VCR

Đầu tư và Phát triển Du lịch Vinaconex ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −1.33x

Price

38,000

Latest close

04 Jun 2026

P/E -76.31x

P/B 5.42x

EPS -498

BVPS 7,012

ROE -6.9%

ROA -1.9%

Profit Margin -697.6%

Asset Turnover 0.00x

Equity Mult. 3.18x

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

What Is Changing

On a TTM 2025Q2 basis, VCR posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6bn
	                                
−81.1%YoY

	                            
	                                NET MARGIN
	                            
	                                    −1662.26%
	                                
−1594.0ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 105bn
	                                
−361.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    73.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3.2	3.1	33.2	186.3	78.8
Growth	+1%	-91%	-82%	+136%	—
Net Income	-77.4	-21.8	-286.7	5.4	-7.1
Net Margin	-2452.16%	-697.56%	-863.24%	2.91%	-9.01%

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	—	—	—	3.2	—	3.1	0.0	0.0	0.0	9.4	0.0	23.8
Growth	—	—	—	—	—	—	—	—	-100%	—	-100%	—
Net Income	-32.7	-54.6	-12.1	-5.1	-5.5	-5.9	-5.1	-6.2	-4.7	-4.9	-283.3	-1.4
Net Margin	—	—	—	-161.24%	—	-189.25%	—	—	—	-52.21%	—	-5.81%

Drivers of VCR's profit

TTM

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

Finance costs ↑ 79.8bn

TTM

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

Finance costs ↑ 28.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -2452.16% −1594.0pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (75.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is typical for the real estate sector — liabilities at 2.61x equity, net debt at 1.36x equity.

Development inventory ended the period at 1,737.8bn, about 32.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 426.7bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +22.6bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +404.1bn

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.36x and interest coverage only at -1.33x.

At present, short-term debt accounts for 27.7% of total debt, cash equals 0.2% of debt, and total debt stands at 2,000.3bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.36x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.33x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.36x +0.02x

Interest Coverage -1.33x +382.38x

Cash / Debt 0.2% +0.1pp

Short-term Debt / Total Debt 27.7% +4.3pp

CFO / NI -18.58x −24.19x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,972.0bn in 2025, against investing cash flow of -1,842.4bn.

Post-investment cash flow was positive +129.6bn. Financing cash flow was negative +124.5bn.

CFO / net income was -18.58x.

After spending +1,823.7bn on fixed-asset investment, the business generated trailing free cash flow of +118.7bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,942.4bn +2,069.5bn

Cash Capex 1,823.7bn +1,337.2bn

FCF TTM +118.7bn +732.3bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -1.33x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 73.6% of PBT and CFO / net income currently at -18.58x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.33x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3.2	3.1	33.2	186.3	78.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3.2	3.1	33.2	186.3	78.8
Cost of Goods Sold	2.7	2.7	27.6	158.6	0.0
Gross Profit	0.5	0.4	5.6	27.7	9.4
Financial Income	3.0	0.0	0.9	1.2	3.0
Financial Expenses	51.5	0.1	277.1	0.7	0.2
Interest Expense	—	0.0	0.0	0.5	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.1	0.0
General and Administrative Expenses	31.2	22.1	24.0	24.0	-19.7
Operating Profit	-79.3	-21.7	-294.6	4.1	-7.2
Other Income	1.9	0.0	8.1	1.4	0.0
Other Expenses	0.0	0.1	0.2	0.1	0.0
Other Profit	1.9	-0.1	7.9	1.3	0.1
Profit Before Tax	-77.4	-21.8	-286.7	5.4	-7.1
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-77.4	-21.8	-286.7	5.4	-7.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-77.4	-21.8	-286.7	5.4	-7.1
Earnings per Share	-369.00	-104.00	-1,365.00	26.00	-36.73
Diluted EPS	-369.00	-104.00	-1,365.00	25.77	-33.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,004.2	294.2	294.4	356.3	4,300.8
I. Cash and cash equivalents	5.7	0.6	22.3	78.0	44.0
1. Cash	5.7	0.6	22.2	71.0	0.0
2. Cash equivalents	—	0.0	0.1	7.0	0.0
II. Short-term financial investments	0.0	0.0	0.1	0.1	0.0
1. Available for sale securities	0.3	0.3	0.3	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	88.4	119.0	121.3	147.9	4,234.0
1. Short-term trade accounts receivable	2.0	22.2	22.0	19.7	0.0
2. Short-term prepayments to suppliers	11.5	12.0	14.5	23.4	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	76.0	85.9	85.9	105.9	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,737.8	10.9	13.6	40.6	0.0
1. Inventories	1,737.8	10.9	13.6	40.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	172.3	163.8	137.2	89.9	22.5
1. Short-term prepayments	0.0	0.4	0.0	0.0	0.0
2. Value added tax to be reclaimed	163.7	157.8	131.6	84.3	0.0
3. Taxes and other receivables from state authorities	8.6	5.6	5.6	5.6	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)	3,428.8	4,888.7	4,661.3	6,808.0	2,475.5
I. Long-term receivables	1.2	1.0	256.7	3,233.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	256.7	3,233.6	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	1.2	1.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	27.8	29.1	30.5	3.5	3.6
1. Tangible fixed assets	27.8	29.1	30.5	3.5	3.6
- Cost	34.0	34.9	34.9	7.9	0.0
- Accumulated depreciation	-6.2	-5.8	-4.5	-4.5	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	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	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	3,399.4	4,847.5	4,359.6	3,553.0	2,451.3
1. Long-term production in progress	—	0.0	0.0	1,529.2	0.0
2. Construction in progress	3,399.4	4,847.5	4,359.6	2,023.7	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	0.4	11.1	14.4	18.0	0.0
1. Long-term prepayments	0.4	11.1	14.4	17.9	0.0
2. Deferred income tax assets	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
4. Other long-term assets	—	0.0	0.0	0.0	20.6
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)	5,433.0	5,183.0	4,955.7	7,164.3	6,776.3
A. LIABILITIES (300=210+330)	3,927.7	3,600.2	3,351.1	5,273.0	4,890.4
I. Short -term liabilities	2,498.5	1,982.5	1,977.4	1,208.3	551.4
1. Short-term trade accounts payable	250.5	463.3	465.0	519.2	31.8
2. Short-term advances from customers	2.9	1.8	3.4	13.1	20.6
3. Taxes and other payables to state authorities	0.3	0.6	0.7	1.5	0.0
4. Payable to employees	0.5	2.0	2.3	2.6	0.0
5. Short-term acrrued expenses	43.9	64.1	96.8	110.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1,648.5	967.6	950.6	102.9	0.0
10. Short-term borrowings and financial leases	551.1	482.4	457.9	457.9	227.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	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	1,429.2	1,617.7	1,373.7	4,064.7	4,339.0
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	33.2	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	2,200.0	0.0
8. Long-term borrowings and financial leases	1,429.2	1,617.7	1,373.7	1,831.6	2,080.9
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)	1,505.3	1,582.7	1,604.6	1,891.3	1,885.9
I. Owner's equity	1,505.3	1,582.7	1,604.6	1,891.3	0.0
1. Owner's capital	2,100.0	2,100.0	2,100.0	2,100.0	1,885.9
- Common stock with voting right	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3
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	—	0.00	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	11.4	11.4	11.4	11.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.8	4.8	4.8	4.8	0.0
11. Undistributed earnings after tax	-617.3	-539.8	-518.0	-231.2	-236.7
- Accumulated retained earning at the end of the previous period	-539.8	-518.0	-231.2	-236.7	-229.6
- Undistributed earnings in this period	-77.4	-21.8	-286.7	5.4	-7.1
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)	5,433.0	5,183.0	4,955.7	7,164.3	6,776.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-77.4	-21.8	-286.7	5.4	-7.1
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.1	0.2	0.2
Provision (Increase)/Reversal	-0.0	0.1	-0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.0	269.2	-1.2	0.0
Interest Expense	—	0.0	0.0	0.5	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	-77.6	-21.8	-17.5	5.1	-10.1
Increase/(Decrease) in Receivables	21.6	233.1	2,671.6	786.8	0.0
Increase/(Decrease) in Inventory	1,612.9	2.7	27.0	-850.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	407.1	-305.0	-1,571.5	718.7	0.0
Increase/(Decrease) in Prepaid Expenses	11.1	2.9	3.5	2.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-267.2	0.0
Corporate Income Tax Paid	-3.1	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,972.0	-88.0	1,113.1	395.4	-832.5
Payments for Fixed Assets and Other Long-term Assets	-1,842.4	-202.2	-722.2	-291.3	-1,076.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	11.3	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	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	—	0.0	0.0	1.3	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	-1,842.4	-202.2	-710.9	-290.0	-1,073.4
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	667.2	2,226.4	0.0	191.1	941.2
Repayment of Borrowings	-791.7	-1,957.9	-457.9	-209.9	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-52.7	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	-124.5	268.5	-457.9	-71.4	941.2
Net Cash Flow During the Period	5.1	-21.7	-55.7	34.0	-0.9
Cash and Cash Equivalents at Beginning of Period	0.6	22.3	78.0	44.0	1,008.7
FX Difference from Revaluation	—	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.7	0.6	22.3	78.0	44.0

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	—	—	—	3.2	—	3.1	0.0	0.0	0.0	9.4	0.0	23.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	—	3.2	—	3.1	0.0	0.0	0.0	9.4	0.0	23.8
Cost of Goods Sold	—	—	—	2.7	—	2.7	0.0	0.0	0.0	8.1	0.0	19.5
Gross Profit	—	—	—	0.5	—	0.4	0.0	0.0	0.0	1.3	0.0	4.3
Financial Income	0.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Financial Expenses	28.3	51.5	-0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	277.1	-0.0
Interest Expense	—	—	—	—	—	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
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.4	7.4	12.2	6.0	5.5	6.4	4.9	6.2	4.7	6.2	6.1	6.0
Operating Profit	-32.7	-56.0	-12.1	-5.6	-5.5	-5.9	-4.9	-6.2	-4.7	-4.9	-283.2	-1.3
Other Income	—	1.4	0.0	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	—	0.0	—	0.0	0.1	0.0	0.0	0.0	0.1	0.1
Other Profit	-0.0	1.4	0.0	0.5	—	0.0	-0.1	0.0	0.0	0.0	-0.1	-0.1
Profit Before Tax	-32.7	-54.6	-12.1	-5.1	-5.5	-5.9	-5.1	-6.2	-4.7	-4.9	-283.3	-1.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-32.7	-54.6	-12.1	-5.1	-5.5	-5.9	-5.1	-6.2	-4.7	-4.9	-283.3	-1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-32.7	-54.6	-12.1	-5.1	-5.5	-5.9	-5.1	-6.2	-4.7	-4.9	-283.3	-1.4
Earnings per Share	-156.00	-260.00	-58.00	-24.00	-26.00	-28.00	-24.00	-29.00	-22.00	-23.00	-1,349.00	-7.00
Diluted EPS	-155.71	-260.04	-57.73	-24.25	-26.25	-28.20	-24.13	-29.34	-22.27	-23.34	-1,348.87	-6.59

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)	2,002.1	274.6	585.7	306.1	299.9	294.2	425.0	441.8	274.7	302.0	294.8	287.3
I. Cash and cash equivalents	3.5	5.7	313.0	1.8	1.8	0.6	0.4	0.3	2.8	22.3	4.8	5.9
1. Cash	3.5	5.7	1.5	1.8	1.8	0.6	0.4	0.1	2.7	22.2	4.7	0.8
2. Cash equivalents	—	—	311.5	—	—	0.0	0.0	0.1	0.1	0.1	0.1	5.1
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
1. Available for sale securities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	88.4	88.4	92.8	124.3	118.1	119.0	254.8	281.7	120.7	128.9	149.6	149.8
1. Short-term trade accounts receivable	1.8	2.0	1.8	2.7	22.2	22.2	22.0	22.0	22.0	22.0	21.4	21.4
2. Short-term prepayments to suppliers	11.8	11.5	11.2	37.0	11.2	12.0	148.1	174.3	13.3	18.7	20.6	21.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	75.9	76.0	80.9	85.7	85.8	85.9	85.9	86.6	86.6	89.3	108.7	108.5
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,737.8	8.2	8.2	8.2	10.9	10.9	13.6	13.6	13.6	13.6	21.7	21.7
1. Inventories	1,737.8	8.2	8.2	8.2	10.9	10.9	13.6	13.6	13.6	13.6	21.7	21.7
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	172.3	172.3	171.6	171.8	169.1	163.8	156.2	146.2	137.5	137.2	118.6	109.8
1. Short-term prepayments	0.0	0.0	0.5	0.8	0.8	0.4	0.4	0.5	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	163.8	163.7	162.6	162.3	159.7	157.8	150.2	140.0	131.9	131.6	113.0	104.2
3. Taxes and other receivables from state authorities	8.6	8.6	8.6	8.7	8.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
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)	3,485.3	5,186.6	5,118.2	5,068.4	4,960.2	4,888.7	4,746.6	4,583.0	4,609.4	4,661.3	4,845.5	6,295.8
I. Long-term receivables	1.1	1.2	1.0	1.0	1.0	1.0	0.0	0.0	161.3	256.7	724.2	2,353.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	161.3	0.0	724.2	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	256.7	0.0	2,353.6
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	1.1	1.2	1.0	1.0	1.0	1.0	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
II. Fixed assets	27.5	27.8	28.1	28.5	28.8	29.1	29.5	29.8	30.1	0.1	0.1	0.1
1. Tangible fixed assets	27.5	27.8	28.1	28.5	28.8	29.1	29.5	29.8	30.1	0.1	0.1	0.1
- Cost	34.0	—	—	—	—	34.9	34.9	34.9	34.9	2.6	2.6	2.6
- Accumulated depreciation	-6.5	—	—	—	—	-5.8	-5.5	-5.1	-4.8	-2.5	-2.5	-2.5
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	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	3,456.3	5,157.1	5,088.5	5,030.3	4,920.1	4,847.5	4,705.8	4,541.0	4,404.9	4,390.0	4,106.4	3,926.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	546.2	545.7	545.7
2. Construction in progress	3,456.3	5,157.1	5,088.5	5,030.3	4,920.1	4,847.5	4,705.8	4,541.0	4,404.9	3,843.9	3,560.7	3,380.3
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	0.4	0.4	0.6	8.7	10.3	11.1	11.4	12.2	13.1	14.4	14.8	16.2
1. Long-term prepayments	0.4	0.4	0.6	8.7	10.3	11.1	11.4	12.2	13.1	14.4	14.8	16.2
2. Deferred income tax assets	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. 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	0.0	0.0
TOTAL ASSETS (280=100+200)	5,487.4	5,461.1	5,703.9	5,374.5	5,260.1	5,183.0	5,171.6	5,024.8	4,884.2	4,963.3	5,140.2	6,583.1
A. LIABILITIES (300=210+330)	4,014.8	3,955.7	4,143.9	3,802.4	3,682.9	3,600.2	3,583.0	3,431.1	3,284.3	3,358.7	3,530.8	4,690.4
I. Short -term liabilities	2,568.3	2,526.5	2,943.6	2,144.2	2,065.2	1,753.6	2,438.3	2,286.4	1,910.6	1,985.1	1,309.4	1,100.1
1. Short-term trade accounts payable	233.2	250.5	239.9	248.5	485.3	463.3	1,016.2	900.3	692.4	465.0	311.5	183.0
2. Short-term advances from customers	2.9	2.9	2.9	2.9	2.8	1.8	4.8	4.8	4.8	3.4	11.8	7.2
3. Taxes and other payables to state authorities	0.3	0.3	0.4	0.4	0.5	0.6	0.6	0.6	0.5	0.7	0.5	3.6
4. Payable to employees	0.2	0.5	0.8	0.9	1.0	2.0	0.9	1.0	1.0	2.3	1.0	1.1
5. Short-term acrrued expenses	100.2	72.0	122.0	65.9	111.4	64.1	109.3	72.7	134.1	104.4	193.7	113.9
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	1,676.9	1,648.4	1,596.8	968.9	968.7	967.6	950.4	951.1	950.8	950.6	103.3	103.8
10. Short-term borrowings and financial leases	553.8	551.1	980.1	856.0	494.9	253.4	355.3	355.3	126.3	457.9	686.8	686.8
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	1,446.5	1,429.2	1,200.2	1,658.1	1,617.7	1,846.6	1,144.7	1,144.7	1,373.7	1,373.7	2,221.4	3,590.3
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	16.7
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	847.7	2,200.0
8. Long-term borrowings and financial leases	1,446.5	1,429.2	1,200.2	1,658.1	1,617.7	1,846.6	1,144.7	1,144.7	1,373.7	1,373.7	1,373.7	1,373.7
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	—	—	—	—	—	0.0	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
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)	1,472.6	1,505.4	1,560.0	1,572.1	1,577.2	1,582.7	1,588.6	1,593.7	1,599.9	1,604.6	1,609.5	1,892.7
I. Owner's equity	1,472.6	1,505.4	1,560.0	1,572.1	1,577.2	1,582.7	1,588.6	1,593.7	1,599.9	1,604.6	1,609.5	1,892.7
1. Owner's capital	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0	2,100.0
- Common stock with voting right	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
11. Undistributed earnings after tax	-650.0	-617.1	-562.5	-550.4	-545.3	-539.8	-533.9	-528.8	-522.7	-518.0	-513.1	-229.8
- Accumulated retained earning at the end of the previous period	-617.3	-539.8	-539.8	-539.8	-539.8	-518.0	-518.0	-518.0	-518.0	-231.2	-231.2	-231.2
- Undistributed earnings in this period	-32.7	-77.3	-22.7	-10.6	-5.5	-21.8	-15.9	-10.8	-4.7	-286.7	-281.8	1.4
12. Reserves for investment in construction	—	—	—	—	—	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
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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,487.4	5,461.1	5,703.9	5,374.5	5,260.1	5,183.0	5,171.6	5,024.8	4,884.2	4,963.3	5,140.2	6,583.1

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	-32.7	-54.7	-12.1	-5.1	-5.5	-5.9	-5.1	-6.2	-4.7	-4.9	-283.3	-1.4
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-0.0	-0.0	-0.0	0.0	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
Gain/Loss from Investment Activities	—	-0.2	—	-0.0	—	-0.0	-0.0	-0.0	-0.0	278.0	-0.0	-8.4
Interest Expense	—	—	—	—	—	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
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	-32.7	-54.9	-12.1	-5.1	-5.5	-5.9	-5.0	-6.2	-4.7	273.1	-283.3	-9.8
Increase/(Decrease) in Receivables	-0.0	0.2	8.6	13.7	-1.1	127.3	16.8	183.5	-95.7	2,702.1	-888.6	628.2
Increase/(Decrease) in Inventory	—	1,610.2	0.0	2.7	—	2.7	0.0	0.0	0.0	8.7	0.0	18.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.1	-150.8	830.9	-343.1	70.1	-582.9	15.2	61.9	224.4	-1,250.1	71.0	-224.9
Increase/(Decrease) in Prepaid Expenses	0.0	0.7	8.3	1.7	0.4	0.3	1.0	0.4	1.3	0.4	1.4	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	-94.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	—	-3.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	34.4	1,496.9	744.3	-333.1	64.0	-458.5	27.9	239.6	125.3	1,734.2	-1,099.4	412.2
Payments for Fixed Assets and Other Long-term Assets	-56.6	-1,599.4	-99.3	-68.4	-75.3	-141.4	-27.7	-242.2	186.7	-1,486.9	1,098.3	-247.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	11.3
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	—	0.0	0.0	0.0	0.0	-0.9	-0.0	0.4
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	-56.6	-1,599.4	-99.3	-68.4	-75.3	-141.4	-27.7	-242.2	186.7	-1,487.8	1,098.3	-235.5
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	20.0	24.2	0.0	630.4	12.5	726.4	0.0	1,500.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-228.9	-333.8	-228.9	—	-126.3	0.0	-1,500.0	-331.6	-228.9	0.0	-228.9
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	20.0	-204.7	-333.8	401.5	12.5	600.1	0.0	0.0	-331.6	-228.9	0.0	-229.0
Net Cash Flow During the Period	-2.2	-307.3	311.2	-0.1	1.2	0.2	0.2	-2.5	-19.5	17.5	-1.1	-52.3
Cash and Cash Equivalents at Beginning of Period	5.7	313.0	1.8	1.8	0.6	22.3	22.3	22.3	22.3	78.0	78.0	78.0
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	3.5	5.7	313.0	1.8	1.8	0.6	0.4	0.3	2.8	22.3	4.8	5.9

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