S4A

Listed Company · HOSE

Price

33,700

Latest close

03 Apr 2026

P/E 9.8x

EPS (TTM) 3,454

ROE (TTM) 25.3%

P/B 2.4x

BVPS (Latest) 14,193

ROA (TTM) 14.0%

What Is Changing

S4A no longer looks like a business simply rebounding from a weak base. Revenue posted +31.9% YoY, while net margin reached 44.62% with an additional +9.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 65.4% to VND 145.7bn in 2025.
Net margin improved from 35.57% in the prior period to 44.62% in 2025.
Revenue growth accelerated to 31.8% in 2025, up 45.4pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	326.6	247.7	286.4	308.1	285.0
Growth	+32%	-14%	-7%	+8%	—
Net Income	145.7	88.1	137.4	173.4	140.6
Net Margin	44.62%	35.57%	47.98%	56.26%	49.34%

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	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0	52.9
Growth	+46%	+38%	+35%	-40%	-10%	+127%	-13%	-56%	+23%	+56%	-2%	—
Net Income	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3	22.2
Net Margin	55.42%	48.04%	22.26%	39.09%	34.68%	57.53%	-5.09%	29.32%	56.48%	49.62%	35.30%	41.88%

Financial Statements

Profitability

Net margin reached 44.62% while Revenue posted +31.9% YoY.

Balance Sheet

Inventory stood at 0.2bn, liabilities at 448.4bn, and equity at 598.9bn.

Cash Flow

Operating cash flow was 119.1bn in 2025, while investing cash flow was 36.0bn.

Financing cash flow: -148.5bn.

Item	2025	2024	2023	2022	2021
Revenue	326.6	247.7	286.4	308.1	285.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	326.6	247.7	286.4	308.1	285.0
Cost of Goods Sold	134.3	111.6	113.6	111.7	0.0
Gross Profit	192.3	136.1	172.8	196.4	177.1
Financial Income	7.1	4.5	2.0	1.5	4.0
Financial Expenses	30.6	38.4	24.6	28.8	-28.8
Interest Expense	28.6	32.6	20.5	22.6	-28.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	8.2	7.1	8.2	8.9	-7.4
Operating Profit	160.6	95.0	142.0	160.2	144.8
Other Income	1.5	3.3	3.4	26.6	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	1.5	3.3	3.3	26.6	4.2
Profit Before Tax	162.1	98.3	145.2	186.8	149.0
Current Income Tax Expense	16.4	10.2	7.8	13.4	-8.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	145.7	88.1	137.4	173.4	140.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	145.7	88.1	137.4	173.4	140.6
Earnings per Share	3,453.00	2,088.00	3,256.00	4,108.00	3,332.00
Diluted EPS	3,453.00	2,088.00	3,256.00	4,108.00	3,332.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	319.7	272.8	195.3	168.3	99.3
I. Cash and cash equivalents	174.3	167.6	98.5	104.2	60.9
1. Cash	88.3	84.6	11.5	89.1	0.0
2. Cash equivalents	86.0	83.0	87.0	15.1	0.0
II. Short-term financial investments	25.6	57.5	29.2	2.2	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	25.6	57.5	29.2	2.2	0.0
III. Short-term receivables	119.3	46.1	64.1	60.4	35.6
1. Short-term trade accounts receivable	118.1	41.9	63.0	55.7	0.0
2. Short-term prepayments to suppliers	0.4	2.2	0.0	3.4	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	0.8	2.0	1.2	1.3	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	0.2	0.7	3.2	1.3	0.4
1. Inventories	0.2	0.7	3.2	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.9	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.9	0.3	0.3	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	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)	727.6	767.5	805.1	842.6	892.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	695.8	741.9	790.0	835.8	885.3
1. Tangible fixed assets	691.2	738.5	786.6	832.4	881.9
- Cost	1,398.0	1,396.6	1,395.9	1,392.4	0.0
- Accumulated depreciation	-706.9	-658.2	-609.4	-560.0	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	4.6	3.4	3.4	3.4	3.4
- Cost	4.6	3.4	3.4	3.4	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	1.8	0.0	0.0	0.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	0.0	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	30.0	25.6	15.2	6.9	0.0
1. Long-term prepayments	17.2	19.7	6.3	4.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	12.9	5.9	8.9	2.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.1
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)	1,047.3	1,040.3	1,000.5	1,010.9	992.0
A. LIABILITIES (300=210+330)	448.4	486.4	410.0	372.2	411.4
I. Short -term liabilities	262.5	199.4	191.6	229.6	139.8
1. Short-term trade accounts payable	3.1	0.2	7.2	0.7	0.2
2. Short-term advances from customers	0.5	0.9	0.6	0.5	0.0
3. Taxes and other payables to state authorities	25.7	18.8	20.9	28.0	0.0
4. Payable to employees	1.5	0.8	1.4	1.4	0.0
5. Short-term acrrued expenses	4.1	4.2	0.4	0.4	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	66.1	53.2	78.3	65.5	0.0
10. Short-term borrowings and financial leases	154.3	116.7	76.8	125.8	70.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	4.7	6.0	7.4	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	185.9	286.9	218.5	142.6	271.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.9	1.8	2.7	1.8	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	185.0	285.1	215.8	140.8	271.5
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)	598.9	554.0	590.4	638.7	580.6
I. Owner's equity	598.9	554.0	590.4	638.7	0.0
1. Owner's capital	422.0	422.0	422.0	422.0	580.6
- Common stock with voting right	422.0	422.0	422.0	422.0	422.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	18.0	18.0	18.0	18.0	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	158.9	113.9	150.4	198.7	140.6
- Accumulated retained earning at the end of the previous period	76.5	76.5	89.0	25.3	0.0
- Undistributed earnings in this period	82.4	37.5	61.4	173.4	140.6
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)	1,047.3	1,040.3	1,000.5	1,010.9	992.0

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	-10.2	-7.5	-13.7	-6.3	0.0
Other Operating Receipts	21.6	22.1	25.7	30.2	0.0
Other Operating Payments	-81.7	-70.2	-73.2	-87.3	0.0
Net Cash Flow from Operating Activities	119.1	137.1	174.2	206.9	201.8
Payments for Fixed Assets and Other Long-term Assets	-3.1	-0.7	-3.6	-0.1	-2.1
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	-5.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.2	4.5	1.5	1.5	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	36.0	-24.5	-29.2	1.3	-6.6
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	117.9	211.6	160.5	95.3	48.2
Repayment of Borrowings	-182.2	-107.7	-138.3	-175.8	-176.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-84.2	-147.5	-172.9	-84.4	-42.0
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	-148.5	-43.5	-150.7	-164.9	-170.3
Net Cash Flow During the Period	6.6	69.1	-5.6	43.3	42.8
Cash and Cash Equivalents at Beginning of Period	167.6	98.5	104.2	60.9	36.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	174.3	167.6	98.5	104.2	60.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0	52.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0	52.9
Cost of Goods Sold	43.8	32.8	36.2	21.4	32.8	29.8	28.7	20.4	34.1	28.6	27.8	23.1
Gross Profit	84.5	54.8	27.3	25.8	45.6	57.2	9.6	23.7	66.2	52.7	24.2	29.8
Financial Income	3.0	0.6	2.8	0.7	-1.1	3.8	1.2	0.6	0.9	0.2	0.2	0.6
Financial Expenses	7.1	7.0	12.3	4.2	12.7	3.8	13.7	8.3	5.2	8.6	5.4	5.3
Interest Expense	7.3	6.6	11.4	3.4	12.3	3.8	8.2	5.4	5.2	4.8	5.2	5.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.7	1.7	2.0	1.8	2.1	1.7	1.7	1.6	2.2	1.8	2.5	1.6
Operating Profit	77.7	46.8	15.7	20.5	29.7	55.6	-4.7	14.4	59.6	42.4	16.5	23.4
Other Income	1.5	0.0	—	—	0.0	0.0	3.3	0.0	0.0	0.0	3.4	0.0
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	1.5	0.0	-0.0	-0.0	-0.0	-0.0	3.3	-0.0	0.0	-0.0	3.4	-0.1
Profit Before Tax	79.2	46.8	15.7	20.5	29.7	55.6	-1.3	14.4	59.6	42.4	19.9	23.3
Current Income Tax Expense	8.1	4.7	1.6	2.1	2.5	5.6	0.6	1.4	3.0	2.1	1.5	1.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3	22.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3	22.2
Earnings per Share	1,685.00	997.00	335.00	437.00	644.00	1,185.00	-46.00	307.00	1,342.00	955.00	435.00	525.00
Diluted EPS	1,684.61	997.21	335.09	437.32	644.07	1,185.10	-46.16	306.71	1,341.90	955.41	434.76	525.00

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)	319.7	258.2	211.3	228.6	272.8	246.8	174.9	193.9	195.4	128.6	101.1	110.2
I. Cash and cash equivalents	174.3	108.7	89.4	58.5	167.6	132.7	104.4	112.9	98.6	46.5	44.9	39.3
1. Cash	88.3	9.7	9.2	5.5	84.6	5.7	11.4	13.4	11.5	7.5	23.9	8.3
2. Cash equivalents	86.0	99.0	80.2	53.0	83.0	127.0	93.0	99.5	87.0	39.0	21.0	31.0
II. Short-term financial investments	25.6	83.5	61.5	111.5	57.5	39.3	29.3	29.2	29.2	12.1	17.1	7.2
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	25.6	83.5	61.5	111.5	57.5	39.3	29.3	29.2	29.2	12.1	17.1	7.2
III. Short-term receivables	119.3	65.0	59.5	57.7	46.1	73.7	40.5	48.6	64.2	66.8	35.8	60.1
1. Short-term trade accounts receivable	118.1	60.6	53.8	51.0	41.9	69.4	33.4	47.7	63.0	65.9	34.7	55.1
2. Short-term prepayments to suppliers	0.4	3.5	3.5	3.5	2.2	2.6	3.5	0.3	0.0	0.0	0.1	3.1
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	0.8	1.0	2.2	3.1	2.0	1.6	3.6	0.7	1.2	0.9	1.0	1.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	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	0.0
IV. Inventories	0.2	0.3	0.4	0.1	0.7	0.3	0.5	2.9	3.2	2.9	3.0	3.3
1. Inventories	0.2	0.3	0.4	0.1	0.7	0.3	0.5	2.9	3.2	2.9	3.0	3.3
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	0.3	0.6	0.5	0.9	0.9	0.8	0.2	0.3	0.3	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.6	0.5	0.9	0.9	0.8	0.2	0.3	0.3	0.3	0.3	0.3
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	727.6	733.7	744.3	756.1	767.5	773.3	781.6	795.9	805.1	812.4	824.4	834.1
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	695.8	706.6	717.6	729.7	741.9	753.4	765.5	777.7	790.0	799.7	811.9	823.3
1. Tangible fixed assets	691.2	702.0	714.2	726.3	738.5	750.0	762.1	774.3	786.6	796.3	808.5	819.9
- Cost	—	—	—	—	1,396.6	1,396.0	1,395.9	1,395.9	1,395.9	1,393.4	1,393.4	1,392.4
- Accumulated depreciation	—	—	—	—	-658.2	-646.0	-633.8	-621.6	-609.4	-597.1	-584.9	-572.5
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	4.6	4.6	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
- 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	1.8	—	—	—	0.0	0.3	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	1.8	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.7
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	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	8.7
VI. Other long-term assets	30.0	27.1	26.7	26.4	25.6	19.6	16.0	18.2	15.2	12.7	12.5	2.0
1. Long-term prepayments	17.2	23.1	22.8	22.8	19.7	17.1	12.8	14.6	6.3	10.3	10.1	0.0
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	12.9	4.0	3.9	3.6	5.9	2.5	3.2	3.6	8.9	2.4	2.4	2.0
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)	1,047.4	991.8	955.6	984.7	1,040.3	1,020.1	956.4	989.8	1,000.6	941.0	925.5	944.3
A. LIABILITIES (300=210+330)	448.4	400.7	406.5	412.3	486.3	442.6	428.9	437.1	410.0	491.5	271.6	308.7
I. Short -term liabilities	262.5	160.0	165.7	125.0	199.4	114.6	98.7	80.9	186.6	300.0	84.7	166.7
1. Short-term trade accounts payable	3.1	0.0	0.1	0.1	0.2	0.1	0.2	0.0	7.2	1.4	1.4	1.4
2. Short-term advances from customers	0.5	1.8	1.4	0.9	0.9	0.9	0.9	1.8	0.6	0.9	2.2	2.2
3. Taxes and other payables to state authorities	25.7	17.9	11.9	7.4	18.8	18.7	6.7	6.1	20.9	15.2	7.9	7.1
4. Payable to employees	1.5	0.9	0.9	0.9	0.8	0.9	0.7	0.7	1.4	0.7	0.7	0.0
5. Short-term acrrued expenses	4.1	3.7	3.9	—	4.2	0.0	4.2	0.0	0.4	0.0	0.2	0.3
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	66.1	2.8	2.8	2.7	53.2	2.8	2.7	2.6	78.3	213.2	2.1	2.3
10. Short-term borrowings and financial leases	154.3	125.4	137.2	108.7	116.7	86.3	77.7	66.0	71.8	62.4	63.7	146.7
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	7.2	7.4	7.5	4.3	4.7	4.9	5.6	3.8	6.0	6.2	6.3	6.7
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	185.9	240.7	240.8	287.4	286.9	328.1	330.3	356.2	223.5	191.4	186.9	142.0
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	0.9	0.9	1.3	1.8	1.8	1.8	1.8	1.8	2.7	2.7	1.4	1.4
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	185.0	239.8	239.4	285.6	285.1	326.3	328.4	354.4	220.8	188.7	185.5	140.6
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)	598.9	591.1	549.1	572.4	554.0	577.4	527.5	552.7	590.5	449.5	653.9	635.6
I. Owner's equity	598.9	591.1	549.1	572.4	554.0	577.4	527.5	552.7	590.5	449.5	653.9	635.6
1. Owner's capital	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0
- Common stock with voting right	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	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	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0
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	158.9	151.1	109.1	132.4	113.9	137.4	87.5	112.7	150.5	9.5	213.9	195.5
- Accumulated retained earning at the end of the previous period	87.8	109.0	94.9	113.9	86.7	87.4	89.4	99.8	93.9	0.0	173.4	173.4
- Undistributed earnings in this period	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	9.5	40.5	22.2
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,047.4	991.8	955.6	984.7	1,040.3	1,020.1	956.4	989.8	1,000.6	941.0	925.5	944.3

Item	Q4'25	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	—	—	—	0.0	0.0	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	0.0	0.0
Provision (Increase)/Reversal	—	—	—	0.0	0.0	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	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	0.0	0.0	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	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	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	—	—	—	0.0	0.0	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	0.0	0.0
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)	—	—	—	0.0	0.0	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	0.0	0.0
Changes in Trading Securities	—	—	—	0.0	0.0	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	0.0	0.0
Corporate Income Tax Paid	0.0	-0.0	-10.2	0.0	7.5	0.0	-7.5	-13.7	13.7	-0.0	-13.7	-4.7
Other Operating Receipts	—	—	—	-4.3	-5.3	4.8	4.9	25.7	-12.2	5.3	6.8	-2.9
Other Operating Payments	-54.1	-12.2	-15.4	17.3	15.6	-12.3	-20.7	-73.2	35.9	-14.0	-21.9	-51.9
Net Cash Flow from Operating Activities	85.4	31.1	2.7	-28.1	-14.6	27.3	15.4	174.2	-62.3	55.2	7.1	141.3
Payments for Fixed Assets and Other Long-term Assets	-3.0	-0.0	—	0.1	-0.1	0.0	0.0	-3.6	1.0	-1.0	0.0	-0.1
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	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.0	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	0.0
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.1	2.1	1.0	-0.7	-1.3	0.9	1.1	1.5	-0.7	0.4	0.3	1.4
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	37.0	52.0	-53.0	9.4	-11.3	0.9	1.1	-29.2	15.3	-10.6	-4.7	1.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	60.7	40.0	17.1	-15.5	-159.4	20.1	154.8	160.5	-67.2	24.0	43.2	81.9
Repayment of Borrowings	-98.2	-58.6	-25.4	5.9	60.4	-36.4	-29.9	-138.3	84.8	-62.6	-22.2	-156.2
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	-33.6	-50.5	0.0	147.4	-20.5	-127.0	-172.9	88.7	-0.4	-88.3	-42.3
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	-37.5	-52.2	-58.8	-9.6	48.4	-36.7	-2.1	-150.7	106.3	-39.1	-67.3	-116.6
Net Cash Flow During the Period	84.9	30.9	-109.1	-28.3	22.5	-8.5	14.3	-5.6	59.3	5.6	-64.9	26.0
Cash and Cash Equivalents at Beginning of Period	167.6	58.5	167.6	0.0	104.4	98.5	98.5	104.2	0.0	104.2	104.2	60.9
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	174.3	89.4	58.5	0.0	132.7	104.4	112.9	98.5	0.0	44.9	39.3	104.2

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

S4A

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research