LMH

Quốc Tế Holding ·UPCOM ·2025Q3

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −1.07x

Price

1,200

Latest close

29 May 2026

P/E -5.22x

P/B -0.57x

EPS -230

BVPS -2,115

ROE 11.6%

ROA -5.7%

Profit Margin -36.8%

Asset Turnover 0.08x

Equity Mult. -10.81x

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

What Is Changing

On a TTM 2024Q3 basis, LMH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11bn
	                                
−82.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 6bn
	                                
−96.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    65.5%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	0.0	54.7	25.4	0.1	39.1
Growth	-100%	+116%	+39181%	-100%	—
Net Income	-5.9	-70.8	-22.2	-0.0	-74.2
Net Margin	—	-129.58%	-87.69%	-6.86%	-189.71%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	—	—	—	0.0	0.0	0.0	11.0	5.2	8.1	30.4	19.6	2.2
Growth	—	—	—	—	—	-100%	+113%	-36%	-73%	+55%	+797%	—
Net Income	-1.4	-1.4	-1.4	-1.5	-1.6	-1.4	0.4	-0.5	-1.1	-0.1	26.6	0.3
Net Margin	—	—	—	—	—	—	3.89%	-9.22%	-13.12%	-0.25%	135.92%	15.34%

Drivers of LMH's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 1.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -129.58% −48.5pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2024Q2 -> 2025Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (65.5% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at -3.06x equity, net debt at 0.06x equity.

Inventory ended the period at 69.8bn, roughly 67.8% of total assets.

Over the last 12 months, working capital released 27.2bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +22.5bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +4.8bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.06x and interest coverage only at -1.07x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 114.3% of debt, and total debt stands at 23.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.07x, leaving limited room to absorb financing costs.

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 0.06x +0.47x

Interest Coverage -1.07x −0.34x

Cash / Debt 114.3% +95.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -3.78x −2.73x

TTM YoY · 2024Q2 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.4bn in 2024, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +22.4bn. Financing cash flow was positive 0.0bn.

CFO / net income was -3.78x.

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 22.2bn +19.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at -1.07x. The next watchpoint is the earnings mix, when non-core contribution is 65.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 65.5% of PBT and CFO / net income currently at -3.78x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.07x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	0.0	54.7	25.4	0.1	39.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	54.7	25.4	0.1	39.1
Cost of Goods Sold	0.0	53.0	23.0	0.0	0.0
Gross Profit	0.0	1.7	2.4	0.1	4.8
Financial Income	0.0	0.0	1.4	0.0	0.7
Financial Expenses	5.6	2.5	5.5	-0.0	-14.3
Interest Expense	3.2	2.5	5.5	0.0	-13.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.4	66.9	20.5	-0.1	-48.1
Operating Profit	-5.9	-67.7	-22.2	-0.0	-56.9
Other Income	0.0	0.2	0.0	0.0	0.0
Other Expenses	0.0	3.2	0.0	0.0	0.0
Other Profit	-0.0	-3.1	0.0	0.0	-17.3
Profit Before Tax	-5.9	-70.8	-22.2	-0.0	-74.2
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-5.9	-70.8	-22.2	-0.0	-74.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.9	-70.8	-22.2	-0.0	-74.2
Earnings per Share	-379.00	-2,764.00	-867.00	-0.17	-2,896.00
Diluted EPS	-231.08	-2,764.00	-867.00	-0.17	0.00

Item	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	103.0	103.5	184.3	463.1
I. Cash and cash equivalents	27.3	4.9	1.3	3.7
1. Cash	27.3	3.6	1.3	0.0
2. Cash equivalents	0.0	1.3	0.0	0.0
II. Short-term financial investments	0.0	0.0	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	0.0	0.0	0.0	0.0
III. Short-term receivables	4.9	27.8	79.0	319.8
1. Short-term trade accounts receivable	119.9	119.9	127.2	0.0
2. Short-term prepayments to suppliers	91.0	91.1	91.0	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	6.2	6.2	6.2	0.0
6. Other short-term receivables	27.6	50.5	27.9	0.0
7. Provision for short-term doubtful debts (*)	-239.7	-239.7	-173.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	69.8	69.8	103.0	127.8
1. Inventories	69.8	69.8	103.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	0.9	0.9	1.0	11.7
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	0.9	0.9	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)	0.0	0.0	0.0	0.0
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
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	0.0	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	0.0
II. Fixed assets	0.0	0.0	0.0	0.0
1. Tangible 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
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	0.0	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
III. Investment properties	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
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	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	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	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	0.0	0.0
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)	103.0	103.5	184.3	463.1
A. LIABILITIES (300=210+330)	152.8	147.5	157.4	325.0
I. Short -term liabilities	152.8	147.5	157.4	325.0
1. Short-term trade accounts payable	87.7	87.9	94.8	119.6
2. Short-term advances from customers	4.3	4.3	20.6	170.8
3. Taxes and other payables to state authorities	0.0	0.1	0.1	0.0
4. Payable to employees	1.5	1.4	1.4	0.0
5. Short-term acrrued expenses	0.2	0.2	10.6	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	0.0	0.0	0.0
9. Other short-term payables	35.4	29.9	5.5	0.0
10. Short-term borrowings and financial leases	23.8	23.8	24.4	23.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	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	0.0	0.0	0.0	0.0
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	0.0	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	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-49.9	-44.0	26.9	138.2
I. Owner's equity	-49.9	-44.0	26.9	0.0
1. Owner's capital	256.3	256.3	256.3	138.2
- Common stock with voting right	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0
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	0.00	0.00	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	0.0	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	-306.2	-300.3	-229.4	-118.1
- Accumulated retained earning at the end of the previous period	-300.3	-229.4	-207.2	-105.9
- Undistributed earnings in this period	-5.9	-70.8	-22.2	-12.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
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)	103.0	103.5	184.3	463.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	-5.9	-70.8	-22.2	-0.0	-74.2
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.7
Provision (Increase)/Reversal	0.0	66.4	19.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-1.4	0.0	0.0
Interest Expense	3.2	2.5	5.5	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	-2.7	-1.9	1.6	1.6	-19.6
Increase/(Decrease) in Receivables	23.0	-15.3	-8.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	33.2	9.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.2	-11.8	-28.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	22.4	4.2	-25.6	-0.2	18.1
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2	36.1
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	25.0	0.0	13.3
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	0.0	0.0	0.0	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	0.0	0.0	25.0	0.2	50.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.6	0.0	0.0
Repayment of Borrowings	0.0	-0.6	-0.1	0.0	-69.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	-0.6	0.5	0.0	-69.6
Net Cash Flow During the Period	22.4	3.6	-0.1	-0.0	0.0
Cash and Cash Equivalents at Beginning of Period	4.9	1.3	1.4	0.0	3.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.3	4.9	1.3	3.7	0.0

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	—	—	—	0.0	0.0	0.0	11.0	5.2	8.1	30.4	19.6	2.2
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	—	0.0	0.0	0.0	11.0	5.2	8.1	30.4	19.6	2.2
Cost of Goods Sold	—	—	—	0.0	0.0	0.0	10.0	5.2	7.6	30.2	15.0	1.8
Gross Profit	—	—	—	0.0	0.0	0.0	1.1	-0.0	0.5	0.2	4.6	0.4
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.8	0.8	1.4	0.9	0.8	0.8	0.5	0.5	1.4	1.4	2.6	0.0
Interest Expense	0.8	0.8	0.8	0.8	0.0	0.8	0.5	0.5	1.4	1.4	2.6	0.0
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.0	0.1	0.1	0.1	0.2	0.0	0.1	0.0	0.1	0.3	0.3	0.1
Operating Profit	-0.9	-0.9	-1.4	-0.9	-1.0	-0.8	0.4	-0.6	-1.1	-1.5	1.6	0.3
Other Income	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	1.4	25.0	0.0
Other Expenses	0.6	0.6	—	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.6	-0.6	—	-0.6	-0.6	-0.6	0.0	0.1	0.0	1.4	25.0	0.0
Profit Before Tax	-1.4	-1.4	-1.4	-1.5	-1.6	-1.4	0.4	-0.5	-1.1	-0.1	26.6	0.3
Current Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.4	-1.4	-1.4	-1.5	-1.6	-1.4	0.4	-0.5	-1.1	-0.1	26.6	0.3
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.4	-1.4	-1.4	-1.5	-1.6	-1.4	0.4	-0.5	-1.1	-0.1	26.6	0.3
Earnings per Share	-57.00	-57.00	-56.00	-60.00	-61.00	-54.00	17.00	-19.00	-42.00	-3.00	1,040.00	13.00
Diluted EPS	-57.00	-57.00	-56.00	-60.00	-61.00	-54.04	17.00	-19.00	-42.00	-3.00	1,039.54	13.08

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	102.8	102.9	103.0	103.0	103.1	103.4	174.6	174.4	171.6	171.4	237.6	211.1
I. Cash and cash equivalents	27.2	27.3	27.3	26.9	4.5	4.9	3.9	5.3	1.4	23.9	1.3	1.5
1. Cash	25.9	26.0	26.0	25.6	3.2	3.6	2.6	5.3	1.4	23.9	1.3	1.5
2. Cash equivalents	1.3	1.3	1.3	1.3	1.3	1.3	1.3	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4.9	4.9	4.9	5.3	27.8	27.8	99.9	94.9	96.4	73.6	129.2	94.5
1. Short-term trade accounts receivable	119.9	119.9	119.9	119.9	119.9	119.9	120.8	120.5	122.0	121.8	128.2	123.2
2. Short-term prepayments to suppliers	91.0	91.0	91.0	91.0	91.0	91.1	91.1	91.1	91.1	91.0	91.0	91.0
3. Short-term inter-company receivables	—	—	—	0.0	0.0	0.0	4.7	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	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
6. Other short-term receivables	27.6	27.6	27.6	28.0	50.5	50.5	50.5	50.5	50.5	27.9	32.6	28.0
7. Provision for short-term doubtful debts (*)	-239.7	-239.7	-239.7	-239.7	-239.7	-239.7	-173.3	-173.3	-173.3	-173.3	-128.9	-153.9
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	69.8	69.8	69.8	69.8	69.8	69.8	69.8	73.2	72.9	72.9	106.0	113.9
1. Inventories	69.8	69.8	69.8	69.8	69.8	69.8	69.8	73.2	72.9	72.9	106.0	113.9
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
V. Other short-term assets	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1.0	1.0	1.0	1.1	1.2
1. Short-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1.0	0.9	0.9	0.9	1.1
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
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)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
I. 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
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	0.0	0.0	0.0	0.0	0.0	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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible 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
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	—	—	—	0.0	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
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	0.0	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
2. Construction in progress	—	—	—	0.0	0.0	0.0	0.0	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
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	—	—	—	0.0	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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	102.8	102.9	103.0	103.0	103.1	103.4	174.6	174.4	171.6	171.4	237.6	211.1
A. LIABILITIES (300=210+330)	157.0	155.7	154.3	151.4	150.0	148.8	152.1	151.6	147.4	144.6	161.8	162.0
I. Short -term liabilities	157.0	155.7	154.3	151.4	150.0	148.8	152.1	151.6	147.4	144.6	161.2	161.8
1. Short-term trade accounts payable	87.8	87.8	87.8	87.8	87.7	87.9	87.9	90.4	86.5	86.6	96.0	99.7
2. Short-term advances from customers	4.3	4.3	4.3	4.3	4.3	4.3	4.3	7.3	8.5	8.5	21.4	25.6
3. Taxes and other payables to state authorities	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.0
4. Payable to employees	1.5	1.5	1.5	1.4	1.4	1.4	1.4	1.5	1.4	1.5	1.4	1.4
5. Short-term acrrued expenses	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	7.8	10.7	8.1
6. Short-term inter-company payables	—	—	—	0.0	0.0	0.0	4.6	0.0	0.0	0.0	4.6	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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	39.6	38.2	36.8	34.0	32.6	31.2	29.9	28.4	27.0	16.5	3.2	3.2
10. Short-term borrowings and financial leases	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.2
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	—	—	—	0.0	0.0	0.0	0.0	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	0.6	0.2
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	—	—	—	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
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)	-54.2	-52.8	-51.3	-48.5	-46.9	-45.3	22.4	22.8	24.2	26.8	75.7	49.1
I. Owner's equity	-54.2	-52.8	-51.3	-48.5	-46.9	-45.3	22.4	22.8	24.2	26.8	75.7	49.1
1. Owner's capital	256.3	256.3	256.3	256.3	256.3	256.3	256.3	256.3	256.3	256.3	256.3	256.3
- Common stock with voting right	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00	256,299,950,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	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
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	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-310.5	-309.1	-307.6	-304.8	-303.2	-301.6	-233.9	-233.5	-232.1	-229.5	-180.6	-207.2
- Accumulated retained earning at the end of the previous period	-306.2	-306.2	-306.2	-300.3	-300.3	-300.3	-229.4	-229.4	-229.4	-229.4	-205.7	-205.7
- Undistributed earnings in this period	-4.3	-2.9	-1.4	-4.5	-3.0	-1.4	-4.4	-4.1	-2.7	-0.1	25.1	-1.5
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	—	—	—	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
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)	102.8	102.9	103.0	103.0	103.1	103.4	174.6	174.4	171.6	171.4	237.6	211.1

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	-1.4	-1.4	-1.4	-1.5	-1.6	-1.4	-66.8	-1.4	-2.6	-0.1	-20.7	0.3
Depreciation of Fixed Assets and Investment Property	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	0.0	0.0	0.0	66.4	0.0	0.0	0.0	19.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-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 Expense	—	—	—	0.8	0.8	0.8	2.1	-1.0	0.0	1.4	3.3	0.0
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	-1.6	1.6	-0.6	0.6	1.4	-1.4	-161.2	161.2
Operating Profit Before Changes in Working Capital	-1.4	-1.4	-1.4	-0.7	-2.4	1.0	1.1	-1.7	-1.2	-0.1	-158.9	161.5
Increase/(Decrease) in Receivables	0.0	-0.0	-0.0	22.5	0.0	0.0	3.1	-2.2	-21.6	5.4	-2.6	-3.1
Increase/(Decrease) in Inventory	—	—	—	0.0	0.0	0.0	3.4	-0.4	0.0	30.1	10.9	-2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.3	1.4	1.4	0.6	2.1	-1.1	-5.7	5.9	0.2	-12.2	137.2	-170.6
Increase/(Decrease) in Prepaid Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-10.5	10.6
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	45.4	0.0	0.0	0.2	-0.2	0.0	0.0	-0.2	0.2
Other Operating Payments	—	—	—	-0.4	0.0	0.0	-2.4	2.4	0.0	-0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-0.1	-0.1	-0.0	22.4	-0.3	-0.1	-0.3	3.9	-22.5	23.2	-24.2	-3.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
Loans and Purchases of Debt Instruments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.0	0.0
Investments in Other Entities	—	—	—	-22.5	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
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.4	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	23.6	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	0.00	0.00	0.00	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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.0
Repayment of Borrowings	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.6	-0.1	0.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.6	0.4	0.0
Net Cash Flow During the Period	-0.1	-0.1	-0.0	22.4	-0.3	-0.1	-0.3	3.9	-22.5	22.6	-0.2	-3.3
Cash and Cash Equivalents at Beginning of Period	27.3	27.3	27.3	4.9	4.9	4.9	1.3	1.3	1.3	1.3	1.4	1.4
FX Difference from Revaluation	—	—	—	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	27.2	27.3	27.3	26.9	4.5	4.9	4.9	5.3	1.4	23.9	1.3	1.5

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LMH

What Is Changing

Drivers of LMH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow