SPB

Sợi Phú Bài ·UPCOM ·2026Q1

▲ Slightly positive

Price

15,000

Latest close

20 Apr 2026

P/E 11.07x

P/B 0.76x

EPS 1,355

BVPS 19,740

ROE 7.1%

ROA 1.7%

Profit Margin 1.6%

Asset Turnover 1.09x

Equity Mult. 4.09x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, SPB has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,130bn
	                                
−16.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+16.7%YoY

Metric	2025	2024	2023	2022
Revenue	1,106.9	1,327.4	1,231.6	1,354.4
Growth	-17%	+8%	-9%	—
Net Income	21.9	15.2	-39.6	9.6
Net Margin	1.98%	1.14%	-3.22%	0.71%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	280.1	284.4	286.6	278.5	257.4	483.7	303.6	301.3	325.0
Growth	-2%	-1%	+3%	+8%	-47%	+59%	+1%	-7%	—
Net Income	3.5	1.0	8.8	4.8	5.6	5.0	1.0	3.8	4.4
Net Margin	1.26%	0.34%	3.06%	1.71%	2.18%	1.04%	0.32%	1.26%	1.36%

Drivers of SPB's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 5.1bn

Administrative expenses ↓ 2.3bn

Other profit ↑ 0.4bn

Finance costs ↑ 3.0bn

Financial income ↓ 2.1bn

Gross profit ↓ 0.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 1.6bn

Financial income ↑ 0.2bn

Finance costs ↑ 2.8bn

Administrative expenses ↑ 0.7bn

Other profit ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.6% = 1.1% × 1.41 × 4.09

2026Q1 7.1% = 1.6% × 1.09 × 4.09

ROE rose from 6.6% to 7.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.6% +0.4pp Asset turnover: 1.09x -0.31x Leverage: 4.09x +0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.59%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.8pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 1.59% +0.4pp

Gross Margin 10.46% +1.7pp

SG&A / Revenue 6.62% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.24x −0.34x

Average Invested Capital 909.4bn +57.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.91x equity, net debt at 2.44x equity.

Inventory ended the period at 299.9bn, roughly 29.6% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 29.3 days versus the same period last year. The main moves came from DIO rose 27.5 days, DSO rose 2.7 days, and DPO rose 0.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 122.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 18.9 days +2.7 days

Inventory 125.0 days +27.5 days

Payables 21.2 days +0.9 days

Cash Conversion Cycle 122.6 days +29.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.44x and interest coverage only at 0.38x.

At present, short-term debt accounts for 52.5% of total debt, cash equals 7.2% of debt, and total debt stands at 690.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.44x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.38x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.44x −0.33x

Interest Coverage 0.38x +0.02x

Cash / Debt 7.2% +3.1pp

Short-term Debt / Total Debt 52.5% −4.9pp

CFO / NI 5.69x +5.69x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -27.9bn in 2025, against investing cash flow of -106.2bn.

Post-investment cash flow was negative +134.1bn. Financing cash flow was positive +109.0bn.

CFO / net income was 5.69x.

After spending +117.9bn on fixed-asset investment, the business generated trailing free cash flow of −15.5bn.

Cash Conversion

CFO TTM 102.4bn +102.4bn

Cash Capex 117.9bn +117.9bn

FCF TTM −15.5bn −15.5bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.38x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.38x.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,106.9	1,327.4	1,231.6	1,356.4
Revenue Deductions	—	0.0	0.0	2.0
Net Revenue	1,106.9	1,327.4	1,231.6	1,354.4
Cost of Goods Sold	986.5	1,219.8	1,161.4	1,266.8
Gross Profit	120.4	107.6	70.2	87.6
Financial Income	15.1	18.0	20.4	38.3
Financial Expenses	39.9	36.8	55.7	35.3
Interest Expense	36.4	31.7	42.2	24.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	46.6	50.1	52.4	57.0
General and Administrative Expenses	28.1	24.0	19.1	21.8
Operating Profit	20.9	14.7	-36.7	11.8
Other Income	2.8	1.1	1.0	1.1
Other Expenses	0.1	0.3	0.4	1.7
Other Profit	2.7	0.8	0.6	-0.6
Profit Before Tax	23.6	15.5	-36.1	11.2
Current Income Tax Expense	1.7	0.3	0.0	5.2
Deferred Income Tax Expense	0.0	0.0	3.5	-3.6
Net Income	21.9	15.2	-39.6	9.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	21.9	15.2	-39.6	9.6
Earnings per Share	1,649.00	1,140.00	-3,343.00	921.00
Diluted EPS	1,649.28	1,139.55	-2,978.08	1,013.51

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	498.5	488.1	439.8	525.3
I. Cash and cash equivalents	27.0	52.1	3.7	1.9
1. Cash	9.0	1.8	3.7	1.9
2. Cash equivalents	18.0	50.3	0.0	0.0
II. Short-term financial investments	9.5	16.0	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	9.5	16.0	0.0	0.0
III. Short-term receivables	111.9	149.7	149.9	132.8
1. Short-term trade accounts receivable	44.6	53.2	81.1	56.7
2. Short-term prepayments to suppliers	27.4	10.9	7.4	7.6
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	—	0.0	0.0	0.0
6. Other short-term receivables	39.9	85.6	61.4	68.6
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	299.9	250.4	233.3	342.4
1. Inventories	308.8	253.6	237.6	384.8
2. Provision for decline in value of inventories	-8.9	-3.2	-4.3	-42.5
V. Other short-term assets	50.2	19.9	52.9	48.3
1. Short-term prepayments	2.5	2.7	1.6	1.7
2. Value added tax to be reclaimed	45.7	15.4	49.5	45.4
3. Taxes and other receivables from state authorities	2.0	1.7	1.9	1.2
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)	515.3	423.8	437.9	422.6
I. Long-term receivables	—	0.0	0.0	5.1
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	5.1
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	417.0	416.8	434.6	413.8
1. Tangible fixed assets	417.0	416.7	434.4	413.6
- Cost	949.0	922.5	928.0	886.5
- Accumulated depreciation	-532.0	-505.8	-493.6	-472.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.2	0.2
- Cost	0.5	0.5	0.5	0.5
- Accumulated depreciation	-0.5	-0.4	-0.4	-0.3
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	92.2	1.9	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	92.2	1.9	0.0	0.0
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	1.1	1.1	1.1	1.1
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-1.1
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	6.1	5.2	3.3	3.7
1. Long-term prepayments	6.0	5.0	3.1	0.0
2. Deferred income tax assets	0.1	0.2	0.2	3.7
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,013.8	911.9	877.7	948.0
A. LIABILITIES (300=210+330)	754.7	674.8	655.8	732.4
I. Short -term liabilities	426.4	377.6	336.9	408.4
1. Short-term trade accounts payable	46.9	80.9	56.2	84.0
2. Short-term advances from customers	2.4	6.2	0.7	0.9
3. Taxes and other payables to state authorities	0.8	0.7	3.8	0.4
4. Payable to employees	26.3	23.0	5.3	22.6
5. Short-term acrrued expenses	5.8	1.0	1.1	2.9
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	2.3	2.1	2.4	1.8
10. Short-term borrowings and financial leases	336.9	258.4	257.7	280.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	5.1	5.4	9.7	14.7
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	328.4	297.2	318.9	324.0
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	328.4	297.2	318.9	324.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	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)	259.0	237.1	221.9	215.6
I. Owner's equity	259.0	237.1	221.9	215.6
1. Owner's capital	133.0	133.0	133.0	95.0
- Common stock with voting right	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	95,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	52.8	52.8	52.8	24.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	68.5	68.5	68.5	68.5
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	9.5
11. Undistributed earnings after tax	4.8	-17.2	-32.3	18.3
- Accumulated retained earning at the end of the previous period	-17.2	-32.3	7.3	8.7
- Undistributed earnings in this period	21.9	15.2	-39.6	9.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
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)	1,013.8	911.9	877.7	948.0

Item	2025	2024	2023	2022
Profit Before Tax	23.6	15.5	-36.1	11.2
Depreciation of Fixed Assets and Investment Property	33.2	31.5	28.6	36.9
Provision (Increase)/Reversal	5.7	-1.0	-39.3	42.5
FX Gain/Loss from Revaluation of Monetary Items	0.6	-0.2	0.0	-9.4
Gain/Loss from Investment Activities	-3.4	-2.6	-2.8	-2.8
Interest Expense	36.4	31.7	42.2	24.4
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	96.1	74.8	-7.2	102.9
Increase/(Decrease) in Receivables	4.3	37.6	-19.9	37.7
Increase/(Decrease) in Inventory	-55.2	-16.0	147.3	-96.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.0	44.7	-45.6	-337.4
Increase/(Decrease) in Prepaid Expenses	-0.7	-3.0	-3.0	-1.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-36.2	-31.6	-42.6	-23.8
Corporate Income Tax Paid	-1.9	-0.4	-0.7	-13.5
Other Operating Receipts	—	0.0	-5.0	0.0
Other Operating Payments	-0.3	-4.4	-5.0	-3.1
Net Cash Flow from Operating Activities	-27.9	101.8	23.2	-335.1
Payments for Fixed Assets and Other Long-term Assets	-116.3	-19.7	-43.0	-15.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.4	0.2	0.0
Loans and Purchases of Debt Instruments	-24.1	-16.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.6	0.0	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	3.3	2.9	2.3	2.6
Increase/(Decrease) in Term Deposits	—	0.0	2.3	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	-106.2	-32.4	-40.5	-13.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	57,002,680,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,014.4	895.4	967.0	1,462.2
Repayment of Borrowings	-905.4	-916.4	-995.3	-1,097.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	-9.5	-19.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	109.0	-21.0	19.1	345.3
Net Cash Flow During the Period	-25.1	48.4	1.8	-2.8
Cash and Cash Equivalents at Beginning of Period	52.1	3.7	1.9	4.7
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.0	52.1	3.7	1.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	280.1	284.4	286.6	278.5	257.4	483.7	303.6	301.3	325.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	280.1	284.4	286.6	278.5	257.4	483.7	303.6	301.3	325.0
Cost of Goods Sold	251.1	259.2	251.9	249.1	230.1	446.1	277.7	273.6	299.0
Gross Profit	29.0	25.1	34.7	29.4	27.3	37.6	25.9	27.7	26.0
Financial Income	3.8	2.8	3.8	4.9	3.6	6.6	2.9	4.3	5.6
Financial Expenses	12.3	9.2	10.2	11.1	9.5	12.1	9.9	8.2	9.9
Interest Expense	10.1	8.6	9.4	9.9	8.4	10.6	7.9	7.7	8.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0
Selling Expenses	11.1	11.9	11.4	12.1	11.1	16.3	12.0	12.3	12.9
General and Administrative Expenses	6.6	6.2	8.9	6.5	5.9	10.7	6.2	7.7	4.4
Operating Profit	2.9	0.6	8.0	4.6	4.5	5.1	0.6	3.8	4.3
Other Income	0.9	0.4	0.9	0.4	1.2	0.4	0.5	0.0	0.2
Other Expenses	0.3	0.0	0.1	0.0	0.0	0.1	0.2	0.0	0.1
Other Profit	0.7	0.3	0.8	0.4	1.1	0.3	0.3	-0.0	0.1
Profit Before Tax	3.5	1.0	8.8	5.0	5.6	5.4	1.0	3.8	4.4
Current Income Tax Expense	—	-0.0	—	0.2	—	0.3	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	—	—	—	0.0	0.0	0.0	0.0
Net Income	3.5	1.0	8.8	4.8	5.6	5.0	1.0	3.8	4.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.5	1.0	8.8	4.8	5.6	5.0	1.0	3.8	4.4
Earnings per Share	266.00	74.00	658.00	357.00	423.00	379.00	74.00	285.00	333.00
Diluted EPS	265.77	71.65	658.34	357.28	422.60	378.68	73.61	284.58	332.89

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	533.7	486.3	479.7	593.5	599.5	488.2	490.7	416.7	458.8
I. Cash and cash equivalents	49.7	27.0	22.7	26.8	28.4	52.1	2.6	2.4	5.8
1. Cash	5.2	9.0	2.2	2.2	2.7	1.8	2.6	2.4	5.8
2. Cash equivalents	44.5	18.0	20.6	24.6	25.6	50.3	0.0	0.0	0.0
II. Short-term financial investments	12.6	9.5	1.4	8.5	16.6	16.0	0.0	0.0	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	12.6	9.5	1.4	8.5	16.6	16.0	0.0	0.0	0.0
III. Short-term receivables	106.3	99.7	93.6	141.5	172.8	153.4	200.0	188.6	122.0
1. Short-term trade accounts receivable	52.0	44.6	28.4	48.0	64.8	53.2	40.1	33.3	54.3
2. Short-term prepayments to suppliers	22.1	15.2	13.9	19.5	16.9	7.1	5.5	15.9	4.4
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	32.2	39.9	51.3	74.1	91.1	93.0	154.3	139.4	63.3
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	310.2	299.9	321.2	387.8	370.3	254.3	280.4	199.4	281.1
1. Inventories	319.0	308.8	325.2	391.8	373.5	259.5	283.6	201.5	282.2
2. Provision for decline in value of inventories	-8.9	-8.9	-4.0	-4.0	-3.2	-5.1	-3.2	-2.1	-1.2
V. Other short-term assets	55.0	50.2	40.7	28.8	11.4	12.4	7.7	26.3	50.0
1. Short-term prepayments	2.8	2.5	1.4	1.3	2.3	2.7	3.1	1.3	2.0
2. Value added tax to be reclaimed	50.2	45.7	39.1	25.9	7.3	7.9	2.8	23.1	46.1
3. Taxes and other receivables from state authorities	2.0	2.0	0.2	1.7	1.9	1.7	1.9	1.9	1.9
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)	505.1	527.3	524.5	481.2	428.1	427.7	415.8	421.5	429.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	497.5	417.0	400.7	404.8	408.9	416.8	412.1	418.9	426.7
1. Tangible fixed assets	497.4	417.0	400.6	404.7	408.8	416.7	412.0	418.8	426.6
- Cost	1,029.9	—	—	—	—	922.5	912.2	915.5	928.0
- Accumulated depreciation	-532.6	—	—	—	—	-505.8	-500.2	-496.7	-501.4
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.9	104.2	118.4	69.9	14.1	5.7	1.3	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	104.2	118.4	69.9	14.1	5.7	1.3	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0
3. Investments in other entities	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
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	5.7	6.1	5.4	6.5	5.1	5.2	2.4	2.6	3.0
1. Long-term prepayments	5.6	6.0	5.3	6.4	4.9	5.0	2.3	2.5	2.8
2. Deferred income tax assets	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,038.9	1,013.7	1,004.1	1,074.6	1,027.6	915.9	906.5	838.3	888.5
A. LIABILITIES (300=210+330)	776.3	754.6	749.2	827.2	784.9	678.8	674.5	608.3	662.2
I. Short -term liabilities	448.0	423.2	404.9	506.8	485.7	381.6	375.0	294.4	348.3
1. Short-term trade accounts payable	58.4	46.9	55.4	37.8	59.2	86.8	72.0	61.0	77.3
2. Short-term advances from customers	1.2	2.4	0.5	3.0	1.0	6.2	1.7	3.1	4.9
3. Taxes and other payables to state authorities	0.4	0.8	0.4	0.7	0.4	0.7	0.6	0.3	1.3
4. Payable to employees	12.0	26.3	23.3	17.4	11.4	17.6	13.1	8.3	3.7
5. Short-term acrrued expenses	6.5	5.7	4.7	1.8	2.7	3.3	1.0	0.9	-2.7
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	2.3	2.3	2.2	2.1	3.9	3.3	3.9	3.6	3.5
10. Short-term borrowings and financial leases	362.2	333.8	313.3	438.7	401.9	258.4	277.3	211.1	254.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	5.1	5.2	5.2	5.2	5.4	5.5	6.0	6.0
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	328.3	331.5	344.3	320.4	299.2	297.2	299.5	313.9	313.9
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	328.3	331.5	344.3	320.4	299.2	297.2	299.5	313.9	313.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	262.5	259.0	255.0	247.4	242.7	237.1	232.0	230.0	226.3
I. Owner's equity	262.5	259.0	255.0	247.4	242.7	237.1	232.0	230.0	226.3
1. Owner's capital	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0
- Common stock with voting right	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00	133,000,870,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8
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	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00
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	68.5	68.5	68.5	68.5	68.5	68.5	68.5	68.5	68.5
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	8.3	4.8	0.7	-6.8	-11.5	-17.2	-22.2	-24.3	-27.9
- Accumulated retained earning at the end of the previous period	4.8	-17.2	-17.2	-17.2	-17.2	-32.3	-32.3	-32.3	-32.3
- Undistributed earnings in this period	3.5	21.9	17.9	10.4	5.6	15.2	10.1	8.0	4.4
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)	1,038.9	1,013.7	1,004.1	1,074.6	1,027.6	915.9	906.5	838.3	888.5

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Profit Before Tax	—	13.0	10.6	—	0.0	-8.0	8.0	0.0
Depreciation of Fixed Assets and Investment Property	—	17.0	16.2	—	0.0	-15.7	15.7	0.0
Provision (Increase)/Reversal	—	4.9	0.8	—	0.0	2.1	-2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.4	0.2	—	0.0	-0.2	0.2	0.0
Gain/Loss from Investment Activities	—	-1.4	-2.0	—	0.0	1.0	-1.0	0.0
Interest Expense	—	18.1	18.3	—	0.0	-15.9	15.9	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	—	52.0	44.1	—	0.0	-36.6	36.6	0.0
Increase/(Decrease) in Receivables	—	-1.6	5.9	—	0.0	-76.3	76.3	0.0
Increase/(Decrease) in Inventory	—	83.1	-138.2	—	0.0	-44.0	44.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	31.6	-65.6	—	0.0	1.9	-1.9	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.9	0.1	—	0.0	-0.9	0.9	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	—	-18.1	-18.1	—	0.0	15.8	-15.8	0.0
Corporate Income Tax Paid	—	-1.7	0.0	-0.2	0.0	0.2	-0.2	0.0
Other Operating Receipts	5.1	—	—	—	0.0	0.0	-40.9	40.9
Other Operating Payments	-15.0	-0.1	20.1	-20.2	0.0	3.7	42.1	-45.8
Net Cash Flow from Operating Activities	130.3	144.1	-281.1	109.1	0.0	-136.3	-130.7	266.9
Payments for Fixed Assets and Other Long-term Assets	-1.7	-50.3	-65.9	-0.0	0.0	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.2	-0.0	0.1	0.0	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	—	-9.7	-14.4	—	0.0	35.0	-35.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.6	21.9	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.8	1.3	-0.4	2.4	0.0	-1.3	1.0	0.4
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	1.8	-49.8	-58.8	2.5	0.0	33.6	-34.0	0.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	56.8	393.5	579.6	41.3	0.0	-457.0	421.8	35.1
Repayment of Borrowings	-166.2	-487.6	-241.1	-176.6	0.0	508.6	-208.2	-300.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0
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	-109.5	-94.1	338.4	-135.3	0.0	51.6	213.6	-265.2
Net Cash Flow During the Period	22.7	0.2	-1.6	-23.7	0.0	-51.0	48.9	2.1
Cash and Cash Equivalents at Beginning of Period	27.0	52.1	28.4	52.1	0.0	0.0	3.7	3.7
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	49.7	27.0	26.8	28.4	0.0	0.0	54.7	5.8

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SPB

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