TVC

Tập đoàn Quản lý tài sản T-Corp ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 40.35%, −87.07pp YoY

Price

8,600

Latest close

04 Jun 2026

P/E 23.23x

P/B 0.48x

EPS 370

BVPS 17,804

ROE 2.5%

ROA 1.9%

Profit Margin 41.5%

Asset Turnover 0.05x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, TVC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 109bn
	                                
−34.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 44bn
	                                
−79.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	92.9	246.7	65.2	152.6	431.8
Growth	-62%	+278%	-57%	-65%	—
Net Income	27.9	441.3	278.6	-886.9	550.2
Net Margin	30.04%	178.90%	427.08%	-581.05%	127.41%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	26.6	20.3	21.1	41.0	10.4	23.9	47.4	85.1	90.2	21.7	13.3	11.9
Growth	+31%	-4%	-49%	+295%	-56%	-50%	-44%	-6%	+316%	+64%	+11%	—
Net Income	-26.1	-20.9	11.8	79.2	-42.3	2.2	125.3	127.3	158.6	20.0	17.3	161.1
Net Margin	-98.05%	-103.01%	56.07%	193.05%	-407.01%	9.12%	264.25%	149.60%	175.80%	92.31%	130.71%	1348.78%

Drivers of TVC's profit

TTM

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

Administrative expenses ↓ 142.2bn

Minority interests ↓ 63.1bn

Selling expenses ↓ 34.3bn

Finance costs ↑ 125.0bn

Financial income ↓ 112.4bn

Gross profit ↓ 102.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 34.2bn

Minority interests ↓ 12.1bn

Administrative expenses ↓ 4.3bn

Gross profit ↓ 15.4bn

Finance costs ↑ 6.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.0% = 127.4% × 0.07 × 1.18

2026Q1 2.4% = 40.3% × 0.05 × 1.28

ROE fell from 11.0% to 2.4% — net margin weakened the most, though leverage still provided support.

Net margin: 40.3% -87.1pp Asset turnover: 0.05x -0.03x Leverage: 1.28x +0.10x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 40.35%, losing 87.1pp. The main pressure is Gross margin fell 51.6pp, outweighing the improvement in SG&A / Revenue fell 133.9pp (with lingering pressure from Net financial result / Revenue fell 169.9pp and Other profit / Revenue fell 2.4pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 40.35% −87.1pp

Gross Margin 28.74% −51.6pp

SG&A / Revenue -81.28% −133.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.13x equity.

Over the last 12 months, working capital released 1,432.0bn of cash, mainly thanks to lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +1,432.0bn

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 working capital needs model and cycle context. The main risk still sits in core profitability, with net margin down 87.1 pp.

Watchpoint: Working capital needs model and cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 40.35% after a 87.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	92.9	246.7	65.2	152.6	431.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	92.9	246.7	65.2	152.6	431.8
Cost of Goods Sold	46.1	56.1	22.9	66.6	0.0
Gross Profit	46.8	190.6	42.3	86.0	369.8
Financial Income	126.3	333.2	4.6	72.2	479.7
Financial Expenses	241.2	17.6	-274.7	472.5	-163.4
Interest Expense	28.1	29.3	6.6	48.1	-129.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.4
Selling Expenses	0.3	38.4	0.3	3.0	-12.9
General and Administrative Expenses	-84.7	43.3	53.4	570.3	-41.6
Operating Profit	16.3	424.5	267.9	-887.6	631.9
Other Income	0.0	1.6	0.1	1.8	0.0
Other Expenses	1.1	0.2	1.1	0.7	0.0
Other Profit	-1.1	1.4	-1.0	1.1	43.4
Profit Before Tax	15.2	425.9	266.9	-886.5	675.3
Current Income Tax Expense	—	0.0	0.0	0.6	-125.1
Deferred Income Tax Expense	-12.7	-15.5	-11.7	-0.2	0.0
Net Income	27.9	441.3	278.6	-886.9	550.2
Non-controlling Interest	10.8	62.2	31.0	-204.2	120.3
Profit Attributable to Parent	17.1	379.2	247.6	-682.7	429.9
Earnings per Share	176.00	3,199.00	2,088.00	-5,756.00	6,196.21
Diluted EPS	177.35	3,196.70	2,088.00	-5,755.79	3,624.83

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,344.6	2,264.2	1,957.0	1,718.1	3,814.4
I. Cash and cash equivalents	47.8	598.6	286.0	102.7	483.5
1. Cash	47.8	548.6	111.0	52.7	0.0
2. Cash equivalents	—	50.0	175.0	50.0	0.0
II. Short-term financial investments	1,620.6	1,165.5	1,329.4	926.1	0.0
1. Available for sale securities	1,707.4	1,163.5	1,402.3	1,301.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-86.8	-18.0	-72.9	-375.4	0.0
3. Held to maturity investments	—	20.0	0.0	0.0	0.0
III. Short-term receivables	671.1	490.6	336.5	684.9	1,984.7
1. Short-term trade accounts receivable	24.4	45.8	0.4	0.4	0.0
2. Short-term prepayments to suppliers	0.9	0.8	0.4	1.8	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	192.9	162.7	16.2	378.6	0.0
6. Other short-term receivables	839.5	798.6	836.8	821.5	0.0
7. Provision for short-term doubtful debts (*)	-386.6	-517.3	-517.3	-517.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.1	9.4	5.1	4.3	1.2
1. Short-term prepayments	1.0	1.8	2.3	2.3	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	4.1	7.6	2.8	2.0	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)	18.3	17.0	20.5	19.8	94.3
I. Long-term receivables	15.1	15.0	14.3	12.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.4
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	15.1	15.0	14.3	12.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.3	1.7	2.7	4.5	6.4
1. Tangible fixed assets	2.3	1.6	2.5	3.5	4.5
- Cost	12.2	10.4	10.4	10.4	0.0
- Accumulated depreciation	-9.9	-8.8	-7.9	-7.0	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	0.0	0.1	0.2	1.0	1.9
- Cost	9.0	9.0	9.0	9.0	0.0
- Accumulated depreciation	-9.0	-8.9	-8.8	-8.0	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	0.1	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	75.0
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	0.8	0.3	3.5	3.3	0.0
1. Long-term prepayments	0.8	0.3	1.0	3.0	0.0
2. Deferred income tax assets	—	0.0	2.6	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.5
5. Goodwill	—	0.0	0.0	0.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,362.9	2,281.2	1,977.5	1,737.8	3,908.7
A. LIABILITIES (300=210+330)	613.3	273.0	206.7	219.6	1,436.8
I. Short -term liabilities	613.3	260.3	190.0	219.6	1,179.8
1. Short-term trade accounts payable	0.2	18.7	0.1	0.0	74.0
2. Short-term advances from customers	0.4	0.4	0.4	0.4	0.5
3. Taxes and other payables to state authorities	0.6	0.0	4.4	4.1	0.0
4. Payable to employees	1.3	1.7	11.7	7.0	0.0
5. Short-term acrrued expenses	55.0	50.6	2.3	5.8	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	18.4	2.1	2.3	16.9	0.0
10. Short-term borrowings and financial leases	513.9	163.3	145.4	161.9	932.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	23.5	23.5	23.5	23.5	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	—	12.7	16.7	0.0	257.0
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	256.8
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	—	12.7	16.7	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)	1,749.6	2,008.2	1,770.8	1,518.2	2,472.0
I. Owner's equity	1,749.6	2,008.2	1,770.8	1,518.2	0.0
1. Owner's capital	961.6	1,186.1	1,186.1	1,186.1	2,472.0
- Common stock with voting right	961,555,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	24.1	52.4	52.4	52.4	52.4
3. Convertible bond option	33.3	0.0	0.0	0.0	0.0
4. Other capital of owners	-20.7	33.3	33.3	33.3	33.3
5. Treasury shares	23,716,973,549.00	-56,115,046,965.00	0.00	0.00	0.00
6. Assets revaluation differences	30.1	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	—	23.7	23.7	23.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	30.1	30.1	26.8	0.0
11. Undistributed earnings after tax	424.8	401.5	17.2	-233.9	496.4
- Accumulated retained earning at the end of the previous period	407.8	22.4	-230.4	448.8	33.5
- Undistributed earnings in this period	17.0	379.2	247.6	-682.7	462.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	272.8	337.2	428.0	429.7	709.8
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)	2,362.9	2,281.2	1,977.5	1,737.8	3,908.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.2	425.9	266.9	-886.5	675.3
Depreciation of Fixed Assets and Investment Property	1.1	1.0	1.8	2.3	2.2
Provision (Increase)/Reversal	-61.9	-54.9	-302.5	865.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.8	-19.7	-4.6	-40.2	0.0
Interest Expense	28.1	29.3	6.6	48.1	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	-21.3	381.6	-31.7	-10.6	708.2
Increase/(Decrease) in Receivables	20.9	360.7	394.0	755.1	0.0
Increase/(Decrease) in Inventory	-68.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	65.6	-6.5	-84.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	1.1	2.1	-1.1	0.0
Changes in Trading Securities	-543.8	-238.7	100.8	-377.6	0.0
Interest Paid	-28.1	-15.6	-7.0	-65.4	0.0
Corporate Income Tax Paid	—	0.0	-1.4	-124.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.3	0.0	0.0
Net Cash Flow from Operating Activities	-640.5	554.8	450.0	91.5	-128.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.2	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-188.2	-221.8	0.0	-5,281.1	-12,393.1
Receipts from Loan Repayments and Sale of Debt Instruments	157.5	169.8	-265.4	5,824.6	11,817.8
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	-12.8	11.4	1.1	65.2	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	-43.6	-40.6	-264.2	608.5	-365.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	1,169,655,429.00	1,037,189,370,000.00
Share Repurchases	-217,413,020,816.00	-56,115,046,965.00	0.00	0.00	75,000,000.00
Proceeds from Borrowings	2,382.2	1,741.3	347.3	9,935.7	28,571.6
Repayment of Borrowings	-2,031.5	-1,886.6	-366.0	-10,963.0	-28,833.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-54.7	-84.4
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	133.2	-201.5	-18.7	-1,080.8	691.4
Net Cash Flow During the Period	-550.9	312.7	167.1	-380.8	386.8
Cash and Cash Equivalents at Beginning of Period	598.6	286.0	102.7	483.5	285.6
FX Difference from Revaluation	—	0.0	16.2	0.0	0.0
Cash and Cash Equivalents at End of Period	47.8	598.6	286.0	102.7	483.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	26.6	20.3	21.1	41.0	10.4	23.9	47.4	85.1	90.2	21.7	13.3	11.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	26.6	20.3	21.1	41.0	10.4	23.9	47.4	85.1	90.2	21.7	13.3	11.9
Cost of Goods Sold	35.3	3.9	4.9	33.6	3.7	3.5	4.3	21.4	26.9	7.9	2.0	8.6
Gross Profit	-8.7	16.4	16.2	7.4	6.7	20.4	43.1	63.7	63.3	13.8	11.3	3.4
Financial Income	40.3	25.6	26.1	68.6	6.1	39.9	131.0	96.0	66.3	1.6	2.7	0.1
Financial Expenses	49.0	83.3	118.1	-3.0	42.9	38.5	33.2	7.6	-42.7	-13.2	-13.6	-169.2
Interest Expense	8.8	12.9	3.6	5.2	6.4	6.1	8.9	10.5	4.3	3.9	0.4	1.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.2	0.1	0.0	0.0	34.7	0.0	0.0	0.0	0.0	0.0	0.1
General and Administrative Expenses	7.5	-20.6	-88.0	12.1	11.8	11.2	11.0	19.1	13.7	8.6	10.0	12.1
Operating Profit	-24.9	-20.9	12.1	67.0	-42.0	-24.1	129.8	133.1	158.7	20.0	17.6	160.5
Other Income	0.0	0.0	0.0	—	—	0.0	1.6	0.0	0.0	0.0	0.1	0.0
Other Expenses	1.2	0.1	0.3	0.4	0.3	0.2	0.0	0.0	0.0	0.0	0.3	0.0
Other Profit	-1.2	-0.1	-0.3	-0.4	-0.3	-0.2	1.6	-0.0	0.0	-0.0	-0.3	-0.0
Profit Before Tax	-26.1	-20.9	11.8	66.5	-42.3	-24.3	131.4	133.1	158.7	20.0	17.3	160.5
Current Income Tax Expense	—	—	—	—	—	-26.1	6.5	11.2	8.3	0.0	0.0	-0.7
Deferred Income Tax Expense	—	—	—	-12.7	—	-0.4	-0.4	-5.4	-8.3	0.0	0.0	0.0
Net Income	-26.1	-20.9	11.8	79.2	-42.3	2.2	125.3	127.3	158.6	20.0	17.3	161.1
Non-controlling Interest	-10.9	-7.0	11.7	5.0	1.2	19.4	10.6	30.7	23.9	3.9	4.1	15.4
Profit Attributable to Parent	-15.2	-14.0	0.2	74.2	-43.5	-17.2	114.7	96.6	134.8	16.2	13.2	145.7
Earnings per Share	-157.85	-145.00	2.00	671.00	-393.00	-145.00	967.00	815.00	1,136.00	136.00	90.00	1,228.00
Diluted EPS	-157.85	-145.24	1.56	670.85	-392.89	-145.38	966.99	814.67	1,136.09	136.17	111.40	1,228.51

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,106.8	2,344.6	2,682.4	2,042.6	2,542.9	2,252.9	2,481.3	2,044.7	1,982.5	1,957.0	1,893.2	1,782.8
I. Cash and cash equivalents	101.8	47.8	87.4	1,454.2	198.8	644.0	568.7	1,009.7	742.7	286.0	338.3	323.9
1. Cash	101.8	47.8	87.4	375.2	78.8	594.0	530.7	901.7	622.7	111.0	55.3	58.9
2. Cash equivalents	—	—	—	1,079.0	120.0	50.0	38.0	108.0	120.0	175.0	283.0	265.0
II. Short-term financial investments	1,502.0	1,620.6	1,797.8	92.2	1,840.5	1,167.8	1,591.6	667.3	874.2	1,329.4	1,218.1	1,108.4
1. Available for sale securities	1,335.8	1,707.4	1,828.8	94.5	1,861.8	1,163.5	1,579.6	672.1	893.6	1,402.3	1,313.6	1,220.4
2. Provision for diminution in value of available for sale securities (*)	-93.8	-86.8	-31.0	-2.4	-41.3	-15.8	-8.1	-4.8	-19.4	-72.9	-95.5	-112.0
3. Held to maturity investments	264.7	—	—	—	20.0	20.0	20.0	0.0	0.0	0.0	0.0	0.0
4. Provision for short-term investments held to maturity (*)	-4.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	497.8	671.1	789.1	488.0	493.4	435.2	316.1	364.3	362.1	336.5	330.9	347.0
1. Short-term trade accounts receivable	2.7	24.4	0.4	12.3	0.5	0.0	0.0	1.2	4.8	0.4	0.3	0.4
2. Short-term prepayments to suppliers	1.1	0.9	1.4	0.7	0.8	0.8	0.1	0.7	44.4	0.4	0.7	1.7
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	192.9	141.2	185.1	162.1	162.7	61.8	58.9	4.9	16.2	17.0	55.0
6. Other short-term receivables	875.9	839.5	1,062.7	807.0	847.2	788.9	771.4	820.8	825.2	836.8	830.2	807.1
7. Provision for short-term doubtful debts (*)	-382.0	-386.6	-416.6	-517.3	-517.3	-517.3	-517.3	-517.3	-517.3	-517.3	-517.3	-517.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	5.1	8.1	8.3	10.3	5.9	4.9	3.3	3.5	5.1	5.9	3.4
1. Short-term prepayments	1.2	1.0	1.4	1.0	1.4	2.0	3.0	1.3	1.5	2.3	3.1	0.7
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.0	4.1	6.7	7.3	8.9	4.0	2.0	2.0	2.0	2.8	2.8	2.8
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	17.7	18.3	17.3	17.3	17.8	16.9	16.6	16.9	17.3	17.9	18.0	19.6
I. Long-term receivables	14.9	15.1	14.6	14.4	14.3	15.0	14.1	14.1	14.1	14.3	13.6	13.8
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.9	15.1	14.6	14.4	14.3	15.0	14.1	14.1	14.1	14.3	13.6	13.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.1	2.3	2.5	2.8	3.1	1.7	1.9	2.2	2.4	2.7	3.1	3.5
1. Tangible fixed assets	2.0	2.3	2.5	2.8	3.1	1.6	1.8	2.0	2.3	2.5	2.7	3.0
- Cost	12.2	—	—	—	—	10.4	10.4	10.4	10.4	10.4	10.4	10.4
- Accumulated depreciation	-10.1	—	—	—	—	-8.8	-8.6	-8.4	-8.1	-7.9	-7.7	-7.5
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.6
- Cost	9.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.0	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.8	0.2	0.1	0.3	0.2	0.5	0.6	0.8	1.0	1.2	2.0
1. Long-term prepayments	0.7	0.8	0.2	0.1	0.3	0.2	0.5	0.6	0.8	1.0	1.2	2.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.2
TOTAL ASSETS (280=100+200)	2,124.5	2,362.9	2,699.7	2,059.9	2,560.6	2,269.8	2,497.9	2,061.6	1,999.8	1,974.9	1,911.1	1,802.3
A. LIABILITIES (300=210+330)	412.6	613.3	727.3	76.5	618.5	268.6	451.9	78.0	71.7	178.0	134.2	42.7
I. Short -term liabilities	412.6	613.3	727.3	76.5	617.6	254.6	437.9	63.6	64.5	178.0	134.2	42.7
1. Short-term trade accounts payable	0.4	0.2	0.1	0.2	19.8	18.7	93.0	0.3	0.2	0.1	1.8	0.0
2. Short-term advances from customers	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
3. Taxes and other payables to state authorities	0.2	0.6	0.0	—	0.0	1.8	25.7	25.8	12.6	2.0	2.1	2.6
4. Payable to employees	3.4	1.3	5.6	0.8	7.4	1.7	0.6	0.8	12.3	2.1	3.8	3.7
5. Short-term acrrued expenses	50.7	55.0	51.1	49.4	46.5	43.0	11.6	10.6	13.4	2.3	1.4	2.1
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.5	18.4	102.2	2.2	2.1	2.1	2.1	2.1	2.1	2.3	3.3	2.3
10. Short-term borrowings and financial leases	322.5	513.9	544.4	—	517.8	163.3	280.9	0.0	0.0	145.4	97.8	8.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	0.9	14.0	14.0	14.4	7.2	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	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
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.9	14.0	14.0	14.4	7.2	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	1,711.9	1,749.6	1,972.4	1,983.4	1,942.2	2,001.2	2,046.0	1,983.6	1,928.1	1,797.0	1,777.0	1,309.4
I. Owner's equity	1,711.9	1,749.6	1,972.4	1,983.4	1,942.2	2,001.2	2,046.0	1,983.6	1,928.1	1,797.0	1,777.0	1,309.4
1. Owner's capital	961.6	961.6	1,106.1	1,106.1	1,106.1	1,186.1	1,186.1	1,186.1	1,186.1	1,186.1	1,186.1	1,186.1
- Common stock with voting right	961,555,700,000.00	961,555,700,000.00	1,106,106,700,000.00	1,106,106,700,000.00	1,106,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00	1,186,106,700,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	24.1	24.1	49.2	49.2	49.2	52.4	52.4	52.4	52.4	52.4	52.4	52.4
3. Convertible bond option	—	33.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	33.3	-20.7	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3
5. Treasury shares	-20,956,161,290.00	23,716,973,549.00	—	—	—	-56,115,046,965.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	30.1	—	—	—	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
8. Investment and development fund	23.7	—	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	30.1	—	30.1	30.1	30.1	30.1	30.1	30.1	30.1	26.8	26.8	26.8
11. Undistributed earnings after tax	411.8	424.8	435.8	448.2	363.4	340.3	367.4	242.9	150.7	16.4	0.3	-12.9
- Accumulated retained earning at the end of the previous period	427.0	407.8	404.9	417.4	406.8	11.5	21.3	11.5	15.9	-233.9	-233.9	-233.9
- Undistributed earnings in this period	-15.2	17.0	30.9	30.7	-43.5	328.8	346.1	231.4	134.8	250.4	234.2	221.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	248.3	272.8	294.2	292.9	336.5	391.4	353.0	415.2	451.9	458.2	454.3	0.0
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	450.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,124.5	2,362.9	2,699.7	2,059.9	2,560.6	2,269.8	2,497.9	2,061.6	1,999.8	1,974.9	1,911.1	1,802.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-26.1	-20.8	11.8	66.5	-42.3	-12.3	119.5	133.1	158.7	8.2	17.3	160.5
Depreciation of Fixed Assets and Investment Property	-0.2	0.2	0.3	0.3	0.3	0.2	0.3	0.3	0.3	0.3	0.5	0.5
Provision (Increase)/Reversal	7.1	25.8	-72.0	-39.0	23.3	7.7	3.3	-14.6	-53.5	-22.5	-16.6	-180.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.1	1.3	3.7	-4.5	-4.3	15.3	-4.9	54.9	-66.3	3.1	-7.5	-1.0
Interest Expense	8.8	12.9	3.6	5.2	6.4	6.1	8.9	14.3	0.0	1.4	0.4	1.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	-16.5	19.4	-52.7	28.5	-16.5	16.9	127.0	188.0	39.1	-9.5	-5.9	-19.7
Increase/(Decrease) in Receivables	15.4	178.6	-184.0	1,422.0	-1,395.6	694.9	-1,600.8	450.6	815.7	403.9	-339.5	318.8
Increase/(Decrease) in Inventory	—	-68.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.1	—	81.2	-47.1	-7.4	-30.1	20.7	217.6	-277.4	14.8	-1.0	-11.6
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.3	-0.5	0.6	0.5	1.3	-1.5	0.4	0.9	1.0	-1.7	1.3
Changes in Trading Securities	371.6	—	—	—	—	-416.1	907.6	-221.5	-508.7	113.0	-93.2	81.1
Interest Paid	7.5	-12.9	-3.0	-5.7	-6.4	-31.0	-6.7	-11.3	-4.3	-1.8	1.9	-2.8
Corporate Income Tax Paid	—	—	—	—	—	2.4	0.0	-1.2	0.0	-0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Other Operating Payments	-42.5	—	-20.9	—	-27.1	175.1	-66.1	0.0	0.0	-0.3	0.0	2.6
Net Cash Flow from Operating Activities	311.3	258.9	-1,941.1	1,796.1	-754.4	413.5	-619.9	622.6	65.3	521.1	-439.3	370.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-1.7	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.1	-0.1
Loans and Purchases of Debt Instruments	-106.7	-51.6	-134.2	-2.4	—	-151.1	-228.2	0.0	0.0	-361.4	361.4	-93.4
Receipts from Loan Repayments and Sale of Debt Instruments	34.9	0.0	157.5	—	—	-69.5	121.5	-60.0	229.8	-272.0	0.0	3.7
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	5.9	1.0	-22.3	8.5	—	0.0	4.7	11.3	0.0	-1.5	2.4	0.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-65.9	-50.6	2.8	4.3	—	-220.6	-102.0	-48.7	229.9	-635.0	363.8	-89.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,114.0	588.0	918.8	242.0	633.4	339.7	1,149.5	2,154.6	-413.4	232.1	115.2	0.0
Repayment of Borrowings	-1,305.4	-618.5	-374.4	-759.8	-278.8	-457.4	-868.6	-2,445.4	558.7	-186.7	-25.4	-88.3
Repayment of Finance Leases	—	—	—	—	—	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
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-191.4	-247.9	571.6	-545.0	354.6	-117.6	280.9	-290.7	145.4	45.4	89.8	-88.3
Net Cash Flow During the Period	54.0	-39.6	-1,366.8	1,255.4	-399.8	75.3	-441.0	283.2	440.6	-68.5	14.3	192.4
Cash and Cash Equivalents at Beginning of Period	47.8	87.4	1,454.2	198.8	598.6	286.0	286.0	286.0	286.0	102.7	102.7	102.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	-16.2	16.2	16.2	0.0	0.0
Cash and Cash Equivalents at End of Period	101.8	47.8	87.4	1,454.2	198.8	644.0	568.7	1,009.7	742.7	286.0	338.3	323.9

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