SBV

Listed Company · HOSE

Price

7,150

Latest close

02 Apr 2026

P/E -17.5x

EPS (TTM) -409

ROE (TTM) 1.1%

P/B 0.5x

BVPS (Latest) 15,653

ROA (TTM) 0.5%

What Is Changing

SBV no longer looks like a business simply rebounding from a weak base. Revenue posted +10.7% YoY, while net margin reached 0.39% with an additional +7.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 2.2bn in 2025.
Net margin improved from -7.11% in the prior period to 0.39% in 2025.
Revenue increased 10.7% YoY to VND 550.6bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	550.6	497.5	425.7	459.2	516.4
Growth	+11%	+17%	-7%	-11%	—
Net Income	2.2	-35.4	6.8	13.1	52.4
Net Margin	0.39%	-7.11%	1.59%	2.84%	10.14%

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	166.4	146.9	125.0	110.0	173.3	119.7	118.5	90.8	112.0	121.3	103.6	88.8
Growth	+13%	+18%	+14%	-37%	+45%	+1%	+31%	-19%	-8%	+17%	+17%	—
Net Income	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8	-10.5
Net Margin	10.62%	7.15%	-8.62%	-11.38%	-4.75%	-10.81%	-1.73%	-7.23%	17.31%	4.85%	-7.52%	-11.82%

Financial Statements

Profitability

Net margin reached 0.39% while Revenue posted +10.7% YoY.

Balance Sheet

Inventory stood at 261.7bn, liabilities at 467.1bn, and equity at 449.7bn.

Cash Flow

Operating cash flow was -13.7bn in 2025, while investing cash flow was -12.9bn.

Financing cash flow: 33.2bn.

Item	2025	2024	2023	2022	2021
Revenue	605.3	532.1	445.1	472.6	527.9
Revenue Deductions	54.7	34.5	19.4	13.4	0.0
Net Revenue	550.6	497.5	425.7	459.2	516.4
Cost of Goods Sold	397.1	383.7	286.5	298.7	0.0
Gross Profit	153.5	113.9	139.2	160.5	178.1
Financial Income	3.0	3.5	2.5	2.9	0.8
Financial Expenses	15.8	13.6	17.3	20.3	-17.4
Interest Expense	14.6	12.0	16.7	18.2	-16.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	77.9	71.5	65.7	76.7	-68.2
General and Administrative Expenses	64.1	58.7	50.0	48.5	-47.2
Operating Profit	-1.3	-26.4	8.7	17.8	46.1
Other Income	8.2	0.2	2.9	0.0	0.0
Other Expenses	0.1	1.7	0.0	0.0	0.0
Other Profit	8.2	-1.5	2.8	0.0	17.7
Profit Before Tax	6.9	-27.9	11.5	17.9	63.7
Current Income Tax Expense	10.0	8.1	4.6	3.9	-11.3
Deferred Income Tax Expense	-5.3	-0.6	0.2	0.9	0.0
Net Income	2.2	-35.4	6.8	13.1	52.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.2	-35.4	6.8	13.1	52.4
Earnings per Share	-104.00	-1,464.00	79.00	459.00	1,860.00
Diluted EPS	75.10	-1,464.00	79.00	459.00	1,914.21

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	632.4	557.9	528.7	537.6	561.3
I. Cash and cash equivalents	20.6	13.9	14.9	19.7	13.8
1. Cash	20.6	13.7	14.9	19.6	0.0
2. Cash equivalents	—	0.2	0.1	0.1	0.0
II. Short-term financial investments	0.0	0.0	3.2	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	—	0.0	3.2	0.0	0.0
III. Short-term receivables	238.4	245.8	212.2	241.9	288.0
1. Short-term trade accounts receivable	219.0	212.6	204.2	227.3	0.0
2. Short-term prepayments to suppliers	15.4	17.5	7.0	9.2	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	0.3	0.3	0.3	0.0	0.0
6. Other short-term receivables	24.2	30.9	11.4	20.0	0.0
7. Provision for short-term doubtful debts (*)	-20.6	-15.5	-10.8	-14.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	261.7	191.5	196.2	185.3	166.5
1. Inventories	276.6	204.3	207.2	193.0	0.0
2. Provision for decline in value of inventories	-14.9	-12.7	-11.0	-7.7	0.0
V. Other short-term assets	111.7	106.8	102.3	90.7	92.9
1. Short-term prepayments	2.2	3.1	2.7	2.9	0.0
2. Value added tax to be reclaimed	109.5	103.7	99.5	87.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	284.5	304.3	297.6	326.9	351.2
I. Long-term receivables	3.5	3.9	2.2	9.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.7
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	0.2	0.5	0.7	0.0	0.0
6. Other long-term receivables	3.3	3.4	1.5	9.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	191.5	210.6	204.8	223.1	239.8
1. Tangible fixed assets	137.5	148.0	157.5	153.4	155.5
- Cost	489.4	496.5	472.8	435.5	0.0
- Accumulated depreciation	-351.9	-348.5	-315.3	-282.2	0.0
2. Financial leased fixed assets	41.4	50.8	35.4	56.7	73.1
- Cost	46.5	54.8	50.6	76.4	0.0
- Accumulated depreciation	-5.0	-4.0	-15.2	-19.7	0.0
3. Intangible fixed assets	12.6	11.8	11.9	13.0	11.2
- Cost	22.2	20.4	19.5	19.5	0.0
- Accumulated depreciation	-9.7	-8.6	-7.5	-6.5	0.0
III. Investment properties	35.0	36.7	38.5	40.2	41.9
- Cost	43.4	43.4	43.4	43.4	0.0
- Accumulated depreciation	-8.4	-6.7	-4.9	-3.2	0.0
IV. Long-term assets in progress	0.5	2.9	1.8	1.2	5.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	2.9	1.8	1.2	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	54.1	50.2	50.3	53.3	0.0
1. Long-term prepayments	40.5	41.9	42.6	45.5	0.0
2. Deferred income tax assets	13.5	8.3	7.6	7.9	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	54.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	916.9	862.3	826.4	864.5	912.4
A. LIABILITIES (300=210+330)	467.1	409.5	325.8	350.8	375.5
I. Short -term liabilities	453.2	390.9	311.2	319.4	322.7
1. Short-term trade accounts payable	78.2	63.8	63.5	40.0	51.9
2. Short-term advances from customers	4.6	6.3	0.2	1.2	2.5
3. Taxes and other payables to state authorities	9.3	6.6	4.5	2.4	0.0
4. Payable to employees	7.1	0.1	0.4	1.2	0.0
5. Short-term acrrued expenses	9.3	6.6	2.8	3.4	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	0.2	0.0	0.5	0.3	2.7
9. Other short-term payables	55.5	56.8	53.4	47.2	0.0
10. Short-term borrowings and financial leases	285.4	247.6	183.9	223.7	209.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.5	3.0	2.0	0.0	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	13.9	18.6	14.6	31.4	52.8
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	0.4	0.5	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.5	0.6	0.0
8. Long-term borrowings and financial leases	13.4	18.0	14.1	30.6	52.5
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	0.1	0.1	0.2	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)	449.7	452.7	500.5	513.7	536.9
I. Owner's equity	449.7	452.7	500.5	513.7	0.0
1. Owner's capital	287.3	273.7	273.7	273.7	536.9
- Common stock with voting right	287.3	273.7	273.7	273.7	273.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	94.6	94.6	94.6	94.6	94.6
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	-0.4	-0.4	-0.4	-0.4	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	14.6	14.6	14.6	14.6	0.0
8. Investment and development fund	5.9	5.9	5.9	5.9	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	47.7	64.4	112.2	125.3	151.1
- Accumulated retained earning at the end of the previous period	45.6	99.7	105.4	112.3	98.7
- Undistributed earnings in this period	2.2	-35.4	6.8	13.1	52.4
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)	916.9	862.3	826.4	864.5	912.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.9	-27.9	11.5	17.9	63.7
Depreciation of Fixed Assets and Investment Property	33.0	32.3	31.7	31.0	29.9
Provision (Increase)/Reversal	7.2	6.5	-0.7	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	-0.7	-0.3	0.4	0.0
Gain/Loss from Investment Activities	-8.3	-0.1	-0.0	-0.2	0.0
Interest Expense	14.6	12.0	16.7	18.2	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	54.2	22.1	58.9	71.5	113.3
Increase/(Decrease) in Receivables	-3.8	-43.3	29.8	41.6	0.0
Increase/(Decrease) in Inventory	-72.4	2.9	-14.2	-16.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.9	9.1	16.7	-29.1	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	0.3	3.0	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.8	-12.0	-16.6	-18.2	0.0
Corporate Income Tax Paid	-7.4	-5.9	-2.5	-11.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.6	-4.6	-4.3	-3.7	0.0
Net Cash Flow from Operating Activities	-13.7	-31.4	70.8	33.6	39.7
Payments for Fixed Assets and Other Long-term Assets	-28.9	-31.6	-7.4	-4.5	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.9	21.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.1	-3.2	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.1	3.5	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	0.0	0.1	0.1	0.2	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	-12.9	-6.3	-10.4	-4.3	-0.5
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	628.3	632.6	336.3	451.5	435.6
Repayment of Borrowings	-587.9	-580.5	-379.3	-438.5	-414.3
Repayment of Finance Leases	-7.1	-12.0	-13.2	-20.7	-24.2
Dividends Paid	—	-3.4	-8.9	-15.4	-41.0
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	33.2	36.6	-65.1	-23.1	-43.9
Net Cash Flow During the Period	6.6	-1.0	-4.7	6.1	1.6
Cash and Cash Equivalents at Beginning of Period	13.9	14.9	19.7	13.8	18.6
FX Difference from Revaluation	0.1	-0.0	-0.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	20.6	13.9	14.9	19.7	13.8

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	180.6	164.0	136.8	121.7	189.0	126.3	121.1	100.4	124.5	125.3	103.7	91.7
Revenue Deductions	14.2	17.0	11.8	11.7	15.7	6.6	2.7	9.7	12.5	4.0	0.1	2.8
Net Revenue	166.4	146.9	125.0	110.0	173.3	119.7	118.5	90.8	112.0	121.3	103.6	88.8
Cost of Goods Sold	104.5	103.6	95.0	91.6	138.6	97.2	85.5	64.6	59.0	82.9	75.7	68.9
Gross Profit	61.9	43.3	30.0	18.4	34.8	22.5	32.9	26.2	53.0	38.4	27.9	19.9
Financial Income	-0.0	1.3	1.4	0.2	1.3	-0.4	1.5	1.0	0.3	1.4	0.3	0.5
Financial Expenses	3.9	4.1	4.1	3.7	2.5	4.5	3.3	3.4	3.6	4.2	4.4	5.0
Interest Expense	3.8	3.5	4.0	3.4	3.2	2.9	3.0	2.9	3.6	4.0	4.4	4.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.6	18.1	22.7	14.9	18.6	17.3	17.2	18.5	16.1	15.6	18.2	15.5
General and Administrative Expenses	22.2	16.5	12.6	12.0	19.1	12.3	11.9	11.4	14.4	13.3	11.7	10.6
Operating Profit	16.1	5.9	-8.0	-12.0	-4.1	-12.0	2.1	-6.0	19.2	6.7	-6.2	-10.7
Other Income	0.9	7.3	0.1	0.0	0.1	0.0	0.1	0.1	2.3	0.0	0.5	0.0
Other Expenses	—	—	0.1	0.3	-0.0	0.1	1.5	0.0	0.0	0.0	0.1	0.0
Other Profit	0.9	7.3	-0.1	-0.3	0.1	-0.0	-1.3	0.1	2.3	0.0	0.4	0.0
Profit Before Tax	17.0	13.2	-8.1	-12.2	-4.0	-12.0	0.7	-5.9	21.4	6.7	-5.7	-10.7
Current Income Tax Expense	1.5	3.5	5.1	0.1	2.9	0.8	3.1	0.7	1.2	2.6	0.6	0.1
Deferred Income Tax Expense	-2.2	-0.8	-2.5	0.2	1.3	0.1	-0.3	-0.1	0.8	-1.8	1.4	-0.3
Net Income	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8	-10.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8	-10.5
Earnings per Share	436.00	196.00	-583.00	-458.00	-470.00	-474.00	-75.00	-240.00	710.00	215.00	-285.00	-384.00
Diluted EPS	614.97	383.96	-393.97	-457.26	-301.05	-473.08	-75.02	-239.73	708.51	215.12	-284.64	-383.54

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)	632.4	591.5	575.9	548.9	557.8	544.8	532.8	552.4	524.8	480.9	476.1	484.6
I. Cash and cash equivalents	20.6	11.8	19.0	12.3	13.8	20.2	14.3	25.6	18.1	14.0	14.7	9.9
1. Cash	20.6	11.8	19.0	12.3	13.7	20.1	14.3	25.6	14.9	14.0	13.6	9.9
2. Cash equivalents	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	3.2	0.1	1.1	0.1
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.1	0.0	0.0	3.2	0.0	1.3	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	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	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	—	—	—	—	0.1	0.0	0.0	3.2	0.0	1.3	0.0	0.0
III. Short-term receivables	238.4	245.3	238.1	233.3	256.5	232.2	226.0	228.5	208.3	211.0	207.2	209.3
1. Short-term trade accounts receivable	219.0	223.9	202.2	197.1	240.8	216.7	210.0	213.6	204.2	203.4	194.4	200.3
2. Short-term prepayments to suppliers	15.4	17.3	20.0	20.4	22.6	19.8	16.0	14.9	7.0	8.5	8.4	7.0
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	0.3	0.2	0.1	0.2	0.3	0.2	0.3	0.9	0.0	0.0	0.0	0.0
6. Other short-term receivables	24.2	23.8	31.3	31.1	5.5	6.0	10.3	9.9	7.8	10.7	13.8	16.6
7. Provision for short-term doubtful debts (*)	-20.6	-19.9	-15.5	-15.5	-12.6	-10.5	-10.5	-10.8	-10.8	-11.7	-9.5	-14.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	261.7	223.5	209.1	199.4	180.7	192.9	192.9	195.3	196.1	156.6	159.6	172.6
1. Inventories	276.6	240.4	226.0	212.1	192.7	204.1	203.6	206.2	207.1	167.6	168.7	180.3
2. Provision for decline in value of inventories	-14.9	-16.9	-16.9	-12.7	-12.0	-11.2	-10.7	-11.0	-11.0	-11.0	-9.1	-7.7
V. Other short-term assets	111.7	110.9	109.6	103.9	106.7	99.5	99.6	99.7	102.3	98.1	94.6	92.7
1. Short-term prepayments	2.2	1.5	3.9	2.4	3.1	3.2	2.6	1.7	2.7	3.1	1.8	2.2
2. Value added tax to be reclaimed	109.5	109.4	105.7	101.0	103.6	96.1	96.9	98.0	99.5	94.8	92.6	90.4
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.4	0.0	0.2	0.0	0.0	0.0	0.1	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)	284.5	282.3	297.4	301.3	303.3	296.2	296.7	286.6	301.5	301.0	307.1	320.1
I. Long-term receivables	3.5	3.6	4.0	4.0	3.9	2.9	3.6	1.6	6.1	6.2	6.3	9.1
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	9.1
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	0.2	0.3	0.5	0.5	0.5	0.6	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.3	3.3	3.6	3.6	3.4	2.3	3.6	1.6	6.1	6.2	6.3	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	191.5	190.8	203.2	210.2	210.6	200.4	205.6	198.2	204.8	203.7	210.9	218.3
1. Tangible fixed assets	137.5	135.7	148.5	145.7	148.0	148.0	135.0	151.4	157.5	154.9	154.4	150.7
- Cost	—	—	—	—	496.5	491.1	457.6	472.4	472.8	464.4	453.5	438.1
- Accumulated depreciation	—	—	—	—	-348.5	-343.1	-322.5	-321.1	-315.3	-309.5	-299.1	-287.5
2. Financial leased fixed assets	41.4	42.4	43.4	53.0	50.8	40.3	58.2	34.2	35.4	36.6	44.0	54.9
- 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	12.6	12.7	11.3	11.6	11.8	12.1	12.3	12.6	11.9	12.2	12.4	12.7
- 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	35.0	35.4	35.9	36.3	36.7	37.2	37.6	38.0	38.5	38.9	39.3	39.8
- 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	0.5	0.3	1.7	1.5	2.9	6.0	0.4	1.0	1.8	2.0	1.2	1.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	1.0	1.8	2.0	0.0	0.0
2. Construction in progress	0.5	0.3	1.7	1.5	2.9	6.0	0.4	0.0	0.0	0.0	1.2	1.0
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	54.1	52.1	52.7	49.2	49.2	49.7	49.5	47.7	50.3	50.3	49.3	52.0
1. Long-term prepayments	40.5	40.7	42.2	41.1	41.9	41.1	41.4	40.8	42.6	41.8	42.7	43.9
2. Deferred income tax assets	13.5	11.4	10.6	8.1	7.3	8.6	8.1	6.9	7.7	8.5	6.7	8.1
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	—	—	—	—	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	0.0
TOTAL ASSETS (280=100+200)	916.9	873.8	873.3	850.2	861.1	841.0	829.5	838.9	826.3	782.0	783.2	804.7
A. LIABILITIES (300=210+330)	467.1	441.3	449.0	411.6	403.2	375.1	349.9	344.9	325.8	300.9	307.6	305.7
I. Short -term liabilities	453.2	425.4	431.8	391.1	382.2	357.2	339.2	341.9	311.2	276.4	285.2	273.8
1. Short-term trade accounts payable	78.2	70.7	80.4	68.6	59.4	38.6	43.3	32.6	63.5	47.6	35.7	37.4
2. Short-term advances from customers	4.6	2.3	9.2	9.3	4.7	11.4	3.3	3.5	0.2	0.2	2.1	0.9
3. Taxes and other payables to state authorities	9.3	8.2	4.8	3.2	6.5	4.1	2.6	1.0	4.5	3.5	0.8	0.3
4. Payable to employees	7.1	0.1	4.6	7.9	1.0	0.2	0.9	2.7	0.4	5.7	0.7	4.6
5. Short-term acrrued expenses	9.3	7.4	9.9	8.2	6.4	6.4	6.1	5.3	2.8	5.6	4.2	4.9
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	0.2	3.4	1.9	0.2	0.0	3.1	2.8	0.3	0.5	4.8	0.4	0.3
9. Other short-term payables	55.5	55.5	56.5	56.7	56.8	57.9	59.3	52.2	53.4	62.0	61.3	47.3
10. Short-term borrowings and financial leases	285.4	274.4	260.9	237.0	244.5	232.6	218.0	244.2	183.9	145.0	178.0	178.1
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	3.5	3.5	3.5	—	3.0	3.0	3.0	0.0	2.0	2.0	2.0	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	13.9	15.9	17.2	20.5	20.9	17.8	10.7	3.1	14.6	24.5	22.5	31.9
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	0.4	0.5	0.5	0.5	0.5	0.1	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	0.5	1.3	1.3	1.1
8. Long-term borrowings and financial leases	13.4	15.4	16.7	19.9	20.3	17.6	10.6	3.0	14.1	23.0	21.0	30.6
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	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
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)	449.7	432.5	424.3	438.6	457.9	466.0	479.6	494.0	500.5	481.1	475.5	498.9
I. Owner's equity	449.7	432.5	424.3	438.6	457.9	466.0	479.6	494.0	500.5	481.1	475.5	498.9
1. Owner's capital	287.3	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7
- Common stock with voting right	287.3	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6
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	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6
8. Investment and development fund	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	47.7	44.2	35.9	50.2	69.6	77.6	91.3	105.6	112.1	92.7	87.1	110.5
- Accumulated retained earning at the end of the previous period	45.6	59.2	59.2	62.7	99.7	99.5	99.7	112.2	105.4	105.4	105.4	121.0
- Undistributed earnings in this period	2.2	-15.1	-23.3	-12.5	-30.2	-21.9	-8.5	-6.6	6.7	-12.7	-18.3	-10.5
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)	916.9	873.8	873.3	850.2	861.1	841.0	829.5	838.9	826.3	782.0	783.2	804.7

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	16.6	13.2	-10.6	-12.2	-4.0	-9.3	-2.7	-5.9	21.5	6.7	-6.0	-10.7
Depreciation of Fixed Assets and Investment Property	8.1	8.2	8.1	8.6	8.2	8.0	8.0	8.0	8.0	8.0	7.9	7.8
Provision (Increase)/Reversal	-1.3	3.6	5.0	—	3.0	-0.0	-0.1	0.0	-1.0	3.9	-3.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.5	-0.1	-0.8	0.2	-1.8	2.0	-0.3	-0.6	0.8	-0.6	-0.2	-0.2
Gain/Loss from Investment Activities	-0.9	-7.3	-0.1	-0.0	0.1	0.3	-0.4	0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	3.8	3.5	4.0	3.4	3.2	2.8	3.0	2.9	3.6	4.0	4.4	4.7
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	27.8	21.0	5.5	-0.1	8.7	3.8	7.6	4.5	32.9	22.0	2.4	1.6
Increase/(Decrease) in Receivables	5.1	-10.8	-12.5	14.5	-32.5	-17.4	11.3	-12.3	-1.0	-7.3	8.0	30.1
Increase/(Decrease) in Inventory	-36.3	-15.5	-12.7	-7.9	11.4	10.0	-7.9	0.9	-39.6	1.1	11.5	12.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.4	-8.7	13.5	18.7	5.2	4.9	9.9	-18.0	-2.8	21.9	-2.8	0.4
Increase/(Decrease) in Prepaid Expenses	-0.5	1.5	-0.2	1.5	-0.7	-0.3	-1.5	2.9	-0.4	-0.3	1.5	2.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.0	-4.2	-3.3	-3.4	-3.2	-3.0	-2.9	-2.9	-3.5	-4.0	-4.4	-4.7
Corporate Income Tax Paid	-0.3	0.0	-3.1	-4.0	0.0	-0.4	-1.2	-4.2	-0.2	-0.0	-0.1	-2.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	-4.6	0.0	0.0	0.0	-4.6	0.0	0.0	0.0	-4.3
Net Cash Flow from Operating Activities	1.2	-16.7	-12.8	14.7	-11.1	-2.4	15.3	-33.8	-14.5	33.4	16.2	35.8
Payments for Fixed Assets and Other Long-term Assets	-17.4	-2.7	-1.1	-7.8	-9.2	-10.0	-9.9	-2.5	-3.7	-1.8	-1.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.6	0.0	0.0	2.2	7.3	4.3	10.3	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	-0.1	0.0	0.0	0.0	-1.9	-0.2	-1.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	-0.1	0.2	-0.0	0.2	3.3	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	0.0	0.0	0.0	0.0	0.0	-0.4	0.5	-0.0	0.0	0.0	0.0	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	-3.8	-2.7	-1.1	-5.4	-2.0	-5.9	4.1	-2.5	-5.5	-2.1	-2.8	0.0
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	158.6	153.5	173.9	142.3	125.8	167.4	103.2	235.4	102.6	70.7	85.3	77.7
Repayment of Borrowings	-145.7	-139.6	-151.6	-151.0	-115.0	-149.8	-130.5	-185.2	-69.8	-98.8	-91.0	-119.7
Repayment of Finance Leases	-1.6	-1.7	-1.7	-2.2	-1.8	-3.0	-2.7	-3.2	-2.8	-2.8	-4.0	-3.6
Dividends Paid	—	—	—	—	-2.1	-0.5	-0.7	0.0	-8.9	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	11.3	12.2	20.6	-10.9	6.9	14.1	-30.7	47.0	21.1	-30.9	-9.7	-45.6
Net Cash Flow During the Period	8.7	-7.2	6.7	-1.6	-6.2	5.8	-11.3	10.7	1.1	0.4	3.7	-9.8
Cash and Cash Equivalents at Beginning of Period	11.8	19.0	12.3	13.9	14.9	14.9	14.9	14.9	19.7	19.7	19.7	19.7
FX Difference from Revaluation	0.1	-0.0	0.0	-0.0	-0.1	0.0	0.0	-0.0	-0.1	-0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	20.6	11.8	19.0	12.3	13.8	20.2	14.3	25.6	14.9	14.0	13.7	9.9

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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