The financial statements of ISG

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022
Revenue	365.1	383.8	349.8	656.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	365.1	383.8	349.8	656.8
Cost of Goods Sold	319.2	443.0	386.4	394.4
Gross Profit	46.0	-59.2	-36.7	262.4
Financial Income	7.3	17.5	7.8	12.5
Financial Expenses	18.6	10.6	73.1	90.5
Interest Expense	13.9	10.5	71.4	81.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	12.6	12.9	10.3	23.4
General and Administrative Expenses	19.1	19.8	16.9	15.4
Operating Profit	2.9	-85.1	-129.2	145.6
Other Income	50.7	656.5	10.2	10.7
Other Expenses	2.1	1.2	1.5	1.8
Other Profit	48.7	655.4	8.7	8.9
Profit Before Tax	51.5	570.3	-120.5	154.5
Current Income Tax Expense	10.4	39.5	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	41.2	530.8	-120.5	154.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	41.2	530.8	-120.5	154.5
Earnings per Share VND per share	4,679.00	59,706.00	-13,690.00	17,559.00
Diluted EPS VND per share	4,679.00	59,706.00	-13,690.00	17,559.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	208.3	166.4	225.1	212.3
I. Cash and cash equivalents	116.3	108.3	143.7	103.7
1. Cash	113.3	101.8	134.1	103.2
2. Cash equivalents	3.0	6.5	9.6	0.5
II. Short-term financial investments	6.5	1.5	1.6	28.9
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	6.5	1.5	1.6	28.9
III. Short-term receivables	59.5	27.3	44.0	33.4
1. Short-term trade accounts receivable	14.1	16.3	17.1	20.7
2. Short-term prepayments to suppliers	0.2	0.2	0.2	0.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	45.8	11.4	27.3	12.9
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	13.2	8.1	19.8	19.3
1. Inventories	13.2	8.1	19.8	19.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	12.8	21.2	16.1	27.0
1. Short-term prepayments	6.6	3.2	4.4	4.7
2. Value added tax to be reclaimed	5.7	17.8	11.4	22.1
3. Taxes and other receivables from state authorities	0.5	0.2	0.3	0.1
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	375.9	461.9	188.5	288.2
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	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
II. Fixed assets	353.3	441.4	148.6	220.1
1. Tangible fixed assets	344.5	432.2	139.2	210.4
- Cost	1,417.3	1,422.8	1,363.8	1,362.2
- Accumulated depreciation	-1,072.9	-990.6	-1,224.6	-1,151.8
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	8.8	9.2	9.5	9.7
- Cost	17.7	17.7	17.7	17.7
- Accumulated depreciation	-8.9	-8.6	-8.3	-8.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.1	0.1
V. Long-term financial investments	0.7	1.9	3.9	4.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	1.0	2.0	6.9	6.9
4. Provision for diminution in value of long-term investments	-0.4	-0.1	-3.1	-3.0
5. Held to maturity investments	0.1	0.1	0.1	0.1
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	21.9	18.6	35.9	64.0
1. Long-term prepayments	21.9	18.6	35.9	64.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	584.2	628.4	413.6	500.5
A. LIABILITIES (300=210+330)	742.5	827.9	1,138.5	1,104.9
I. Short -term liabilities	611.3	671.7	1,138.5	1,079.8
1. Short-term trade accounts payable	20.6	20.8	31.7	34.9
2. Short-term advances from customers	12.9	4.7	10.2	5.3
3. Taxes and other payables to state authorities	9.8	37.6	0.1	0.2
4. Payable to employees	6.2	8.5	7.4	4.9
5. Short-term acrrued expenses	0.2	1.8	1,039.2	977.5
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	532.5	565.9	45.4	54.9
10. Short-term borrowings and financial leases	25.0	25.0	2.4	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	4.0	7.3	2.0	2.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	131.2	156.2	0.0	25.1
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	131.2	156.2	0.0	25.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-158.3	-199.5	-724.9	-604.4
I. Owner's equity	-158.3	-199.5	-724.9	-604.4
1. Owner's capital	88.0	88.0	88.0	88.0
- Common stock with voting right VND per share	88,000,000,000.00	88,000,000,000.00	88,000,000,000.00	88,000,000,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares VND per share	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	5.0	5.0	5.0	5.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-251.3	-292.5	-817.9	-697.5
- Accumulated retained earning at the end of the previous period	-292.5	-817.9	-697.5	-852.0
- Undistributed earnings in this period	41.2	525.4	-120.5	154.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	584.2	628.4	413.6	500.5

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-38.4	-2.1	0.0	0.0
Other Operating Receipts	224.8	16.9	364.0	266.2
Other Operating Payments	-297.2	-84.1	-395.5	-289.3
Net Cash Flow from Operating Activities	34.9	18.3	34.6	285.7
Payments for Fixed Assets and Other Long-term Assets	—	-376.3	-1.8	-11.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	133.7	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.1	5.4	0.0	0.0
Dividends and Interest Income Received	0.6	0.6	2.6	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.4	-236.6	28.3	-37.1
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00
Proceeds from Borrowings	—	200.0	0.0	0.0
Repayment of Borrowings	-25.0	-21.2	-23.0	-347.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-25.0	178.8	-23.0	-347.5
Net Cash Flow During the Period	7.5	-39.5	39.9	-98.9
Cash and Cash Equivalents at Beginning of Period	108.3	143.7	103.7	204.4
FX Difference from Revaluation	0.4	4.1	0.1	-1.8
Cash and Cash Equivalents at End of Period	116.3	108.3	143.7	103.7

Item	Q4'25
Corporate Income Tax Paid	-38.4
Other Operating Payments	-297.2
Net Cash Flow from Operating Activities	34.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9
Proceeds from Investments in Other Entities	1.1
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-2.4
Repayment of Borrowings	-25.0
Net Cash Flow from Financing Activities	-25.0
Net Cash Flow During the Period	7.5
Cash and Cash Equivalents at Beginning of Period	108.3
FX Difference from Revaluation	0.4
Cash and Cash Equivalents at End of Period	116.3

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