GSP

Listed Company · HOSE

Price

11,250

Latest close

03 Apr 2026

P/E 8.1x

EPS (TTM) 1,386

ROE (TTM) 11.1%

P/B 0.8x

BVPS (Latest) 13,482

ROA (TTM) 5.3%

What Is Changing

GSP no longer looks like a business simply rebounding from a weak base. Revenue posted +59.5% YoY, while net margin reached 2.70% with an additional -1.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 73bps to 2.70% in 2025.
Revenue growth accelerated to 59.5% in 2025, up 32.2pp versus the prior year.
Net Income growth slowed to -3.7% in 2025 from 18.9% in the prior period, at VND 96.9bn.

Metric	2025	2024	2023	2022	2021
Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Growth	+60%	+27%	-4%	+13%	—
Net Income	96.9	100.7	84.7	81.2	56.0
Net Margin	2.70%	4.48%	4.80%	4.40%	3.44%

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	797.5	837.8	1,475.4	474.0	565.2	606.4	639.5	435.9	490.8	403.8	393.4	477.2
Growth	-5%	-43%	+211%	-16%	-7%	-5%	+47%	-11%	+22%	+3%	-18%	—
Net Income	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8	20.9
Net Margin	4.79%	0.34%	1.86%	6.25%	2.31%	4.55%	4.85%	6.61%	3.59%	5.54%	6.06%	4.39%

Financial Statements

Profitability

Net margin reached 2.70% while Revenue posted +59.5% YoY.

Balance Sheet

Inventory stood at 45.4bn, liabilities at 1,122.8bn, and equity at 909.7bn.

Cash Flow

Operating cash flow was 209.1bn in 2024, while investing cash flow was -369.8bn.

Financing cash flow: 107.9bn.

Item	2025	2024	2023	2022	2021
Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Cost of Goods Sold	3,407.0	2,056.4	1,611.3	1,679.8	0.0
Gross Profit	177.8	190.6	153.9	165.0	105.9
Financial Income	26.7	27.3	22.3	20.2	13.7
Financial Expenses	46.0	35.8	39.4	36.2	-9.9
Interest Expense	34.3	28.1	35.5	26.5	-9.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	2.1	5.5	4.8	4.7	-5.2
General and Administrative Expenses	69.8	68.7	50.2	52.4	-36.8
Operating Profit	86.5	107.8	81.9	91.8	67.7
Other Income	35.3	19.2	23.8	10.6	0.0
Other Expenses	0.0	1.0	0.0	0.5	0.0
Other Profit	35.3	18.3	23.8	10.1	2.6
Profit Before Tax	121.8	126.1	105.7	101.9	70.3
Current Income Tax Expense	24.9	28.4	21.0	20.7	-14.3
Deferred Income Tax Expense	0.0	-2.9	0.0	0.0	0.0
Net Income	96.9	100.7	84.7	81.2	56.0
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	96.9	100.7	84.7	81.2	56.0
Earnings per Share	1,302.00	1,507.00	1,411.00	1,379.00	1,489.00
Diluted EPS	1,435.52	1,640.10	1,517.72	1,455.22	1,004.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	817.4	626.7	653.9	507.1	549.9
I. Cash and cash equivalents	197.1	129.2	182.2	89.6	139.6
1. Cash	137.1	53.8	75.2	49.6	0.0
2. Cash equivalents	60.0	75.4	107.0	40.0	0.0
II. Short-term financial investments	73.0	167.0	108.0	188.0	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	73.0	167.0	108.0	188.0	0.0
III. Short-term receivables	400.4	192.7	255.6	142.2	191.1
1. Short-term trade accounts receivable	350.8	171.1	226.8	133.8	0.0
2. Short-term prepayments to suppliers	44.8	4.9	10.2	2.1	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	4.7	16.6	18.5	6.3	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	45.4	40.6	47.3	26.8	21.9
1. Inventories	45.4	40.6	47.3	26.8	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	101.5	97.3	60.8	60.5	44.3
1. Short-term prepayments	4.7	5.4	4.8	4.4	0.0
2. Value added tax to be reclaimed	96.8	91.9	56.0	56.1	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)	1,215.1	1,065.6	867.6	986.9	756.5
I. Long-term receivables	0.1	1.6	1.5	1.3	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	1.3
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	0.1	1.6	1.5	1.3	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,211.4	1,059.9	864.5	982.9	755.2
1. Tangible fixed assets	1,211.2	1,059.8	864.3	982.9	755.2
- Cost	2,124.1	1,793.2	1,468.4	1,468.0	0.0
- Accumulated depreciation	-913.0	-733.4	-604.1	-485.0	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	0.2	0.1	0.2	0.0	0.0
- Cost	0.8	0.6	0.6	0.4	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.4	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	0.1	0.1	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.0	0.0	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	3.6	4.0	1.7	2.6	0.0
1. Long-term prepayments	0.6	1.1	1.7	2.6	0.0
2. Deferred income tax assets	2.9	2.9	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	0.0
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)	2,032.5	1,692.3	1,521.5	1,493.9	1,306.4
A. LIABILITIES (300=210+330)	1,122.8	839.5	762.5	758.1	648.8
I. Short -term liabilities	653.1	444.9	461.2	329.5	336.8
1. Short-term trade accounts payable	393.0	189.3	271.3	133.8	166.6
2. Short-term advances from customers	1.4	0.9	19.7	0.2	0.0
3. Taxes and other payables to state authorities	11.6	6.5	4.4	12.3	0.0
4. Payable to employees	42.0	32.0	27.5	17.2	0.0
5. Short-term acrrued expenses	6.5	40.7	4.7	10.8	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	0.1	14.5	7.4	17.4	12.1
9. Other short-term payables	2.8	2.2	2.0	1.0	0.0
10. Short-term borrowings and financial leases	126.5	112.9	88.6	124.0	89.5
11. Provision for short-term liabilities	65.2	43.8	32.9	11.5	0.0
12.. Bonus and welfare fund	4.0	2.2	2.7	1.2	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	469.7	394.6	301.3	428.6	312.1
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	462.2	380.9	295.8	410.3	309.6
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.5	13.7	5.5	18.4	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)	909.7	852.8	759.0	735.8	657.6
I. Owner's equity	909.7	852.8	759.0	735.8	0.0
1. Owner's capital	675.2	613.8	558.0	558.0	657.6
- Common stock with voting right	675.2	613.8	558.0	558.0	558.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	1.7	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	137.6	137.6	113.9	39.1	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	96.9	101.4	87.1	137.0	58.8
- Accumulated retained earning at the end of the previous period	0.0	0.7	2.5	55.8	2.7
- Undistributed earnings in this period	96.9	100.7	84.7	81.2	56.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,032.5	1,692.3	1,521.5	1,493.9	1,306.4

Item	2024	2023	2022	2021	2020
Profit Before Tax	126.1	105.7	101.9	70.3	75.2
Depreciation of Fixed Assets and Investment Property	129.3	119.1	93.4	62.9	53.2
Provision (Increase)/Reversal	19.0	40.9	26.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.0	0.6	3.6	0.0	0.0
Gain/Loss from Investment Activities	-13.8	-14.0	-10.7	0.0	0.0
Interest Expense	28.1	35.5	26.5	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	290.8	287.8	240.6	167.7	132.8
Increase/(Decrease) in Receivables	27.1	-114.1	27.5	0.0	0.0
Increase/(Decrease) in Inventory	6.8	-20.6	-4.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-54.0	153.4	-10.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.6	-2.8	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-28.1	-36.6	-22.4	0.0	0.0
Corporate Income Tax Paid	-26.3	-28.9	-10.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.3	-36.6	-34.5	0.0	0.0
Net Cash Flow from Operating Activities	209.1	205.0	182.5	54.5	144.9
Payments for Fixed Assets and Other Long-term Assets	-324.8	-0.6	-336.2	-336.7	0.0
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	-292.0	-81.9	-140.0	-133.0	-311.5
Receipts from Loan Repayments and Sale of Debt Instruments	233.0	161.9	105.0	157.5	279.5
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	13.9	15.0	8.3	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	-369.8	94.3	-362.9	-302.6	-14.9
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	198.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	204.4	0.0	228.9	230.0	0.0
Repayment of Borrowings	-96.5	-150.6	-98.4	-65.1	-57.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-55.8	0.0	-54.0	-46.8
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	107.9	-206.4	130.5	308.9	-104.4
Net Cash Flow During the Period	-52.9	92.9	-49.9	66.3	-16.2
Cash and Cash Equivalents at Beginning of Period	182.2	89.6	139.6	78.8	53.2
FX Difference from Revaluation	-0.1	-0.3	-0.1	-0.0	0.1
Cash and Cash Equivalents at End of Period	129.2	182.2	89.6	139.6	78.8

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	797.5	837.8	1,475.4	474.0	565.2	606.4	639.8	435.9	490.8	403.8	393.4	477.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Net Revenue	797.5	837.8	1,475.4	474.0	565.2	606.4	639.5	435.9	490.8	403.8	393.4	477.2
Cost of Goods Sold	729.1	825.2	1,431.5	418.3	529.1	560.6	588.0	378.8	472.2	356.9	344.4	437.8
Gross Profit	68.3	12.6	44.0	55.7	36.1	45.8	51.5	57.1	18.7	46.9	49.0	39.4
Financial Income	4.3	8.3	8.0	6.1	8.0	6.3	8.1	6.0	5.5	5.0	5.0	6.9
Financial Expenses	10.5	14.1	11.8	9.6	11.4	7.6	7.9	10.1	9.1	8.9	9.5	11.9
Interest Expense	9.3	9.9	7.6	7.6	8.2	6.5	5.9	7.5	7.5	8.2	9.0	10.9
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	0.2	1.1	0.6	0.2	2.7	1.1	1.0	0.7	1.1	2.0	0.7	0.9
General and Administrative Expenses	20.5	20.6	16.3	14.5	23.4	14.9	14.3	16.1	10.8	14.9	14.1	10.4
Operating Profit	41.4	-14.8	23.2	37.5	6.5	28.5	36.3	36.2	3.1	26.1	29.7	23.0
Other Income	6.7	18.4	10.7	-0.5	9.7	6.8	2.8	0.0	18.7	1.8	0.2	3.1
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.8	0.2	0.0	0.0	0.0	0.0	0.0
Other Profit	6.7	18.4	10.7	-0.5	9.7	6.0	2.6	-0.0	18.7	1.8	0.2	3.1
Profit Before Tax	48.1	3.5	33.9	37.0	16.3	34.5	39.0	36.2	21.8	28.0	29.9	26.1
Current Income Tax Expense	9.9	0.7	3.5	7.4	6.2	6.9	7.9	7.4	4.2	5.6	6.0	5.2
Deferred Income Tax Expense	0.0	0.0	2.9	0.0	-2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8	20.9
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	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8	20.9
Earnings per Share	566.00	42.00	295.00	483.00	212.00	450.00	556.00	517.00	316.00	401.00	427.00	375.00
Diluted EPS	565.63	42.25	447.07	482.72	212.65	449.86	556.38	516.67	315.59	401.07	427.32	375.03

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)	811.6	826.4	1,560.3	683.0	624.5	769.8	742.6	771.2	651.5	564.5	503.2	515.5
I. Cash and cash equivalents	197.1	116.4	111.9	183.4	129.4	168.6	202.3	252.6	182.2	161.1	87.8	71.8
1. Cash	137.1	46.4	56.9	103.0	54.0	113.6	63.3	56.6	75.2	46.1	37.8	26.8
2. Cash equivalents	60.0	70.0	55.0	80.4	75.4	55.0	139.0	196.0	107.0	115.0	50.0	45.0
II. Short-term financial investments	73.0	62.0	129.0	129.0	167.0	238.0	208.0	143.0	108.0	139.9	189.9	188.0
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	73.0	62.0	129.0	129.0	167.0	238.0	208.0	143.0	108.0	139.9	189.9	188.0
III. Short-term receivables	394.5	502.8	1,175.5	238.0	190.3	256.7	228.8	286.1	253.2	176.2	139.8	174.2
1. Short-term trade accounts receivable	351.3	490.7	1,164.8	223.7	159.5	233.6	191.6	255.0	224.5	164.7	126.7	152.0
2. Short-term prepayments to suppliers	39.8	2.2	3.3	1.9	4.9	3.1	22.9	16.0	10.2	7.2	4.6	9.1
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	3.4	9.9	7.4	12.4	25.8	20.1	14.3	15.2	18.5	4.3	8.5	13.1
7. Provision for short-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
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	45.4	44.6	44.8	30.4	40.6	40.8	44.5	29.8	47.3	28.7	26.1	22.5
1. Inventories	45.4	44.6	44.8	30.4	40.6	40.8	44.5	29.8	47.3	28.7	26.1	22.5
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	101.5	100.5	99.1	102.1	97.3	65.7	59.0	59.7	60.8	58.6	59.6	58.9
1. Short-term prepayments	4.7	3.6	5.0	9.4	5.4	8.5	2.6	3.3	4.8	3.7	4.5	3.3
2. Value added tax to be reclaimed	96.8	96.9	94.0	92.8	91.9	57.2	56.4	56.3	56.0	54.8	55.1	55.7
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)	1,222.3	1,266.4	1,308.6	1,025.4	1,065.6	1,100.9	814.1	837.6	867.6	895.9	926.2	956.5
I. Long-term receivables	1.4	1.5	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.3	1.3
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	1.4	1.5	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.3	1.3
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	1,211.4	1,258.8	1,304.0	1,019.4	1,059.9	1,097.7	805.0	834.7	864.5	893.6	923.4	953.2
1. Tangible fixed assets	1,211.2	1,258.7	1,303.9	1,019.3	1,059.8	1,097.5	804.8	834.5	864.3	893.6	923.4	953.2
- Cost	2,124.1	2,122.9	2,119.4	1,793.2	1,793.2	1,793.0	1,468.5	1,468.4	1,468.4	1,468.0	1,468.0	1,468.0
- Accumulated depreciation	-913.0	-864.2	-815.5	-773.9	-733.4	-695.5	-663.7	-633.9	-604.1	-574.3	-544.6	-514.8
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	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.0	0.0	0.0
- Cost	0.8	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	-0.6	-0.5	-0.5	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	6.0	2.3	2.1	0.5	0.1	0.3	6.3	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	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.0	2.3	2.1	0.5	0.1	0.3	6.3	0.0	0.0	0.0	0.0	0.0
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	3.6	3.8	1.0	3.9	4.0	1.4	1.3	1.4	1.7	0.8	1.4	2.0
1. Long-term prepayments	0.6	0.8	1.0	1.0	1.1	1.4	1.3	1.4	1.7	0.8	1.4	2.0
2. Deferred income tax assets	2.9	2.9	0.0	2.9	2.9	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)	2,033.9	2,092.7	2,868.9	1,708.3	1,690.1	1,870.7	1,556.6	1,608.8	1,519.1	1,460.4	1,429.3	1,472.0
A. LIABILITIES (300=210+330)	1,123.7	1,220.7	1,968.4	825.9	837.4	1,030.9	800.4	820.9	760.0	718.9	654.4	715.2
I. Short -term liabilities	653.6	713.9	1,420.6	445.3	442.8	608.1	542.3	553.5	458.7	383.7	306.2	328.9
1. Short-term trade accounts payable	393.0	432.1	1,139.0	214.6	187.1	322.5	247.9	362.8	271.3	109.3	94.7	130.1
2. Short-term advances from customers	1.9	4.0	27.1	0.1	0.9	0.2	0.1	0.1	17.3	0.0	0.2	0.0
3. Taxes and other payables to state authorities	11.1	4.0	3.6	7.1	6.5	36.4	7.9	7.3	4.4	12.5	10.9	4.8
4. Payable to employees	42.0	43.3	37.4	31.8	32.0	47.6	43.4	30.2	27.5	45.1	30.4	16.2
5. Short-term acrrued expenses	6.5	12.3	12.6	13.7	40.7	11.5	23.6	3.9	4.7	13.6	12.3	13.5
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	0.1	5.0	0.0	6.8	14.5	7.8	8.0	19.2	7.4	18.0	17.4	21.5
9. Other short-term payables	2.8	2.4	2.1	1.9	2.2	2.0	57.4	2.0	2.0	38.9	1.3	0.7
10. Short-term borrowings and financial leases	126.1	117.8	116.2	106.9	112.9	118.1	89.6	89.1	88.6	88.6	88.0	123.4
11. Provision for short-term liabilities	66.1	84.0	72.4	60.3	43.8	56.1	57.1	37.4	32.9	54.7	47.1	18.0
12.. Bonus and welfare fund	4.0	9.1	10.2	1.9	2.2	5.9	7.3	1.4	2.7	2.9	3.8	0.5
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	470.1	506.8	547.7	380.5	394.6	422.9	258.1	267.5	301.3	335.3	348.3	386.4
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	462.6	489.2	520.3	357.2	380.9	404.6	243.6	267.5	295.8	318.0	331.2	363.2
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.5	17.5	27.4	23.3	13.7	18.3	14.5	0.0	5.5	17.2	17.1	23.1
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)	910.3	872.1	900.5	882.4	852.8	839.7	756.2	787.9	759.1	741.5	774.9	756.8
I. Owner's equity	910.3	872.1	900.5	882.4	852.8	839.7	756.2	787.9	759.1	741.5	774.9	756.8
1. Owner's capital	675.2	675.2	613.8	613.8	613.8	613.8	558.0	558.0	558.0	558.0	558.0	558.0
- Common stock with voting right	675.2	675.2	613.8	613.8	613.8	613.8	558.0	558.0	558.0	558.0	558.0	558.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	137.6	137.6	137.6	137.6	137.6	137.6	137.6	113.9	113.9	113.9	113.9	39.1
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.7
11. Undistributed earnings after tax	97.5	59.3	149.1	131.0	101.4	88.3	60.6	116.0	87.2	69.6	103.0	157.9
- Accumulated retained earning at the end of the previous period	0.0	0.0	92.1	101.4	0.7	0.7	0.7	87.1	2.5	2.5	58.3	137.0
- Undistributed earnings in this period	97.5	59.3	57.1	29.6	100.6	87.6	59.9	28.8	84.8	67.2	44.8	20.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,033.9	2,092.7	2,868.9	1,708.3	1,690.1	1,870.7	1,556.6	1,608.8	1,519.1	1,460.4	1,429.3	1,472.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	48.1	3.5	33.1	37.0	16.3	34.5	39.1	36.2	21.7	28.0	29.9	26.1
Depreciation of Fixed Assets and Investment Property	48.8	48.7	41.7	40.5	37.9	31.8	29.8	29.8	29.8	29.8	29.8	29.8
Provision (Increase)/Reversal	2.9	17.7	18.2	23.2	-16.9	9.1	17.3	9.5	-1.5	7.8	23.1	11.6
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.3	-2.3	2.5	0.7	-1.4	0.5	1.6	0.5	1.0	-1.7	0.8
Gain/Loss from Investment Activities	-1.6	-2.3	-2.4	-2.7	-15.3	-17.4	-11.2	4.6	-3.3	-3.8	-3.6	-3.3
Interest Expense	9.3	9.9	7.6	7.6	2.6	12.1	5.9	7.5	7.5	8.2	9.0	10.9
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	107.8	77.9	95.8	108.1	25.3	68.7	81.3	89.2	54.6	70.9	86.5	75.8
Increase/(Decrease) in Receivables	155.8	630.3	-913.7	-44.2	32.4	-50.4	75.0	-30.1	-79.7	-52.2	56.7	-38.9
Increase/(Decrease) in Inventory	-3.6	0.2	-14.4	10.2	0.3	3.7	-14.7	17.5	-18.6	-2.6	-3.5	4.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-132.6	-698.1	924.2	-11.8	-143.6	100.4	-110.1	85.8	145.4	42.3	-47.4	13.1
Increase/(Decrease) in Prepaid Expenses	-0.9	3.0	2.9	-3.9	3.5	-4.5	-0.7	1.7	-1.9	2.7	-2.0	1.8
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	-9.4	-9.9	-7.1	-8.1	-3.4	-11.5	-11.2	-2.8	-7.6	-8.0	-9.9	-11.1
Corporate Income Tax Paid	-3.4	-3.6	-7.1	-6.5	-4.1	-10.8	-7.3	-4.2	-11.7	-4.8	-0.0	-12.3
Other Operating Receipts	0.1	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.0	-3.4	-0.2	-1.2	-5.5	-1.9	15.8	-18.1	-32.2	-1.0	1.1	-4.5
Net Cash Flow from Operating Activities	109.9	-3.6	80.3	42.6	-94.9	93.8	28.2	139.1	48.2	47.2	81.5	28.1
Payments for Fixed Assets and Other Long-term Assets	-1.5	-2.4	-326.3	0.0	7.5	-302.7	-0.2	0.0	-0.6	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	0.0	0.0	46.9	-46.9	0.0
Loans and Purchases of Debt Instruments	-25.0	-23.0	-25.0	-67.0	-14.0	-128.0	-90.0	-60.0	0.0	-81.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	14.0	90.0	25.0	105.0	85.0	83.0	40.0	25.0	31.9	85.0	45.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1.5	3.5	2.1	3.5	6.9	14.5	1.1	4.7	2.8	7.0	3.8	1.3
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	-11.0	68.2	-324.2	41.5	85.4	-333.2	-49.2	-30.3	34.1	57.0	1.9	1.3
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	5.0	0.0	218.4	0.0	0.0	204.4	0.0	0.0	0.0	114.7	-114.7	0.0
Repayment of Borrowings	-23.3	-29.3	-46.4	-29.7	-29.7	-14.0	-14.2	-38.6	-22.0	-128.5	47.2	-47.2
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	0.5	-30.7	0.0	0.0	0.0	0.0	0.0	0.0	-38.8	-17.0	-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	-17.8	-60.0	172.0	-29.7	-29.7	190.4	-14.2	-38.6	-60.9	-30.8	-67.5	-47.2
Net Cash Flow During the Period	81.1	4.6	-71.8	54.5	-39.1	-49.0	-35.2	70.3	21.4	73.4	15.9	-17.8
Cash and Cash Equivalents at Beginning of Period	116.4	111.9	183.4	129.2	182.2	182.2	182.2	182.2	89.6	89.6	89.6	89.6
FX Difference from Revaluation	-0.4	-0.0	0.1	-0.2	-0.0	0.3	-0.2	0.2	-0.3	-0.0	0.1	-0.1
Cash and Cash Equivalents at End of Period	197.1	116.4	111.9	183.4	129.4	168.6	217.3	252.6	182.2	161.1	87.8	71.8

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