ACC

Listed Company · HOSE

Price

13,100

Latest close

03 Apr 2026

P/E 26.4x

EPS (TTM) 496

ROE (TTM) 3.8%

P/B 1.0x

BVPS (Latest) 13,224

ROA (TTM) 1.8%

What Is Changing

ACC no longer looks like a business simply rebounding from a weak base. Revenue posted +9.8% YoY, while net margin reached 6.87% with an additional -0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 63bps to 6.87% in 2025.
Revenue increased 9.8% YoY to VND 768.5bn in 2025.
Quarterly Net Income decreased 27.4% YoY to VND 10.5bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	768.5	700.0	651.6	642.2	353.0
Growth	+10%	+7%	+1%	+82%	—
Net Income	52.8	52.5	70.2	81.6	37.3
Net Margin	6.87%	7.50%	10.77%	12.70%	10.56%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	111.7	329.4	197.2	130.3	270.4	178.3	143.9	111.4	243.6	170.6	124.6	112.8
Growth	-66%	+67%	+51%	-52%	+52%	+24%	+29%	-54%	+43%	+37%	+11%	—
Net Income	10.5	24.7	8.4	9.2	14.5	19.9	8.2	10.3	29.6	24.0	8.7	9.9
Net Margin	9.43%	7.51%	4.28%	7.03%	5.37%	11.16%	5.71%	9.26%	12.15%	14.04%	7.01%	8.80%

Financial Statements

Profitability

Net margin reached 6.87% while Revenue posted +9.8% YoY.

Balance Sheet

Inventory stood at 983.2bn, liabilities at 1,430.7bn, and equity at 1,388.6bn.

Cash Flow

Operating cash flow was 433.0bn in 2024, while investing cash flow was -348.3bn.

Financing cash flow: -53.2bn.

Item	2025	2024	2023	2022	2021
Revenue	768.5	700.0	651.6	642.2	353.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	768.5	700.0	651.6	642.2	353.0
Cost of Goods Sold	656.6	590.3	525.0	539.8	0.0
Gross Profit	112.0	109.8	126.6	102.4	76.2
Financial Income	6.1	14.6	17.7	52.9	18.8
Financial Expenses	36.6	40.8	44.6	23.6	-30.9
Interest Expense	36.6	40.8	44.6	23.6	-27.9
Share of Associates and Joint Ventures	1.0	0.0	0.0	0.0	2.2
Selling Expenses	6.5	6.7	13.1	14.4	-8.7
General and Administrative Expenses	10.5	13.2	17.0	18.8	-16.0
Operating Profit	65.6	63.7	69.4	98.5	41.7
Other Income	1.0	68.4	18.4	7.0	0.0
Other Expenses	0.2	64.5	0.5	2.3	0.0
Other Profit	0.7	3.9	17.9	4.7	3.7
Profit Before Tax	66.3	67.6	87.3	103.2	45.4
Current Income Tax Expense	13.5	15.1	17.3	21.5	-8.2
Deferred Income Tax Expense	0.0	0.0	-0.1	0.2	0.0
Net Income	52.8	52.5	70.2	81.6	37.3
Non-controlling Interest	0.7	0.2	0.7	-0.7	1.4
Profit Attributable to Parent	52.1	52.3	69.5	82.3	35.9
Earnings per Share	496.00	498.00	662.00	860.00	1,195.00
Diluted EPS	495.89	498.00	661.90	784.10	1,195.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,542.9	1,752.7	1,752.2	1,889.4	806.4
I. Cash and cash equivalents	118.4	50.8	19.4	110.3	92.1
1. Cash	108.9	50.8	19.4	110.3	0.0
2. Cash equivalents	9.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	367.5	604.3	697.6	864.7	179.2
1. Short-term trade accounts receivable	323.6	385.9	448.8	277.7	0.0
2. Short-term prepayments to suppliers	35.2	63.7	67.2	91.5	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	149.1	173.0	319.2	0.0
6. Other short-term receivables	9.9	6.4	9.2	177.0	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-0.8	-0.6	-0.6	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	983.2	1,001.7	1,006.5	912.0	534.2
1. Inventories	983.2	1,001.7	1,006.5	912.1	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	-0.1	0.0
V. Other short-term assets	73.8	95.9	28.7	2.4	0.8
1. Short-term prepayments	1.0	3.4	1.7	1.8	0.0
2. Value added tax to be reclaimed	72.8	92.4	27.0	0.5	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.1	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,276.4	1,234.7	599.9	210.4	366.3
I. Long-term receivables	0.0	0.0	100.0	100.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	255.0
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.0	0.0	100.0	100.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.5	6.5	9.6	12.1	20.7
1. Tangible fixed assets	4.5	6.5	9.6	12.0	12.4
- Cost	126.1	126.0	127.9	130.0	0.0
- Accumulated depreciation	-121.5	-119.5	-118.3	-117.9	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	8.3
- Cost	1.8	1.8	1.8	1.8	0.0
- Accumulated depreciation	-1.8	-1.8	-1.8	-1.8	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	667.1	739.6	392.6	0.0	0.0
1. Long-term production in progress	667.1	739.6	392.6	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	578.0	464.0	72.2	72.2	72.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	392.0	392.0	0.0	0.0	0.0
3. Investments in other entities	187.7	73.7	73.7	73.7	0.0
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	0.0
5. Held to maturity investments	0.0	0.0	0.2	0.2	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.8	24.5	25.5	26.1	0.0
1. Long-term prepayments	26.8	24.5	25.5	26.1	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	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	18.4
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,819.3	2,987.4	2,352.0	2,099.8	1,172.7
A. LIABILITIES (300=210+330)	1,430.7	1,650.9	1,067.0	883.6	699.2
I. Short -term liabilities	882.1	1,489.6	884.6	872.3	446.3
1. Short-term trade accounts payable	345.8	796.6	201.0	98.7	81.7
2. Short-term advances from customers	23.7	109.0	60.1	107.0	10.0
3. Taxes and other payables to state authorities	3.2	3.1	6.8	14.3	0.0
4. Payable to employees	1.7	1.3	3.2	3.0	0.0
5. Short-term acrrued expenses	1.6	1.8	2.2	10.1	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.5	11.0	11.8	1.3	0.0
10. Short-term borrowings and financial leases	493.4	564.7	596.8	634.5	329.5
11. Provision for short-term liabilities	1.0	1.3	2.6	1.4	0.0
12.. Bonus and welfare fund	0.4	0.7	0.0	1.9	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	548.6	161.3	182.4	11.4	252.8
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	538.1	151.9	173.1	1.0	242.1
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.1	0.0
12. Provision for long-term liabilities	10.5	9.4	9.3	10.2	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	1,388.6	1,336.5	1,285.0	1,216.1	473.6
I. Owner's equity	1,388.6	1,336.5	1,285.0	1,216.1	0.0
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	473.6
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0	300.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	-2.6	-2.6	-2.6	-2.6	1.3
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	9.1	9.1	9.1	9.1	9.1
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	56.3	56.3	56.3	56.3	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	265.6	214.3	163.1	94.8	97.6
- Accumulated retained earning at the end of the previous period	213.6	162.1	93.6	12.5	61.4
- Undistributed earnings in this period	52.1	52.3	69.5	82.3	36.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10.2	9.4	9.2	8.5	9.3
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,819.3	2,987.4	2,352.0	2,099.8	1,172.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	67.6	87.3	103.2	47.1	79.5
Depreciation of Fixed Assets and Investment Property	3.0	3.7	4.3	4.6	9.1
Provision (Increase)/Reversal	-1.1	0.3	-0.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.6	-17.7	-53.0	0.0	0.0
Interest Expense	40.8	44.6	23.6	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	95.7	118.2	77.8	76.5	98.8
Increase/(Decrease) in Receivables	98.9	-0.1	-210.3	0.0	0.0
Increase/(Decrease) in Inventory	-342.2	-487.1	-375.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	641.1	61.3	105.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.8	0.8	-0.6	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-40.9	-43.9	-23.5	0.0	0.0
Corporate Income Tax Paid	-18.8	-24.9	-9.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-2.7	-2.4	0.0	0.0
Net Cash Flow from Operating Activities	433.0	-378.5	-438.8	-373.6	-266.6
Payments for Fixed Assets and Other Long-term Assets	0.0	-1.2	-3.7	-1.1	-10.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	3.4	0.1
Loans and Purchases of Debt Instruments	-505.2	-615.6	-2,374.6	0.0	-2.1
Receipts from Loan Repayments and Sale of Debt Instruments	529.3	761.8	2,055.4	0.0	0.0
Investments in Other Entities	-392.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	19.5	13.0	52.7	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-348.3	158.0	-270.1	4.7	-11.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	750.0	0.0	199.8
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	673.0	813.1	493.9	588.7	498.9
Repayment of Borrowings	-726.2	-683.5	-433.1	-254.0	-339.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-83.7	-15.2	-7.7
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-53.2	129.6	727.1	319.5	351.1
Net Cash Flow During the Period	31.4	-90.9	18.2	84.3	147.2
Cash and Cash Equivalents at Beginning of Period	19.4	110.3	92.1	141.5	132.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	50.8	19.4	110.3	92.1	204.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	111.7	329.4	197.2	130.3	270.4	178.3	143.9	111.4	243.6	170.6	124.6	112.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	111.7	329.4	197.2	130.3	270.4	178.3	143.9	111.4	243.6	170.6	124.6	112.8
Cost of Goods Sold	87.4	287.2	174.2	107.8	246.3	143.5	118.5	86.8	190.5	139.9	103.4	93.3
Gross Profit	24.3	42.2	23.0	22.5	24.1	34.8	25.4	24.6	53.1	30.7	21.2	19.4
Financial Income	1.7	1.6	1.0	1.8	3.0	2.7	3.1	3.1	2.6	2.7	5.9	6.4
Financial Expenses	8.4	9.1	10.7	8.4	10.4	8.1	11.6	9.6	13.1	8.4	11.9	6.1
Interest Expense	8.4	9.1	10.7	8.4	10.4	8.1	11.6	9.6	13.1	8.4	11.9	6.1
Share of Associates and Joint Ventures	0.0	1.0	0.0	0.0	1.2	0.0	0.0	1.2	0.0	0.0	0.0	0.0
Selling Expenses	1.7	2.0	1.1	1.7	0.6	1.0	1.7	3.3	2.2	3.2	3.0	5.7
General and Administrative Expenses	2.7	3.0	2.2	2.5	3.5	3.2	3.2	3.3	5.3	3.9	4.1	4.2
Operating Profit	13.2	30.7	10.1	11.6	13.9	25.1	11.9	12.8	35.0	17.9	8.2	9.8
Other Income	0.5	0.0	0.5	0.0	66.8	0.1	1.5	0.0	1.1	12.2	2.5	2.6
Other Expenses	0.0	0.0	0.0	0.1	62.8	0.2	1.1	0.1	0.0	0.2	0.0	0.0
Other Profit	0.5	-0.0	0.4	-0.1	4.1	-0.2	0.4	-0.1	1.1	12.0	2.5	2.6
Profit Before Tax	13.7	30.7	10.6	11.5	18.0	24.9	12.3	12.6	36.2	29.9	10.6	12.4
Current Income Tax Expense	3.1	5.9	2.1	2.3	3.5	5.0	4.9	2.3	6.6	6.0	2.0	2.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	-0.8	0.0	0.0	0.0	-0.1	0.0
Net Income	10.5	24.7	8.4	9.2	14.5	19.9	8.2	10.3	29.6	24.0	8.7	9.9
Non-controlling Interest	0.1	0.2	0.2	0.2	0.3	0.0	-0.0	0.0	0.1	0.0	0.5	-0.0
Profit Attributable to Parent	10.4	24.6	8.2	8.9	14.3	19.9	8.2	10.3	29.5	23.9	8.2	9.9
Earnings per Share	99.00	234.00	78.00	85.00	136.00	189.00	78.00	98.00	281.00	228.00	78.00	95.00
Diluted EPS	99.06	233.85	78.43	84.98	135.83	189.17	78.41	97.75	281.15	228.06	78.04	94.55

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,542.9	1,713.1	1,579.1	1,588.1	1,753.5	1,953.1	1,715.0	1,739.8	1,752.2	1,644.5	1,912.8	2,009.1
I. Cash and cash equivalents	118.4	19.8	39.1	70.0	50.8	34.2	17.7	22.3	19.4	14.8	30.5	19.6
1. Cash	108.9	19.8	39.1	70.0	50.8	34.2	17.7	22.3	19.4	14.8	30.5	19.6
2. Cash equivalents	9.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	367.5	625.8	467.7	447.1	604.8	612.0	632.9	669.8	697.3	601.3	732.4	739.6
1. Short-term trade accounts receivable	323.6	450.3	336.2	352.8	385.9	363.8	383.5	379.0	448.8	343.6	329.2	326.3
2. Short-term prepayments to suppliers	35.2	65.1	67.9	72.1	63.7	75.9	86.2	96.2	67.2	71.7	55.1	45.9
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	93.0	56.2	0.0	149.1	143.1	157.0	191.0	173.0	138.1	173.1	353.2
6. Other short-term receivables	9.9	18.5	8.3	23.0	6.7	29.9	6.7	4.2	9.0	48.5	175.7	14.8
7. Provision for short-term doubtful debts (*)	-1.2	-1.1	-0.8	-0.8	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	983.2	993.4	983.5	979.5	1,001.9	1,260.0	1,036.6	1,019.6	1,006.5	993.6	1,110.8	1,213.7
1. Inventories	983.2	993.4	983.5	979.5	1,001.9	1,260.0	1,036.6	1,019.6	1,006.5	993.6	1,110.8	1,213.8
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	-0.1
V. Other short-term assets	73.8	74.1	88.8	91.6	96.0	46.9	27.8	28.1	29.0	34.8	39.1	36.1
1. Short-term prepayments	1.0	0.8	1.7	2.6	3.6	1.4	1.6	1.5	2.0	2.2	2.4	1.5
2. Value added tax to be reclaimed	72.8	73.3	87.1	89.0	92.4	45.5	26.2	26.6	27.0	32.6	36.6	34.6
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,276.4	1,253.7	1,355.1	1,351.5	1,235.4	497.7	598.9	598.9	599.9	600.7	594.3	385.3
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	100.0	100.0	100.0	100.0	100.0	275.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	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. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	100.0	100.0	100.0	100.0	100.0	275.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.5	4.9	5.4	5.9	6.5	7.3	8.0	8.8	9.6	10.4	11.3	12.1
1. Tangible fixed assets	4.5	4.9	5.4	5.9	6.5	7.3	8.0	8.8	9.6	10.4	11.3	12.1
- Cost	126.1	126.0	126.0	126.0	126.0	127.9	127.9	127.9	127.9	131.2	131.2	131.1
- Accumulated depreciation	-121.5	-121.1	-120.7	-120.1	-119.5	-120.6	-119.9	-119.1	-118.3	-120.8	-119.9	-118.9
2. Financial leased fixed 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
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
- Cost	1.8	1.8	1.8	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.8	-1.8	-1.8	-1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	667.1	647.2	747.9	743.4	739.6	392.9	392.8	392.7	392.6	392.5	385.1	0.0
1. Long-term production in progress	667.1	647.2	747.9	743.4	739.6	392.9	392.8	392.7	392.6	392.5	385.1	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	578.0	578.0	578.0	578.0	464.0	72.0	72.2	72.2	72.2	72.2	72.2	72.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	392.0	392.0	392.0	392.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	187.7	187.7	187.7	187.7	465.7	73.7	73.7	73.7	73.7	73.7	73.7	73.7
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.2
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.8	23.6	23.9	24.2	25.2	25.5	25.8	25.2	25.5	25.6	25.7	26.0
1. Long-term prepayments	26.8	23.6	23.9	24.2	24.4	24.7	25.0	25.2	25.5	25.6	25.7	26.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.8	0.8	0.8	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	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,819.3	2,966.8	2,934.3	2,939.7	2,988.8	2,450.8	2,313.9	2,338.7	2,352.1	2,245.2	2,507.1	2,394.4
A. LIABILITIES (300=210+330)	1,430.7	1,588.7	1,580.9	1,594.5	1,651.8	1,129.1	1,012.4	1,043.4	1,068.0	1,071.6	1,357.4	1,169.1
I. Short -term liabilities	882.1	1,018.3	992.0	1,436.1	1,490.5	948.1	817.4	874.3	857.5	863.4	1,135.9	945.5
1. Short-term trade accounts payable	345.8	346.4	338.2	795.2	796.6	300.5	175.3	189.3	201.0	114.5	125.0	108.1
2. Short-term advances from customers	23.7	74.6	64.8	52.7	109.0	118.5	108.5	53.8	60.1	86.3	92.8	130.8
3. Taxes and other payables to state authorities	3.2	8.0	3.4	1.6	4.0	7.6	5.0	2.4	6.6	8.1	4.9	2.6
4. Payable to employees	1.7	1.2	1.3	1.3	1.3	1.3	1.7	1.9	4.0	1.9	2.5	3.1
5. Short-term acrrued expenses	1.6	1.7	2.0	0.2	1.8	0.7	1.8	0.9	2.7	0.2	10.1	2.3
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.5	11.3	11.6	11.0	11.0	11.4	12.9	11.7	11.8	95.8	91.2	5.7
10. Short-term borrowings and financial leases	493.4	573.4	569.4	572.2	564.7	507.0	510.2	611.8	570.2	556.0	808.8	691.5
11. Provision for short-term liabilities	1.0	1.4	1.1	1.5	1.3	0.3	1.3	2.6	1.2	0.8	0.8	1.4
12.. Bonus and welfare fund	0.4	0.4	0.4	0.4	0.7	0.7	0.7	0.0	-0.2	-0.2	-0.2	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	548.6	570.4	589.0	158.4	161.3	181.0	194.9	169.1	210.6	208.2	221.5	223.7
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	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 acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	538.1	558.9	579.8	149.3	151.9	168.9	185.9	159.7	199.7	199.8	213.2	213.3
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.1
12. Provision for long-term liabilities	10.5	11.5	9.2	9.1	9.4	12.1	9.1	9.3	10.7	8.3	8.3	10.2
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,388.6	1,378.0	1,353.3	1,345.2	1,337.0	1,321.7	1,301.6	1,295.3	1,284.0	1,173.6	1,149.7	1,225.2
I. Owner's equity	1,388.6	1,378.0	1,353.3	1,345.2	1,337.0	1,321.7	1,301.6	1,295.3	1,284.0	1,173.6	1,149.7	1,225.2
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	56.3	56.3	56.3	56.3	56.3	56.3	56.3	56.3	56.3	56.3	56.3	56.3
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	265.6	255.2	230.7	222.8	214.7	199.7	179.6	173.4	162.1	51.8	27.9	103.9
- Accumulated retained earning at the end of the previous period	213.6	213.6	213.6	213.8	162.1	162.1	162.1	163.1	93.6	9.6	9.6	94.0
- Undistributed earnings in this period	52.1	41.7	17.2	8.9	52.7	37.6	17.5	10.3	68.5	42.2	18.3	9.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10.2	10.0	9.8	9.6	9.5	9.3	9.2	9.2	9.2	9.1	9.1	8.5
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,819.3	2,966.8	2,934.3	2,939.7	2,988.8	2,450.8	2,313.9	2,338.7	2,352.1	2,245.2	2,507.1	2,394.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	13.7	30.7	10.5	11.5	18.8	24.9	11.4	12.6	34.2	29.8	10.9	12.4
Depreciation of Fixed Assets and Investment Property	0.4	0.5	0.5	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9	1.0
Provision (Increase)/Reversal	-1.3	2.9	-0.3	0.0	-1.8	2.1	-1.5	-0.0	3.5	-0.7	-2.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-2.6	-1.0	-1.8	-70.4	-2.4	-3.6	-4.1	-2.6	-2.7	-6.0	-6.4
Interest Expense	8.4	9.1	10.7	8.4	10.4	8.1	13.0	9.4	16.3	8.4	13.9	6.1
Gain/Loss on Disposal of Fixed 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
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	19.4	40.5	20.4	18.7	-42.3	33.4	20.1	18.6	52.1	35.7	17.2	13.1
Increase/(Decrease) in Receivables	161.9	-108.6	38.5	12.8	-36.6	104.9	-4.6	49.5	-52.6	101.8	0.9	-50.2
Increase/(Decrease) in Inventory	-9.8	90.8	-8.5	18.4	-88.7	-223.4	-17.3	-13.1	-13.1	110.5	-282.8	-301.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.3	19.6	-443.8	-58.4	487.7	132.5	44.2	-22.5	63.2	-22.4	-10.9	31.4
Increase/(Decrease) in Prepaid Expenses	-3.3	1.2	1.2	1.2	-1.9	0.5	0.1	0.5	1.8	-0.9	-0.8	0.7
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.2	-9.5	-9.7	-9.5	-10.3	-8.9	-14.2	-8.4	-16.0	-8.5	-13.8	-5.7
Corporate Income Tax Paid	-7.8	-0.8	-0.4	-3.7	-7.4	-2.2	-2.2	-6.8	-8.0	-2.5	-0.0	-14.3
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	-0.9	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-2.7
Net Cash Flow from Operating Activities	101.0	33.3	-402.3	-21.3	300.5	36.9	26.0	17.8	27.5	213.7	-290.3	-329.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	66.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-93.0	-115.7	-70.2	-64.2	0.0	-250.0	-191.0	-153.8	15.1	-65.3	-411.6
Receipts from Loan Repayments and Sale of Debt Instruments	93.0	56.2	59.5	219.2	58.2	-0.1	284.0	173.0	118.9	19.9	245.4	377.6
Investments in Other Entities	0.0	0.0	-114.0	0.0	-392.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	-114.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.6	1.0	0.0	0.6	7.2	-0.2	10.8	1.5	-2.1	3.1	5.6	6.4
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	98.5	-35.8	-56.2	35.6	-324.6	-0.3	44.8	-16.5	-37.1	38.0	185.8	-28.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	44.3	194.0	598.1	89.3	213.3	158.2	154.3	147.2	130.0	115.1	193.2	374.8
Repayment of Borrowings	-145.1	-210.8	-170.5	-84.4	-172.6	-178.4	-229.7	-145.5	-115.9	-382.5	-77.8	-107.4
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-100.8	-16.8	427.6	4.9	40.8	-20.2	-75.4	1.6	14.1	-267.4	115.4	267.4
Net Cash Flow During the Period	98.7	-19.4	-30.8	19.1	16.7	16.5	-4.6	2.9	4.6	-15.7	10.9	-90.7
Cash and Cash Equivalents at Beginning of Period	19.8	39.1	70.0	50.8	19.4	19.4	19.4	19.4	110.3	110.3	110.3	110.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	118.4	19.8	39.1	70.0	50.8	34.2	17.7	22.3	19.4	14.8	30.5	19.6

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