SBH

Listed Company · UPCOM

Price

41,600

Latest close

02 Apr 2026

P/E 9.4x

EPS (TTM) 4,425

ROE (TTM) 30.1%

P/B 2.6x

BVPS (Latest) 16,149

ROA (TTM) 27.5%

What Is Changing

SBH no longer looks like a business simply rebounding from a weak base. Revenue posted +57.7% YoY, while net margin reached 54.56% with an additional +11.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 97.4% to VND 540.1bn in 2025.
Net margin improved from 43.58% in the prior period to 54.56% in 2025.
Revenue growth accelerated to 57.7% in 2025, up 92.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	990.0	627.7	961.8	1,143.3	869.8
Growth	+58%	-35%	-16%	+31%	—
Net Income	540.1	273.6	487.3	643.2	470.6
Net Margin	54.56%	43.58%	50.67%	56.26%	54.10%

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	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8	117.5
Growth	+46%	+257%	-13%	-58%	+2%	+323%	-31%	-78%	+14%	+167%	+7%	—
Net Income	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0	32.2
Net Margin	59.02%	58.37%	34.98%	48.85%	63.17%	51.98%	-37.63%	14.61%	54.87%	65.40%	23.05%	27.42%

Financial Statements

Profitability

Net margin reached 54.56% while Revenue posted +57.7% YoY.

Balance Sheet

Inventory stood at 8.9bn, liabilities at 216.3bn, and equity at 1,996.3bn.

Cash Flow

Operating cash flow was 368.1bn in 2025, while investing cash flow was -155.7bn.

Financing cash flow: -186.0bn.

Item	2025	2024	2023	2022	2021
Revenue	990.0	627.7	961.8	1,143.3	869.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	990.0	627.7	961.8	1,143.3	869.8
Cost of Goods Sold	289.5	312.9	413.1	437.3	0.0
Gross Profit	700.5	314.8	548.7	706.0	513.1
Financial Income	32.1	25.3	54.9	31.3	34.9
Financial Expenses	—	0.0	0.0	0.0	-4.7
Interest Expense	—	0.0	0.0	0.0	-4.7
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	57.2	47.7	55.8	55.4	-43.8
Operating Profit	675.4	292.4	547.9	681.9	499.5
Other Income	0.5	15.6	0.3	0.3	0.0
Other Expenses	—	1.6	0.3	0.0	0.0
Other Profit	0.5	14.1	0.0	0.3	0.8
Profit Before Tax	675.9	306.5	547.9	682.2	500.3
Current Income Tax Expense	135.8	32.9	60.6	39.0	-29.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	540.1	273.6	487.3	643.2	470.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	540.1	273.6	487.3	643.2	470.6
Earnings per Share	4,348.00	2,202.00	3,923.00	5,178.00	372.00
Diluted EPS	4,348.00	2,202.00	3,922.99	5,177.79	3,788.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,584.6	1,078.5	1,409.3	1,412.5	956.7
I. Cash and cash equivalents	33.4	6.9	229.0	4.3	4.5
1. Cash	8.4	6.9	9.0	4.3	0.0
2. Cash equivalents	25.0	0.0	220.0	0.0	0.0
II. Short-term financial investments	872.8	761.0	585.0	858.5	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	872.8	761.0	585.0	858.5	0.0
III. Short-term receivables	669.4	302.3	593.3	545.4	391.2
1. Short-term trade accounts receivable	651.9	292.9	571.9	532.0	0.0
2. Short-term prepayments to suppliers	1.4	1.2	4.2	1.2	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	16.1	8.2	17.3	12.2	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	8.9	7.0	2.0	4.1	3.0
1. Inventories	8.9	7.0	2.0	4.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	1.2	0.0	0.2	0.0
1. Short-term prepayments	0.1	1.2	0.0	0.0	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	0.2	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)	628.0	702.7	820.7	1,008.0	1,173.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.0
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	603.6	680.8	772.5	962.6	1,141.2
1. Tangible fixed assets	599.3	676.4	767.7	957.3	1,136.6
- Cost	4,311.3	4,307.5	4,256.1	4,243.4	0.0
- Accumulated depreciation	-3,712.0	-3,631.0	-3,488.5	-3,286.1	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	4.3	4.4	4.8	5.3	4.6
- Cost	7.1	6.8	6.8	6.8	0.0
- Accumulated depreciation	-2.8	-2.4	-1.9	-1.5	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	10.8	6.7	34.9	31.7	12.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.8	6.7	34.9	31.7	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	13.7	15.2	13.3	13.7	0.0
1. Long-term prepayments	1.1	1.9	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	12.5	13.3	13.3	13.7	0.0
4. Other long-term assets	—	0.0	0.0	0.0	15.3
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)	2,212.6	1,781.2	2,230.0	2,420.5	2,130.1
A. LIABILITIES (300=210+330)	216.3	133.1	117.6	163.0	128.9
I. Short -term liabilities	216.3	133.1	104.1	149.5	115.4
1. Short-term trade accounts payable	9.8	28.8	26.3	38.2	23.0
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	103.1	21.8	51.2	50.5	0.0
4. Payable to employees	22.6	6.0	11.2	14.6	0.0
5. Short-term acrrued expenses	2.6	0.0	0.2	1.0	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	74.5	70.6	9.8	38.1	0.0
10. Short-term borrowings and financial leases	—	0.0	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	3.7	5.9	5.4	7.1	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	—	0.0	13.5	13.5	13.5
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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	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	13.5	13.5	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,996.3	1,648.1	2,112.4	2,257.5	2,001.3
I. Owner's equity	1,996.3	1,648.1	2,112.4	2,257.5	0.0
1. Owner's capital	1,242.2	1,242.2	1,242.2	1,242.2	2,001.3
- Common stock with voting right	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	48.0	48.0	48.0	48.0	48.0
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	228.1	146.2	0.0	334.7	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	478.0	211.6	822.1	632.6	470.6
- Accumulated retained earning at the end of the previous period	—	0.2	0.1	51.5	130.5
- Undistributed earnings in this period	478.0	211.4	822.0	581.1	340.1
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)	2,212.6	1,781.2	2,230.0	2,420.5	2,130.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	675.9	306.5	547.9	682.2	500.3
Depreciation of Fixed Assets and Investment Property	81.3	143.1	202.8	198.8	196.2
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	-32.1	-25.3	-54.9	-31.5	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	725.1	424.3	695.8	849.5	665.5
Increase/(Decrease) in Receivables	-307.1	678.4	-42.5	-149.7	0.0
Increase/(Decrease) in Inventory	-1.0	-5.0	2.5	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.6	-424.2	-22.8	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	-3.1	0.0	0.3	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	-71.7	-53.6	-53.8	-41.1	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-7.6	-13.7	-19.8	-13.9	0.0
Net Cash Flow from Operating Activities	368.1	603.1	559.4	646.4	614.7
Payments for Fixed Assets and Other Long-term Assets	-8.2	-19.8	-21.9	-28.6	-16.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	0.9
Loans and Purchases of Debt Instruments	-872.0	-1,027.0	-707.0	-593.1	-98.7
Receipts from Loan Repayments and Sale of Debt Instruments	700.2	851.0	980.5	292.6	290.6
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	24.4	33.0	49.9	31.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-155.7	-162.8	301.5	-297.5	216.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0	200.0
Repayment of Borrowings	—	0.0	0.0	0.0	-248.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-186.0	-662.3	-636.2	-349.0	-804.4
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	-186.0	-662.3	-636.2	-349.0	-852.5
Net Cash Flow During the Period	26.4	-222.0	224.6	-0.1	-24.0
Cash and Cash Equivalents at Beginning of Period	6.9	229.0	4.3	4.5	26.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.4	6.9	229.0	4.3	4.5

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	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8	117.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8	117.5
Cost of Goods Sold	110.4	87.9	48.8	36.0	77.4	99.7	73.5	64.3	133.8	96.7	108.1	71.9
Gross Profit	362.0	235.2	41.9	67.8	169.3	141.2	-16.5	18.7	249.3	238.7	17.6	45.6
Financial Income	6.2	11.3	8.3	6.3	5.9	5.6	5.8	8.0	10.7	15.6	28.6	0.0
Financial Expenses	—	—	—	—	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
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	19.6	10.7	10.8	10.6	15.4	8.8	10.8	12.5	25.0	8.9	10.8	9.7
Operating Profit	348.7	235.8	39.3	63.6	159.7	138.1	-21.4	14.1	234.9	245.5	35.4	35.9
Other Income	0.2	—	0.3	—	15.2	0.0	0.0	0.4	0.3	0.0	0.0	0.0
Other Expenses	—	—	—	—	1.5	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Other Profit	0.2	—	0.3	—	13.7	0.0	-0.0	0.4	0.0	0.0	0.0	0.0
Profit Before Tax	348.8	235.8	39.7	63.6	173.3	138.1	-21.5	14.5	234.9	245.5	35.4	35.9
Current Income Tax Expense	70.0	47.2	8.0	12.9	17.5	12.8	0.0	2.4	24.7	26.1	6.4	3.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0	32.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0	32.2
Earnings per Share	2,244.27	1,518.00	255.22	408.00	1,254.00	0.00	-172.75	97.65	1,692.10	1,766.18	0.00	259.26
Diluted EPS	2,244.27	1,518.35	255.22	408.00	2,188.00	0.00	-172.75	97.65	1,692.10	1,766.18	0.00	259.26

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)	1,584.6	1,386.1	1,100.7	1,048.9	1,078.5	919.2	747.3	1,385.0	1,409.3	1,430.4	1,345.6	1,366.2
I. Cash and cash equivalents	33.4	86.1	9.4	18.2	6.9	22.7	63.0	233.2	229.0	65.5	136.6	71.0
1. Cash	8.4	5.6	9.4	8.2	6.9	7.7	8.0	6.2	9.0	25.5	16.6	6.0
2. Cash equivalents	25.0	80.5	—	10.0	0.0	15.0	55.0	227.0	220.0	40.0	120.0	65.0
II. Short-term financial investments	872.8	836.0	876.0	657.0	761.0	629.5	609.0	525.0	585.0	868.0	984.0	1,127.0
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	872.8	836.0	876.0	657.0	761.0	629.5	609.0	525.0	585.0	868.0	984.0	1,127.0
III. Short-term receivables	669.4	454.5	205.7	365.6	302.3	263.3	70.4	624.8	593.3	494.0	218.7	163.5
1. Short-term trade accounts receivable	651.9	434.4	180.4	349.1	292.9	251.0	46.2	606.6	571.9	458.6	189.1	146.2
2. Short-term prepayments to suppliers	1.4	2.5	6.1	4.1	1.2	6.1	11.0	8.0	4.2	2.1	1.7	5.3
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	16.0	17.6	19.2	12.4	8.2	6.2	13.2	10.2	17.3	33.3	27.9	12.0
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	8.9	9.1	8.9	7.0	7.0	3.7	4.7	2.0	2.0	2.9	5.5	3.9
1. Inventories	8.9	9.1	8.9	7.0	7.0	3.7	4.7	2.0	2.0	2.9	5.5	3.9
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	0.1	0.4	0.7	1.1	1.2	0.0	0.1	0.0	0.0	0.0	0.7	0.8
1. Short-term prepayments	0.1	0.4	0.6	0.9	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.0
3. Taxes and other receivables from state authorities	—	—	0.0	0.2	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.8
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)	631.1	648.0	661.5	682.0	702.7	726.8	723.8	769.2	820.7	868.0	913.2	958.5
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	603.2	619.9	640.0	660.3	682.3	686.5	669.6	721.0	772.5	819.4	869.1	913.1
1. Tangible fixed assets	598.9	615.8	635.9	656.1	677.9	682.0	665.0	716.3	767.7	814.5	864.1	907.9
- Cost	—	—	—	—	4,308.7	4,292.7	4,256.1	4,256.1	4,256.1	4,252.0	4,250.9	4,244.3
- Accumulated depreciation	—	—	—	—	-3,630.8	-3,610.7	-3,591.1	-3,539.8	-3,488.5	-3,437.5	-3,386.8	-3,336.4
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	4.3	4.0	4.1	4.2	4.4	4.5	4.6	4.7	4.8	5.0	5.1	5.2
- 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	14.3	14.3	6.7	6.7	6.3	27.0	40.9	34.9	34.9	35.3	30.3	31.7
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	14.3	14.3	6.7	6.7	6.3	27.0	40.9	34.9	34.9	35.3	30.3	31.7
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	13.7	13.8	14.8	15.0	14.1	13.3	13.3	13.3	13.3	13.3	13.7	13.7
1. Long-term prepayments	1.1	1.3	1.5	1.7	0.9	0.0	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	0.0
3. Long-term equipment, supplies, spare parts	12.5	12.5	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.7	13.7
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)	2,215.7	2,034.1	1,762.2	1,731.0	1,781.1	1,646.0	1,471.0	2,154.3	2,230.0	2,298.4	2,258.7	2,324.7
A. LIABILITIES (300=210+330)	209.6	244.7	37.3	32.2	134.9	93.4	43.7	691.2	775.6	89.0	82.4	35.0
I. Short -term liabilities	209.6	244.7	37.3	32.2	134.9	79.9	30.2	677.7	762.1	75.5	68.9	21.5
1. Short-term trade accounts payable	9.8	19.2	8.0	6.6	28.8	15.6	6.5	4.5	24.7	7.8	12.9	3.9
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	105.3	82.0	16.3	20.3	21.6	35.1	4.2	7.3	51.7	53.5	14.5	11.9
4. Payable to employees	10.9	1.3	1.3	1.2	8.5	1.4	1.6	1.6	8.9	1.3	1.8	1.3
5. Short-term acrrued expenses	5.4	12.2	—	—	0.0	18.6	0.0	0.0	0.2	0.0	0.0	0.0
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	74.5	125.6	5.3	1.4	70.1	1.6	3.3	662.2	671.2	1.7	21.1	1.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	3.7	4.3	6.3	2.7	5.9	7.7	14.6	2.1	5.4	11.1	18.6	3.4
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	—	—	—	—	0.0	13.5	13.5	13.5	13.5	13.5	13.5	13.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	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	13.5	13.5	13.5	13.5	13.5	13.5	13.5
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)	2,006.1	1,789.4	1,725.0	1,698.8	1,646.3	1,552.5	1,427.3	1,463.0	1,454.4	2,209.4	2,176.3	2,289.7
I. Owner's equity	2,006.1	1,789.4	1,725.0	1,698.8	1,646.3	1,552.5	1,427.3	1,463.0	1,454.4	2,209.4	2,176.3	2,289.7
1. Owner's capital	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2
- Common stock with voting right	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	0.0	1,242.2	1,242.2	1,242.2	1,242.2	0.0	1,242.2
- Preferred stock	—	—	—	—	0.0	1,242.2	0.0	0.0	0.0	0.0	1,242.2	0.0
2. Share premium	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0
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	228.1	228.1	228.1	146.2	146.2	146.2	146.2	0.0	0.0	334.7	334.7	334.7
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	487.7	271.0	206.6	262.3	209.8	116.1	-9.2	172.8	164.1	584.4	551.4	664.8
- Accumulated retained earning at the end of the previous period	271.0	82.4	174.9	211.6	116.1	-9.2	12.3	160.6	280.7	365.0	522.4	632.6
- Undistributed earnings in this period	216.7	188.6	31.7	50.7	93.7	125.2	-21.5	12.1	-116.6	219.4	29.0	32.2
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)	2,215.7	2,034.1	1,762.2	1,731.0	1,781.1	1,646.0	1,471.0	2,154.3	2,230.0	2,298.4	2,258.7	2,324.7

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	336.9	235.8	39.7	63.6	173.3	138.1	-21.5	14.5	231.1	245.5	35.4	35.9
Depreciation of Fixed Assets and Investment Property	20.4	20.1	20.4	20.5	20.2	19.7	51.5	51.5	51.0	50.8	50.5	50.4
Provision (Increase)/Reversal	—	—	—	—	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
Gain/Loss from Investment Activities	-6.2	-11.3	-8.3	-6.3	-5.9	-5.9	-5.5	-8.3	-10.7	-15.6	-28.6	-0.0
Interest Expense	—	—	—	—	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
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	351.0	244.6	51.7	77.7	187.7	151.8	24.5	57.7	271.5	280.7	57.3	86.2
Increase/(Decrease) in Receivables	-156.1	-257.7	170.1	-63.3	-39.2	-194.0	141.0	-38.3	-25.8	-279.0	-119.6	381.9
Increase/(Decrease) in Inventory	0.2	0.7	-2.0	0.1	-3.4	1.0	-2.7	0.0	0.8	3.1	-1.6	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	21.2	46.0	4.2	-42.7	9.1	16.7	10.6	-60.5	-55.2	18.3	101.3	-87.2
Increase/(Decrease) in Prepaid Expenses	0.5	0.5	0.4	0.5	-2.0	-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
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-47.2	-8.0	-12.9	-3.7	-26.8	0.0	-2.0	-24.7	-26.1	-6.4	-3.7	-17.6
Other Operating Receipts	—	—	—	—	2.2	-0.4	0.4	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.9	-1.9	-3.2	-2.3	-6.9	-1.7	-3.3	-5.7	-7.5	-2.8	-3.8
Net Cash Flow from Operating Activities	168.9	24.1	209.7	-34.6	125.3	-31.8	170.1	-69.2	159.5	9.2	31.0	359.8
Payments for Fixed Assets and Other Long-term Assets	-8.1	-0.1	-0.0	—	-9.8	-3.6	-6.3	0.0	-3.2	-6.1	-11.8	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	-0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-239.0	-232.0	-219.0	-182.0	-237.0	-411.0	-144.0	-235.0	-100.5	-189.5	0.0	-417.0
Receipts from Loan Repayments and Sale of Debt Instruments	142.2	272.0	0.0	286.0	105.5	390.5	60.0	295.0	383.5	305.5	143.0	148.5
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	7.4	12.6	0.5	3.9	0.8	15.1	2.2	14.8	26.5	10.6	12.9	0.0
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	-97.5	52.5	-218.5	107.9	-140.9	-8.7	-88.1	74.8	306.3	120.5	144.1	-269.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	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	0.0
Dividends Paid	-124.2	0.1	-0.0	-61.9	-0.2	0.2	-252.3	-1.4	-302.3	-200.8	-109.5	-23.6
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	-124.2	0.1	-0.0	-61.9	-0.2	0.2	-252.3	-1.4	-302.3	-200.8	-109.5	-23.6
Net Cash Flow During the Period	-52.7	76.7	-8.8	11.3	-15.8	-40.3	-170.2	4.3	163.5	-71.1	65.6	66.7
Cash and Cash Equivalents at Beginning of Period	86.1	9.4	18.2	6.9	229.0	229.0	229.0	229.0	4.3	4.3	4.3	4.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.4	86.1	9.4	18.2	6.9	22.7	63.0	233.2	229.0	65.5	136.6	71.0

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

SBH

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research