CTP

Hòa Bình Takara ·HNX ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 3.53%

Price

8,800

Latest close

02 Jun 2026

P/E 6,754.18x

P/B 0.72x

EPS 1

BVPS 12,283

ROE 0.0%

ROA 0.0%

Profit Margin 0.0%

Asset Turnover 0.33x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, CTP posted a sharp profit decline versus the same period — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 53bn
	                                
+9.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
−96.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    353.3%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	52.5	37.8	88.2	117.7	190.8
Growth	+39%	-57%	-25%	-38%	—
Net Income	0.1	0.4	0.1	0.7	1.4
Net Margin	0.14%	1.09%	0.13%	0.61%	0.73%

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	11.4	11.5	15.3	14.7	11.0	16.7	20.4	0.0	0.7	23.5	4.6	29.2
Growth	-1%	-25%	+4%	+33%	-34%	-18%	—	-100%	-97%	+416%	-84%	—
Net Income	0.0	-0.4	0.2	0.2	0.1	0.1	0.4	-0.2	0.0	0.1	-0.1	0.1
Net Margin	0.34%	-3.63%	1.09%	1.55%	0.94%	0.67%	1.88%	—	2.58%	0.38%	-2.95%	0.30%

Drivers of CTP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Financial income ↑ 0.1bn

Gross profit ↓ 0.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Gross profit ↑ 0.0bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.3% = 0.9% × 0.31 × 1.05

2026Q1 0.0% = 0.0% × 0.33 × 1.07

ROE is broadly flat at 0.0% — the components are offsetting one another.

Net margin: 0.0% -0.9pp Asset turnover: 0.33x +0.02x Leverage: 1.07x +0.02x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.03%, falling 0.9pp. The main pressure is Gross margin fell 0.2pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (with additional support from Net financial result / Revenue rose 0.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.03% −0.9pp

Gross Margin 1.30% −0.2pp

SG&A / Revenue 0.83% −0.3pp

Non-core / Revenue 0.91% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (353.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital released 14.1bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +1.0bn

Inventories decreased → higher CFO: +10.7bn

Payables increased → higher CFO: +2.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 425.7 days versus the same period last year. The main moves came from DIO fell 125.5 days, DSO fell 279.8 days, and DPO rose 20.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 32.9 days −279.8 days

Inventory 53.0 days −125.5 days

Payables 31.6 days +20.4 days

Cash Conversion Cycle 54.3 days −425.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 22.7bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 849.90x +651.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.7bn in 2025, against investing cash flow of -26.1bn.

Post-investment cash flow was negative +3.4bn. Financing cash flow was positive 0.0bn.

CFO / net income was 849.90x.

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 13.4bn −75.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 353.3%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.02x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 849.90x. Even so, net financial result still accounts for 353.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	52.5	37.8	88.2	117.7	190.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	52.5	37.8	88.2	117.7	190.8
Cost of Goods Sold	51.9	37.0	86.8	115.7	0.0
Gross Profit	0.6	0.8	1.5	2.0	2.4
Financial Income	0.7	0.3	0.1	0.0	0.0
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.1	0.0	-0.0
General and Administrative Expenses	0.6	0.6	1.2	1.1	-0.7
Operating Profit	0.8	0.5	0.3	1.0	1.7
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.6	-0.0	-0.0	-0.0	-0.0
Profit Before Tax	0.2	0.5	0.2	1.0	1.7
Current Income Tax Expense	0.1	0.1	0.1	0.2	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	0.4	0.1	0.7	1.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.1	0.4	0.1	0.7	1.4
Earnings per Share	6.00	34.00	9.00	59.00	114.71
Diluted EPS	5.89	33.93	9.16	58.99	115.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14.9	80.4	193.3	175.1	164.2
I. Cash and cash equivalents	3.8	7.3	0.3	0.4	37.6
1. Cash	3.8	7.3	0.3	0.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	8.4	59.8	158.9	140.8	95.9
1. Short-term trade accounts receivable	—	0.0	121.9	103.5	0.0
2. Short-term prepayments to suppliers	8.5	22.7	0.1	0.3	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	—	37.0	0.0	0.0	0.0
6. Other short-term receivables	—	0.1	37.0	37.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.6	13.3	34.0	33.7	30.7
1. Inventories	2.6	13.3	34.0	33.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	0.1	0.1	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.1	0.1	0.0
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	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)	139.0	75.0	0.0	0.0	3.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	—	0.0	0.0	0.0	0.0
1. Tangible 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
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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	139.0	75.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	75.0	75.0	0.0	0.0	0.0
3. Investments in other entities	64.0	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
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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	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	3.0
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)	153.9	155.4	193.3	175.1	167.2
A. LIABILITIES (300=210+330)	5.3	6.8	45.2	27.1	16.9
I. Short -term liabilities	5.3	6.8	45.2	27.1	16.9
1. Short-term trade accounts payable	0.1	0.2	40.5	22.4	12.1
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.8	2.2	0.3	0.2	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.4	4.4	4.4	4.4	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	148.6	148.5	148.1	148.0	150.4
I. Owner's equity	148.6	148.5	148.1	148.0	0.0
1. Owner's capital	121.0	121.0	121.0	121.0	150.4
- Common stock with voting right	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	4.4	4.4	4.4	4.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	23.2	23.1	22.7	22.6	24.9
- Accumulated retained earning at the end of the previous period	23.1	22.7	22.6	21.9	23.7
- Undistributed earnings in this period	0.1	0.4	0.1	0.7	1.2
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)	153.9	155.4	193.3	175.1	167.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.2	0.5	0.2	1.0	1.5
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.3	-0.0	-0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	-0.5	0.2	0.3	1.0	-114.4
Increase/(Decrease) in Receivables	14.2	136.4	-18.1	-8.1	0.0
Increase/(Decrease) in Inventory	10.7	20.7	-0.3	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.3	-38.5	18.0	10.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	-0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.4	0.0	-0.1	-0.3	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	22.7	118.8	-0.1	-0.1	-72.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	-6.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	115.9
Loans and Purchases of Debt Instruments	—	-66.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	37.0	29.0	0.0	0.0	0.0
Investments in Other Entities	-64.0	-75.0	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	0.9	0.2	0.0	0.0	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	-26.1	-111.8	0.0	0.0	109.4
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-3.4	7.0	-0.1	-0.1	-6.7
Cash and Cash Equivalents at Beginning of Period	7.3	0.3	0.4	0.5	0.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.8	7.3	0.3	0.4	37.6

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	11.4	11.5	15.3	14.7	11.0	16.7	20.4	0.0	0.7	23.5	4.6	29.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	11.4	11.5	15.3	14.7	11.0	16.7	20.4	0.0	0.7	23.5	4.6	29.2
Cost of Goods Sold	11.3	11.3	15.1	14.5	11.0	16.7	19.7	0.0	0.6	23.3	4.4	28.8
Gross Profit	0.1	0.1	0.2	0.2	0.1	0.0	0.6	0.0	0.1	0.3	0.1	0.4
Financial Income	0.0	0.0	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.1	0.1	0.0
Financial Expenses	—	—	—	—	—	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
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	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.1	0.2	0.3	0.3
Operating Profit	0.1	0.1	0.3	0.3	0.1	0.1	0.5	-0.2	0.0	0.1	-0.1	0.1
Other Income	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.6	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.5	-0.0	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Profit Before Tax	0.0	-0.4	0.2	0.3	0.1	0.1	0.5	-0.2	0.0	0.1	-0.1	0.1
Current Income Tax Expense	0.0	—	0.1	0.1	0.0	0.0	0.1	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	0.0	-0.4	0.2	0.2	0.1	0.1	0.4	-0.2	0.0	0.1	-0.1	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	-0.4	0.2	0.2	0.1	0.1	0.4	-0.2	0.0	0.1	-0.1	0.1
Earnings per Share	3.22	-34.48	13.73	18.83	8.55	9.26	31.57	-12.50	1.51	7.43	-11.10	7.17
Diluted EPS	3.22	-34.48	13.73	18.83	8.55	9.26	31.57	-12.50	1.51	7.43	-11.10	7.17

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)	21.2	14.9	31.9	40.1	83.0	79.4	108.2	152.9	153.0	193.4	178.1	179.6
I. Cash and cash equivalents	3.7	3.8	12.2	1.4	8.6	7.3	34.7	3.5	2.8	0.3	0.3	0.3
1. Cash	3.7	3.8	0.6	1.4	8.6	7.3	5.7	3.5	2.8	0.3	0.3	0.3
2. Cash equivalents	—	—	11.6	—	—	0.0	29.0	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
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	15.4	8.4	19.5	38.5	61.5	48.5	37.5	116.0	116.8	159.0	144.3	145.8
1. Short-term trade accounts receivable	6.9	—	5.7	1.6	2.6	0.0	0.0	79.0	79.8	121.9	107.2	108.7
2. Short-term prepayments to suppliers	8.5	8.5	13.7	13.7	13.7	11.6	0.6	0.1	0.1	0.1	0.1	0.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	37.0
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	—	—	—	23.2	45.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	—	0.2	0.2	0.3	37.0	37.0	37.0	37.0	37.0	37.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.2	2.6	0.2	0.2	12.9	23.6	36.0	33.4	33.4	34.0	33.5	33.5
1. Inventories	2.2	2.6	0.2	0.2	12.9	23.6	36.0	33.4	33.4	34.0	33.5	33.5
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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
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
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)	139.0	139.0	129.0	117.0	75.0	75.0	45.0	0.0	0.0	0.0	0.0	0.0
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	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
II. Fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible 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
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	—	—	—	—	—	0.0	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
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	139.0	139.0	129.0	117.0	75.0	75.0	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	75.0	75.0	75.0	75.0	75.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	64.0	64.0	54.0	42.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	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	—	—	—	0.0	0.0	0.0	45.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	45.0	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)	160.2	153.9	160.9	157.1	158.0	154.4	153.2	152.9	153.0	193.4	178.1	179.6
A. LIABILITIES (300=210+330)	11.6	5.3	11.9	8.3	9.4	5.9	4.9	5.0	4.9	45.1	29.9	31.3
I. Short -term liabilities	11.6	5.3	11.9	8.3	9.4	5.9	4.9	5.0	4.9	45.1	29.9	31.3
1. Short-term trade accounts payable	6.3	0.1	5.4	1.5	2.7	0.1	0.1	0.3	0.2	40.4	25.2	26.5
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.8	0.8	1.0	2.3	2.3	1.4	0.4	0.3	0.3	0.3	0.3	0.3
4. Payable to employees	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	1.0	0.0	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	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
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	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)	148.6	148.6	149.0	148.8	148.6	148.5	148.4	148.0	148.1	148.2	148.1	148.3
I. Owner's equity	148.6	148.6	149.0	148.8	148.6	148.5	148.4	148.0	148.1	148.2	148.1	148.3
1. Owner's capital	121.0	121.0	121.0	121.0	121.0	121.0	121.0	121.0	121.0	121.0	121.0	121.0
- Common stock with voting right	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00	120,999,920,000.00
- Preferred stock	—	—	—	—	—	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
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	23.2	23.1	23.6	23.4	23.2	23.1	22.9	22.5	22.7	22.8	22.7	22.9
- Accumulated retained earning at the end of the previous period	23.2	23.1	23.1	23.1	23.1	22.7	22.7	22.7	22.7	22.6	22.6	22.6
- Undistributed earnings in this period	0.0	0.0	0.5	0.3	0.1	0.4	0.2	-0.1	0.0	0.2	0.1	0.3
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)	160.2	153.9	160.9	157.1	158.0	154.4	153.2	152.9	153.0	193.4	178.1	179.6

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	0.0	-0.4	0.2	0.3	0.1	0.1	0.5	-0.2	0.0	-0.0	-0.1	0.1
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	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	0.1	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	-0.0	-0.0	-0.2	-0.2	-0.2	-0.2	-0.0	-0.0	-0.0	0.1	-0.1	-0.0
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	0.0	-0.5	0.0	0.0	-0.1	-0.0	0.5	-0.2	0.0	0.1	-0.2	0.1
Increase/(Decrease) in Receivables	-6.9	11.0	-4.2	1.2	6.3	-11.1	78.6	0.8	42.2	-14.7	1.5	2.9
Increase/(Decrease) in Inventory	0.4	-2.5	0.0	12.8	0.4	12.4	-2.6	0.0	0.6	-0.5	0.0	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.3	-6.2	3.6	-1.2	2.5	1.3	-0.2	0.1	-40.3	15.2	-1.3	-4.4
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	0.0
Changes in Trading Securities	—	—	—	—	—	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
Corporate Income Tax Paid	—	-0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	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	-0.2	1.5	-0.6	12.8	9.1	2.6	76.2	0.7	2.5	0.1	-0.1	0.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	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
Loans and Purchases of Debt Instruments	—	—	—	21.8	-8.0	-29.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	37.0	—	—	29.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-30.0	-45.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	-42.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.2	0.2	0.2	-0.0	0.0	0.0	0.0	-0.1	0.1	0.0
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	0.0	-9.8	11.4	-20.0	-7.8	-30.0	-45.0	0.0	0.0	-0.1	0.1	0.0
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	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.2	-8.3	10.8	-7.2	1.3	-27.4	31.2	0.7	2.5	0.0	-0.0	0.1
Cash and Cash Equivalents at Beginning of Period	3.8	12.2	1.4	8.6	7.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4
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	3.7	3.8	12.2	1.4	8.6	7.3	34.7	3.5	2.8	0.3	0.3	0.3

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CTP

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▲▲

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow