146.8
1. Inventories	111.1	111.1	86.8	90.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	1.8	0.4	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	1.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.3	0.4	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)	162.6	166.4	166.2	166.0	169.4
I. Long-term receivables	27.2	27.2	27.2	27.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	27.5
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	27.2	27.2	27.2	27.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7.7	8.1	8.6	9.0	9.4
1. Tangible fixed assets	0.2	0.3	0.5	0.7	0.9
- Cost	3.4	3.4	3.4	3.4	0.0
- Accumulated depreciation	-3.3	-3.1	-2.9	-2.7	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	7.6	7.8	8.1	8.3	8.5
- Cost	12.0	12.0	12.0	12.0	0.0
- Accumulated depreciation	-4.4	-4.2	-3.9	-3.7	0.0
III. Investment properties	39.0	41.7	44.9	43.0	41.4
- Cost	52.0	52.9	54.3	50.3	0.0
- Accumulated depreciation	-12.9	-11.2	-9.4	-7.3	0.0
IV. Long-term assets in progress	83.3	84.1	80.3	81.4	80.6
1. Long-term production in progress	78.5	79.3	79.3	80.4	0.0
2. Construction in progress	4.8	4.8	1.0	1.0	0.0
V. Long-term financial investments	5.3	5.3	5.3	5.4	5.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.0	1.0	1.0	1.0	0.0
3. Investments in other entities	4.3	4.3	4.3	4.3	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	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	4.7
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)	498.6	492.9	471.0	476.8	563.3
A. LIABILITIES (300=210+330)	205.1	205.6	183.6	184.8	275.6
I. Short -term liabilities	193.3	192.3	183.6	184.8	275.6
1. Short-term trade accounts payable	10.1	10.1	2.7	3.1	4.9
2. Short-term advances from customers	0.0	0.1	0.0	0.0	60.5
3. Taxes and other payables to state authorities	1.9	0.1	0.5	0.3	0.0
4. Payable to employees	—	0.0	0.0	0.9	0.0
5. Short-term acrrued expenses	162.2	162.2	162.6	162.7	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	0.0	0.0	0.0	0.0
9. Other short-term payables	8.3	10.2	10.8	11.5	0.0
10. Short-term borrowings and financial leases	1.6	1.6	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.2	8.1	7.0	6.3	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	11.7	13.3	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	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	11.7	13.3	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	293.5	287.2	287.4	292.0	287.7
I. Owner's equity	293.5	287.2	287.4	292.0	0.0
1. Owner's capital	141.4	138.6	138.6	138.6	287.7
- Common stock with voting right	141,357,510,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	125,989,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	22.4	22.4	22.4	22.4	22.4
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	—	0.00	0.00	0.00	0.00
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	107.8	107.8	107.8	107.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	8.1	8.1	8.1	8.1	0.0
11. Undistributed earnings after tax	13.9	10.4	10.6	15.2	23.5
- Accumulated retained earning at the end of the previous period	6.0	8.9	9.4	7.3	6.4
- Undistributed earnings in this period	8.0	1.5	1.2	7.9	17.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	498.6	492.9	471.0	476.8	563.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.2	-0.6	-1.9	0.0
Other Operating Receipts	0.7	0.5	0.7	2.5	0.0
Other Operating Payments	-3.7	-3.4	-3.6	-6.9	0.0
Net Cash Flow from Operating Activities	1.9	-16.5	-1.1	1.1	-33.3
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	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	37.9
Investments in Other Entities	—	0.0	0.0	0.0	-1.5
Proceeds from Investments in Other Entities	—	0.0	0.0	0.5	0.0
Dividends and Interest Income Received	0.7	0.7	0.9	0.6	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	0.7	0.7	0.9	1.1	37.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	15.2	0.0	0.0	0.0
Repayment of Borrowings	-1.6	-0.4	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-4.2	0.0	-10.1
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	-1.6	14.9	-4.2	0.0	-10.1
Net Cash Flow During the Period	1.0	-1.0	-4.4	2.2	5.3
Cash and Cash Equivalents at Beginning of Period	5.6	6.6	10.9	8.7	14.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.5	5.6	6.6	10.9	8.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2.5	13.8	2.7	4.8	2.5	4.7	2.6	2.4	5.2	6.4	2.5	2.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.5	13.8	2.7	4.8	2.5	4.7	2.6	2.4	5.2	6.4	2.5	2.4
Cost of Goods Sold	0.7	2.8	0.9	1.8	0.8	2.1	0.8	1.0	3.5	4.7	0.9	0.9
Gross Profit	1.7	11.1	1.8	3.1	1.7	2.6	1.8	1.4	1.6	1.7	1.6	1.5
Financial Income	0.0	0.1	0.0	0.5	0.0	0.1	0.8	0.4	0.3	0.1	0.2	0.6
Financial Expenses	0.0	0.5	0.0	0.5	—	-0.1	0.1	0.0	-0.2	-0.1	-0.2	-0.1
Interest Expense	—	0.5	—	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	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
General and Administrative Expenses	1.6	2.0	1.8	2.1	1.7	1.8	2.1	1.8	1.9	1.7	1.7	1.7
Operating Profit	0.1	8.7	0.1	1.0	0.1	1.1	0.4	0.0	0.2	0.1	0.3	0.4
Other Income	—	—	—	—	—	0.0	0.0	0.4	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	—	—	0.0	0.0	0.4	0.0	0.0	0.0	-0.0
Profit Before Tax	0.1	8.7	0.1	1.0	0.1	1.1	0.4	0.4	0.2	0.1	0.3	0.4
Current Income Tax Expense	0.0	1.5	0.0	0.1	0.0	0.2	0.1	0.0	0.1	0.0	0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	7.3	0.1	0.9	0.1	0.9	0.3	0.4	0.2	0.1	0.2	0.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	7.3	0.1	0.9	0.1	0.9	0.3	0.4	0.2	0.1	0.2	0.4
Earnings per Share	8.00	513.34	5.94	61.83	4.69	61.98	25.01	29.40	12.56	6.47	14.45	31.94
Diluted EPS	7.95	513.34	5.94	61.83	4.69	61.98	25.01	29.40	12.56	6.47	14.45	31.94

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	333.3	336.0	326.7	327.4	325.6	326.4	313.0	303.1	303.9	304.8	309.2	309.0
I. Cash and cash equivalents	6.2	6.5	5.5	4.2	4.6	5.6	7.1	7.0	7.4	6.6	8.7	7.8
1. Cash	3.0	3.4	2.3	1.1	1.4	2.5	1.9	1.9	2.3	3.5	2.5	1.6
2. Cash equivalents	3.2	3.2	3.2	3.2	3.1	3.1	5.1	5.1	5.1	3.1	6.2	6.2
II. Short-term financial investments	0.2	0.2	0.2	—	—	0.0	0.0	2.9	2.9	3.8	3.8	4.1
1. Available for sale securities	0.2	0.2	0.2	—	—	0.0	0.0	3.1	3.1	4.4	4.4	5.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	-0.0	—	—	0.0	0.0	-0.2	-0.2	-0.5	-0.6	-0.8
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	215.2	218.2	208.6	210.9	208.2	207.9	207.0	208.7	208.9	207.2	205.7	206.0
1. Short-term trade accounts receivable	85.6	88.6	79.0	80.8	78.6	78.4	77.4	78.8	76.1	77.6	76.1	76.0
2. Short-term prepayments to suppliers	0.1	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	129.6	129.6	129.6	130.0	129.7	129.6	129.6	129.9	132.8	129.6	129.6	130.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	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
IV. Inventories	111.1	111.1	111.1	111.1	111.1	111.1	97.2	84.0	84.1	86.8	90.6	90.6
1. Inventories	111.1	111.1	111.1	111.1	111.1	111.1	97.2	84.0	84.1	86.8	90.6	90.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	—	1.4	1.2	1.7	1.8	1.7	0.6	0.6	0.4	0.4	0.5
1. Short-term prepayments	0.3	—	0.3	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	0.7	0.9	1.3	1.5	1.3	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	—	0.3	0.3	0.4	0.3	0.5	0.6	0.6	0.4	0.4	0.5
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	162.6	162.6	164.2	164.5	166.1	166.7	167.1	167.4	166.7	166.2	166.7	167.3
I. Long-term receivables	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	7.6	7.7	7.8	7.9	8.0	8.1	8.2	8.3	8.4	8.6	8.7	8.8
1. Tangible fixed assets	0.1	0.2	0.2	0.2	0.3	0.3	0.4	0.4	0.5	0.5	0.5	0.6
- Cost	3.4	—	—	—	—	3.4	3.4	3.4	3.4	3.4	3.4	3.4
- Accumulated depreciation	-3.3	—	—	—	—	-3.1	-3.0	-3.0	-3.0	-2.9	-2.9	-2.8
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.5	7.6	7.6	7.7	7.8	7.8	7.9	7.9	8.0	8.1	8.1	8.2
- Cost	12.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	38.6	39.0	39.5	40.0	41.2	41.7	43.4	43.9	44.4	44.9	45.4	46.0
- Cost	52.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	83.9	83.3	84.4	84.1	84.1	84.1	83.0	82.7	81.4	80.3	80.1	80.1
1. Long-term production in progress	78.8	78.5	79.6	79.3	79.3	79.3	79.3	79.3	79.3	79.3	79.1	79.1
2. Construction in progress	5.1	4.8	4.8	4.8	4.8	4.8	3.7	3.4	2.1	1.0	1.0	1.0
V. Long-term financial investments	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
3. Investments in other entities	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	496.0	498.6	490.9	491.9	491.7	493.1	480.1	470.5	470.6	471.0	475.9	476.3
A. LIABILITIES (300=210+330)	202.3	205.1	204.7	208.2	204.4	205.6	193.5	184.2	183.0	183.6	188.6	189.2
I. Short -term liabilities	191.0	193.3	192.5	195.6	191.5	190.8	183.3	184.2	183.0	183.6	188.6	189.2
1. Short-term trade accounts payable	10.1	10.1	10.0	10.1	10.1	10.1	2.6	3.2	2.9	2.7	3.6	3.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.1
3. Taxes and other payables to state authorities	0.1	1.9	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.5	0.1	0.1
4. Payable to employees	—	—	0.2	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	162.2	162.2	162.2	162.2	162.2	162.2	162.2	162.2	162.6	162.6	162.6	162.6
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.3	8.3	9.1	12.3	9.7	10.2	10.3	10.9	10.7	10.8	14.9	15.4
10. Short-term borrowings and financial leases	1.6	1.6	1.6	1.6	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.6	9.2	9.2	9.2	7.8	8.1	8.1	7.8	6.7	7.0	7.2	7.2
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	11.4	11.7	12.1	12.5	12.9	14.9	10.1	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	11.4	11.7	12.1	12.5	12.9	14.9	10.1	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
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	293.6	293.5	286.3	283.7	287.3	287.5	286.7	286.3	287.6	287.4	287.3	287.1
I. Owner's equity	293.6	293.5	286.3	283.7	287.3	287.5	286.7	286.3	287.6	287.4	287.3	287.1
1. Owner's capital	141.4	141.4	141.4	138.6	138.6	138.6	138.6	138.6	138.6	138.6	138.6	138.6
- Common stock with voting right	141,357,510,000.00	141,357,510,000.00	141,357,510,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00	138,587,140,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	107.8	107.8	107.8	107.8	107.8	107.8	107.8	107.8	107.8	107.8	107.8	107.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
11. Undistributed earnings after tax	14.1	13.9	6.7	6.9	10.5	10.7	9.8	9.5	10.7	10.6	10.5	10.3
- Accumulated retained earning at the end of the previous period	13.9	6.0	6.0	6.0	10.4	8.9	8.9	8.9	10.6	9.4	9.4	9.4
- Undistributed earnings in this period	0.1	8.0	0.7	0.9	0.1	1.8	0.9	0.6	0.2	1.2	1.1	0.9
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	496.0	498.6	490.9	491.9	491.7	493.1	480.1	470.5	470.6	471.0	475.9	476.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	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
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.5	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	-0.2	0.0	0.0	-0.0
Other Operating Receipts	0.0	—	—	—	—	0.2	0.1	0.2	0.1	-0.2	0.7	0.0
Other Operating Payments	-1.7	-1.0	-0.9	-0.5	-1.3	-0.7	-1.0	-0.5	-1.5	-1.0	-0.8	-0.8
Net Cash Flow from Operating Activities	0.0	1.3	1.2	0.0	-0.6	-6.3	-10.5	-0.5	0.8	1.8	0.5	-1.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	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
Loans and Purchases of Debt Instruments	—	—	—	—	—	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
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.0	0.1	0.5	0.0	0.0	0.1	0.5	0.1	0.0	0.2	0.5	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	0.0	0.1	0.5	0.0	0.0	0.1	0.5	0.1	0.0	0.2	0.5	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	5.1	10.2	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.4	-0.4	-0.4	-0.4	-0.4	-0.3	-0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-4.2	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-0.4	-0.4	-0.4	-0.4	-0.4	4.7	10.1	0.0	0.0	-4.2	0.0	0.0
Net Cash Flow During the Period	-0.3	1.0	1.3	-0.4	-1.0	-1.5	0.1	-0.4	0.8	-2.2	0.9	-0.8
Cash and Cash Equivalents at Beginning of Period	6.5	5.5	4.2	4.6	5.6	6.6	6.6	6.6	6.6	10.9	10.9	10.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.2	6.5	5.5	4.2	4.6	5.6	7.1	7.0	7.4	6.6	8.7	7.8

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