GLT

Kỹ thuật Điện Toàn cầu ·HNX ·2025Q3

● Maintaining

Price

28,800

Latest close

01 Jun 2026

P/E 39.29x

P/B 1.74x

EPS 733

BVPS 16,517

ROE 4.1%

ROA 3.2%

Profit Margin 4.1%

Asset Turnover 0.80x

Equity Mult. 1.26x

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

What Is Changing

On a TTM 2025Q3 basis, GLT posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 163bn
	                                
+103.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+25.1%YoY

Metric	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	74.1	44.7	31.0	13.3	26.6	22.0	12.8	18.5	52.0	162.0	261.0	170.6
Growth	+66%	+44%	+133%	-50%	+21%	+72%	-31%	-64%	-68%	-38%	+53%	—
Net Income	6.9	2.3	-0.2	-2.0	1.4	1.8	0.9	1.5	6.5	4.2	9.0	6.2
Net Margin	9.25%	5.16%	-0.58%	-14.98%	5.23%	8.33%	6.70%	8.10%	12.51%	2.59%	3.43%	3.63%

Drivers of GLT's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 15.9bn

Minority interests ↓ 0.4bn

Selling expenses ↑ 5.7bn

Financial income ↓ 5.6bn

Finance costs ↑ 1.3bn

Other profit ↓ 0.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 10.9bn

Selling expenses ↑ 1.9bn

Administrative expenses ↑ 1.4bn

Financial income ↓ 1.3bn

Minority interests ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 4.28%, losing 2.7pp. The main pressure is Gross margin fell 10.6pp, outweighing the improvement in SG&A / Revenue fell 15.8pp (with lingering pressure from Net financial result / Revenue fell 7.9pp and Other profit / Revenue fell 0.5pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 4.28% −2.7pp

Gross Margin 29.25% −10.6pp

SG&A / Revenue 22.64% −15.8pp

TTM YoY · 2023Q4 -> 2025Q3

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.18x +0.53x

Average Invested Capital 137.7bn +14.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.21x equity, with a net cash position equivalent to 0.07x equity.

Inventory ended the period at 19.2bn, roughly 10.4% of total assets.

Over the last 12 months, working capital released 35.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +101.5bn

Inventories increased → lower CFO: −143.7bn

Payables increased → higher CFO: +77.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 94.3 days versus the same period last year. The main moves came from DIO fell 59.2 days, DSO fell 183.0 days, and DPO fell 147.8 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 211.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 177.9 days −183.0 days

Inventory 96.2 days −59.2 days

Payables 62.2 days −147.8 days

Cash Conversion Cycle 211.9 days −94.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 28.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 4.64x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 642.4% of debt, and total debt stands at 2.4bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.07x +0.17x

Interest Coverage 4.64x −4.01x

Cash / Debt 642.4% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 5.88x +0.03x

TTM YoY · 2023Q4 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 28.2bn in 2023, against investing cash flow of -8.0bn.

Post-investment cash flow was positive +20.2bn. Financing cash flow was negative +7.1bn.

CFO / net income was 5.88x.

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 39.0bn +10.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.07x. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 2.7 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.07x of equity.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.28% after a 2.7pp decline versus the same period last year.

Statement Data

Item	2023	2022	2021	2020
Revenue	83.3	645.7	147.8	121.5
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	83.3	645.7	147.8	121.5
Cost of Goods Sold	50.1	587.0	0.0	0.0
Gross Profit	33.1	58.7	46.9	50.8
Financial Income	6.6	6.4	1.9	2.1
Financial Expenses	0.8	1.0	-1.0	-0.6
Interest Expense	0.1	0.7	-0.5	-0.3
Share of Associates and Joint Ventures	0.0	0.0	-0.0	-0.0
Selling Expenses	18.0	13.9	-16.4	-15.2
General and Administrative Expenses	13.2	17.1	-13.5	-11.9
Operating Profit	7.6	33.2	17.9	25.2
Other Income	0.3	0.0	0.0	0.0
Other Expenses	0.1	0.8	0.0	0.0
Other Profit	0.3	-0.8	9.1	-0.1
Profit Before Tax	7.9	32.4	27.1	25.0
Current Income Tax Expense	1.7	6.1	-4.5	-4.0
Deferred Income Tax Expense	0.0	0.5	0.0	0.0
Net Income	6.2	25.8	22.6	21.0
Non-controlling Interest	1.0	3.0	0.1	1.8
Profit Attributable to Parent	5.2	22.7	22.5	19.2
Earnings per Share	554.00	2,465.00	2,627.00	2,265.00
Diluted EPS	497.37	2,261.99	2,432.27	2,082.97

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	160.7	244.2	241.5	117.0
I. Cash and cash equivalents	37.8	24.6	51.4	26.9
1. Cash	7.7	17.1	0.0	0.0
2. Cash equivalents	30.1	7.5	0.0	0.0
II. Short-term financial investments	63.2	34.9	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	63.2	34.9	0.0	0.0
III. Short-term receivables	37.3	173.1	119.7	35.5
1. Short-term trade accounts receivable	19.6	138.5	0.0	0.0
2. Short-term prepayments to suppliers	6.3	2.1	0.0	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	13.1	30.0	0.0	0.0
6. Other short-term receivables	1.5	5.6	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.2	-3.1	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	19.2	11.4	19.8	22.1
1. Inventories	24.6	17.2	0.0	0.0
2. Provision for decline in value of inventories	-5.4	-5.8	0.0	0.0
V. Other short-term assets	3.2	0.2	4.3	5.7
1. Short-term prepayments	0.0	0.2	0.0	0.0
2. Value added tax to be reclaimed	3.1	0.0	0.0	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)	24.8	23.2	30.6	40.2
I. Long-term receivables	0.0	0.1	0.0	0.0
1. Long-term trade receivables	0.0	0.0	5.8	5.8
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	0.1	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	24.2	22.6	7.3	14.5
1. Tangible fixed assets	23.6	22.4	7.3	6.7
- Cost	29.8	27.4	0.0	0.0
- Accumulated depreciation	-6.1	-5.0	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	0.5	0.2	0.0	7.8
- Cost	0.7	0.3	0.0	0.0
- Accumulated depreciation	-0.2	-0.1	0.0	0.0
III. Investment properties	0.0	0.0	16.3	18.0
- 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	0.2	0.0	0.3
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.2	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	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	0.6	0.3	0.0	0.0
1. Long-term prepayments	0.6	0.2	0.0	0.0
2. Deferred income tax assets	0.1	0.1	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	1.1	1.6
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)	185.6	267.4	272.1	157.2
A. LIABILITIES (300=210+330)	31.8	119.1	160.4	54.5
I. Short -term liabilities	31.4	116.1	158.8	53.0
1. Short-term trade accounts payable	10.2	45.1	9.6	14.4
2. Short-term advances from customers	8.3	2.5	128.5	13.7
3. Taxes and other payables to state authorities	1.1	5.6	0.0	0.0
4. Payable to employees	3.2	2.3	0.0	0.0
5. Short-term acrrued expenses	4.0	48.7	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	0.2	0.9	0.6
9. Other short-term payables	0.8	1.4	0.0	0.0
10. Short-term borrowings and financial leases	0.0	6.4	6.8	12.6
11. Provision for short-term liabilities	2.4	1.7	0.0	0.0
12.. Bonus and welfare fund	1.3	2.2	0.0	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	0.4	3.0	1.6	1.5
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	0.1	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	0.3	1.6	0.0	0.0
13. Fund for technology development	0.0	1.4	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	153.8	148.3	111.7	102.7
I. Owner's equity	153.8	148.3	0.0	0.0
1. Owner's capital	104.6	100.5	111.7	102.7
- Common stock with voting right	104,560,920,000.00	100,495,280,000.00	92,364,460,000.00	92,364,460,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	6.1	6.1	6.1	6.1
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	-23,249,795,357.00	-23,249,795,357.00	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	0.0	11.0	0.0	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	53.9	42.4	25.1	16.9
- Accumulated retained earning at the end of the previous period	48.7	38.3	13.1	0.0
- Undistributed earnings in this period	5.2	4.1	12.0	16.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	12.5	11.5	7.6	7.5
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)	185.6	267.4	272.1	157.2

Item	2023	2022	2021	2020
Profit Before Tax	7.9	32.4	27.1	25.0
Depreciation of Fixed Assets and Investment Property	2.6	2.2	3.4	3.9
Provision (Increase)/Reversal	-0.7	1.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-6.8	-6.0	0.0	0.0
Interest Expense	0.1	0.7	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	-0.4	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2.8	30.2	32.8	29.4
Increase/(Decrease) in Receivables	115.1	25.3	0.0	0.0
Increase/(Decrease) in Inventory	-7.6	13.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-74.8	8.6	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.6	0.0	0.0
Corporate Income Tax Paid	-4.5	-14.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-2.3	0.0	0.0
Net Cash Flow from Operating Activities	28.2	60.4	22.2	20.3
Payments for Fixed Assets and Other Long-term Assets	-4.0	-11.8	-2.6	-9.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	7.8	0.0
Loans and Purchases of Debt Instruments	-39.3	-56.3	-29.2	-15.4
Receipts from Loan Repayments and Sale of Debt Instruments	28.0	45.9	9.7	20.9
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.6	0.0	0.0
Dividends and Interest Income Received	7.0	5.1	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	-8.0	-16.5	20.3	-2.5
Proceeds from Equity Issuance and Capital Contributions	4,065,640,000.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	37.9	13.9	9.9
Repayment of Borrowings	-6.4	-61.7	-19.7	-1.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-4.7	-32.7	-12.2	-22.6
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	-7.1	-56.5	-18.0	-13.9
Net Cash Flow During the Period	13.2	-12.5	5.0	14.0
Cash and Cash Equivalents at Beginning of Period	24.6	37.1	26.9	23.0
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	37.8	24.6	51.4	26.9

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	74.1	44.7	31.0	13.3	26.6	22.0	12.8	18.5	52.0	162.0	261.0	170.6
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.1	44.7	31.0	13.3	26.6	22.0	12.8	18.5	52.0	162.0	261.0	170.6
Cost of Goods Sold	52.4	30.4	23.7	8.8	15.8	14.0	7.2	11.2	38.5	149.1	241.7	156.6
Gross Profit	21.7	14.3	7.3	4.5	10.8	8.1	5.7	7.3	13.4	12.9	19.3	14.0
Financial Income	0.2	0.2	0.2	0.5	1.4	1.7	1.8	1.6	2.0	1.6	1.6	1.2
Financial Expenses	0.3	0.4	1.3	0.1	0.4	0.2	0.1	0.1	0.2	0.2	0.2	0.3
Interest Expense	0.3	0.2	1.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.0	7.2	3.7	4.4	6.1	3.9	3.7	3.9	3.6	3.9	3.5	3.7
General and Administrative Expenses	5.2	3.4	2.6	2.4	3.8	3.5	2.8	3.1	3.3	5.3	5.9	2.6
Operating Profit	8.3	3.5	-0.2	-1.9	1.9	2.3	0.8	1.9	8.2	5.1	11.2	8.5
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.7
Other Profit	-0.2	-0.2	-0.0	-0.0	0.0	-0.0	0.3	-0.1	-0.1	0.0	-0.1	-0.7
Profit Before Tax	8.1	3.3	-0.2	-1.9	1.9	2.3	1.1	1.8	8.2	5.2	11.1	7.9
Current Income Tax Expense	1.3	1.0	—	0.1	0.5	0.5	0.3	0.3	1.7	1.0	1.7	1.7
Deferred Income Tax Expense	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.5	0.0
Net Income	6.9	2.3	-0.2	-2.0	1.4	1.8	0.9	1.5	6.5	4.2	9.0	6.2
Non-controlling Interest	1.1	-0.5	0.0	-0.3	0.4	0.2	0.1	0.0	-0.0	1.4	1.1	0.6
Profit Attributable to Parent	5.7	2.8	-0.2	-1.7	1.0	1.6	0.8	1.5	6.5	2.8	7.8	5.6
Earnings per Share	614.00	297.00	1.00	-179.00	99.00	177.00	82.00	159.00	719.00	346.00	963.00	689.00
Diluted EPS	614.00	297.00	1.00	-179.00	99.00	177.00	82.00	159.00	719.00	346.00	963.00	689.00

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	200.8	205.1	210.3	261.6	160.1	157.6	177.0	230.1	246.7	280.3	256.0	226.5
I. Cash and cash equivalents	15.1	3.7	15.9	6.4	37.8	25.1	37.5	18.2	24.6	17.5	25.2	53.6
1. Cash	7.1	3.6	15.8	3.3	7.7	1.8	5.9	6.2	17.1	8.0	14.2	19.6
2. Cash equivalents	8.0	0.1	0.1	3.1	30.1	23.4	31.6	12.0	7.5	9.5	11.0	34.0
II. Short-term financial investments	4.7	4.7	4.6	13.4	63.2	68.4	53.6	34.9	34.9	28.9	37.4	47.3
1. Available for sale securities	—	—	—	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
3. Held to maturity investments	4.7	4.7	4.6	13.4	63.2	68.4	53.6	34.9	34.9	28.9	37.4	47.3
III. Short-term receivables	149.1	157.9	157.3	72.8	37.4	40.4	69.6	164.1	175.6	222.1	161.7	75.4
1. Short-term trade accounts receivable	139.4	134.7	128.9	11.7	19.6	24.0	42.4	131.8	138.5	181.0	102.8	29.2
2. Short-term prepayments to suppliers	11.5	25.7	30.8	57.5	6.3	0.5	3.2	2.9	2.1	1.6	10.6	11.2
3. Short-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
5. Short-term loan receivables	—	—	—	4.4	13.0	17.0	25.0	30.0	30.0	35.1	40.4	25.4
6. Other short-term receivables	1.6	1.0	0.9	2.5	1.5	2.0	2.1	2.5	8.1	7.4	11.0	12.7
7. Provision for short-term doubtful debts (*)	-3.4	-3.4	-3.3	-3.2	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	31.5	37.6	30.3	154.9	18.6	19.5	13.1	10.0	11.4	10.8	29.1	46.4
1. Inventories	37.0	43.1	35.8	160.2	23.8	24.5	18.1	15.8	17.2	15.9	34.2	51.4
2. Provision for decline in value of inventories	-5.5	-5.5	-5.5	-5.3	-5.2	-5.0	-5.0	-5.8	-5.8	-5.1	-5.1	-5.0
V. Other short-term assets	0.4	1.1	2.2	14.0	3.2	4.1	3.2	2.9	0.2	1.0	2.6	3.8
1. Short-term prepayments	0.4	0.8	1.6	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.1	0.1
2. Value added tax to be reclaimed	0.0	0.3	0.5	12.1	3.1	4.1	3.1	2.7	0.0	0.7	2.5	3.7
3. Taxes and other receivables from state authorities	—	0.0	0.1	1.9	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
5. Other short-term assets	—	—	—	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)	24.0	22.3	23.1	25.6	24.9	25.7	22.9	23.0	23.2	23.7	24.2	22.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	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
2. Long-term prepayments to suppliers	—	—	—	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
4. Long-term inter-company receivables	—	—	—	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	0.1	0.1	0.1	0.1	0.1	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
II. Fixed assets	23.2	21.8	22.5	24.9	24.2	24.9	20.9	22.0	22.6	23.1	23.6	21.7
1. Tangible fixed assets	23.0	21.5	22.2	24.5	23.6	24.3	20.7	21.8	22.4	23.1	23.6	21.7
- Cost	—	—	—	32.1	29.5	29.7	25.4	27.4	27.4	27.4	27.4	24.9
- Accumulated depreciation	—	—	—	-7.6	-5.9	-5.3	-4.7	-5.6	-5.0	-4.4	-3.8	-3.2
2. Financial leased fixed assets	—	—	—	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
- Accumulated depreciation	—	—	—	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	0.4	0.5	0.5	0.2	0.2	0.2	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	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
IV. Long-term assets in progress	—	—	—	0.0	0.0	0.0	1.1	0.2	0.2	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.0	0.0	0.0	1.1	0.2	0.2	0.3	0.3	0.3
V. Long-term financial investments	0.1	0.1	0.1	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
2. Investments in associates, joint-ventures	—	—	—	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
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
5. Held to maturity investments	0.1	0.1	0.1	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
VI. Other long-term assets	0.6	0.4	0.5	0.7	0.6	0.7	0.8	0.7	0.3	0.3	0.3	0.7
1. Long-term prepayments	0.5	0.3	0.4	0.6	0.6	0.6	0.8	0.7	0.2	0.2	0.2	0.2
2. Deferred income tax assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.5
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
4. Other long-term assets	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	224.8	227.4	233.5	287.1	185.0	183.3	199.9	253.2	269.9	304.0	280.2	249.3
A. LIABILITIES (300=210+330)	52.1	61.6	69.9	144.7	31.8	31.4	45.5	99.4	121.5	153.3	125.5	87.3
I. Short -term liabilities	49.3	58.7	67.1	144.3	30.2	29.4	42.9	96.4	118.5	151.6	123.8	85.2
1. Short-term trade accounts payable	29.1	21.0	37.1	39.8	10.2	15.3	25.7	74.4	45.2	93.2	84.3	57.5
2. Short-term advances from customers	3.1	11.7	10.1	92.2	8.3	2.6	2.6	1.3	2.5	1.4	4.3	8.6
3. Taxes and other payables to state authorities	3.0	1.5	0.4	0.4	1.0	1.2	0.9	0.8	5.5	5.2	4.2	2.6
4. Payable to employees	6.0	0.8	—	0.0	3.2	1.0	0.4	0.5	4.8	5.0	3.5	1.0
5. Short-term acrrued expenses	3.1	1.0	0.2	3.7	4.0	6.2	10.1	12.5	48.7	36.7	13.6	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
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
8. Short-term unearned revenue	0.1	0.1	—	0.1	0.0	0.1	0.2	0.1	0.2	0.3	0.4	0.5
9. Other short-term payables	0.5	1.0	1.4	1.4	0.8	0.3	0.3	0.7	1.4	0.9	1.0	1.1
10. Short-term borrowings and financial leases	2.4	19.5	15.8	3.6	0.0	0.0	0.0	2.3	6.4	4.8	8.1	8.9
11. Provision for short-term liabilities	0.6	0.6	0.6	1.8	1.3	1.3	0.9	1.5	1.7	2.0	2.1	2.4
12.. Bonus and welfare fund	1.5	1.5	1.5	1.2	1.3	1.4	1.8	2.1	2.2	2.1	2.2	2.1
13. Price stabilization fund	—	—	—	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
II. Long-term liabilities	2.7	2.9	2.8	0.4	1.7	2.1	2.6	3.0	3.0	1.7	1.7	2.2
1. Long-term trade payables	—	—	—	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
3. Long-term acrrued expenses	—	—	—	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
5. Long-term inter-company payables	—	—	—	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
7. Other long-term liabilities	—	—	—	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	2.7	2.9	2.8	0.3	1.6	1.6	1.6	1.6	1.6	0.3	0.3	0.7
13. Fund for technology development	—	—	—	0.0	0.0	0.4	0.9	1.4	1.4	1.4	1.4	1.4
14. Provision for severance allowances	—	—	—	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)	172.7	165.9	163.5	142.4	153.2	151.8	154.4	153.8	148.3	150.7	154.7	162.0
I. Owner's equity	172.7	165.9	163.5	142.4	153.2	151.8	154.4	153.8	148.3	150.7	154.7	162.0
1. Owner's capital	104.6	104.6	104.6	104.6	104.6	104.6	104.6	104.6	100.5	92.4	92.4	92.4
- Common stock with voting right	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	104,560,920,000.00	100,495,280,000.00	92,364,460,000.00	92,364,460,000.00	92,364,460,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1
3. Convertible bond option	—	—	—	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
5. Treasury shares	-23,491,795,357.00	-23,491,795,357.00	-23,491,795,357.00	-23,249,795,357.00	-23,249,795,357.00	-23,249,795,357.00	-23,491,795,357.00	-23,249,795,357.00	-23,249,795,357.00	-23,249,795,357.00	-23,249,795,357.00	-23,249,795,357.00
6. Assets revaluation differences	—	—	—	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
8. Investment and development fund	—	—	—	0.0	0.0	0.0	0.0	1.0	11.0	9.5	9.5	9.5
9. Fund to support corporate restructuring	—	—	—	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
11. Undistributed earnings after tax	71.5	65.8	63.0	43.4	53.5	52.6	55.6	53.9	42.4	54.4	59.7	68.1
- Accumulated retained earning at the end of the previous period	63.0	63.0	63.0	44.5	48.7	48.7	53.4	52.5	30.0	46.2	46.2	62.5
- Undistributed earnings in this period	8.5	2.8	0.0	-1.2	4.8	3.9	2.2	1.5	12.5	8.1	13.4	5.6
12. Reserves for investment in construction	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	14.0	12.9	13.4	11.7	12.3	11.9	11.7	11.6	11.5	11.6	10.3	9.1
14. Financial reserves	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	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)	224.8	227.4	233.5	287.1	185.0	183.3	199.9	253.2	269.9	304.0	280.2	249.3

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	8.1	3.3	-0.2	-1.9	2.7	2.3	1.1	1.8	8.2	5.2	11.1	7.9
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.8	1.5	0.7	0.7	0.6	0.6	0.6	0.6	0.6	0.4
Provision (Increase)/Reversal	-0.1	0.2	-0.3	-0.7	0.5	0.4	-1.5	-0.1	1.6	-0.1	-0.6	0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	—	-0.1	-0.0	-0.0	0.0	-0.0	-0.1	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-1.1	-1.4	-1.6	-2.1	-1.7	-1.9	-1.5	-1.4	-1.2
Interest Expense	0.4	0.2	1.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
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
Interest Income and Dividends	—	—	—	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
Other Adjustments	—	—	—	0.0	-0.4	0.3	-0.3	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9.1	4.4	1.3	-2.1	2.1	2.0	-2.0	0.7	8.6	4.3	9.8	7.5
Increase/(Decrease) in Receivables	9.3	-0.6	148.1	-55.3	-0.8	20.3	87.9	7.6	26.5	-46.0	-52.5	97.3
Increase/(Decrease) in Inventory	6.1	-7.3	-7.1	-135.3	-0.3	-6.4	-2.3	1.4	-1.3	18.3	17.2	-20.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.0	-12.7	-27.5	110.7	1.1	-13.7	-49.7	-12.5	-20.4	14.0	21.4	-6.4
Increase/(Decrease) in Prepaid Expenses	0.2	0.9	-1.5	-0.0	0.1	0.1	0.0	-0.4	0.0	-0.1	0.0	-0.0
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.2	-1.1	-0.0	0.0	0.0	-0.2	-0.1	-0.1	-0.1	-0.1	-0.3
Corporate Income Tax Paid	-0.5	0.0	-4.5	-1.0	-0.6	-0.1	-0.0	-3.7	-0.4	-1.2	-0.8	-12.1
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.2	-0.3	-0.3	-1.2	-0.4	-0.5	-0.6	-0.0	-0.1	-1.5
Net Cash Flow from Operating Activities	30.7	-15.7	107.3	-83.3	1.3	1.0	33.4	-7.5	12.3	-10.9	-5.0	64.1
Payments for Fixed Assets and Other Long-term Assets	-2.6	-0.1	—	-2.3	-0.1	-3.5	-0.4	-0.0	-0.1	-0.1	-2.4	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	—	—	0.0	0.0	0.0	0.3	0.0	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-0.1	-0.3	-8.0	-5.8	-14.8	-18.7	0.0	-16.1	-0.2	-15.1	-25.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.1	66.5	15.0	8.0	5.0	0.0	15.1	13.8	10.0	7.0
Investments in Other Entities	—	—	—	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	0.6	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.1	1.3	2.2	1.6	2.0	1.2	1.7	1.4	1.1	0.9
Increase/(Decrease) in Term Deposits	—	—	—	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
Other Investing Receipts	—	—	—	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
Net Cash Flow from Investing Activities	-2.2	-0.2	-0.2	57.5	11.3	-8.7	-11.8	1.2	1.3	14.9	-6.4	-26.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	0.00	0.00	4,065,640,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4.7	17.0	43.8	3.9	0.0	0.0	0.0	0.0	10.5	16.5	8.5	2.3
Repayment of Borrowings	-21.8	-13.4	-137.9	-0.2	0.0	0.0	-2.3	-4.1	-9.0	-19.8	-9.3	-23.6
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	-9.3	0.0	-4.7	-0.0	-0.0	-8.1	-8.4	-16.2	0.0
Other Financing Receipts	—	—	—	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
Net Cash Flow from Financing Activities	-17.1	3.7	-94.1	-5.6	0.0	-4.7	-2.3	-0.0	-6.5	-11.7	-17.0	-21.3
Net Cash Flow During the Period	11.4	-12.2	13.0	-31.4	12.6	-12.4	19.3	-6.4	7.1	-7.7	-28.4	16.4
Cash and Cash Equivalents at Beginning of Period	3.7	15.9	2.9	37.8	24.6	24.6	24.6	24.6	37.1	37.1	37.1	37.1
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
Cash and Cash Equivalents at End of Period	15.1	3.7	15.9	6.4	37.8	25.1	37.5	18.2	24.6	17.5	25.2	53.6

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GLT

What Is Changing

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Balance Sheet ▲

Working Capital Efficiency ▲▲

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow