FIR

Listed Company · HOSE

Price

5,100

Latest close

03 Apr 2026

P/E 13.8x

EPS (TTM) 369

ROE (TTM) 3.2%

P/B 0.5x

BVPS (Latest) 10,675

ROA (TTM) 1.9%

What Is Changing

FIR has not yet shown a broad-based top-line recovery. Revenue posted -12.7% YoY, but net margin reached 1.82% with an additional +1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 222.4% to VND 2.0bn in 2025.
Net margin improved from 0.49% in the prior period to 1.82% in 2025.
Revenue decreased 12.7% YoY to VND 108.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	108.3	124.0	169.1	384.5	232.8
Growth	-13%	-27%	-56%	+65%	—
Net Income	2.0	0.6	19.1	114.6	60.4
Net Margin	1.82%	0.49%	11.29%	29.80%	25.96%

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	27.3	43.1	45.8	0.3	27.9	14.1	27.6	54.3	33.0	34.5	63.1	55.4
Growth	-37%	-6%	+16438%	-99%	+97%	-49%	-49%	+65%	-4%	-45%	+14%	—
Net Income	3.3	15.0	19.0	-13.3	-10.5	1.2	1.1	9.7	1.9	1.6	12.8	14.8
Net Margin	12.08%	34.72%	41.56%	-4798.84%	-37.53%	8.54%	4.16%	17.91%	5.75%	4.52%	20.27%	26.82%

Financial Statements

Profitability

Net margin reached 1.82% while Revenue posted -12.7% YoY.

Balance Sheet

Inventory stood at 294.2bn, liabilities at 492.6bn, and equity at 744.0bn.

Cash Flow

Operating cash flow was 29.7bn in 2024, while investing cash flow was 1.3bn.

Financing cash flow: -36.4bn.

Item	2025	2024	2023	2022	2021
Revenue	108.3	124.0	169.1	384.5	232.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	108.3	124.0	169.1	384.5	232.8
Cost of Goods Sold	46.1	48.2	69.2	129.3	0.0
Gross Profit	62.1	75.8	99.9	255.2	152.6
Financial Income	0.2	0.0	17.0	0.4	0.0
Financial Expenses	27.7	47.0	52.9	21.0	-12.2
Interest Expense	27.7	47.1	48.5	21.0	-5.3
Share of Associates and Joint Ventures	0.8	0.0	0.0	0.0	-0.0
Selling Expenses	1.1	4.9	8.9	58.2	-42.1
General and Administrative Expenses	17.5	15.3	19.5	28.5	-18.0
Operating Profit	16.8	8.7	35.6	147.8	80.4
Other Income	0.1	0.0	0.1	0.0	0.0
Other Expenses	7.1	0.3	7.9	2.9	0.0
Other Profit	-7.0	-0.3	-7.8	-2.9	-6.5
Profit Before Tax	9.8	8.4	27.8	144.9	73.9
Current Income Tax Expense	7.6	7.6	8.7	30.3	-13.5
Deferred Income Tax Expense	0.2	0.2	0.0	0.0	0.0
Net Income	2.0	0.6	19.1	114.6	60.4
Non-controlling Interest	-0.0	-0.0	-0.0	0.0	-0.1
Profit Attributable to Parent	2.0	0.6	19.1	114.6	60.5
Earnings per Share	28.00	10.00	297.00	2,617.00	2,237.00
Diluted EPS	28.00	10.00	297.00	2,617.00	2,237.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	738.3	815.4	866.9	1,173.9	554.5
I. Cash and cash equivalents	4.4	5.9	11.3	49.1	16.9
1. Cash	4.4	5.9	11.3	49.1	0.0
2. Cash equivalents	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
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	437.0	540.6	542.0	751.0	454.8
1. Short-term trade accounts receivable	35.2	15.9	24.3	47.6	0.0
2. Short-term prepayments to suppliers	87.9	170.9	235.0	230.7	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	130.0	0.0
6. Other short-term receivables	336.7	373.4	302.2	362.4	0.0
7. Provision for short-term doubtful debts (*)	-22.7	-19.6	-19.6	-19.6	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	294.2	266.2	310.9	370.9	79.9
1. Inventories	294.2	266.2	310.9	370.9	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	2.8	2.8	2.8	2.8	3.0
1. Short-term prepayments	0.2	0.3	0.2	0.2	0.0
2. Value added tax to be reclaimed	2.6	2.6	2.6	2.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	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)	498.3	524.0	536.0	129.0	128.1
I. Long-term receivables	177.0	201.3	210.2	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	177.0	201.3	210.2	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.6	1.5	2.0	2.9	3.1
1. Tangible fixed assets	0.6	1.5	2.0	2.9	3.1
- Cost	1.5	4.6	6.7	7.8	0.0
- Accumulated depreciation	-0.9	-3.1	-4.7	-4.9	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	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
III. Investment properties	56.7	57.2	57.8	58.5	58.5
- Cost	59.8	59.8	59.8	59.8	0.0
- Accumulated depreciation	-3.2	-2.7	-2.1	-1.4	0.0
IV. Long-term assets in progress	51.9	51.6	51.3	50.8	49.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	51.9	51.6	51.3	50.8	0.0
V. Long-term financial investments	200.8	200.2	201.5	1.8	1.8
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	200.8	200.0	200.0	0.0	0.0
3. Investments in other entities	0.0	0.2	1.8	1.8	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	-0.3	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	11.3	12.2	13.2	15.0	0.0
1. Long-term prepayments	11.3	12.2	13.2	15.0	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	15.3
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)	1,236.6	1,339.4	1,402.9	1,302.9	682.6
A. LIABILITIES (300=210+330)	492.6	597.4	661.5	580.5	250.7
I. Short -term liabilities	407.6	509.6	525.4	464.2	240.7
1. Short-term trade accounts payable	9.5	1.3	1.2	0.9	0.3
2. Short-term advances from customers	107.8	112.2	140.9	92.3	0.1
3. Taxes and other payables to state authorities	70.3	53.7	56.3	39.7	0.0
4. Payable to employees	0.6	1.0	1.4	0.7	0.0
5. Short-term acrrued expenses	31.3	17.0	1.2	1.0	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	0.9	0.9	0.9	0.9	0.9
9. Other short-term payables	35.8	26.5	37.8	89.2	0.0
10. Short-term borrowings and financial leases	151.5	297.0	285.8	239.6	98.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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	84.9	87.8	136.1	116.3	9.9
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	6.5	7.4	8.3	9.1	9.8
7. Other long-term liabilities	78.0	0.0	0.0	0.1	0.0
8. Long-term borrowings and financial leases	0.0	80.2	127.8	107.1	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	0.4	0.2	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)	744.0	742.0	741.4	722.3	431.9
I. Owner's equity	744.0	742.0	741.4	722.3	0.0
1. Owner's capital	706.7	642.5	642.5	446.2	431.9
- Common stock with voting right	706.7	642.5	642.5	446.2	270.4
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	3.1	67.3	67.3	67.3	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	0.0	0.0	0.0	0.0	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	34.1	32.2	31.5	208.8	161.4
- Accumulated retained earning at the end of the previous period	32.2	31.5	12.5	94.2	134.7
- Undistributed earnings in this period	2.0	0.6	19.1	114.6	26.7
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1
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)	1,236.6	1,339.4	1,402.9	1,302.9	682.6

Item	2024	2023	2022	2021	2020
Profit Before Tax	8.4	27.8	144.9	73.9	44.6
Depreciation of Fixed Assets and Investment Property	1.1	1.6	2.1	2.0	1.9
Provision (Increase)/Reversal	-0.3	0.3	5.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-17.1	-0.3	0.0	0.0
Interest Expense	47.1	48.5	21.0	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	56.3	61.1	172.8	81.2	59.2
Increase/(Decrease) in Receivables	10.4	-131.2	-220.6	0.0	0.0
Increase/(Decrease) in Inventory	44.7	59.8	-280.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-45.5	5.3	82.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	1.8	0.7	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.9	-48.3	-20.6	0.0	0.0
Corporate Income Tax Paid	-6.3	-0.1	-27.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	29.7	-51.6	-292.5	-60.9	-21.7
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.4	-4.7	-1.4	-29.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-8.0	-130.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	138.0	0.0	0.0	0.0
Investments in Other Entities	-0.2	-200.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.8	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	17.2	0.1	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	1.3	-53.1	-134.1	-1.3	-29.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	202.5	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	184.6	338.2	420.9	160.1	71.0
Repayment of Borrowings	-221.0	-271.3	-154.7	-95.5	-58.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
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	-36.4	66.9	468.7	64.6	12.3
Net Cash Flow During the Period	-5.4	-37.8	42.2	9.9	2.3
Cash and Cash Equivalents at Beginning of Period	11.3	49.1	7.0	14.5	53.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.9	11.3	49.1	16.9	14.5

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	27.3	43.1	45.8	0.3	27.9	14.1	27.6	54.3	33.0	34.5	63.1	55.4
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	27.3	43.1	45.8	0.3	27.9	14.1	27.6	54.3	33.0	34.5	63.1	55.4
Cost of Goods Sold	14.7	14.8	14.2	0.1	10.7	5.5	8.1	23.8	12.1	16.7	29.7	18.8
Gross Profit	12.6	28.3	31.6	0.1	17.1	8.6	19.5	30.6	20.9	17.8	33.4	36.6
Financial Income	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	3.7	4.4	4.5	4.4
Financial Expenses	4.9	6.1	14.0	2.5	21.2	3.1	12.0	10.7	14.0	13.6	13.0	11.9
Interest Expense	4.9	6.1	14.0	2.5	21.2	3.1	11.7	11.0	14.0	13.6	13.0	11.9
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	0.6	0.0	0.2	0.4	0.0	0.3	0.9	3.7	0.9	2.0	3.4	1.2
General and Administrative Expenses	-1.5	3.5	-3.3	10.6	2.8	3.6	5.0	3.9	4.7	4.5	4.9	6.7
Operating Profit	8.7	18.7	20.7	-13.3	-6.9	1.7	1.6	12.2	4.9	2.0	16.5	21.2
Other Income	0.0	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Expenses	2.8	0.6	0.0	0.0	0.0	0.2	0.1	0.0	2.4	0.1	0.5	2.7
Other Profit	-2.8	0.1	-0.0	-0.0	-0.0	-0.2	-0.1	-0.0	-2.4	-0.1	-0.5	-2.6
Profit Before Tax	5.9	18.7	20.7	-13.3	-6.9	1.6	1.6	12.2	2.4	2.0	16.0	18.6
Current Income Tax Expense	2.6	3.8	1.7	0.0	3.5	0.3	0.4	2.5	0.5	0.4	3.2	3.7
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	3.3	15.0	19.0	-13.3	-10.5	1.2	1.1	9.7	1.9	1.6	12.8	14.8
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	3.3	15.0	19.0	-13.3	-10.5	1.2	1.1	9.7	1.9	1.6	12.8	14.8
Earnings per Share	47.00	233.00	296.00	-207.00	-163.00	19.00	18.00	151.00	30.00	29.00	239.00	333.00
Diluted EPS	47.00	233.00	296.00	-207.00	10.00	19.00	18.00	151.00	30.00	29.00	239.00	333.00

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)	760.7	777.2	743.2	753.0	815.5	799.5	809.6	806.4	1,077.2	1,241.3	1,247.9	1,206.6
I. Cash and cash equivalents	4.4	4.1	5.1	5.3	5.9	1.0	17.8	11.0	11.3	3.1	4.8	10.9
1. Cash	4.4	4.1	5.1	5.3	5.9	1.0	17.8	11.0	11.3	3.1	4.8	10.9
2. Cash equivalents	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. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	450.6	467.3	457.6	478.8	540.6	518.9	506.8	502.6	752.2	920.8	909.2	835.9
1. Short-term trade accounts receivable	16.6	28.4	18.8	15.9	15.9	16.4	16.1	10.0	24.3	21.8	32.6	23.4
2. Short-term prepayments to suppliers	87.9	104.6	93.2	114.5	170.9	171.2	175.4	190.0	238.7	237.4	233.5	253.0
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	130.0	138.0	130.0
6. Other short-term receivables	360.7	353.9	365.1	375.6	373.4	351.0	335.0	322.2	508.8	551.2	524.6	449.1
7. Provision for short-term doubtful debts (*)	-14.6	-19.6	-19.6	-27.3	-19.6	-19.6	-19.6	-19.6	-19.6	-19.6	-19.6	-19.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	303.0	303.2	278.0	266.2	266.2	276.7	282.1	289.9	310.9	314.6	331.2	357.0
1. Inventories	303.0	303.2	278.0	266.2	266.2	276.7	282.1	289.9	310.9	314.6	331.2	357.0
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	2.8	2.6	2.7	2.7	2.9	2.8	2.9	2.9	2.8	2.7	2.8	2.9
1. Short-term prepayments	0.2	0.0	0.1	0.2	0.3	0.3	0.3	0.3	0.2	0.1	0.2	0.2
2. Value added tax to be reclaimed	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
3. 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	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)	473.4	473.8	474.0	474.5	523.5	529.2	530.0	534.0	325.7	126.4	127.4	128.1
I. Long-term receivables	152.4	152.4	152.4	152.4	201.3	206.6	206.6	210.0	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	152.4	152.4	152.4	152.4	201.3	206.6	206.6	210.0	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	0.6	0.6	1.3	1.4	1.5	1.7	1.8	1.9	2.0	2.1	2.3	2.6
1. Tangible fixed assets	0.6	0.6	1.3	1.4	1.5	1.7	1.8	1.9	2.0	2.1	2.3	2.6
- Cost	1.5	1.5	4.6	4.6	4.6	6.7	6.7	6.7	6.7	6.7	6.7	6.7
- Accumulated depreciation	-0.9	-0.8	-3.3	-3.2	-3.1	-5.0	-4.9	-4.8	-4.7	-4.6	-4.4	-4.1
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	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
III. Investment properties	56.7	56.8	56.9	57.0	57.2	57.3	57.4	57.6	57.8	57.9	58.1	58.3
- Cost	59.8	59.8	59.8	59.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	-3.0	-2.9	-2.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	51.9	51.9	51.6	51.6	51.6	51.5	51.3	51.3	51.3	51.3	51.2	51.1
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	0.0	0.0
2. Construction in progress	51.9	51.9	51.6	51.6	51.6	51.5	51.3	51.3	51.3	51.3	51.2	51.1
V. Long-term financial investments	200.5	200.5	200.0	200.0	199.7	199.7	200.2	200.2	201.5	1.5	1.8	1.8
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	200.5	200.5	200.0	200.0	199.5	199.5	200.0	200.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2	201.8	1.8	1.8	1.8
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	-0.3	-0.3	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	11.3	11.5	11.7	12.0	12.2	12.5	12.7	13.0	13.2	13.6	14.0	14.4
1. Long-term prepayments	11.3	11.5	11.7	12.0	12.2	12.5	12.7	13.0	13.2	13.6	14.0	14.4
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)	1,234.1	1,251.0	1,217.2	1,227.4	1,338.9	1,328.7	1,339.6	1,340.4	1,402.9	1,367.7	1,375.3	1,334.7
A. LIABILITIES (300=210+330)	479.7	491.2	469.4	498.7	597.3	576.6	587.3	589.2	665.4	620.2	625.3	597.5
I. Short -term liabilities	459.0	463.7	407.3	428.5	509.8	477.4	474.8	459.4	529.3	501.3	509.3	481.9
1. Short-term trade accounts payable	9.5	8.2	0.9	1.2	1.3	1.2	2.2	1.2	1.2	0.9	0.6	0.6
2. Short-term advances from customers	107.5	112.6	112.7	115.9	113.2	109.9	108.1	108.5	140.9	132.0	130.3	122.9
3. Taxes and other payables to state authorities	58.5	56.4	53.5	53.6	53.9	50.4	51.1	54.7	60.1	55.6	56.7	48.1
4. Payable to employees	0.6	0.4	0.4	0.7	1.0	0.5	0.5	0.3	1.4	0.8	0.5	0.5
5. Short-term acrrued expenses	31.0	26.9	22.7	13.4	17.0	0.1	1.0	0.3	1.2	0.2	1.5	1.3
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
9. Other short-term payables	113.3	103.7	84.7	81.5	25.5	31.3	31.4	32.8	37.8	38.2	34.8	47.7
10. Short-term borrowings and financial leases	137.7	154.7	131.5	161.4	297.0	283.3	279.6	260.7	285.8	272.7	284.0	259.9
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	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. 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	20.7	27.4	62.1	70.2	87.5	99.2	112.5	129.8	136.1	118.9	116.0	115.6
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	6.5	6.7	6.9	7.1	7.4	7.6	7.8	8.0	8.3	8.5	8.7	8.9
7. Other long-term liabilities	0.0	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
8. Long-term borrowings and financial leases	13.8	15.8	55.0	62.8	80.2	91.6	104.7	121.7	127.8	110.4	107.2	106.6
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	0.2	0.2	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)	754.4	759.9	747.8	728.8	741.6	752.1	752.3	751.2	737.6	747.5	750.0	737.2
I. Owner's equity	754.4	759.9	747.8	728.8	741.6	752.1	752.3	751.2	737.6	747.5	750.0	737.2
1. Owner's capital	706.7	642.5	642.5	642.5	642.5	642.5	642.5	642.5	642.5	535.4	535.4	446.2
- Common stock with voting right	706.7	642.5	642.5	642.5	642.5	642.5	642.5	642.5	642.5	535.4	535.4	446.2
- 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	3.1	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3
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	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. 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	44.5	50.0	37.9	18.9	31.8	42.2	42.4	41.3	27.7	144.7	147.2	223.6
- Accumulated retained earning at the end of the previous period	32.2	32.2	32.2	32.2	31.5	31.5	31.5	31.5	12.5	119.5	119.5	208.8
- Undistributed earnings in this period	12.4	17.8	5.7	-13.3	0.2	10.7	10.9	9.7	15.2	25.1	27.6	14.8
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	1,234.1	1,251.0	1,217.2	1,227.4	1,338.9	1,328.7	1,339.6	1,340.4	1,402.9	1,367.7	1,375.3	1,334.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-12.7	18.7	17.0	-13.3	-6.4	1.6	1.1	12.2	-6.5	2.0	13.8	18.6
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.3	0.2	0.3	0.3	0.3	0.4	0.5	0.5
Provision (Increase)/Reversal	3.1	0.0	0.0	7.6	0.0	0.0	0.0	-0.3	0.0	0.0	0.3	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	-0.4	-0.0	-0.5	-0.0	-0.0	-0.5	0.5	-0.0	-3.7	-4.4	-4.5	-4.5
Interest Expense	5.2	6.1	14.0	2.5	21.2	3.1	11.8	11.0	9.9	15.2	11.5	11.9
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	-4.6	25.0	23.1	-2.9	15.1	4.3	13.7	23.1	-0.0	13.1	21.6	26.4
Increase/(Decrease) in Receivables	2.2	-9.3	28.8	103.0	-16.4	-12.0	-0.8	39.6	25.3	-24.8	-46.8	-84.9
Increase/(Decrease) in Inventory	9.0	-25.2	-11.8	0.0	10.6	5.4	7.8	21.0	3.5	16.5	25.8	13.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.8	25.9	2.7	57.9	-1.7	-0.2	0.1	-43.7	11.4	9.0	-8.2	-6.9
Increase/(Decrease) in Prepaid Expenses	0.0	0.3	0.3	0.4	0.3	0.3	0.2	0.2	0.3	0.4	0.4	0.6
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	-0.8	-1.2	-5.4	-6.0	-5.3	-3.0	-11.9	-10.7	-10.0	-15.5	-11.2	-11.7
Corporate Income Tax Paid	-0.4	-0.9	-0.3	0.0	0.0	-1.9	-4.2	-0.2	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	19.3	14.7	37.4	152.3	2.6	-7.2	4.9	29.3	30.5	-1.2	-18.4	-62.4
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.3	0.0	-0.0	-0.0	-0.2	0.0	-0.0	0.0	-0.3	0.1	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-8.0	8.0	-8.0	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	138.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-200.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.2	0.0	0.0	0.0	1.8	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	17.2	-0.0	-4.4	4.4
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.4	0.0	0.2	-0.1	-0.2	-0.0	1.6	-52.8	7.7	-12.4	4.3
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	60.0	0.0	0.0	0.0	79.6	15.0	46.4	43.6	68.2	87.7	57.7	124.6
Repayment of Borrowings	-79.0	-16.0	-37.7	-153.0	-77.3	-24.4	-44.5	-74.8	-37.7	-95.9	-33.0	-104.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-19.0	-16.0	-37.7	-153.0	2.3	-9.4	1.9	-31.2	30.5	-8.2	24.7	19.9
Net Cash Flow During the Period	0.3	-1.0	-0.3	-0.5	4.8	-16.8	6.8	-0.3	8.2	-1.7	-6.1	-38.3
Cash and Cash Equivalents at Beginning of Period	4.1	5.1	5.3	5.9	11.3	11.3	11.3	11.3	49.1	49.1	49.1	49.1
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	4.4	4.1	5.1	5.3	5.9	1.0	17.8	11.0	11.3	3.1	4.8	10.9

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FIR

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