ACM

Tập đoàn Khoáng sản Á Cường ·UPCOM ·2025Q4

Price

600,000

Latest close

29 May 2026

P/E -2,083.45x

P/B 94.74x

EPS -288

BVPS 6,333

ROE -4.4%

ROA -2.8%

Profit Margin —

Asset Turnover —

Equity Mult. —

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

Metric	2025	2024	2023	2022	2021
Revenue	—	0.0	0.0	0.0	0.0
Growth	—	—	—	-100%	—
Net Income	-9.8	-9.9	-9.9	-9.6	-13.2
Net Margin	—	—	—	—	-24365426553.70%

Metric	Q4'25	Q2'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Growth	—	—	—	—	—	—	—	—	—	—	—	—
Net Income	-7.3	-2.4	-2.5	-2.5	-2.7	-7.4	-2.5	-2.5	-2.5	-2.7	-2.7	-2.5
Net Margin	—	—	—	—	—	—	—	—	—	—	—	—

Drivers of ACM's profit

TTM

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

Administrative expenses ↓ 0.4bn

TTM

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

Finance costs ↑ 4.4bn

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 -24365426553.70% —

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2024Q1 -> 2025Q4

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (91.0% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.24x equity.

Inventory ended the period at 192.6bn, roughly 36.3% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at -1.10x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 78.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.10x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.24x +0.01x

Interest Coverage -1.10x +0.03x

Cash / Debt 1.0% +0.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.03x +0.00x

TTM YoY · 2024Q1 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.3bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +0.3bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.03x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.5bn −0.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. 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 -1.10x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 91.0% of PBT and CFO / net income currently at -0.03x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.10x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	—	0.0	0.0	0.0	0.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	—	0.0	0.0	0.0	0.0
Cost of Goods Sold	—	0.0	0.0	0.0	0.0
Gross Profit	—	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	8.9	8.9	8.9	8.9	-8.9
Interest Expense	8.9	8.9	8.9	0.0	-2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.9	0.9	1.0	0.6	-1.4
Operating Profit	-9.8	-9.9	-9.9	-9.5	-10.3
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.1	0.0
Other Profit	—	0.0	-0.0	-0.1	-2.8
Profit Before Tax	-9.8	-9.9	-9.9	-9.6	-13.2
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	-9.8	-9.9	-9.9	-9.6	-13.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-9.8	-9.9	-9.9	-9.6	-13.2
Earnings per Share	-193.00	-193.38	-195.00	-188.00	-54.00
Diluted EPS	-192.53	-193.38	-194.68	-187.86	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	204.4	239.9	167.9	149.7
I. Cash and cash equivalents	0.8	0.2	0.9	0.1
1. Cash	0.8	0.2	0.9	0.1
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	11.0	111.5	15.9	20.5
1. Short-term trade accounts receivable	—	0.0	0.0	119.8
2. Short-term prepayments to suppliers	3.1	1.4	3.0	2.8
3. Short-term inter-company receivables	—	101.8	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	10.4	9.4	15.4	20.3
7. Provision for short-term doubtful debts (*)	-2.5	-1.1	-2.5	-122.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	192.6	126.1	149.0	127.1
1. Inventories	193.3	126.9	149.8	127.9
2. Provision for decline in value of inventories	-0.8	-0.8	-0.8	-0.8
V. Other short-term assets	0.1	2.0	2.1	1.9
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	2.0	2.0	1.9
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	326.5	345.9	365.8	385.0
I. Long-term receivables	43.5	43.5	43.5	43.5
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	43.5	43.5	43.5	43.5
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	146.0	165.2	185.1	204.9
1. Tangible fixed assets	146.0	165.2	185.1	204.9
- Cost	316.9	316.8	316.9	316.9
- Accumulated depreciation	-170.8	-151.6	-131.8	-111.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	60.1	60.1	59.2	59.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	60.1	60.1	59.2	59.2
V. Long-term financial investments	75.1	75.1	75.1	75.1
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	75.2	75.2	75.2	75.2
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.7	1.9	3.0	2.3
1. Long-term prepayments	1.7	1.9	3.0	2.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	530.9	585.8	533.7	534.7
A. LIABILITIES (300=210+330)	207.9	208.2	190.7	181.8
I. Short -term liabilities	207.9	208.2	190.7	181.8
1. Short-term trade accounts payable	4.0	3.4	4.3	4.4
2. Short-term advances from customers	1.3	1.3	1.4	1.3
3. Taxes and other payables to state authorities	10.9	8.0	13.2	13.2
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	81.9	73.0	64.0	55.1
6. Short-term inter-company payables	—	14.5	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	30.4	28.5	28.4	28.4
10. Short-term borrowings and financial leases	78.5	78.5	78.5	78.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	323.0	377.6	343.0	352.9
I. Owner's equity	323.0	377.6	343.0	352.9
1. Owner's capital	510.0	510.0	510.0	510.0
- Common stock with voting right	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	1.8	1.8	1.8	1.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-188.8	-134.2	-168.8	-158.9
- Accumulated retained earning at the end of the previous period	-179.0	-124.3	-158.9	-149.3
- Undistributed earnings in this period	-9.8	-9.9	-9.9	-9.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	530.9	585.8	533.7	534.7

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	4.9	2.0	4.0	0.0
Other Operating Payments	-0.0	-0.9	-0.0	-0.0
Net Cash Flow from Operating Activities	0.3	-0.2	0.8	-0.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	—	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0
Net Cash Flow During the Period	0.3	-0.2	0.8	-0.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.4	0.1	0.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	0.2	0.9	0.1

Item	Q4'25	Q2'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	6.7	2.2	2.2	2.2	2.2	6.7	2.2	2.2	2.2	2.3	2.2	2.2
Interest Expense	6.7	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.3	2.2	2.2
Share of Associates and Joint Ventures	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
General and Administrative Expenses	0.6	0.2	0.2	0.3	0.5	0.8	0.2	0.3	0.3	0.4	0.5	0.3
Operating Profit	-7.3	-2.4	-2.5	-2.5	-2.7	-7.4	-2.5	-2.5	-2.5	-2.7	-2.7	-2.5
Other Income	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-7.3	-2.4	-2.5	-2.5	-2.7	-7.4	-2.5	-2.5	-2.5	-2.7	-2.7	-2.5
Current Income Tax Expense	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
Net Income	-7.3	-2.4	-2.5	-2.5	-2.7	-7.4	-2.5	-2.5	-2.5	-2.7	-2.7	-2.5
Non-controlling Interest	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-7.3	-2.4	-2.5	-2.5	-2.7	-7.4	-2.5	-2.5	-2.5	-2.7	-2.7	-2.5
Earnings per Share	-142.65	-47.48	-48.93	-48.93	-52.00	-145.75	-48.93	-48.52	-48.00	-53.36	-53.49	-48.52
Diluted EPS	-142.65	-47.48	-48.93	-48.93	-52.42	-145.75	-48.93	-48.52	-48.21	-53.36	-53.49	-48.52

Item	Q4'25	Q2'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	204.4	326.5	183.0	178.1	172.1	167.9	163.1	158.2	153.3	149.0	145.6	140.7
I. Cash and cash equivalents	0.8	0.5	0.8	0.6	0.7	0.9	0.3	0.3	0.2	0.1	0.6	0.9
1. Cash	0.8	0.5	0.8	0.6	0.7	0.9	0.3	0.3	0.2	0.1	0.6	0.9
2. Cash equivalents	—	—	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
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
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
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
III. Short-term receivables	11.0	142.1	15.7	16.2	15.2	15.9	16.8	17.1	18.2	19.9	21.7	21.9
1. Short-term trade accounts receivable	—	—	0.0	0.0	0.0	0.0	119.8	119.8	119.8	119.8	120.1	120.1
2. Short-term prepayments to suppliers	3.1	3.1	2.9	2.9	2.8	3.0	3.0	2.8	2.8	2.8	3.9	4.0
3. Short-term inter-company receivables	—	129.3	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
5. Short-term loan receivables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.4	12.2	15.3	15.8	14.9	15.4	16.3	16.9	18.0	20.5	20.9	21.1
7. Provision for short-term doubtful debts (*)	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-122.3	-122.3	-122.3	-123.2	-123.2	-123.2
8. Assets awaiting resolution	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	192.6	181.6	164.4	159.3	154.1	149.0	143.9	138.7	132.8	127.1	121.5	116.1
1. Inventories	193.3	182.4	165.2	160.0	154.9	149.8	144.7	139.5	133.6	127.9	122.3	116.9
2. Provision for decline in value of inventories	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
V. Other short-term assets	0.1	2.3	2.1	2.1	2.1	2.1	2.0	2.0	2.0	1.9	1.7	1.7
1. Short-term prepayments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	2.2	2.1	2.1	2.0	2.0	2.0	2.0	1.9	1.9	1.7	1.7
3. Taxes and other receivables from state authorities	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. Government bonds	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	326.5	336.3	351.4	356.5	360.7	365.8	370.9	376.1	381.2	385.0	389.0	394.1
I. Long-term receivables	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5
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
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
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
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
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
6. Other long-term receivables	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5	43.5
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
II. Fixed assets	146.0	155.6	170.2	175.2	180.1	185.1	190.0	195.0	200.0	204.9	209.9	214.9
1. Tangible fixed assets	146.0	155.6	170.2	175.2	180.1	185.1	190.0	195.0	200.0	204.9	209.9	214.9
- Cost	—	—	316.9	316.9	316.9	316.9	316.9	316.9	316.9	316.9	316.9	316.9
- Accumulated depreciation	—	—	-146.7	-141.7	-136.8	-131.8	-126.8	-121.9	-116.9	-111.9	-107.0	-102.0
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
- Cost	—	—	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
3. Intangible fixed assets	—	—	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
- Accumulated depreciation	—	—	0.0	0.0	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
- Cost	—	—	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
IV. Long-term assets in progress	60.1	60.1	60.1	60.1	59.2	59.2	59.2	59.2	59.2	59.2	58.1	58.1
1. Long-term production in progress	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	60.1	60.1	60.1	60.1	59.2	59.2	59.2	59.2	59.2	59.2	58.1	58.1
V. Long-term financial investments	75.1	75.1	75.1	75.1	75.1	75.1	75.1	75.1	75.1	75.1	75.1	75.1
1. Investments in subsidiaries	—	—	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	75.2	75.2	75.2	75.2	75.2	75.2	75.2	75.2	75.2	75.2	75.2	75.2
3. Investments in other entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
5. Held to maturity investments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	2.0	2.5	2.7	2.8	3.0	3.1	3.3	3.5	2.3	2.4	2.5
1. Long-term prepayments	1.7	2.0	2.5	2.7	2.8	3.0	3.1	3.3	3.5	2.3	2.4	2.5
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
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
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
5. Goodwill	—	—	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
TOTAL ASSETS (280=100+200)	530.9	662.9	534.4	534.6	532.9	533.7	534.0	534.3	534.5	534.0	534.5	534.8
A. LIABILITIES (300=210+330)	207.9	334.9	199.1	196.8	192.5	190.7	188.5	186.3	184.0	182.0	179.7	177.2
I. Short -term liabilities	207.9	334.9	199.1	196.8	192.5	190.7	188.5	186.3	184.0	182.0	179.7	177.2
1. Short-term trade accounts payable	4.0	3.9	4.1	4.0	4.0	4.3	4.5	4.5	4.4	4.4	4.1	3.8
2. Short-term advances from customers	1.3	1.3	1.3	1.3	1.3	1.4	1.3	1.3	1.3	1.5	1.8	1.8
3. Taxes and other payables to state authorities	10.9	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
4. Payable to employees	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	81.9	77.4	70.7	68.5	66.3	64.0	61.8	59.5	57.3	55.1	52.8	50.6
6. Short-term inter-company payables	—	129.3	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
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
9. Other short-term payables	30.4	30.4	30.4	30.4	28.4	28.4	28.4	28.4	28.4	28.4	28.4	28.4
10. Short-term borrowings and financial leases	78.5	78.5	78.5	78.5	78.5	78.5	78.5	78.5	78.5	78.5	78.5	78.6
11. Provision for short-term liabilities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
13. Price stabilization fund	—	—	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
II. Long-term liabilities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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
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
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
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
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
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
8. Long-term borrowings and financial leases	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	0.00	0.00	0.00	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	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	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	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
B. OWNER'S EQUITY (400=410+430)	323.0	328.0	335.3	337.8	340.3	343.0	345.5	348.0	350.5	352.0	354.8	357.5
I. Owner's equity	323.0	328.0	335.3	337.8	340.3	343.0	345.5	348.0	350.5	352.0	354.8	357.5
1. Owner's capital	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0
- Common stock with voting right	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00
- Preferred stock	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	0.00	0.00	0.00	0.00	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	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
8. Investment and development fund	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
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
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
11. Undistributed earnings after tax	-188.8	-183.8	-176.5	-174.0	-171.5	-168.8	-166.3	-163.8	-161.3	-159.8	-157.0	-154.3
- Accumulated retained earning at the end of the previous period	-179.0	-179.0	-168.8	-168.8	-168.8	-158.9	-158.9	-158.9	-158.9	-149.3	-149.3	-149.3
- Undistributed earnings in this period	-9.8	-4.8	-7.7	-5.2	-2.7	-9.9	-7.4	-4.9	-2.5	-10.5	-7.7	-4.9
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
13. Minority's interest	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
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
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
C. MINORITY'S INTEREST	—	—	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)	530.9	662.9	534.4	534.6	532.9	533.7	534.0	534.3	534.5	534.0	534.5	534.8

Item	Q4'25	Q2'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Profit Before Tax	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
Provision (Increase)/Reversal	—	—	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	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	0.0	0.0	0.0	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	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
Amortization of Goodwill	—	—	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
Operating Profit Before Changes in Working Capital	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	0.0	2.0	0.5	0.0	0.6	1.1	2.3	0.0	0.0	-0.0
Other Operating Payments	-0.0	-0.0	0.3	-1.8	-0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	0.3	0.1	0.3	-0.2	-0.2	0.6	-0.0	0.1	0.1	-0.5	-0.3	-0.2
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	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
Other Investing Receipts	—	—	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
Net Cash Flow from Investing Activities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	0.00	0.00	0.00	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	0.00	0.00	0.00
Proceeds from Borrowings	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Repayment of Borrowings	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	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
Other Financing Receipts	—	—	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
Net Cash Flow from Financing Activities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Net Cash Flow During the Period	0.3	0.1	0.3	-0.2	-0.2	0.6	-0.0	0.1	0.1	-0.5	-0.3	-0.2
Cash and Cash Equivalents at Beginning of Period	0.4	0.4	0.9	0.9	0.9	0.1	0.1	0.1	0.1	0.4	0.4	0.4
FX Difference from Revaluation	—	—	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	0.8	0.5	0.8	0.6	0.7	0.9	0.3	0.3	0.2	0.1	0.6	0.9

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ACM

Drivers of ACM's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow