SBG

Listed Company · HOSE

Price

11,550

Latest close

02 Apr 2026

P/E 15.0x

EPS (TTM) 768

ROE (TTM) 6.4%

P/B 0.9x

BVPS (Latest) 12,366

ROA (TTM) 3.0%

What Is Changing

SBG has not yet shown a broad-based top-line recovery. Revenue posted -48.6% YoY, but net margin reached 2.39% with an additional +1.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.89% in 2023 to 2.39% in 2025.
Net Income growth slowed to -11.6% in 2025 from 34.2% in the prior period, at VND 38.6bn.
Revenue decreased 48.6% YoY to VND 1,618.1bn in 2025.

Metric	2025	2024	2023	2022
Revenue	1,618.1	3,146.7	3,662.2	4,010.8
Growth	-49%	-14%	-9%	—
Net Income	38.6	43.7	32.5	37.6
Net Margin	2.39%	1.39%	0.89%	0.94%

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	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3	951.4
Growth	+27%	-47%	-34%	-16%	+62%	-52%	+18%	+51%	-29%	-40%	+41%	—
Net Income	18.8	4.3	6.3	9.2	13.3	17.5	7.7	2.8	1.1	12.9	10.0	8.3
Net Margin	6.41%	1.87%	1.46%	1.40%	1.69%	3.62%	0.76%	0.32%	0.20%	1.60%	0.75%	0.87%

Financial Statements

Profitability

Net margin reached 2.39% while Revenue posted -48.6% YoY.

Balance Sheet

Inventory stood at 143.7bn, liabilities at 933.5bn, and equity at 618.2bn.

Cash Flow

Operating cash flow was -11.2bn in 2025, while investing cash flow was -235.6bn.

Financing cash flow: 245.1bn.

Item	2025	2024	2023	2022
Revenue	1,618.1	3,146.7	3,662.2	4,010.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,618.1	3,146.7	3,662.2	4,010.8
Cost of Goods Sold	1,499.0	3,054.4	3,569.4	3,929.2
Gross Profit	119.1	92.3	92.8	81.6
Financial Income	7.2	4.7	0.9	4.4
Financial Expenses	20.4	22.3	16.7	16.1
Interest Expense	16.4	15.7	16.5	15.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	22.6	14.9	12.6	14.3
General and Administrative Expenses	36.2	29.5	24.2	15.8
Operating Profit	47.1	30.3	40.2	39.9
Other Income	2.7	23.6	0.2	0.2
Other Expenses	2.4	2.4	0.1	0.4
Other Profit	0.4	21.2	0.0	-0.2
Profit Before Tax	47.4	51.5	40.2	39.6
Current Income Tax Expense	9.4	7.8	7.6	2.0
Deferred Income Tax Expense	-0.6	0.0	0.0	0.0
Net Income	38.6	43.7	32.5	37.6
Non-controlling Interest	0.3	0.2	0.3	0.2
Profit Attributable to Parent	38.3	43.5	32.3	37.4
Earnings per Share	767.00	1,079.00	1,291.00	2,455.00
Diluted EPS	767.00	1,079.00	1,291.00	2,455.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	746.5	742.7	936.0	1,846.4
I. Cash and cash equivalents	36.8	38.6	43.5	81.4
1. Cash	36.8	38.6	43.5	81.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	155.1	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	155.1	0.0	0.0	0.0
III. Short-term receivables	370.3	484.4	616.6	1,302.8
1. Short-term trade accounts receivable	244.5	321.3	467.5	1,250.7
2. Short-term prepayments to suppliers	41.5	59.4	64.6	27.5
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	74.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	105.2	84.4	24.7
7. Provision for short-term doubtful debts (*)	-0.9	-1.5	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	143.7	198.8	243.9	423.9
1. Inventories	146.6	201.7	243.9	423.9
2. Provision for decline in value of inventories	-2.9	-2.9	0.0	0.0
V. Other short-term assets	40.6	20.8	32.0	38.2
1. Short-term prepayments	1.8	1.2	0.7	1.3
2. Value added tax to be reclaimed	38.8	19.7	31.3	36.9
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	805.2	279.7	261.3	258.9
I. Long-term receivables	51.2	9.3	0.7	0.1
1. Long-term trade receivables	36.7	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	14.5	9.3	0.7	0.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	232.3	184.6	190.7	188.7
1. Tangible fixed assets	162.0	173.5	178.8	187.7
- Cost	213.0	211.2	200.3	197.1
- Accumulated depreciation	-50.9	-37.7	-21.4	-9.4
2. Financial leased fixed assets	61.5	1.2	0.8	1.0
- Cost	64.3	1.6	1.0	1.0
- Accumulated depreciation	-2.8	-0.4	-0.2	0.0
3. Intangible fixed assets	8.8	9.9	11.1	0.0
- Cost	11.7	11.7	11.7	0.0
- Accumulated depreciation	-2.9	-1.8	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	507.6	72.3	62.9	63.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	507.6	72.3	62.9	63.2
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	14.2	13.5	7.0	6.9
1. Long-term prepayments	5.8	4.3	6.1	6.0
2. Deferred income tax assets	1.4	0.8	0.8	0.9
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	7.0	8.4	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,551.8	1,022.4	1,197.3	2,105.3
A. LIABILITIES (300=210+330)	933.5	445.7	766.4	1,707.0
I. Short -term liabilities	674.4	396.2	704.3	1,623.6
1. Short-term trade accounts payable	358.1	175.2	509.7	1,462.8
2. Short-term advances from customers	8.8	69.6	93.1	79.1
3. Taxes and other payables to state authorities	9.2	7.5	2.7	1.9
4. Payable to employees	7.8	6.4	3.3	3.9
5. Short-term acrrued expenses	74.0	15.2	27.5	8.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	6.3	0.1	0.5	0.7
10. Short-term borrowings and financial leases	210.2	122.2	67.5	66.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	259.1	49.5	62.1	83.4
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	244.2	41.3	62.1	83.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	14.9	8.2	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	618.2	576.7	430.9	398.3
I. Owner's equity	618.2	576.7	430.9	398.3
1. Owner's capital	500.0	500.0	250.0	250.0
- Common stock with voting right	500.0	500.0	250.0	250.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	79.8	79.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	115.2	76.9	88.6	56.3
- Accumulated retained earning at the end of the previous period	76.9	33.4	56.3	18.9
- Undistributed earnings in this period	38.3	43.5	32.3	37.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.2	0.0	12.5	12.2
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,551.8	1,022.4	1,197.3	2,105.3

Item	2025	2024	2023	2022
Profit Before Tax	47.4	51.5	40.2	39.6
Depreciation of Fixed Assets and Investment Property	18.2	13.6	12.8	8.1
Provision (Increase)/Reversal	6.1	12.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	2.5	0.1	0.0
Gain/Loss from Investment Activities	-6.9	-25.3	-0.9	-0.5
Interest Expense	16.4	15.7	16.5	15.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	81.6	70.5	68.7	62.9
Increase/(Decrease) in Receivables	-78.0	216.0	691.3	-189.6
Increase/(Decrease) in Inventory	55.1	42.2	180.0	-239.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-43.4	-389.9	-896.4	283.6
Increase/(Decrease) in Prepaid Expenses	-2.2	1.4	0.5	-3.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-16.8	-16.1	-16.6	-14.2
Corporate Income Tax Paid	-7.7	-2.6	-7.0	-5.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-11.2	-78.6	20.5	-106.0
Payments for Fixed Assets and Other Long-term Assets	-217.4	-33.0	-38.7	-81.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	20.7	20.0	0.0	0.0
Loans and Purchases of Debt Instruments	-156.4	-103.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	111.5	91.2	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	6.0	3.6	0.9	0.9
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-235.6	-21.2	-37.8	-80.5
Proceeds from Equity Issuance and Capital Contributions	3.0	114.8	0.0	149.8
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	536.2	323.1	93.6	92.2
Repayment of Borrowings	-289.6	-342.9	-114.1	-43.8
Repayment of Finance Leases	-4.5	-0.2	-0.2	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	245.1	94.9	-20.6	198.2
Net Cash Flow During the Period	-1.8	-5.0	-37.9	11.7
Cash and Cash Equivalents at Beginning of Period	38.6	43.5	81.4	69.7
FX Difference from Revaluation	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	36.8	38.6	43.5	81.4

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	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3	951.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3	951.4
Cost of Goods Sold	256.8	207.4	402.3	632.5	761.2	458.2	988.1	846.9	551.6	777.1	1,309.0	931.7
Gross Profit	36.4	23.8	30.9	28.0	24.4	25.5	28.3	14.1	17.9	25.9	29.3	19.6
Financial Income	6.2	0.5	0.3	0.2	4.0	0.3	0.1	0.4	0.1	0.2	-0.8	1.5
Financial Expenses	3.8	4.7	7.5	4.3	6.8	5.9	8.3	2.1	5.1	2.2	6.3	3.1
Interest Expense	4.1	4.5	5.0	3.2	4.2	4.6	5.0	1.9	5.0	2.2	6.1	3.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.8	6.3	6.6	3.8	5.7	3.5	4.1	3.0	2.8	2.3	3.8	4.0
General and Administrative Expenses	11.0	7.6	9.3	8.3	8.7	6.3	7.1	5.9	8.3	5.9	6.0	4.0
Operating Profit	22.0	5.7	7.8	11.7	7.2	10.1	8.9	3.4	1.8	15.7	12.4	10.1
Other Income	0.9	0.5	0.4	0.9	11.8	11.7	0.0	0.1	0.1	0.1	0.0	0.0
Other Expenses	0.9	0.0	0.1	1.3	1.5	0.7	0.0	0.2	0.1	0.0	0.0	0.0
Other Profit	-0.0	0.5	0.3	-0.4	10.4	11.0	0.0	-0.2	-0.0	0.1	0.0	0.0
Profit Before Tax	21.9	6.2	8.1	11.3	17.5	21.1	8.9	3.2	1.8	15.7	12.5	10.1
Current Income Tax Expense	3.5	2.2	1.8	2.0	4.2	3.6	1.2	0.4	0.6	2.9	2.4	1.7
Deferred Income Tax Expense	-0.3	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.8	4.3	6.3	9.2	13.3	17.5	7.7	2.8	1.1	12.9	10.0	8.3
Non-controlling Interest	0.3	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.1	0.0	0.2	0.1	0.1
Profit Attributable to Parent	18.5	4.3	6.3	9.2	13.3	17.5	7.7	2.7	1.1	12.7	10.0	8.2
Earnings per Share	369.47	86.70	126.62	184.85	266.12	700.01	308.17	106.24	45.37	506.76	398.06	327.26
Diluted EPS	369.47	86.70	126.62	184.85	266.12	700.01	308.17	106.24	45.37	506.76	398.06	327.26

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)	746.5	816.1	962.0	959.2	748.5	813.8	1,221.6	1,298.6	936.0	923.3	732.1	1,283.2
I. Cash and cash equivalents	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5	22.5
1. Cash	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5	22.5
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	155.1	136.4	134.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	155.1	136.4	134.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	370.3	386.9	535.3	680.0	484.4	503.0	817.9	729.2	616.6	719.5	511.7	629.2
1. Short-term trade accounts receivable	244.5	248.6	382.5	399.4	321.3	298.4	635.5	569.9	467.5	635.5	284.1	207.7
2. Short-term prepayments to suppliers	41.5	130.9	149.1	185.6	59.4	107.3	79.7	57.1	64.6	67.5	198.8	395.2
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	74.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	8.9	5.3	96.5	105.2	97.9	103.2	102.3	84.4	16.4	28.9	26.3
7. Provision for short-term doubtful debts (*)	-0.9	-1.5	-1.5	-1.5	-1.5	-0.6	-0.6	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	143.7	185.1	190.5	232.4	204.7	255.3	303.7	497.0	243.9	162.7	176.3	596.4
1. Inventories	146.6	188.0	193.3	235.3	204.7	255.3	303.7	497.0	243.9	162.7	176.3	596.4
2. Provision for decline in value of inventories	-2.9	-2.9	-2.9	-2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	40.6	33.4	29.2	25.1	20.8	39.4	40.5	40.0	32.0	31.3	35.7	35.1
1. Short-term prepayments	1.8	2.3	2.4	3.6	1.2	1.7	1.8	2.4	0.7	1.3	2.2	1.2
2. Value added tax to be reclaimed	38.8	31.1	26.8	21.6	19.7	37.7	38.7	37.6	31.3	30.0	32.1	30.4
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.3	3.5
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)	805.3	553.8	458.5	386.2	279.7	245.6	253.7	257.3	261.3	254.3	257.2	258.2
I. Long-term receivables	51.2	13.6	9.4	9.3	9.3	0.8	0.7	0.7	0.7	0.6	0.3	0.3
1. Long-term trade receivables	36.7	—	—	—	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	14.5	13.6	9.4	9.3	9.3	0.8	0.7	0.7	0.7	0.6	0.3	0.3
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	232.3	223.5	227.8	181.2	184.6	180.7	184.0	187.4	190.7	194.1	196.9	185.7
1. Tangible fixed assets	162.0	164.4	167.5	170.5	173.5	169.8	172.8	175.8	178.8	181.8	184.3	184.8
- Cost	—	—	—	—	211.2	200.3	200.3	200.3	200.3	200.3	199.7	197.1
- Accumulated depreciation	—	—	—	—	-37.7	-30.5	-27.5	-24.5	-21.4	-18.4	-15.4	-12.4
2. Financial leased fixed assets	61.5	50.0	50.9	1.1	1.2	0.7	0.7	0.8	0.8	0.9	0.9	1.0
- 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	8.8	9.0	9.3	9.6	9.9	10.2	10.5	10.8	11.1	11.4	11.7	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	—	—	—	—	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	507.6	303.4	207.8	182.8	72.3	58.4	62.9	62.9	62.9	53.5	53.5	66.3
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	507.6	303.4	207.8	182.8	72.3	58.4	62.9	62.9	62.9	53.5	53.5	66.3
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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	0.0
VI. Other long-term assets	14.2	13.3	13.4	13.0	13.5	5.7	6.1	6.4	7.0	6.1	6.5	5.8
1. Long-term prepayments	5.8	4.8	4.9	4.1	4.3	4.9	5.3	5.6	6.1	5.2	5.7	5.0
2. Deferred income tax assets	1.4	1.1	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	0.9
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	7.0	7.4	7.7	8.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	8.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,551.8	1,369.9	1,420.4	1,345.4	1,028.2	1,059.4	1,475.4	1,556.0	1,197.3	1,177.6	989.4	1,541.4
A. LIABILITIES (300=210+330)	933.5	770.4	825.2	759.5	452.9	612.2	1,046.0	1,122.3	766.4	747.8	572.5	1,134.8
I. Short -term liabilities	674.4	555.2	654.1	661.2	411.5	512.8	941.3	1,065.5	704.3	680.4	499.7	1,051.4
1. Short-term trade accounts payable	358.1	218.5	383.6	423.0	175.2	286.8	733.0	823.1	509.7	551.4	341.4	774.7
2. Short-term advances from customers	8.8	80.6	96.6	38.9	69.6	42.9	67.0	108.7	93.1	82.8	103.5	201.7
3. Taxes and other payables to state authorities	9.2	6.1	4.0	2.1	8.9	4.7	1.4	2.0	2.7	2.2	0.6	0.3
4. Payable to employees	7.8	6.5	4.5	4.0	6.4	3.1	2.9	3.3	3.3	3.3	2.9	3.3
5. Short-term acrrued expenses	74.0	57.0	14.1	35.7	13.3	40.9	29.4	37.6	27.5	7.1	2.4	18.5
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	6.3	12.7	12.3	11.8	0.1	0.5	1.4	3.3	0.5	0.8	0.7	0.5
10. Short-term borrowings and financial leases	210.2	173.8	139.1	145.6	122.2	133.9	106.2	87.5	67.5	32.9	48.3	52.4
11. Provision for short-term liabilities	—	—	—	—	15.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	259.1	215.2	171.1	98.3	41.3	99.4	104.7	56.8	62.1	67.4	72.8	83.4
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	—	—	—	—	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	244.2	201.4	163.1	90.6	41.3	99.4	104.7	56.8	62.1	67.4	72.8	83.4
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	14.9	13.7	8.0	7.7	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)	618.3	599.5	595.2	585.9	575.3	447.2	429.4	433.6	430.9	429.7	416.8	406.6
I. Owner's equity	618.3	599.5	595.2	585.9	575.3	447.2	429.4	433.6	430.9	429.7	416.8	406.6
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	79.8	79.8	79.8	79.8	79.8	79.8	79.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	115.3	96.8	92.5	86.1	75.5	117.4	99.6	91.2	88.6	87.3	74.6	64.5
- Accumulated retained earning at the end of the previous period	76.9	76.9	76.9	76.9	33.4	88.6	88.6	88.6	56.3	56.3	56.3	56.3
- Undistributed earnings in this period	38.4	19.9	15.6	9.2	42.1	28.8	11.0	2.7	32.3	31.0	18.3	8.2
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	3.3	2.9	2.9	0.0	0.0	0.0	0.0	12.6	12.5	12.6	12.4	12.3
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)	1,551.8	1,369.9	1,420.4	1,345.4	1,028.2	1,059.4	1,475.4	1,556.0	1,197.3	1,177.6	989.4	1,541.4

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	21.8	6.2	8.1	11.3	17.5	21.1	9.6	3.2	1.8	15.7	12.7	10.1
Depreciation of Fixed Assets and Investment Property	5.2	4.9	4.2	4.0	7.5	3.4	3.4	3.4	3.4	3.3	3.1	3.0
Provision (Increase)/Reversal	0.6	5.7	-0.1	—	16.8	0.0	0.6	0.0	0.0	0.0	-3.0	3.0
FX Gain/Loss from Revaluation of Monetary Items	-1.8	-0.4	2.1	0.4	2.5	0.0	0.0	0.0	0.1	-0.1	0.1	0.0
Gain/Loss from Investment Activities	-6.2	-0.5	-0.2	-0.1	-26.0	-1.4	2.4	-0.2	-0.1	-0.2	-0.3	-0.3
Interest Expense	3.7	4.5	5.0	3.2	4.2	4.6	5.0	1.9	5.0	2.2	6.1	3.1
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	23.4	20.4	19.0	18.8	22.5	27.7	20.9	8.3	10.2	21.0	21.6	15.9
Increase/(Decrease) in Receivables	-60.2	155.7	32.2	-205.8	-19.7	328.3	-40.4	-118.9	61.7	-164.9	80.4	714.0
Increase/(Decrease) in Inventory	41.4	5.3	42.0	-33.6	50.6	57.5	183.1	-253.1	-81.2	13.6	420.2	-172.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-65.4	-184.9	7.3	199.6	-108.7	-463.1	-145.4	343.3	18.0	188.4	-551.5	-551.3
Increase/(Decrease) in Prepaid Expenses	-0.5	0.2	0.3	-2.2	-7.3	0.5	0.8	-1.1	-0.3	1.4	0.5	-1.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.6	-3.7	-5.1	-3.3	-5.4	-3.5	-3.8	-3.4	-3.6	-3.9	-4.5	-4.6
Corporate Income Tax Paid	-0.5	-0.0	0.0	-7.2	-0.7	-0.0	-1.2	-1.0	0.0	0.0	0.0	-7.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	-0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-66.5	-6.9	96.2	-34.1	-68.7	-52.6	14.1	-26.0	4.8	55.6	-33.2	-6.6
Payments for Fixed Assets and Other Long-term Assets	-41.3	-63.2	-72.4	-40.6	-28.4	-14.7	-0.4	0.0	-0.5	-33.7	33.6	-38.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.0	5.0	15.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-43.0	-25.0	-66.8	-21.6	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	39.4	23.1	23.5	25.6	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
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.5	0.6	0.2	0.7	1.9	1.4	0.1	0.2	0.1	0.2	0.3	0.3
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	-39.7	-64.5	-110.5	-20.9	-6.5	-13.3	-0.2	0.2	-0.4	-33.5	34.0	-37.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	114.8	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	157.6	135.5	148.4	94.7	125.9	74.1	80.7	95.7	66.5	0.0	12.5	14.6
Repayment of Borrowings	-90.3	-61.0	-81.7	-56.6	-142.9	-51.7	-67.3	-81.0	-37.1	-20.7	-27.2	-29.0
Repayment of Finance Leases	-1.6	-1.4	-1.4	-0.1	-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	68.7	73.1	65.2	38.0	97.7	22.4	13.3	14.7	29.3	-20.7	-14.7	-14.5
Net Cash Flow During the Period	-37.4	1.7	50.9	-16.9	22.5	-43.5	27.2	-11.1	33.7	1.3	-14.0	-58.9
Cash and Cash Equivalents at Beginning of Period	74.2	72.5	21.7	38.6	43.5	43.5	43.5	43.5	81.4	81.4	81.4	81.4
FX Difference from Revaluation	-0.0	0.0	0.0	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	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5	22.5

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

SBG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research