BCF

Listed Company · HNX

Price

42,000

Latest close

03 Apr 2026

P/E 13.0x

EPS (TTM) 3,238

ROE (TTM) 28.5%

P/B 3.6x

BVPS (Latest) 11,666

ROA (TTM) 17.0%

What Is Changing

BCF no longer looks like a business simply rebounding from a weak base. Revenue posted +3.0% YoY, while net margin reached 15.54% with an additional +2.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 10.68% in 2023 to 15.54% in 2025.
Net Income reached a multi-period high at VND 121.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	784.4	761.9	594.4	697.9	511.7
Growth	+3%	+28%	-15%	+36%	—
Net Income	121.9	103.3	63.5	108.2	54.9
Net Margin	15.54%	13.55%	10.68%	15.50%	10.72%

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	201.3	211.4	197.4	174.1	190.9	206.3	194.0	170.7	170.6	148.4	147.5	127.9
Growth	-5%	+7%	+13%	-9%	-7%	+6%	+14%	+0%	+15%	+1%	+15%	—
Net Income	23.2	36.9	34.2	25.6	19.4	32.2	29.2	24.1	14.1	20.3	14.9	14.9
Net Margin	11.51%	17.44%	17.30%	14.73%	10.15%	15.59%	15.03%	14.14%	8.29%	13.65%	10.10%	11.63%

Financial Statements

Profitability

Net margin reached 15.54% while Revenue posted +3.0% YoY.

Balance Sheet

Inventory stood at 119.7bn, liabilities at 313.7bn, and equity at 442.9bn.

Cash Flow

Operating cash flow was 129.7bn in 2024, while investing cash flow was -140.6bn.

Financing cash flow: 25.1bn.

Item	2025	2024	2023	2022	2021
Revenue	801.8	773.3	603.5	708.4	520.4
Revenue Deductions	17.4	11.4	9.1	10.5	0.0
Net Revenue	784.4	761.9	594.4	697.9	511.7
Cost of Goods Sold	557.0	561.6	454.9	505.6	0.0
Gross Profit	227.5	200.3	139.4	192.2	121.8
Financial Income	14.9	12.8	13.5	15.1	8.8
Financial Expenses	5.2	5.6	3.7	3.9	-2.2
Interest Expense	2.7	2.8	1.7	1.0	-0.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	57.3	50.6	42.4	58.3	-45.5
General and Administrative Expenses	28.1	30.4	26.7	25.7	-22.4
Operating Profit	151.8	126.5	80.1	119.4	60.5
Other Income	3.2	3.3	2.4	16.3	0.0
Other Expenses	0.5	0.4	2.4	0.4	0.0
Other Profit	2.7	2.8	-0.1	15.9	8.3
Profit Before Tax	154.5	129.3	80.1	135.2	68.8
Current Income Tax Expense	32.6	26.5	16.6	27.1	-13.9
Deferred Income Tax Expense	0.0	-0.5	0.0	0.0	0.0
Net Income	121.9	103.3	63.5	108.2	54.9
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	121.9	103.3	63.5	108.2	54.9
Earnings per Share	3,211.00	3,046.00	1,992.00	3,887.00	2,472.00
Diluted EPS	3,210.89	3,045.99	1,992.00	3,887.00	2,168.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	403.0	406.7	346.3	358.9	324.3
I. Cash and cash equivalents	60.0	93.5	79.4	84.3	55.8
1. Cash	31.0	25.0	34.5	28.9	0.0
2. Cash equivalents	29.0	68.5	44.9	55.4	0.0
II. Short-term financial investments	105.6	74.9	89.0	89.5	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	105.6	74.9	89.0	89.5	0.0
III. Short-term receivables	95.9	108.3	65.9	76.3	69.8
1. Short-term trade accounts receivable	86.3	64.8	57.2	67.3	0.0
2. Short-term prepayments to suppliers	6.0	41.5	4.2	3.0	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	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.0	4.6	8.0	8.4	0.0
7. Provision for short-term doubtful debts (*)	-3.5	-2.6	-3.4	-2.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	119.7	112.8	104.4	105.1	95.0
1. Inventories	119.7	112.8	104.4	105.1	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	21.9	17.1	7.6	3.8	2.6
1. Short-term prepayments	1.1	0.3	0.8	0.7	0.0
2. Value added tax to be reclaimed	20.7	15.9	6.8	3.1	0.0
3. Taxes and other receivables from state authorities	0.2	1.0	0.0	0.0	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)	353.6	239.9	135.1	93.1	83.2
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	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
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	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	329.2	70.7	66.2	75.6	44.7
1. Tangible fixed assets	329.0	70.4	66.0	75.4	44.5
- Cost	557.0	282.6	259.9	249.8	0.0
- Accumulated depreciation	-228.0	-212.2	-193.9	-174.5	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	0.3	0.3	0.2	0.2	0.2
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	23.1	168.4	68.7	17.0	37.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	23.1	168.4	68.7	17.0	0.0
V. Long-term financial investments	-0.5	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	0.0	0.0	0.0	0.0
5. Held to maturity investments	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
VI. Other long-term assets	1.7	0.9	0.2	0.5	0.0
1. Long-term prepayments	1.7	0.3	0.2	0.5	0.0
2. Deferred income tax assets	0.0	0.6	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	1.1
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)	756.6	646.6	481.4	452.1	407.5
A. LIABILITIES (300=210+330)	313.7	251.3	127.8	113.1	103.7
I. Short -term liabilities	173.4	166.2	127.5	112.8	103.5
1. Short-term trade accounts payable	17.9	51.2	15.5	12.1	18.1
2. Short-term advances from customers	4.8	3.9	4.3	4.2	17.5
3. Taxes and other payables to state authorities	7.5	4.4	5.5	4.8	0.0
4. Payable to employees	15.6	13.3	11.0	13.1	0.0
5. Short-term acrrued expenses	0.7	0.6	0.0	0.0	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	47.3	36.0	32.8	34.1	0.0
10. Short-term borrowings and financial leases	75.3	52.0	53.1	39.0	33.2
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.5	4.9	5.2	5.5	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	140.2	85.0	0.3	0.2	0.2
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	0.2	0.2	0.3	0.2	0.0
8. Long-term borrowings and financial leases	140.0	84.8	0.0	0.0	0.0
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	0.0	0.0
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	442.9	395.4	353.6	339.0	303.8
I. Owner's equity	442.9	395.4	353.6	339.0	0.0
1. Owner's capital	379.6	339.0	322.8	278.3	303.8
- Common stock with voting right	379.6	339.0	322.8	278.3	253.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
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	14.0	14.0	14.0	12.3	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	1.7	0.0
11. Undistributed earnings after tax	49.3	42.4	16.8	46.7	36.8
- Accumulated retained earning at the end of the previous period	0.4	0.7	2.2	0.3	7.2
- Undistributed earnings in this period	48.8	41.7	14.6	46.4	29.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
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)	756.6	646.6	481.4	452.1	407.5

Item	2024	2023	2022	2021	2020
Profit Before Tax	129.3	80.1	135.2	0.0	0.0
Depreciation of Fixed Assets and Investment Property	18.2	19.5	17.0	0.0	0.0
Provision (Increase)/Reversal	-0.8	0.9	0.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-1.9	-1.4	0.0	0.0
Gain/Loss from Investment Activities	-5.3	-7.4	-7.1	0.0	0.0
Interest Expense	2.8	1.7	1.0	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	144.8	92.9	145.4	0.0	0.0
Increase/(Decrease) in Receivables	-13.9	4.8	-8.6	0.0	0.0
Increase/(Decrease) in Inventory	-8.4	0.6	-10.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.3	-0.8	-15.6	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	0.3	0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.7	-1.7	-1.0	0.0	0.0
Corporate Income Tax Paid	-26.1	-15.9	-28.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-0.3	-0.3	0.0	0.0
Net Cash Flow from Operating Activities	129.7	80.0	81.4	69.6	85.2
Payments for Fixed Assets and Other Long-term Assets	-160.7	-61.8	-27.6	-7.3	-4.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	1.0	0.0
Loans and Purchases of Debt Instruments	-114.5	-134.3	-128.5	-121.3	-103.2
Receipts from Loan Repayments and Sale of Debt Instruments	128.7	134.8	140.0	129.8	33.2
Investments in Other Entities	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
Dividends and Interest Income Received	6.0	8.4	7.1	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	-140.6	-52.8	-8.9	6.7	-73.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	228.2	131.8	136.7	107.0	43.1
Repayment of Borrowings	-145.3	-117.9	-130.3	-139.6	-60.4
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-57.8	-47.9	-51.6	-42.1	-8.7
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	25.1	-33.9	-45.3	-74.7	-26.0
Net Cash Flow During the Period	14.1	-6.8	27.2	-17.2	0.0
Cash and Cash Equivalents at Beginning of Period	79.4	84.3	55.8	53.9	57.4
FX Difference from Revaluation	-0.0	1.9	1.3	0.3	0.3
Cash and Cash Equivalents at End of Period	93.5	79.4	84.3	55.8	0.0

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	206.4	216.4	200.7	178.1	194.1	208.7	195.8	174.5	172.8	150.6	149.4	130.6
Revenue Deductions	5.1	5.0	3.3	4.0	3.1	2.4	1.9	3.8	2.2	2.3	1.9	2.8
Net Revenue	201.3	211.4	197.4	174.1	190.9	206.3	194.0	170.7	170.6	148.4	147.5	127.9
Cost of Goods Sold	145.9	145.8	139.2	126.3	144.5	152.3	139.7	127.4	133.4	110.2	115.0	96.3
Gross Profit	55.4	65.6	58.3	47.8	46.4	54.0	54.2	43.3	37.2	38.1	32.5	31.6
Financial Income	3.9	2.8	6.9	1.3	5.1	3.1	5.6	1.9	5.3	1.8	4.7	1.7
Financial Expenses	3.2	1.4	1.7	0.9	0.9	2.1	1.7	0.9	1.2	0.6	0.7	1.1
Interest Expense	2.8	1.2	0.6	0.6	0.4	0.4	0.8	0.7	0.5	0.3	0.4	0.5
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	0.0	0.0
Selling Expenses	17.6	14.3	13.6	11.8	13.9	13.4	14.5	8.7	13.8	8.8	11.8	8.1
General and Administrative Expenses	8.5	6.7	7.2	4.8	12.8	2.8	7.6	5.8	7.7	5.6	6.2	6.2
Operating Profit	30.0	46.1	42.6	31.6	23.8	38.8	36.0	29.9	19.8	24.9	18.5	18.0
Other Income	0.9	0.9	0.7	0.9	0.8	1.5	0.7	0.6	0.5	0.6	0.5	0.7
Other Expenses	0.3	0.0	0.1	0.1	0.3	0.0	0.1	0.2	2.1	0.1	0.2	0.0
Other Profit	0.7	0.9	0.6	0.7	0.5	1.4	0.6	0.5	-1.5	0.5	0.3	0.7
Profit Before Tax	30.6	47.0	43.3	32.3	24.3	40.3	36.6	30.3	18.2	25.4	18.7	18.7
Current Income Tax Expense	7.5	10.1	9.1	6.7	5.0	8.1	7.5	6.2	4.1	5.1	3.8	3.8
Deferred Income Tax Expense	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 Income	23.2	36.9	34.2	25.6	19.4	32.2	29.2	24.1	14.1	20.3	14.9	14.9
Non-controlling 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
Profit Attributable to Parent	23.2	36.9	34.2	25.6	19.4	32.2	29.2	24.1	14.1	20.3	14.9	14.9
Earnings per Share	610.00	971.00	900.00	757.00	572.00	949.00	903.00	748.00	438.00	627.00	536.00	534.00
Diluted EPS	610.39	971.19	899.64	756.60	571.64	948.72	903.20	747.58	438.19	627.28	535.54	534.18

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)	403.0	395.9	449.4	397.6	408.4	367.1	348.2	322.7	346.7	315.9	303.9	347.4
I. Cash and cash equivalents	60.0	60.6	62.4	45.4	94.9	86.2	43.3	39.7	79.4	57.6	42.1	44.2
1. Cash	31.0	54.6	34.4	31.4	26.4	37.2	41.8	37.7	34.5	32.3	28.8	37.2
2. Cash equivalents	29.0	6.0	28.0	14.0	68.5	49.1	1.5	2.0	44.9	25.3	13.3	7.0
II. Short-term financial investments	105.6	108.6	116.7	116.8	74.9	58.5	96.6	99.9	89.0	88.1	86.3	84.9
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	105.6	108.6	116.7	116.8	74.9	58.5	96.6	99.9	89.0	88.1	86.3	84.9
III. Short-term receivables	95.9	100.5	152.4	101.4	108.5	94.1	85.3	73.2	66.1	54.1	70.5	108.1
1. Short-term trade accounts receivable	86.3	81.7	79.9	64.7	64.8	66.2	77.9	63.4	57.2	51.4	58.2	71.2
2. Short-term prepayments to suppliers	6.0	16.3	70.6	35.1	41.5	24.8	4.9	9.0	4.0	3.0	6.2	32.2
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	0.0	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	7.0	6.1	4.6	4.3	4.6	5.6	5.9	4.2	7.8	2.7	8.5	7.1
7. Provision for short-term doubtful debts (*)	-3.5	-3.5	-2.6	-2.6	-2.4	-2.4	-3.4	-3.4	-3.0	-3.0	-2.5	-2.5
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	119.7	104.8	99.2	114.9	112.8	115.7	114.0	102.4	104.4	106.5	98.3	105.0
1. Inventories	119.7	104.8	99.2	114.9	112.8	115.7	114.0	102.4	104.4	106.5	98.3	105.0
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	0.0	0.0
V. Other short-term assets	21.9	21.4	18.7	19.0	17.1	12.5	9.0	7.5	7.8	9.6	6.7	5.2
1. Short-term prepayments	1.1	1.3	1.0	0.8	0.3	0.3	0.2	0.5	0.8	0.8	1.0	0.4
2. Value added tax to be reclaimed	20.7	20.0	17.5	17.2	15.9	12.1	8.8	7.0	7.0	8.8	5.4	4.8
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.3	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	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)	353.6	349.5	266.9	256.3	241.9	196.5	158.8	136.5	135.1	137.3	121.4	90.8
I. Long-term 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
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	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	329.2	245.0	232.2	66.5	70.1	73.4	72.3	75.7	66.2	68.5	73.4	70.8
1. Tangible fixed assets	329.0	244.7	231.9	66.3	69.9	73.1	72.0	75.5	66.0	68.3	73.2	70.6
- Cost	557.0	465.8	449.5	278.6	277.8	280.7	275.1	274.1	259.9	257.4	257.4	249.9
- Accumulated depreciation	-228.0	-221.1	-217.6	-212.3	-207.9	-207.6	-203.1	-198.6	-193.9	-189.1	-184.2	-179.3
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	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
- Cost	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	23.1	103.3	33.5	189.3	171.4	122.6	86.4	60.4	68.7	68.5	47.6	19.5
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	0.0	0.0
2. Construction in progress	23.1	103.3	33.5	189.3	171.4	122.6	86.4	60.4	68.7	68.5	47.6	19.5
V. Long-term financial investments	-0.5	-0.5	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.5	0.0	0.0	0.0	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	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	0.0	0.0
VI. Other long-term assets	1.7	1.8	1.2	0.5	0.4	0.5	0.1	0.4	0.2	0.3	0.4	0.5
1. Long-term prepayments	1.7	1.8	1.2	0.5	0.4	0.5	0.1	0.4	0.2	0.3	0.4	0.5
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	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)	756.6	745.3	716.3	653.9	650.3	563.5	507.0	459.2	481.8	453.3	425.3	438.2
A. LIABILITIES (300=210+330)	313.7	280.3	257.9	230.7	251.1	149.2	100.1	81.5	127.9	80.8	56.5	84.3
I. Short -term liabilities	173.4	140.1	117.7	125.6	250.8	149.0	99.8	81.1	127.6	80.5	56.3	84.1
1. Short-term trade accounts payable	17.9	36.9	24.2	33.4	51.2	18.9	14.3	12.4	15.4	10.9	11.0	8.5
2. Short-term advances from customers	4.8	7.5	8.2	6.3	3.9	7.1	7.3	7.9	4.3	6.4	5.2	5.0
3. Taxes and other payables to state authorities	7.5	18.5	15.8	6.6	5.9	16.4	7.2	5.9	5.7	8.9	7.6	3.8
4. Payable to employees	15.6	6.3	6.0	5.5	13.3	5.9	5.8	5.2	11.0	4.8	4.8	4.4
5. Short-term acrrued expenses	0.7	0.0	0.6	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	47.3	1.7	1.6	1.9	34.3	1.8	1.9	2.1	32.8	1.9	2.3	2.3
10. Short-term borrowings and financial leases	75.3	64.5	56.8	67.2	136.8	93.9	58.0	42.6	53.1	42.4	20.1	54.8
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	0.0	0.0
12.. Bonus and welfare fund	4.5	4.6	4.6	4.6	4.9	4.9	5.1	5.1	5.2	5.2	5.2	5.3
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	140.2	140.2	140.2	105.1	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2
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	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2
8. Long-term borrowings and financial leases	140.0	140.0	140.0	104.9	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	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	0.0	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	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	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)	442.9	465.1	458.4	423.3	399.2	414.3	406.9	377.7	353.8	372.5	368.8	353.9
I. Owner's equity	442.9	465.1	458.4	423.3	399.2	414.3	406.9	377.7	353.8	372.5	368.8	353.9
1. Owner's capital	379.6	379.6	379.6	339.0	339.0	339.0	322.8	322.8	322.8	322.8	278.3	278.3
- Common stock with voting right	379.6	379.6	379.6	339.0	339.0	339.0	322.8	322.8	322.8	322.8	278.3	278.3
- 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	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. 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	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. 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	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	12.3
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	1.7
11. Undistributed earnings after tax	49.3	71.4	64.7	70.3	46.3	61.3	70.1	40.9	17.0	35.7	76.5	61.6
- Accumulated retained earning at the end of the previous period	0.4	2.9	4.0	44.7	0.9	0.9	16.8	16.8	2.2	2.2	46.7	46.7
- Undistributed earnings in this period	48.8	68.5	60.8	25.6	45.3	60.4	53.3	24.1	14.8	33.4	29.8	14.9
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	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. 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)	756.6	745.3	716.3	653.9	650.3	563.5	507.0	459.2	481.8	453.3	425.3	438.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	0.0	0.0	59.8	0.0	-67.7	67.7	0.0	80.1	-36.9	36.9	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	9.7	0.0	-9.2	9.2	0.0	19.5	-9.7	9.7	0.0
Provision (Increase)/Reversal	0.0	0.0	0.9	0.0	1.0	-1.0	0.0	0.9	-0.5	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-3.1	0.0	2.2	-2.2	0.0	-1.9	0.7	-0.7	0.0
Gain/Loss from Investment Activities	0.0	0.0	-3.5	0.0	2.6	-2.6	0.0	-7.4	4.1	-4.1	0.0
Interest Expense	0.0	0.0	1.2	0.0	-1.7	1.7	0.0	1.7	-0.9	0.9	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	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
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
Other Adjustments	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	0.0	0.0	64.9	0.0	-72.9	72.9	0.0	92.9	-43.2	43.2	0.0
Increase/(Decrease) in Receivables	0.0	0.0	-16.0	0.0	22.1	-22.1	0.0	4.8	-1.6	1.6	0.0
Increase/(Decrease) in Inventory	0.0	0.0	13.6	0.0	9.6	-9.6	0.0	0.6	-6.8	6.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	5.8	0.0	4.9	-4.9	0.0	-0.8	10.2	-10.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-1.7	0.0	-0.6	0.6	0.0	0.3	0.2	-0.2	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	0.0
Interest Paid	0.0	0.0	-1.2	0.0	1.7	-1.7	0.0	-1.7	1.0	-1.0	0.0
Corporate Income Tax Paid	0.0	-2.3	-0.0	-4.4	10.3	-6.2	-4.1	-15.9	3.2	0.0	-3.2
Other Operating Receipts	0.0	4.9	0.0	4.6	0.0	-7.1	7.1	0.0	-0.0	-0.5	0.5
Other Operating Payments	0.0	-8.5	40.3	-40.7	0.1	38.0	-38.2	-0.3	0.2	38.3	-38.5
Net Cash Flow from Operating Activities	0.0	-22.1	38.3	22.4	-24.7	23.1	1.6	80.0	-37.0	64.8	-27.8
Payments for Fixed Assets and Other Long-term Assets	0.0	78.6	-78.5	-3.2	32.9	-31.9	-1.0	-61.8	38.2	-37.1	-1.1
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	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	-98.7	0.0	75.1	-75.1	0.0	-134.3	71.8	-71.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	56.9	0.0	-67.5	67.5	0.0	134.8	-75.0	75.0	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	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	0.0
Dividends and Interest Income Received	0.0	-0.7	2.9	0.4	-3.7	2.9	0.8	8.4	-5.7	3.0	2.7
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
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
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
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
Net Cash Flow from Investing Activities	0.0	117.8	-75.6	-44.7	36.8	-25.8	-11.0	-52.8	29.2	-35.4	6.2
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
Share Repurchases	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	0.0	-136.3	152.6	6.6	-69.0	69.0	0.0	131.8	-49.0	49.0	0.0
Repayment of Borrowings	0.0	68.4	-67.5	-32.4	64.6	-34.4	-30.3	-117.9	68.2	-49.7	-18.5
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
Dividends Paid	0.0	3.5	-33.9	0.0	30.7	-30.7	0.0	-47.9	31.7	-31.7	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
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
Net Cash Flow from Financing Activities	0.0	-64.4	51.2	-25.8	26.3	3.9	-30.3	-33.9	50.9	-32.4	-18.5
Net Cash Flow During the Period	0.0	31.2	13.9	-48.0	38.4	1.3	-39.6	-6.8	43.1	-3.0	-40.1
Cash and Cash Equivalents at Beginning of Period	60.6	62.4	45.4	93.5	0.0	79.4	79.4	84.3	0.0	84.3	84.3
FX Difference from Revaluation	0.0	1.0	3.1	0.0	-2.3	2.3	0.0	1.9	-0.9	0.9	0.0
Cash and Cash Equivalents at End of Period	0.0	60.6	62.4	45.4	0.0	43.3	39.7	79.4	0.0	42.1	44.2

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

BCF

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research