SAM

Listed Company · HOSE

Price

6,800

Latest close

02 Apr 2026

P/E 27.9x

EPS (TTM) 244

ROE (TTM) 2.0%

P/B 0.5x

BVPS (Latest) 12,534

ROA (TTM) 1.4%

What Is Changing

SAM no longer looks like a business simply rebounding from a weak base. Revenue posted +51.7% YoY, while net margin reached 1.72% with an additional -0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 10.3% to VND 105.1bn in 2025.
Net margin declined from 2.36% in the prior period to 1.72% in 2025.
Revenue increased 51.7% YoY to VND 6,126.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	6,126.0	4,038.2	2,200.1	2,109.1	1,888.7
Growth	+52%	+84%	+4%	+12%	—
Net Income	105.1	95.3	33.2	7.1	159.7
Net Margin	1.72%	2.36%	1.51%	0.34%	8.45%

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	2,018.5	1,540.1	1,403.8	1,163.7	861.0	918.8	1,635.0	623.4	748.2	520.2	492.5	439.2
Growth	+31%	+10%	+21%	+35%	-6%	-44%	+162%	-17%	+44%	+6%	+12%	—
Net Income	47.3	15.5	33.9	5.7	12.3	8.1	46.8	27.8	9.3	7.6	4.3	12.9
Net Margin	2.35%	1.01%	2.41%	0.49%	1.42%	0.89%	2.86%	4.46%	1.24%	1.46%	0.88%	2.93%

Financial Statements

Profitability

Net margin reached 1.72% while Revenue posted +51.7% YoY.

Balance Sheet

Inventory stood at 593.1bn, liabilities at 2,405.6bn, and equity at 4,765.0bn.

Cash Flow

Operating cash flow was -359.4bn in 2025, while investing cash flow was -139.9bn.

Financing cash flow: 453.2bn.

Item	2025	2024	2023	2022	2021
Revenue	6,126.2	4,049.2	2,204.5	2,124.4	1,907.5
Revenue Deductions	0.2	11.0	4.4	15.3	0.0
Net Revenue	6,126.0	4,038.2	2,200.1	2,109.1	1,888.7
Cost of Goods Sold	5,917.0	3,834.6	2,042.9	1,944.5	0.0
Gross Profit	209.0	203.7	157.2	164.6	80.8
Financial Income	155.5	127.4	129.6	355.3	362.5
Financial Expenses	85.4	79.3	29.1	291.1	-82.5
Interest Expense	79.3	62.6	78.4	90.5	-65.0
Share of Associates and Joint Ventures	2.7	23.9	-53.3	-26.9	-30.4
Selling Expenses	61.4	57.6	45.7	47.5	-35.3
General and Administrative Expenses	86.2	85.2	96.2	120.1	-91.4
Operating Profit	134.2	133.0	62.5	34.3	203.7
Other Income	6.5	5.3	3.3	8.0	0.0
Other Expenses	5.0	27.6	2.9	1.7	0.0
Other Profit	1.5	-22.4	0.4	6.3	3.8
Profit Before Tax	135.7	110.6	62.9	40.6	207.5
Current Income Tax Expense	26.7	25.9	18.9	24.1	-47.8
Deferred Income Tax Expense	3.9	-10.6	10.8	9.4	0.0
Net Income	105.1	95.3	33.2	7.1	159.7
Non-controlling Interest	8.7	11.0	14.9	4.4	5.6
Profit Attributable to Parent	96.4	84.3	18.3	2.8	154.1
Earnings per Share	251.00	220.00	48.00	7.00	171.00
Diluted EPS	253.71	221.97	48.25	7.27	440.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,913.8	2,204.0	2,283.7	2,852.4	3,471.8
I. Cash and cash equivalents	501.4	547.3	480.4	316.3	818.3
1. Cash	406.9	487.9	473.8	315.5	0.0
2. Cash equivalents	94.5	59.4	6.6	0.8	0.0
II. Short-term financial investments	115.6	29.6	39.5	169.6	0.0
1. Available for sale securities	29.6	29.6	29.6	208.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.0	-3.0	-1.6	-52.9	0.0
3. Held to maturity investments	88.0	3.0	11.5	14.0	0.0
III. Short-term receivables	1,638.2	1,075.6	1,224.0	1,804.8	1,877.4
1. Short-term trade accounts receivable	533.3	402.0	386.2	454.0	0.0
2. Short-term prepayments to suppliers	259.9	108.0	7.9	418.5	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	89.3	18.8	91.1	66.0	0.0
6. Other short-term receivables	759.2	548.1	740.0	867.4	0.0
7. Provision for short-term doubtful debts (*)	-3.6	-1.3	-1.2	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.1	0.0
IV. Inventories	593.1	502.7	497.5	541.0	430.5
1. Inventories	593.1	502.7	497.5	541.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	65.4	48.8	42.3	20.7	52.7
1. Short-term prepayments	6.3	6.2	5.0	6.8	0.0
2. Value added tax to be reclaimed	58.8	42.3	37.1	13.8	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.1	0.1	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)	4,256.9	4,171.6	4,308.2	4,384.9	4,096.2
I. Long-term receivables	164.8	120.5	30.2	61.6	0.0
1. Long-term trade receivables	7.3	8.9	17.6	25.4	225.2
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	147.0	100.0	0.0	18.8	0.0
6. Other long-term receivables	10.5	11.6	12.5	17.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	587.8	612.7	664.8	686.4	722.4
1. Tangible fixed assets	557.9	581.6	634.4	655.0	689.6
- Cost	1,293.9	1,289.7	1,321.8	1,308.5	0.0
- Accumulated depreciation	-735.9	-708.1	-687.4	-653.5	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	29.9	31.1	30.4	31.4	32.8
- Cost	51.9	51.9	49.7	49.4	0.0
- Accumulated depreciation	-22.1	-20.8	-19.3	-18.0	0.0
III. Investment properties	117.3	122.6	129.8	135.2	141.8
- Cost	190.1	190.1	192.2	192.2	0.0
- Accumulated depreciation	-72.8	-67.5	-62.4	-57.0	0.0
IV. Long-term assets in progress	1,202.7	1,113.2	1,205.5	1,155.0	1,309.3
1. Long-term production in progress	866.6	789.1	783.4	753.3	0.0
2. Construction in progress	336.1	324.1	422.1	401.7	0.0
V. Long-term financial investments	2,116.3	2,128.4	2,197.7	2,272.4	1,584.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,278.1	1,275.3	1,342.2	1,396.0	0.0
3. Investments in other entities	841.4	853.1	851.8	872.7	0.0
4. Provision for diminution in value of long-term investments	-3.2	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	3.7	3.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	68.1	74.2	80.1	74.3	0.0
1. Long-term prepayments	64.1	69.5	74.7	68.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	112.5
5. Goodwill	3.9	4.7	5.5	6.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,170.6	6,375.6	6,591.9	7,237.3	7,568.0
A. LIABILITIES (300=210+330)	2,405.6	1,694.9	1,985.8	2,634.0	2,972.2
I. Short -term liabilities	1,657.4	1,320.3	1,723.0	2,093.4	2,287.9
1. Short-term trade accounts payable	89.4	81.9	66.3	157.7	244.0
2. Short-term advances from customers	107.2	24.9	49.1	14.6	22.4
3. Taxes and other payables to state authorities	13.1	14.3	12.0	20.2	0.0
4. Payable to employees	18.3	13.9	14.6	15.0	0.0
5. Short-term acrrued expenses	57.2	53.1	61.3	50.9	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	11.1	5.8	2.5	2.9	2.3
9. Other short-term payables	56.2	78.7	458.9	667.7	0.0
10. Short-term borrowings and financial leases	1,292.5	1,037.3	1,048.2	1,156.8	1,060.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.3	10.5	10.1	7.6	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	748.3	374.6	262.8	540.6	684.2
1. Long-term trade payables	—	0.2	0.2	0.2	0.2
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	296.6	121.0	78.7	72.8	74.6
7. Other long-term liabilities	10.6	18.9	16.2	183.1	0.0
8. Long-term borrowings and financial leases	387.3	184.6	110.8	238.3	563.4
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	53.8	49.9	56.9	46.2	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)	4,765.0	4,680.7	4,606.1	4,603.4	4,595.9
I. Owner's equity	4,765.0	4,680.7	4,606.1	4,603.4	0.0
1. Owner's capital	3,799.6	3,799.6	3,799.6	3,799.6	4,595.9
- Common stock with voting right	3,799.6	3,799.6	3,799.6	3,799.6	3,500.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	39.2	39.2	39.2	40.8	40.8
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	-2.9	-2.4	0.0
8. Investment and development fund	8.7	8.7	8.7	12.0	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	262.2	176.2	84.1	66.5	391.7
- Accumulated retained earning at the end of the previous period	167.9	77.3	61.1	63.8	193.1
- Undistributed earnings in this period	94.3	98.9	23.0	2.8	198.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	655.6	657.2	677.6	687.2	651.7
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)	7,170.6	6,375.6	6,591.9	7,237.3	7,568.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	135.7	110.6	62.9	40.6	0.0
Depreciation of Fixed Assets and Investment Property	35.8	41.3	42.5	54.5	0.0
Provision (Increase)/Reversal	4.4	7.6	-51.2	50.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.4	0.2	0.2	0.0
Gain/Loss from Investment Activities	-69.0	-100.4	10.0	-6.5	0.0
Interest Expense	79.3	62.6	78.4	90.5	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	186.1	121.4	142.8	229.5	0.0
Increase/(Decrease) in Receivables	-508.5	41.7	413.5	-1,659.6	0.0
Increase/(Decrease) in Inventory	-167.9	-14.6	13.4	-242.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	229.4	-271.5	-437.8	2,181.3	0.0
Increase/(Decrease) in Prepaid Expenses	5.2	3.8	-4.8	-29.7	0.0
Changes in Trading Securities	—	0.0	178.9	70.1	0.0
Interest Paid	-65.6	-68.0	-43.8	-73.8	0.0
Corporate Income Tax Paid	-28.3	-21.2	-27.0	-38.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.8	-7.7	-3.3	-4.2	0.0
Net Cash Flow from Operating Activities	-359.4	-216.2	231.9	433.3	-852.1
Payments for Fixed Assets and Other Long-term Assets	-9.6	-37.2	-35.2	-61.5	-58.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.7	0.3	0.0	0.8
Loans and Purchases of Debt Instruments	-605.9	-111.2	-25.2	-312.2	-167.9
Receipts from Loan Repayments and Sale of Debt Instruments	403.3	94.5	21.4	333.8	45.0
Investments in Other Entities	-55.0	-1.3	-12.6	-721.9	-204.9
Proceeds from Investments in Other Entities	120.0	193.5	204.8	13.4	0.0
Dividends and Interest Income Received	7.0	36.9	22.5	25.5	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	-139.9	175.9	176.0	-722.8	-383.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	934.9
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	3,278.9	2,607.5	1,665.0	1,847.8	833.7
Repayment of Borrowings	-2,820.7	-2,490.2	-1,901.1	-2,054.9	-344.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.9	-10.6	-7.5	-5.1	-1.9
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	453.2	106.8	-243.6	-212.2	1,421.8
Net Cash Flow During the Period	-46.0	66.5	164.3	-501.7	0.0
Cash and Cash Equivalents at Beginning of Period	547.3	480.4	316.3	818.3	276.5
FX Difference from Revaluation	0.1	0.4	-0.2	-0.2	0.0
Cash and Cash Equivalents at End of Period	501.4	547.3	480.4	316.3	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	2,018.6	1,540.1	1,403.8	1,163.7	871.9	918.8	1,635.1	623.4	748.4	523.8	493.1	439.3
Revenue Deductions	0.1	0.0	0.0	0.0	10.9	0.0	0.0	0.0	0.2	3.6	0.6	0.1
Net Revenue	2,018.5	1,540.1	1,403.8	1,163.7	861.0	918.8	1,635.0	623.4	748.2	520.2	492.5	439.2
Cost of Goods Sold	1,970.5	1,481.0	1,349.0	1,116.5	821.0	870.4	1,574.9	568.3	702.3	484.2	454.5	401.9
Gross Profit	48.0	59.1	54.7	47.1	40.0	48.5	60.1	55.1	45.9	36.0	38.0	37.3
Financial Income	83.6	25.3	30.6	15.9	34.1	15.5	33.2	44.7	21.7	29.9	35.4	42.5
Financial Expenses	24.7	20.5	22.3	17.8	21.6	13.3	26.5	16.4	-41.0	20.9	26.9	22.3
Interest Expense	24.0	187.9	207.0	15.3	137.6	14.6	18.0	14.8	91.4	20.5	23.3	21.8
Share of Associates and Joint Ventures	-11.6	-2.7	11.8	2.2	28.4	-7.3	16.8	-14.2	-46.2	0.4	-2.9	-3.7
Selling Expenses	13.4	18.2	15.9	13.9	14.3	14.3	14.9	14.0	14.2	10.5	10.2	10.8
General and Administrative Expenses	24.2	22.8	20.2	19.2	25.4	19.1	19.8	20.9	25.1	24.1	22.5	24.4
Operating Profit	57.8	20.2	38.8	14.4	41.1	9.9	48.9	34.3	23.2	10.8	10.9	18.5
Other Income	5.0	1.2	0.2	0.1	1.9	0.9	0.5	0.4	1.3	0.5	1.3	0.1
Other Expenses	1.1	1.2	0.8	1.8	26.9	0.2	0.4	0.1	0.4	0.5	1.9	0.1
Other Profit	3.8	0.0	-0.6	-1.7	-25.0	0.7	0.1	0.2	0.9	0.1	-0.6	-0.0
Profit Before Tax	61.6	20.2	38.2	12.7	16.0	10.7	49.1	34.5	24.0	10.8	10.3	18.5
Current Income Tax Expense	11.3	4.6	6.1	6.8	5.9	2.2	11.2	6.6	6.3	2.4	4.7	5.6
Deferred Income Tax Expense	3.0	0.0	-1.8	0.2	-2.1	0.3	-8.9	0.1	8.5	0.8	1.3	0.0
Net Income	47.3	15.5	33.9	5.7	12.3	8.1	46.8	27.8	9.3	7.6	4.3	12.9
Non-controlling Interest	1.3	3.3	2.7	2.1	-5.9	5.6	4.4	6.8	5.8	1.1	3.2	4.8
Profit Attributable to Parent	46.0	12.3	31.1	3.5	18.1	2.6	42.3	21.0	3.5	6.5	1.1	8.1
Earnings per Share	121.00	32.00	82.00	9.00	48.00	7.00	111.00	55.00	9.00	17.00	3.00	21.00
Diluted EPS	121.07	32.27	81.88	9.26	47.70	6.75	111.40	55.21	9.31	17.03	2.82	21.24

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)	2,913.8	2,541.6	2,682.7	2,335.5	2,204.0	2,613.4	2,705.2	2,387.0	2,235.7	2,279.6	2,257.2	2,387.0
I. Cash and cash equivalents	501.4	130.7	357.4	183.4	547.3	247.8	334.9	203.7	480.4	55.8	423.5	51.2
1. Cash	406.9	94.5	338.1	137.9	487.9	208.2	318.3	187.1	473.8	43.0	417.7	47.9
2. Cash equivalents	94.5	36.2	19.3	45.5	59.4	39.6	16.6	16.6	6.6	12.8	5.8	3.3
II. Short-term financial investments	115.6	162.5	148.2	32.1	29.6	162.6	26.3	109.6	39.5	39.5	25.8	46.8
1. Available for sale securities	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.4	56.2
2. Provision for diminution in value of available for sale securities (*)	-2.0	-2.5	-1.6	-4.5	-3.0	0.0	-3.3	-3.0	-1.6	-1.6	-9.7	-19.9
3. Held to maturity investments	88.0	135.4	120.2	7.0	3.0	133.0	0.0	83.0	11.5	11.5	6.0	10.5
III. Short-term receivables	1,638.2	1,889.0	1,500.7	1,649.6	1,075.6	1,784.6	1,879.5	1,636.1	1,176.0	1,768.6	1,360.9	1,828.1
1. Short-term trade accounts receivable	533.3	609.7	633.0	437.1	402.0	574.2	805.3	404.3	386.2	385.0	325.9	338.2
2. Short-term prepayments to suppliers	259.9	492.4	298.8	272.0	108.0	127.7	96.9	172.2	7.9	148.2	146.5	440.5
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	89.3	24.3	25.3	18.8	18.8	39.4	52.8	44.4	43.1	37.3	33.0	17.0
6. Other short-term receivables	759.2	764.1	545.1	923.1	548.1	1,044.6	925.7	1,016.3	740.0	1,199.2	856.5	1,033.4
7. Provision for short-term doubtful debts (*)	-3.6	-1.6	-1.5	-1.3	-1.3	-1.3	-1.3	-1.2	-1.2	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
IV. Inventories	593.1	322.4	615.6	424.2	502.7	380.4	426.1	391.3	497.5	383.1	421.4	437.9
1. Inventories	593.1	322.4	615.6	424.2	502.7	380.4	426.1	391.3	497.5	383.1	421.4	437.9
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	65.4	37.1	60.8	46.1	48.8	37.9	38.4	46.3	42.3	32.5	25.4	23.0
1. Short-term prepayments	6.3	7.2	7.5	6.1	6.2	5.8	6.4	6.2	5.0	5.0	5.5	9.0
2. Value added tax to be reclaimed	58.8	28.4	51.7	38.4	42.3	32.2	31.9	39.9	37.1	26.5	19.8	13.9
3. Taxes and other receivables from state authorities	0.3	1.5	1.6	1.6	0.4	0.0	0.1	0.2	0.1	1.1	0.1	0.1
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)	4,253.9	4,301.2	4,307.7	4,247.1	4,171.2	4,148.8	4,042.8	4,209.2	4,357.0	4,416.7	4,431.7	4,432.0
I. Long-term receivables	164.8	161.4	164.0	161.0	120.5	127.7	28.8	29.0	78.2	96.7	106.3	109.2
1. Long-term trade receivables	7.3	8.2	8.2	8.9	8.9	16.1	16.1	17.6	17.6	20.4	21.0	25.1
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	147.0	147.0	147.0	147.0	100.0	100.0	0.0	0.0	48.0	66.8	66.8	66.8
6. Other long-term receivables	10.5	6.2	8.8	5.1	11.6	11.6	12.7	11.4	12.5	9.4	18.4	17.3
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	587.8	591.9	597.6	605.1	612.7	619.2	627.5	656.2	664.8	672.2	673.9	682.7
1. Tangible fixed assets	557.9	561.7	567.1	574.3	581.6	589.6	597.5	625.9	634.4	641.6	643.2	651.6
- Cost	—	—	—	—	1,289.7	1,289.6	1,289.8	1,321.0	1,321.8	1,320.9	1,314.2	1,313.9
- Accumulated depreciation	—	—	—	—	-708.1	-700.0	-692.3	-695.1	-687.4	-679.3	-671.0	-662.2
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	29.9	30.2	30.5	30.8	31.1	29.6	29.9	30.3	30.4	30.6	30.7	31.1
- 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	117.3	118.6	119.9	121.3	122.6	125.8	127.1	128.5	129.8	131.2	132.5	133.8
- 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	1,202.7	1,170.7	1,162.5	1,157.4	1,113.2	1,100.9	1,074.3	1,217.3	1,205.5	1,195.8	1,197.6	1,165.9
1. Long-term production in progress	866.6	829.5	828.6	817.0	789.1	786.6	785.6	784.5	783.4	774.0	772.5	759.0
2. Construction in progress	336.1	341.2	334.0	340.4	324.1	314.3	288.6	432.7	422.1	421.8	425.1	406.9
V. Long-term financial investments	2,113.3	2,191.6	2,194.4	2,130.7	2,128.1	2,102.1	2,109.5	2,101.0	2,198.5	2,246.7	2,247.9	2,268.8
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	1,275.1	1,286.7	1,289.4	1,277.6	1,275.0	1,246.6	1,254.0	1,245.4	1,343.0	1,391.3	1,389.2	1,392.4
3. Investments in other entities	841.4	908.1	908.1	853.1	853.1	851.8	851.8	851.8	851.8	851.7	851.7	872.7
4. Provision for diminution in value of long-term investments	-3.2	-3.1	-3.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	3.7	3.7	3.7	3.7	3.7	7.0	3.7
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	68.1	67.0	69.2	71.6	74.2	73.2	75.6	72.1	74.7	68.5	67.6	65.5
1. Long-term prepayments	64.1	62.9	64.9	67.1	69.5	68.3	70.5	72.1	74.7	68.5	67.6	65.5
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	3.9	4.1	4.3	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	4.7	4.9	5.1	5.3	5.5	5.7	5.9	6.1
TOTAL ASSETS (280=100+200)	7,167.6	6,842.8	6,990.4	6,582.6	6,375.2	6,762.2	6,748.0	6,596.2	6,592.7	6,696.3	6,688.8	6,819.0
A. LIABILITIES (300=210+330)	2,405.3	2,119.3	2,282.3	1,896.3	1,694.9	2,089.4	2,093.7	1,964.6	1,983.5	2,090.6	2,086.3	2,218.5
I. Short -term liabilities	1,659.5	1,475.8	1,632.1	1,407.8	1,320.3	1,735.1	1,892.2	1,737.6	1,720.9	1,812.9	1,769.4	1,705.0
1. Short-term trade accounts payable	89.4	66.3	85.7	114.3	81.9	204.5	165.0	52.4	66.3	67.4	73.3	77.9
2. Short-term advances from customers	107.2	8.2	6.5	26.1	24.9	39.1	29.3	13.0	49.1	13.0	12.6	11.5
3. Taxes and other payables to state authorities	15.3	22.2	27.7	8.1	14.3	22.8	15.7	7.1	12.1	18.9	13.7	8.3
4. Payable to employees	18.3	7.7	11.5	8.0	13.9	7.5	8.3	9.5	14.6	9.1	10.1	9.3
5. Short-term acrrued expenses	57.2	63.9	55.5	56.6	53.1	67.4	67.0	59.3	61.3	85.5	78.4	55.2
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	11.1	2.4	3.7	2.0	5.8	1.0	2.5	1.2	2.5	1.1	2.8	1.6
9. Other short-term payables	56.2	58.6	56.5	100.8	78.7	322.4	388.6	448.6	458.9	717.8	672.5	368.5
10. Short-term borrowings and financial leases	1,292.5	1,234.7	1,370.6	1,083.0	1,037.3	1,060.9	1,204.9	1,137.8	1,048.2	892.9	898.0	1,165.9
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	12.3	11.7	14.3	8.9	10.5	9.5	10.9	8.5	7.9	7.2	8.1	6.9
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	745.8	643.4	650.3	488.5	374.6	354.3	201.5	227.0	262.6	277.7	316.9	513.5
1. Long-term trade payables	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	296.6	277.9	272.9	141.6	121.0	96.7	93.0	84.4	78.7	74.1	74.8	72.9
7. Other long-term liabilities	10.6	55.6	59.1	18.9	18.9	19.3	18.7	16.3	16.2	39.9	39.4	185.6
8. Long-term borrowings and financial leases	387.3	261.4	269.7	277.6	184.6	186.3	41.7	69.1	110.8	113.3	154.9	208.6
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	51.4	48.4	48.4	50.2	50.0	51.8	47.9	57.0	56.7	50.3	47.5	46.2
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)	4,762.3	4,723.6	4,708.1	4,686.3	4,680.3	4,672.8	4,654.3	4,631.7	4,609.1	4,605.7	4,602.5	4,600.5
I. Owner's equity	4,762.3	4,723.6	4,708.1	4,686.3	4,680.3	4,672.8	4,654.3	4,631.7	4,609.1	4,605.7	4,602.5	4,600.5
1. Owner's capital	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6
- Common stock with voting right	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	39.2	39.2	39.2	39.2	39.2	39.2	39.2	39.2	39.2	40.8	39.2	39.2
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	-2.9	-2.9	-2.8	-2.6	-2.3
8. Investment and development fund	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	12.0	12.0	12.0
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	1.6	1.6
11. Undistributed earnings after tax	258.7	215.9	203.7	179.7	175.8	161.2	144.1	105.1	87.2	80.0	73.5	74.4
- Accumulated retained earning at the end of the previous period	165.8	169.1	169.1	176.2	77.3	80.8	80.8	84.1	63.4	33.9	46.4	66.5
- Undistributed earnings in this period	92.9	46.9	34.6	3.5	98.5	80.4	63.3	21.0	23.8	46.1	27.1	7.9
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	656.4	660.4	657.2	659.4	657.2	664.4	663.0	682.2	677.6	676.5	679.5	676.3
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)	7,167.6	6,842.8	6,990.4	6,582.6	6,375.2	6,762.2	6,748.0	6,596.2	6,592.7	6,696.3	6,688.8	6,819.0

Item	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	84.8	50.9	—	-83.5	83.5	0.0	62.9	-28.8	28.8	0.0	40.6
Depreciation of Fixed Assets and Investment Property	17.4	18.4	—	-21.3	21.3	0.0	42.5	-21.3	21.3	0.0	54.5
Provision (Increase)/Reversal	2.6	1.9	—	-7.8	7.8	0.0	-51.2	43.2	-43.2	0.0	50.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	—	—	0.0	0.0	0.0	0.2	-0.0	0.0	0.0	0.2
Gain/Loss from Investment Activities	-38.0	-31.0	—	56.9	-56.9	0.0	10.0	13.9	-13.9	0.0	-6.5
Interest Expense	43.3	36.0	—	-32.7	32.7	0.0	78.4	-48.1	48.1	0.0	90.5
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	109.9	76.2	—	-88.5	88.5	0.0	142.8	-41.1	41.1	0.0	229.5
Increase/(Decrease) in Receivables	-84.7	-423.7	—	675.8	-675.8	0.0	413.5	-243.4	243.4	0.0	-1,659.6
Increase/(Decrease) in Inventory	-24.8	-143.1	—	-65.4	65.4	0.0	13.4	-100.3	100.3	0.0	-242.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	69.1	160.3	—	-96.5	96.5	0.0	-437.8	239.3	-239.3	0.0	2,181.3
Increase/(Decrease) in Prepaid Expenses	2.0	3.2	—	-2.5	2.5	0.0	-4.8	-1.6	1.6	0.0	-29.7
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	178.9	-179.1	179.1	0.0	70.1
Interest Paid	-36.0	-29.6	—	32.1	-32.1	0.0	-43.8	16.9	-16.9	0.0	-73.8
Corporate Income Tax Paid	-13.8	0.0	-14.5	11.7	-3.3	-8.4	-27.0	16.5	-3.5	-13.0	-7.9
Other Operating Receipts	—	—	—	0.0	-111.7	111.7	0.0	0.0	-349.4	349.4	-2,936.5
Other Operating Payments	-6.5	79.0	-82.3	2.5	139.0	-141.5	-3.3	1.5	466.6	-468.0	2,718.7
Net Cash Flow from Operating Activities	15.3	-68.6	-306.0	469.2	-169.5	-299.7	231.9	-291.3	535.7	-244.4	172.5
Payments for Fixed Assets and Other Long-term Assets	4.4	-10.9	-3.1	19.6	-19.3	-0.2	-35.2	22.2	-22.1	-0.0	-36.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	—	-0.5	0.5	0.0	0.3	0.0	0.0	0.0	-0.8
Loans and Purchases of Debt Instruments	-197.3	-408.5	—	18.9	-18.9	0.0	-25.2	21.7	-21.7	0.0	-312.2
Receipts from Loan Repayments and Sale of Debt Instruments	45.3	358.0	—	-67.5	67.5	0.0	21.4	-11.4	11.4	0.0	333.8
Investments in Other Entities	—	—	—	0.0	0.0	0.0	-12.6	12.5	314.6	-327.1	5.0
Proceeds from Investments in Other Entities	120.0	—	—	-153.4	153.1	0.3	204.8	-204.8	-109.8	314.6	8.9
Dividends and Interest Income Received	-3.8	10.2	0.7	-5.0	-9.2	14.2	22.5	-1.6	-14.5	16.1	-49.4
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	-31.3	78.1	-186.8	-188.0	198.6	-10.6	176.0	-161.4	107.5	53.9	-854.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	-0.8	0.8	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	1,732.2	843.7	702.9	-1,220.2	774.8	445.4	1,665.0	-665.4	127.2	538.2	-197.0
Repayment of Borrowings	-1,692.5	-554.2	-574.0	1,078.2	-665.6	-412.6	-1,901.1	1,007.6	-394.7	-612.9	904.3
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-4.9	-0.0	6.4	-6.4	0.0	-7.5	3.3	-3.3	0.0	61.4
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	39.7	284.6	128.9	-135.7	102.1	33.6	-243.6	345.5	-270.8	-74.7	768.6
Net Cash Flow During the Period	23.7	294.2	-363.9	145.5	131.3	-276.8	164.3	-107.2	372.4	-265.2	86.5
Cash and Cash Equivalents at Beginning of Period	547.3	183.4	547.3	0.0	480.4	480.4	316.3	0.0	316.3	316.3	818.3
FX Difference from Revaluation	0.1	—	—	0.0	0.0	0.0	-0.2	0.0	-0.0	0.0	-0.3
Cash and Cash Equivalents at End of Period	501.4	477.6	183.4	0.0	334.9	203.7	480.4	0.0	423.5	51.2	316.3

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