HII

Listed Company · HOSE

Price

5,290

Latest close

03 Apr 2026

P/E 7.7x

EPS (TTM) 684

ROE (TTM) 5.4%

P/B 0.4x

BVPS (Latest) 12,201

ROA (TTM) 2.7%

What Is Changing

HII no longer looks like a business simply rebounding from a weak base. Revenue posted +4.6% YoY, while net margin reached 0.75% with an additional +0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 205.4% to VND 56.3bn in 2025.
Net margin improved from 0.26% in the prior period to 0.75% in 2025.
Revenue growth accelerated to 4.6% in 2025, up 13.2pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	7,539.2	7,206.2	7,881.6	10,665.4	8,265.3
Growth	+5%	-9%	-26%	+29%	—
Net Income	56.3	18.4	80.1	-142.6	103.6
Net Margin	0.75%	0.26%	1.02%	-1.34%	1.25%

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	1,658.2	1,849.1	1,996.0	2,035.9	2,044.0	1,831.7	1,673.2	1,657.4	1,477.7	2,201.5	1,784.1	2,418.3
Growth	-10%	-7%	-2%	-0%	+12%	+9%	+1%	+12%	-33%	+23%	-26%	—
Net Income	-41.4	37.0	59.1	1.2	-16.0	-21.2	-3.4	30.8	17.1	15.0	16.2	32.4
Net Margin	-2.49%	2.00%	2.96%	0.06%	-0.78%	-1.16%	-0.20%	1.86%	1.16%	0.68%	0.91%	1.34%

Financial Statements

Profitability

Net margin reached 0.75% while Revenue posted +4.6% YoY.

Balance Sheet

Inventory stood at 398.2bn, liabilities at 904.1bn, and equity at 899.1bn.

Cash Flow

Operating cash flow was -83.3bn in 2024, while investing cash flow was 208.5bn.

Financing cash flow: -43.9bn.

Item	2025	2024	2023	2022	2021
Revenue	7,542.7	7,208.4	7,886.8	10,676.0	8,274.1
Revenue Deductions	3.5	2.2	5.2	10.6	0.0
Net Revenue	7,539.2	7,206.2	7,881.6	10,665.4	8,265.3
Cost of Goods Sold	7,015.4	6,659.4	7,462.3	10,432.4	0.0
Gross Profit	523.8	546.8	419.3	233.1	521.0
Financial Income	33.3	50.7	53.0	68.9	74.8
Financial Expenses	77.8	32.3	55.0	79.5	-43.9
Interest Expense	27.1	27.5	41.7	49.3	-28.0
Share of Associates and Joint Ventures	7.8	-57.6	1.5	-3.9	5.0
Selling Expenses	341.5	392.2	260.6	273.2	-361.9
General and Administrative Expenses	71.4	90.9	80.8	79.8	-65.9
Operating Profit	74.2	24.5	77.4	-134.4	129.1
Other Income	5.4	0.8	8.0	2.2	0.0
Other Expenses	0.1	2.1	2.0	5.3	0.0
Other Profit	5.3	-1.3	6.0	-3.1	-1.0
Profit Before Tax	79.4	23.2	83.4	-137.5	128.1
Current Income Tax Expense	25.1	5.0	3.3	4.9	-24.5
Deferred Income Tax Expense	-2.0	-0.2	-0.1	0.1	0.0
Net Income	56.3	18.4	80.1	-142.6	103.6
Non-controlling Interest	5.6	15.4	10.8	-91.8	23.5
Profit Attributable to Parent	50.7	3.1	69.3	-50.8	80.2
Earnings per Share	689.00	42.00	941.00	-812.00	2,176.70
Diluted EPS	689.00	42.00	941.00	-812.00	2,176.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,374.3	1,435.7	1,337.5	1,820.6	1,709.8
I. Cash and cash equivalents	198.7	281.7	199.1	183.4	101.2
1. Cash	183.7	146.7	148.7	80.4	0.0
2. Cash equivalents	15.0	135.0	50.3	103.0	0.0
II. Short-term financial investments	0.0	50.5	156.7	9.7	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	50.5	156.7	9.7	0.0
III. Short-term receivables	714.9	734.9	693.3	878.1	1,198.2
1. Short-term trade accounts receivable	456.1	593.3	447.4	593.8	0.0
2. Short-term prepayments to suppliers	168.7	150.8	109.0	181.0	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	102.9	2.8	110.4	83.6	0.0
6. Other short-term receivables	13.7	15.5	39.5	32.2	0.0
7. Provision for short-term doubtful debts (*)	-26.5	-27.5	-13.0	-12.6	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	398.2	303.3	190.7	593.2	327.9
1. Inventories	401.3	305.0	191.8	650.9	0.0
2. Provision for decline in value of inventories	-3.0	-1.6	-1.1	-57.7	0.0
V. Other short-term assets	62.5	65.2	97.7	156.3	72.8
1. Short-term prepayments	2.7	4.7	3.2	3.8	0.0
2. Value added tax to be reclaimed	59.8	59.1	91.6	149.0	0.0
3. Taxes and other receivables from state authorities	0.0	1.3	2.9	3.5	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)	428.8	492.2	555.3	567.1	507.8
I. Long-term receivables	0.7	0.9	1.2	1.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	83.2
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	0.7	0.9	1.2	1.2	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	255.4	238.4	249.5	290.3	330.6
1. Tangible fixed assets	243.3	225.6	236.3	276.4	317.5
- Cost	585.5	556.8	528.1	524.9	0.0
- Accumulated depreciation	-342.2	-331.1	-291.8	-248.5	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	12.1	12.8	13.2	13.8	13.1
- Cost	18.3	18.3	18.1	18.1	0.0
- Accumulated depreciation	-6.2	-5.5	-4.9	-4.2	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	3.0	0.0	21.3	0.1	0.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	0.0	21.3	0.1	0.0
V. Long-term financial investments	150.2	234.1	263.0	252.2	68.7
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	150.2	232.8	263.0	222.2	0.0
3. Investments in other entities	0.0	1.3	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	30.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.6	18.8	20.2	23.4	0.0
1. Long-term prepayments	17.2	18.4	20.0	23.3	0.0
2. Deferred income tax assets	2.4	0.4	0.2	0.1	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	24.6
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)	1,803.2	1,927.9	1,892.7	2,387.8	2,217.5
A. LIABILITIES (300=210+330)	904.1	956.1	929.3	1,503.8	1,568.1
I. Short -term liabilities	870.4	884.6	929.0	1,476.6	1,482.6
1. Short-term trade accounts payable	366.4	327.8	255.4	699.6	629.5
2. Short-term advances from customers	95.0	39.1	41.7	68.7	129.6
3. Taxes and other payables to state authorities	22.2	2.4	2.0	2.7	0.0
4. Payable to employees	9.0	7.6	6.4	5.6	0.0
5. Short-term acrrued expenses	8.0	9.6	8.1	0.9	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.3	4.5	17.5	24.1	0.0
10. Short-term borrowings and financial leases	360.3	484.5	596.2	666.4	648.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.0	9.0	1.7	8.5	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	33.7	71.4	0.3	27.3	85.4
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	0.3	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	33.5	71.2	0.0	27.0	85.1
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	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)	899.1	971.9	963.4	883.9	649.5
I. Owner's equity	899.1	971.9	963.4	883.9	0.0
1. Owner's capital	736.6	736.6	736.6	736.6	649.5
- Common stock with voting right	736.6	736.6	736.6	736.6	368.3
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	5.9	5.9	5.9	5.9	6.1
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	1.4	0.9	-0.2	-1.0	0.0
8. Investment and development fund	12.6	12.6	12.6	12.6	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	1.6	1.6	1.6	1.6	0.0
11. Undistributed earnings after tax	138.8	102.8	110.8	42.7	169.4
- Accumulated retained earning at the end of the previous period	88.1	99.7	41.5	155.5	89.2
- Undistributed earnings in this period	50.7	3.1	69.3	-112.8	80.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.1	111.5	96.1	85.5	97.1
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)	1,803.2	1,927.9	1,892.7	2,387.8	2,217.5

Item	2024	2023	2022	2021	2020
Profit Before Tax	23.2	83.4	-137.5	128.1	56.7
Depreciation of Fixed Assets and Investment Property	42.8	44.9	46.0	48.0	48.9
Provision (Increase)/Reversal	15.1	-53.8	60.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.1	-0.9	0.4	0.0	0.0
Gain/Loss from Investment Activities	42.0	-30.7	-12.8	0.0	0.0
Interest Expense	28.3	42.8	50.4	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	149.4	85.6	7.1	187.8	129.4
Increase/(Decrease) in Receivables	-149.4	286.7	226.8	0.0	0.0
Increase/(Decrease) in Inventory	-113.2	459.1	-313.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	64.3	-473.6	-18.4	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	3.7	3.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-27.6	-41.2	-49.0	0.0	0.0
Corporate Income Tax Paid	-2.9	-3.2	-12.7	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	-8.1	-10.2	0.0	0.0
Net Cash Flow from Operating Activities	-83.3	309.0	-167.0	-75.9	-182.1
Payments for Fixed Assets and Other Long-term Assets	-13.2	-22.9	-6.2	-5.1	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.6	1.3	0.0	1.3
Loans and Purchases of Debt Instruments	-290.2	-437.4	-316.6	-233.5	-240.3
Receipts from Loan Repayments and Sale of Debt Instruments	504.1	293.6	331.4	257.3	535.6
Investments in Other Entities	-33.1	-51.0	-208.7	-75.6	-31.2
Proceeds from Investments in Other Entities	10.2	1.7	0.0	0.0	0.0
Dividends and Interest Income Received	30.3	19.0	18.4	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	208.5	-196.4	-180.5	-37.8	294.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	475.4	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,245.0	2,391.6	2,869.4	3,178.0	2,711.8
Repayment of Borrowings	-2,288.9	-2,489.7	-2,919.7	-3,016.1	-2,803.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-0.1	-0.2	-9.6	-7.9
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	-43.9	-98.2	425.0	152.3	-99.8
Net Cash Flow During the Period	81.2	14.5	77.6	16.9	23.6
Cash and Cash Equivalents at Beginning of Period	199.1	183.4	101.2	67.1	54.9
FX Difference from Revaluation	1.4	1.2	4.6	-4.5	-0.7
Cash and Cash Equivalents at End of Period	281.7	199.1	183.4	101.2	67.1

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	1,658.3	1,850.3	1,997.6	2,036.6	2,044.4	1,832.7	1,674.0	1,657.5	1,479.7	2,203.8	1,784.5	2,418.9
Revenue Deductions	0.1	1.1	1.6	0.7	0.4	1.0	0.7	0.1	1.9	2.2	0.4	0.6
Net Revenue	1,658.2	1,849.1	1,996.0	2,035.9	2,044.0	1,831.7	1,673.2	1,657.4	1,477.7	2,201.5	1,784.1	2,418.3
Cost of Goods Sold	1,545.7	1,715.9	1,862.3	1,891.5	1,892.0	1,694.8	1,518.8	1,554.1	1,379.6	2,090.5	1,701.5	2,304.1
Gross Profit	112.5	133.2	133.7	144.4	151.9	136.9	154.4	103.3	98.1	111.1	82.6	114.2
Financial Income	7.7	6.1	7.6	11.9	18.6	7.1	15.7	9.4	11.5	14.5	15.4	11.9
Financial Expenses	53.0	6.6	-23.0	41.2	11.5	6.2	38.3	6.0	9.6	13.2	14.9	16.9
Interest Expense	6.4	6.1	8.6	6.1	9.5	5.5	7.7	4.8	8.4	11.5	10.9	10.5
Share of Associates and Joint Ventures	-1.1	2.7	4.9	1.3	-21.1	-38.6	-0.7	1.9	3.3	1.4	-0.9	-2.5
Selling Expenses	82.1	75.5	89.4	94.6	122.7	107.6	105.8	56.1	63.4	79.1	50.0	53.9
General and Administrative Expenses	13.7	19.0	19.3	19.3	28.2	19.9	23.5	19.3	21.8	21.2	16.3	19.6
Operating Profit	-29.6	40.9	60.4	2.5	-13.0	-28.2	1.8	33.3	18.2	13.5	15.8	33.3
Other Income	2.0	1.2	0.5	1.6	0.3	0.3	0.5	0.0	0.5	2.7	2.1	0.5
Other Expenses	0.0	0.0	0.1	0.0	0.4	0.5	1.2	0.0	1.1	0.1	0.8	0.0
Other Profit	2.0	1.2	0.4	1.6	-0.1	-0.2	-0.8	0.0	-0.6	2.6	1.3	0.5
Profit Before Tax	-27.6	42.2	60.8	4.1	-13.1	-28.5	1.0	33.4	17.6	16.1	17.1	33.9
Current Income Tax Expense	16.5	5.1	1.3	2.9	3.0	-7.3	3.9	3.2	0.4	1.1	1.0	1.5
Deferred Income Tax Expense	-2.8	0.0	0.4	0.0	-0.2	0.0	0.6	-0.6	0.0	-0.0	-0.1	0.0
Net Income	-41.4	37.0	59.1	1.2	-16.0	-21.2	-3.4	30.8	17.1	15.0	16.2	32.4
Non-controlling Interest	0.1	0.1	0.0	5.4	0.1	1.2	4.9	8.9	3.4	0.4	-2.6	10.0
Profit Attributable to Parent	-41.4	36.9	59.1	-4.2	-16.1	-22.4	-8.3	21.8	13.7	14.6	18.8	22.4
Earnings per Share	-562.10	501.19	801.92	-56.71	-218.31	-304.29	-113.16	296.23	185.59	198.11	254.99	303.99
Diluted EPS	-562.10	501.19	801.92	-56.71	-218.31	-304.29	-113.16	296.23	185.59	198.11	254.99	303.99

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)	1,367.4	1,369.6	1,410.3	1,683.6	1,435.9	1,463.5	1,493.1	1,325.5	1,318.3	1,600.4	1,622.4	1,739.3
I. Cash and cash equivalents	198.7	167.8	154.8	239.7	281.7	145.3	150.2	104.0	199.1	145.5	63.2	193.8
1. Cash	183.7	101.0	90.5	163.7	146.7	103.1	120.1	71.2	148.7	69.0	28.0	102.2
2. Cash equivalents	15.0	66.8	64.2	75.9	135.0	42.2	30.1	32.7	50.3	76.5	35.2	91.6
II. Short-term financial investments	0.0	50.6	50.6	50.6	50.5	161.2	227.7	110.0	156.7	156.7	156.7	156.7
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	50.6	50.6	50.6	50.5	161.2	227.7	110.0	156.7	156.7	156.7	156.7
III. Short-term receivables	714.9	770.0	811.4	1,001.4	735.1	852.3	821.4	878.2	695.0	1,056.5	881.0	939.5
1. Short-term trade accounts receivable	456.1	553.6	655.8	768.7	593.5	569.4	500.1	601.5	447.4	800.8	577.4	689.8
2. Short-term prepayments to suppliers	168.7	142.3	132.8	155.9	150.8	223.7	228.8	185.0	110.7	147.8	206.6	130.9
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	102.9	82.9	32.9	84.8	2.8	50.0	89.6	74.8	110.4	81.4	78.0	101.2
6. Other short-term receivables	13.7	19.2	20.0	19.5	15.5	27.4	20.2	29.8	39.4	36.7	29.9	30.1
7. Provision for short-term doubtful debts (*)	-26.5	-27.9	-30.1	-27.6	-27.5	-18.1	-17.3	-13.0	-12.8	-10.2	-11.0	-12.6
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	391.3	317.2	320.5	326.0	303.3	225.0	207.7	168.0	169.9	166.8	412.2	352.3
1. Inventories	394.3	319.0	322.3	326.6	305.0	225.2	208.5	168.7	170.9	176.8	431.6	371.7
2. Provision for decline in value of inventories	-3.0	-1.7	-1.7	-0.6	-1.6	-0.1	-0.8	-0.7	-1.1	-10.0	-19.4	-19.4
V. Other short-term assets	62.5	64.0	73.1	66.0	65.2	79.6	86.2	65.3	97.7	75.0	109.4	97.0
1. Short-term prepayments	2.7	2.4	2.2	3.7	4.7	4.8	2.5	2.7	3.2	2.4	3.4	3.3
2. Value added tax to be reclaimed	59.8	61.5	70.4	62.3	59.1	72.1	83.7	61.8	91.6	69.6	102.9	90.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.5	0.1	1.3	2.7	0.0	0.9	2.9	2.9	3.1	3.2
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)	429.2	465.0	453.2	419.7	492.2	523.4	518.7	577.8	555.1	600.3	607.5	595.3
I. Long-term receivables	0.7	0.7	0.9	0.9	0.9	0.8	1.1	1.2	1.2	49.9	47.6	45.2
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	1.2	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	44.8	43.4	44.0
6. Other long-term receivables	0.7	0.7	0.9	0.9	0.9	0.8	1.1	0.0	1.2	5.1	4.2	1.2
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	255.4	229.0	238.0	239.6	238.4	240.0	249.3	259.6	249.5	257.5	268.9	278.9
1. Tangible fixed assets	243.3	216.7	225.5	227.0	225.6	227.3	236.4	246.5	236.3	244.2	255.4	265.3
- Cost	585.5	552.0	570.7	561.9	556.8	549.0	548.6	549.2	528.1	525.3	525.6	524.9
- Accumulated depreciation	-342.2	-335.3	-345.2	-334.9	-331.1	-321.8	-312.2	-302.7	-291.8	-281.1	-270.2	-259.6
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	12.1	12.3	12.4	12.6	12.8	12.7	12.9	13.0	13.2	13.3	13.5	13.7
- Cost	18.3	18.3	18.3	18.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.2	-6.1	-5.9	-5.7	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	3.0	19.9	0.3	0.0	0.0	8.4	0.3	0.3	21.3	1.9	0.2	0.2
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	3.0	19.9	0.3	0.0	0.0	8.4	0.3	0.3	21.3	1.9	0.2	0.2
V. Long-term financial investments	150.1	197.1	194.3	161.7	234.1	257.4	249.9	298.1	262.9	271.3	269.8	249.8
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	150.1	197.1	194.3	160.4	232.8	256.2	248.6	296.8	262.9	271.3	269.8	219.8
3. Investments in other entities	0.0	0.0	0.0	1.3	1.3	1.3	1.3	1.3	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	30.0
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	20.0	18.3	19.7	17.6	18.8	16.8	18.2	18.7	20.2	19.7	21.0	21.3
1. Long-term prepayments	17.2	18.3	19.7	17.2	18.4	16.6	18.0	17.9	20.0	19.4	20.8	21.2
2. Deferred income tax assets	2.8	0.0	0.0	0.4	0.4	0.2	0.2	0.8	0.2	0.3	0.2	0.1
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)	1,796.5	1,834.6	1,863.6	2,103.3	1,928.1	1,986.8	2,011.9	1,903.3	1,873.4	2,200.7	2,229.9	2,334.6
A. LIABILITIES (300=210+330)	897.8	893.4	961.5	1,238.8	956.8	1,000.4	1,030.0	908.3	910.4	1,254.5	1,297.4	1,419.8
I. Short -term liabilities	864.1	850.3	908.9	1,176.8	885.3	1,000.1	1,029.7	908.1	910.1	1,254.3	1,297.1	1,392.2
1. Short-term trade accounts payable	359.4	323.8	380.9	514.4	327.8	250.1	251.6	342.7	236.3	518.7	542.0	683.0
2. Short-term advances from customers	95.0	49.7	43.2	38.8	39.1	45.2	58.0	45.3	41.7	55.0	40.4	63.8
3. Taxes and other payables to state authorities	23.0	10.3	5.3	2.6	3.1	3.0	5.1	2.8	2.7	7.0	5.2	3.0
4. Payable to employees	9.0	8.1	8.7	7.6	7.6	6.3	6.5	7.2	6.4	6.3	6.1	6.1
5. Short-term acrrued expenses	8.0	5.2	3.7	1.7	9.6	6.1	4.8	1.5	7.6	1.3	2.5	1.1
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	0.0	0.0	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	3.3	4.0	5.7	5.3	4.5	5.2	5.3	7.2	17.5	15.8	18.1	21.7
10. Short-term borrowings and financial leases	360.3	442.2	453.0	597.9	484.5	674.6	686.9	500.2	596.2	648.4	680.2	610.4
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	6.0	6.9	8.4	8.4	9.0	9.7	11.5	1.3	1.7	1.8	2.6	3.0
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	33.7	43.2	52.6	62.0	71.4	0.3	0.3	0.3	0.3	0.3	0.3	27.6
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	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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	33.5	42.9	52.3	61.8	71.2	0.0	0.0	0.0	0.0	0.0	0.0	27.3
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	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)	898.7	941.1	902.1	864.6	971.3	986.5	981.9	994.9	963.1	946.2	932.6	914.8
I. Owner's equity	898.7	941.1	902.1	864.6	971.3	986.5	981.9	994.9	963.1	946.2	932.6	914.8
1. Owner's capital	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6
- Common stock with voting right	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6	736.6
- 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	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	1.4	2.4	0.4	-0.8	0.9	0.0	2.0	1.2	-0.2	0.0	0.4	-1.0
8. Investment and development fund	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6
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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
11. Undistributed earnings after tax	138.5	179.9	143.0	106.5	102.3	118.3	113.2	132.0	110.4	96.8	82.6	63.8
- Accumulated retained earning at the end of the previous period	78.9	78.9	78.9	101.5	99.7	99.7	99.7	110.1	41.5	41.5	41.5	41.5
- Undistributed earnings in this period	59.6	101.0	64.1	5.0	2.5	18.6	13.5	21.8	69.0	55.3	41.2	22.4
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	2.1	2.1	2.0	2.2	111.4	111.4	110.0	105.1	96.1	92.7	92.8	95.3
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)	1,796.5	1,834.6	1,863.6	2,103.3	1,928.1	1,986.8	2,011.9	1,903.3	1,873.4	2,200.7	2,229.9	2,334.6

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	-27.6	42.2	60.8	4.1	-13.1	-28.5	31.6	33.4	17.2	16.1	16.2	33.9
Depreciation of Fixed Assets and Investment Property	10.9	10.2	10.5	10.5	10.3	10.4	11.0	11.1	10.9	11.3	11.4	11.4
Provision (Increase)/Reversal	-0.1	-2.3	3.6	-1.0	10.9	0.1	4.4	-0.4	-6.3	-10.2	1.0	-38.4
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	-0.5	0.0	-2.1	1.1	-1.1	0.0	-0.9	-2.4	2.4	0.0
Gain/Loss from Investment Activities	41.5	-3.9	-35.3	24.8	15.4	36.9	-4.4	-5.8	-10.6	-8.7	-9.6	-1.9
Interest Expense	6.7	6.4	8.9	6.4	9.7	5.5	7.7	5.4	9.1	11.8	11.1	10.8
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	31.5	53.0	48.0	44.8	31.0	25.6	49.2	43.7	19.4	17.8	32.7	15.7
Increase/(Decrease) in Receivables	92.7	86.2	124.8	-190.0	77.4	-91.8	81.7	-216.9	383.8	-137.8	26.1	14.5
Increase/(Decrease) in Inventory	-75.3	3.3	4.4	-21.7	-79.8	15.3	-71.8	23.1	-15.0	254.8	-59.9	279.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	60.9	-25.0	-130.5	181.1	75.6	-29.8	-66.4	85.0	-273.3	-11.4	-166.5	-22.4
Increase/(Decrease) in Prepaid Expenses	0.8	1.1	-1.2	2.3	-1.8	-0.9	0.1	2.6	-1.4	2.3	0.2	2.6
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	-5.9	-6.7	-8.0	-7.2	-8.2	-6.5	-6.8	-6.1	-7.5	-12.2	-10.2	-11.3
Corporate Income Tax Paid	-2.4	0.0	-0.4	-1.9	-1.0	-0.7	-0.6	-0.6	-1.7	-0.2	-0.4	-0.8
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	-0.9	-1.6	-0.4	-2.0	-0.7	-1.8	-0.2	-1.0	-0.1	-0.7	-0.4	-6.8
Net Cash Flow from Operating Activities	101.5	110.3	36.7	5.5	92.4	-90.6	-14.8	-70.3	104.1	112.5	-178.3	270.8
Payments for Fixed Assets and Other Long-term Assets	-13.2	-30.0	-2.0	-11.9	-0.8	-11.6	-0.8	-0.1	-22.5	-0.2	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	2.2	0.0	0.1	0.1	0.1	0.2	0.0	0.0	0.3	0.3	0.0
Loans and Purchases of Debt Instruments	-70.0	-50.0	52.0	-82.0	47.3	29.2	-188.2	-178.4	-41.0	-119.6	-14.9	-261.9
Receipts from Loan Repayments and Sale of Debt Instruments	100.6	0.0	0.0	0.0	110.7	76.8	55.9	260.7	56.8	114.8	68.7	53.4
Investments in Other Entities	0.0	0.0	0.0	-105.5	0.0	0.0	0.0	-33.1	0.0	0.0	-51.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.5	39.9	0.0	0.2	0.0	10.0	1.7	0.0	0.0	0.0
Dividends and Interest Income Received	3.9	1.0	1.1	10.4	6.4	4.4	8.0	11.4	6.4	4.2	4.0	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	23.3	-76.7	51.6	-149.1	163.7	99.1	-124.8	70.4	1.3	-0.5	7.1	-204.3
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	-192.9	496.7	541.6	505.2	628.6	641.8	591.2	383.4	453.8	749.3	604.0	584.4
Repayment of Borrowings	99.7	-517.8	-695.1	-401.9	-749.5	-652.5	-406.8	-480.0	-506.0	-778.5	-564.9	-640.4
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	-0.2	-22.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	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	-93.2	-21.4	-175.6	103.3	-121.0	-10.7	184.4	-96.6	-52.2	-29.2	39.1	-55.9
Net Cash Flow During the Period	31.6	12.2	-87.3	-40.4	135.2	-2.2	44.7	-96.5	53.3	82.8	-132.1	10.5
Cash and Cash Equivalents at Beginning of Period	167.8	154.8	239.7	281.7	199.1	199.1	199.1	199.1	183.4	183.4	183.4	183.4
FX Difference from Revaluation	0.8	1.6	0.7	-1.7	1.2	-2.7	1.5	1.4	0.2	-0.4	1.5	-0.1
Cash and Cash Equivalents at End of Period	198.7	167.8	154.8	239.7	281.7	145.3	150.2	104.0	199.1	145.5	63.2	193.8

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