DNN

Listed Company · UPCOM

Price

5,700

Latest close

03 Mar 2026

P/E 1.4x

EPS (TTM) 4,061

ROE (TTM) 28.0%

P/B 0.4x

BVPS (Latest) 15,447

ROA (TTM) 15.0%

What Is Changing

DNN no longer looks like a business simply rebounding from a weak base. Revenue posted +20.1% YoY, while net margin reached 30.23% with an additional +14.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 81bps to 30.23% in 2025.
Revenue growth accelerated to 20.1% in 2025, up 11.9pp versus the prior year.
Net Income reached a multi-period high at VND 234.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	774.3	644.7	596.0	534.4	467.9
Growth	+20%	+8%	+12%	+14%	—
Net Income	234.0	100.4	155.9	157.2	109.2
Net Margin	30.23%	15.57%	26.16%	29.42%	23.34%

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	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9	126.3
Growth	-10%	+7%	+26%	+1%	-9%	+5%	+18%	-4%	-11%	+6%	+24%	—
Net Income	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5	42.9
Net Margin	30.71%	34.84%	30.83%	22.35%	15.14%	10.99%	14.65%	18.95%	9.89%	26.51%	34.13%	33.96%

Financial Statements

Profitability

Net margin reached 30.23% while Revenue posted +20.1% YoY.

Balance Sheet

Inventory stood at 54.0bn, liabilities at 666.9bn, and equity at 895.8bn.

Cash Flow

Operating cash flow was 154.9bn in 2024, while investing cash flow was -10.1bn.

Financing cash flow: -160.5bn.

Item	2025	2024	2023	2022	2021
Revenue	774.3	644.7	596.0	534.4	467.9
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	774.3	644.7	596.0	534.4	467.9
Cost of Goods Sold	434.1	447.4	340.5	281.1	0.0
Gross Profit	340.2	197.2	255.5	253.3	200.6
Financial Income	25.6	24.9	27.2	23.2	21.0
Financial Expenses	23.7	28.8	30.0	19.3	-15.7
Interest Expense	23.7	28.8	30.0	15.1	-11.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	40.0	38.1	35.2	36.2	-37.5
General and Administrative Expenses	49.7	47.8	46.5	47.4	-42.4
Operating Profit	252.4	107.4	171.1	173.6	126.1
Other Income	9.8	5.1	3.0	2.6	0.0
Other Expenses	0.7	0.5	0.6	0.6	0.0
Other Profit	9.1	4.7	2.5	1.9	10.7
Profit Before Tax	261.5	112.1	173.6	175.6	136.8
Current Income Tax Expense	27.4	11.6	17.7	18.4	-27.6
Deferred Income Tax Expense	0.1	0.2	0.0	-0.0	0.0
Net Income	234.0	100.4	155.9	157.2	109.2
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	234.0	100.4	155.9	157.2	109.2
Earnings per Share	3,594.00	1,547.00	2,443.00	2,520.00	1,884.00
Diluted EPS	3,594.00	1,547.00	2,443.00	2,520.00	1,883.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	590.1	510.0	550.0	535.9	521.1
I. Cash and cash equivalents	39.1	51.1	66.8	51.5	19.0
1. Cash	14.1	51.1	66.8	41.5	0.0
2. Cash equivalents	25.0	0.0	0.0	10.0	0.0
II. Short-term financial investments	458.6	361.5	362.7	339.9	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	458.6	361.5	362.7	339.9	0.0
III. Short-term receivables	31.1	27.3	27.2	27.4	46.3
1. Short-term trade accounts receivable	15.3	17.1	15.8	14.3	0.0
2. Short-term prepayments to suppliers	8.0	1.9	1.8	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	15.7	16.3	17.4	18.0	0.0
7. Provision for short-term doubtful debts (*)	-7.9	-8.0	-7.9	-7.9	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	54.0	42.4	40.3	36.9	42.4
1. Inventories	54.0	42.4	40.3	36.9	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	7.4	27.6	53.0	80.1	32.4
1. Short-term prepayments	0.4	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	2.8	17.6	32.9	42.3	0.0
3. Taxes and other receivables from state authorities	4.2	9.6	19.9	37.6	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)	972.6	1,045.6	1,121.2	1,131.8	903.9
I. Long-term receivables	0.0	0.0	0.0	0.1	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.1
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	0.1	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	906.2	1,002.9	1,039.1	511.0	547.4
1. Tangible fixed assets	904.5	1,000.8	1,038.8	510.3	546.3
- Cost	2,581.6	2,575.9	2,499.6	1,877.6	0.0
- Accumulated depreciation	-1,677.2	-1,575.1	-1,460.8	-1,367.3	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	1.7	2.1	0.3	0.6	1.1
- Cost	11.9	11.7	9.7	9.7	0.0
- Accumulated depreciation	-10.2	-9.6	-9.4	-9.1	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	54.5	33.2	73.3	612.3	338.9
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	54.5	33.2	73.3	612.3	0.0
V. Long-term financial investments	0.0	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	0.0	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	11.8	9.5	8.8	8.4	0.0
1. Long-term prepayments	11.8	9.5	8.8	8.4	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	17.5
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)	1,562.7	1,555.6	1,671.2	1,667.6	1,425.0
A. LIABILITIES (300=210+330)	666.9	778.5	860.9	871.1	712.9
I. Short -term liabilities	256.3	298.8	304.5	283.3	256.6
1. Short-term trade accounts payable	48.7	42.5	82.9	60.8	49.1
2. Short-term advances from customers	0.9	1.0	0.7	0.8	1.0
3. Taxes and other payables to state authorities	12.5	7.1	6.9	8.3	0.0
4. Payable to employees	31.6	29.4	26.5	29.4	0.0
5. Short-term acrrued expenses	2.1	2.2	2.3	2.8	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	1.2	0.0	0.0	0.0	0.0
9. Other short-term payables	93.7	149.1	115.9	129.3	0.0
10. Short-term borrowings and financial leases	60.4	60.5	61.9	46.0	31.2
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.2	6.9	7.4	5.9	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	410.5	479.7	556.4	587.7	456.3
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	77.7	90.4	104.8	119.8	0.0
8. Long-term borrowings and financial leases	326.0	384.6	445.1	465.4	319.4
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	0.4	0.3	0.2	0.2	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	6.5	4.5	6.4	2.4	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	895.8	777.1	810.3	796.6	712.1
I. Owner's equity	895.5	776.5	809.5	795.5	0.0
1. Owner's capital	579.6	579.6	579.6	579.6	710.8
- Common stock with voting right	579.6	579.6	579.6	579.6	579.6
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	9.0	9.0	9.0	9.0	9.0
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	133.1	128.1	117.1	101.8	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	173.7	59.8	103.7	105.0	57.0
- Accumulated retained earning at the end of the previous period	-8.1	0.0	0.0	0.0	0.2
- Undistributed earnings in this period	181.9	59.8	103.7	105.0	56.9
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	0.3	0.6	0.8	1.1	1.3
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.3	0.6	0.8	1.1	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)	1,562.7	1,555.6	1,671.2	1,667.6	1,425.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	112.1	173.6	175.6	136.8	162.4
Depreciation of Fixed Assets and Investment Property	114.8	100.1	75.7	69.7	67.8
Provision (Increase)/Reversal	0.1	-0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.2	0.0	0.0
Gain/Loss from Investment Activities	-24.9	-26.5	-23.2	0.0	0.0
Interest Expense	28.8	30.0	15.1	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	230.9	277.1	243.4	210.3	214.4
Increase/(Decrease) in Receivables	16.9	12.0	30.4	0.0	0.0
Increase/(Decrease) in Inventory	-2.1	-3.4	5.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-44.3	-7.2	6.7	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.8	-0.4	9.6	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-28.9	-30.0	-14.9	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-16.7	-12.9	-12.3	0.0	0.0
Net Cash Flow from Operating Activities	154.9	235.1	268.9	-34.0	13.1
Payments for Fixed Assets and Other Long-term Assets	-38.9	-90.2	-348.9	-78.8	-40.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	-0.0
Loans and Purchases of Debt Instruments	-315.7	-403.1	-423.7	-490.8	-187.0
Receipts from Loan Repayments and Sale of Debt Instruments	317.0	380.3	469.8	599.1	227.7
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	27.5	25.0	23.3	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	-10.1	-88.0	-279.6	50.2	29.4
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	0.0	42.6	205.7	123.7	93.5
Repayment of Borrowings	-61.9	-47.0	-44.9	-21.4	-18.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-98.5	-127.5	-127.5	-114.2	-114.2
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	-160.5	-131.9	33.2	-11.9	-39.7
Net Cash Flow During the Period	-15.7	15.3	22.5	-7.5	3.9
Cash and Cash Equivalents at Beginning of Period	66.8	51.5	29.0	14.8	11.9
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	51.1	66.8	51.5	19.0	14.8

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	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9	126.3
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	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9	126.3
Cost of Goods Sold	107.8	117.2	109.2	100.6	106.9	134.1	119.2	91.6	104.0	94.5	78.0	63.5
Gross Profit	86.7	99.9	92.8	59.9	52.7	41.8	48.2	50.1	43.0	71.4	78.9	62.8
Financial Income	7.2	7.1	6.0	5.4	5.6	6.1	6.4	6.8	7.5	7.7	6.6	6.1
Financial Expenses	5.6	5.9	6.5	5.7	7.2	6.6	7.8	7.1	12.4	9.0	4.6	3.9
Interest Expense	5.6	5.9	6.5	5.7	7.2	4.2	7.8	7.1	12.4	9.0	4.6	0.0
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	9.3	10.4	11.2	9.3	9.8	9.5	9.9	8.9	8.7	8.9	9.5	8.1
General and Administrative Expenses	13.9	12.1	13.5	10.4	15.6	10.3	12.5	9.6	14.8	10.3	12.6	8.9
Operating Profit	65.1	78.7	67.7	39.8	25.7	21.5	24.3	31.2	14.6	50.9	58.8	47.9
Other Income	1.7	6.4	1.7	0.0	1.6	0.0	1.6	0.0	1.5	0.1	1.5	0.0
Other Expenses	0.1	0.1	0.0	0.0	0.5	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Other Profit	1.6	6.3	1.7	0.0	1.2	0.0	1.6	0.0	1.2	0.1	1.4	-0.0
Profit Before Tax	66.8	84.9	69.4	39.9	26.9	21.5	25.9	31.2	15.8	50.9	60.3	47.9
Current Income Tax Expense	7.0	9.3	7.1	4.0	2.7	2.0	1.3	4.4	1.2	7.0	6.7	5.0
Deferred Income Tax Expense	-0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	-0.0	-0.0	0.0
Net Income	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5	42.9
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	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5	42.9
Earnings per Share	1,062.00	1,305.00	1,075.00	619.00	416.69	334.00	423.00	463.00	251.00	758.00	924.00	740.00
Diluted EPS	1,030.94	1,305.00	1,074.60	619.21	416.69	333.65	423.20	463.49	250.75	758.47	923.81	740.03

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)	591.3	585.0	572.5	530.9	510.1	596.5	623.5	533.5	548.6	525.5	507.2	532.2
I. Cash and cash equivalents	14.1	70.2	59.5	71.6	51.1	97.3	122.2	52.0	66.8	113.0	37.9	34.7
1. Cash	14.1	70.2	59.5	71.6	51.1	97.3	82.2	52.0	66.8	72.6	37.9	34.7
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	40.0	0.0	0.0	40.4	0.0	0.0
II. Short-term financial investments	483.6	438.3	438.3	371.5	361.5	391.0	352.0	362.7	362.7	295.1	335.6	349.9
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	483.6	438.3	438.3	371.5	361.5	391.0	352.0	362.7	362.7	295.1	335.6	349.9
III. Short-term receivables	31.0	32.1	23.4	26.0	26.9	29.9	64.9	29.3	27.9	26.9	32.8	32.7
1. Short-term trade accounts receivable	15.3	21.6	17.0	15.8	16.8	19.9	15.8	14.9	15.8	16.6	15.7	14.2
2. Short-term prepayments to suppliers	8.0	6.7	1.6	1.9	1.9	2.2	1.7	2.1	1.8	2.1	1.9	1.3
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	15.6	11.9	12.9	16.2	16.1	15.7	55.3	20.2	18.0	16.2	23.1	25.1
7. Provision for short-term doubtful debts (*)	-7.9	-8.0	-8.1	-8.0	-8.0	-7.9	-7.9	-7.9	-7.7	-7.9	-7.9	-7.9
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	54.0	38.3	40.7	43.1	42.5	44.7	42.0	42.8	40.3	37.1	35.9	40.0
1. Inventories	54.0	38.3	40.7	43.1	42.5	44.7	42.0	42.8	40.3	37.1	35.9	40.0
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	8.6	6.0	10.6	18.7	28.2	33.7	42.5	46.7	50.9	53.3	65.0	74.8
1. Short-term prepayments	0.3	0.3	0.4	0.3	0.4	0.3	0.4	0.2	0.2	0.2	0.3	0.2
2. Value added tax to be reclaimed	2.8	2.2	7.2	12.6	17.2	19.0	24.3	28.8	32.9	34.2	38.4	40.2
3. Taxes and other receivables from state authorities	5.5	3.6	3.0	5.8	10.5	14.4	17.9	17.6	17.7	18.9	26.3	34.5
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)	972.2	985.5	995.6	1,023.9	1,041.1	1,053.7	1,075.9	1,098.3	1,121.4	1,148.0	1,157.0	1,135.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	0.1
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	0.1	0.1	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	906.2	910.5	937.2	975.0	998.4	1,012.1	1,037.1	1,052.9	1,040.2	571.2	589.5	599.7
1. Tangible fixed assets	904.5	908.6	935.4	973.1	998.2	1,011.8	1,036.8	1,052.6	1,039.9	570.8	589.0	599.2
- Cost	2,581.7	2,556.4	2,554.6	2,576.3	2,575.9	2,565.1	2,558.7	2,543.9	2,501.4	1,995.8	1,994.0	1,985.6
- Accumulated depreciation	-1,677.2	-1,647.8	-1,619.3	-1,603.2	-1,577.7	-1,553.3	-1,521.9	-1,491.3	-1,461.5	-1,425.0	-1,405.0	-1,386.5
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	0.6
- 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	1.7	1.8	1.8	1.9	0.2	0.3	0.3	0.4	0.3	0.4	0.5	0.0
- Cost	11.9	11.9	11.7	11.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.2	-10.0	-9.9	-9.8	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	54.5	65.1	49.1	39.6	33.2	32.4	29.4	35.9	73.8	569.1	559.5	527.5
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	54.5	65.1	49.1	39.6	33.2	32.4	29.4	35.9	73.8	569.1	559.5	527.5
V. Long-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. 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	0.0	0.0	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	11.4	9.9	9.4	9.3	9.5	9.2	9.4	9.4	7.4	7.6	8.0	7.7
1. Long-term prepayments	11.4	9.9	9.4	9.3	9.5	9.2	9.4	9.4	7.4	7.6	8.0	7.7
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)	1,563.6	1,570.5	1,568.2	1,554.8	1,551.2	1,650.3	1,699.4	1,631.8	1,670.0	1,673.5	1,664.3	1,667.2
A. LIABILITIES (300=210+330)	668.2	726.5	747.7	741.8	779.7	862.1	930.4	794.6	860.8	878.6	861.0	827.8
I. Short -term liabilities	257.7	304.0	305.2	283.3	299.9	364.3	411.4	260.1	304.5	312.8	276.3	247.2
1. Short-term trade accounts payable	48.7	42.2	40.0	32.1	34.0	35.4	41.9	43.3	82.9	56.7	49.8	47.4
2. Short-term advances from customers	0.9	1.0	2.7	1.0	0.7	0.8	0.7	0.7	0.7	0.8	0.8	0.8
3. Taxes and other payables to state authorities	13.9	16.5	12.4	6.7	7.1	8.4	7.9	6.2	6.9	7.8	7.8	5.9
4. Payable to employees	31.6	28.2	22.5	12.0	29.4	22.8	17.7	10.9	26.5	22.7	18.4	12.2
5. Short-term acrrued expenses	2.1	16.2	10.4	9.9	10.3	42.4	27.3	14.2	2.3	24.3	4.3	0.4
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	1.2	1.9	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	93.7	130.1	143.8	158.5	151.0	182.9	238.1	117.8	115.9	128.5	127.2	126.5
10. Short-term borrowings and financial leases	60.4	60.4	60.4	60.4	60.5	60.7	61.1	62.1	61.9	61.6	51.3	50.5
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	5.2	7.6	12.8	2.7	6.9	10.9	16.7	5.0	7.4	10.3	16.7	3.4
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	410.5	422.4	442.5	458.5	479.7	497.8	519.1	534.5	556.4	565.8	584.7	580.5
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	116.1
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	461.9
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	77.7	80.8	83.3	86.8	90.4	93.9	97.6	101.1	104.8	108.6	112.5	0.0
8. Long-term borrowings and financial leases	326.0	336.8	354.4	367.0	384.6	397.2	414.9	426.9	445.1	454.7	469.7	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	0.4	0.4	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.2	0.2
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	6.5	4.5	4.5	4.5	4.5	6.4	6.4	6.4	6.4	2.4	2.4	2.4
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)	895.4	844.0	820.5	813.0	771.5	788.2	768.9	837.1	809.2	794.9	803.3	839.4
I. Owner's equity	895.0	843.4	819.9	812.4	770.9	787.4	768.1	836.3	808.4	793.9	802.2	838.4
1. Owner's capital	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6
- Common stock with voting right	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6
- 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	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
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	133.1	133.1	133.1	128.1	128.1	128.1	128.1	117.1	117.1	117.1	117.1	101.8
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	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	173.2	121.6	98.2	95.7	54.2	70.6	51.4	130.6	102.7	88.1	96.5	147.9
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	59.8	0.0	0.2	0.0	103.7	0.2	0.2	0.0	105.0
- Undistributed earnings in this period	173.2	121.6	98.2	35.9	54.2	70.5	51.4	26.9	102.5	88.0	96.5	42.9
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	0.3	0.6	0.6	0.6	0.6	0.8	0.8	0.8	0.8	1.1	1.1	1.1
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	0.3	0.6	0.6	0.6	0.6	0.8	0.8	0.8	0.8	1.1	1.1	1.1
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)	1,563.6	1,570.5	1,568.2	1,554.8	1,551.2	1,650.3	1,699.4	1,631.8	1,670.0	1,673.5	1,664.3	1,667.2

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	66.8	84.9	69.5	39.9	26.1	21.5	26.0	31.2	2.9	62.7	60.1	47.9
Depreciation of Fixed Assets and Investment Property	17.3	28.4	28.6	28.3	24.5	30.8	31.2	30.6	40.7	20.1	20.1	19.3
Provision (Increase)/Reversal	0.2	-0.0	0.1	0.0	0.8	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	0.0	0.0
Gain/Loss from Investment Activities	-7.0	-7.1	-6.0	-5.3	-5.6	-6.1	-6.4	-6.8	-23.8	9.9	-10.6	-2.1
Interest Expense	5.6	5.9	6.5	5.7	7.2	6.6	7.8	7.1	9.6	11.7	12.6	-3.9
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	82.8	112.2	98.5	68.5	53.0	52.9	58.6	62.2	29.4	104.4	82.2	61.2
Increase/(Decrease) in Receivables	20.1	-15.7	9.5	1.3	-0.4	-0.1	2.9	-2.2	10.8	-0.4	4.3	-2.7
Increase/(Decrease) in Inventory	-15.7	2.4	2.4	-0.7	2.2	-2.7	0.8	-2.5	-3.2	-1.2	4.2	-3.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-28.3	-48.1	20.0	-16.6	128.7	-5.2	46.6	-66.4	-2.2	25.4	15.4	-45.8
Increase/(Decrease) in Prepaid Expenses	-1.6	-0.2	-0.3	0.2	-0.4	0.2	-0.1	-0.6	-1.2	0.5	-0.4	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	-5.6	-5.8	-6.5	-5.7	-7.2	-6.7	-7.8	-7.1	-9.7	-11.8	-4.5	-3.9
Corporate Income Tax Paid	-9.4	-5.5	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	8.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-5.0	-4.2	-4.2	-79.6	-75.0	-0.9	-4.2	6.9	-16.2	7.3	-10.9
Net Cash Flow from Operating Activities	33.7	42.4	119.4	42.9	96.4	-36.5	100.2	-20.7	30.8	100.5	108.5	-4.6
Payments for Fixed Assets and Other Long-term Assets	11.6	-17.9	-15.4	-5.8	-82.0	62.8	-12.1	-3.6	-55.5	30.5	-57.8	-7.5
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	0.0
Loans and Purchases of Debt Instruments	-128.1	-96.3	-233.7	-80.0	-43.4	-87.0	-138.0	-20.0	-176.1	-53.0	-134.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	61.8	117.5	161.2	75.6	75.9	72.4	144.2	24.5	118.5	83.4	138.1	40.3
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
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	0.0
Dividends and Interest Income Received	7.0	3.4	9.7	5.3	-48.0	7.6	4.9	6.8	45.3	-29.4	15.2	-6.1
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	-47.7	6.7	-78.2	-4.8	-97.6	55.7	-1.0	7.7	-67.7	31.5	-38.5	-13.3
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8	8.2	16.7	13.9
Repayment of Borrowings	-10.8	-17.6	-12.6	-17.6	-45.0	14.1	-29.3	-1.8	-13.1	-12.9	-8.1	-12.9
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	-31.3	-20.8	-40.6	0.0	0.0	-58.0	0.0	0.0	-0.0	-52.2	-75.4	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	-42.1	-38.4	-53.2	-17.6	-45.0	-43.9	-29.3	-1.8	-9.3	-56.9	-66.7	1.0
Net Cash Flow During the Period	-56.1	10.7	-12.1	20.5	-46.2	-24.6	69.9	-14.8	-46.2	75.1	3.2	-16.8
Cash and Cash Equivalents at Beginning of Period	70.2	59.5	71.6	51.1	66.8	66.8	66.8	66.8	51.5	51.5	51.5	51.5
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	14.1	70.2	59.5	71.6	51.1	97.3	121.9	52.0	66.8	113.0	37.9	34.7

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