PFL

Dầu khí Đông Đô ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 5.31%, +2.57pp YoY

Price

2,200

Latest close

03 Jun 2026

P/E 20.18x

P/B 0.48x

EPS 109

BVPS 4,593

ROE 2.4%

ROA 1.8%

Profit Margin 5.3%

Asset Turnover 0.33x

Equity Mult. 1.38x

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

What Is Changing

On a TTM 2026Q1 basis, PFL posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 104bn
	                                
−16.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
+63.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    186.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	133.9	76.4	19.8	37.0	137.2
Growth	+75%	+287%	-47%	-73%	—
Net Income	7.4	0.4	-5.4	1.9	4.8
Net Margin	5.49%	0.49%	-27.27%	5.02%	3.48%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	18.8	22.5	23.4	39.6	48.4	55.8	11.5	8.4	0.7	1.9	7.8	2.6
Growth	-17%	-4%	-41%	-18%	-13%	+385%	+37%	+1018%	-61%	-75%	+200%	—
Net Income	0.1	1.3	-1.6	5.8	1.9	-0.1	0.0	1.6	-1.2	-2.2	-0.6	-2.0
Net Margin	0.28%	5.65%	-6.92%	14.72%	3.83%	-0.18%	0.41%	19.04%	-158.84%	-115.17%	-7.96%	-76.17%

Drivers of PFL's profit

TTM

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

Financial income ↑ 8.2bn

Other profit ↑ 0.6bn

Administrative expenses ↑ 3.4bn

Gross profit ↓ 1.7bn

Selling expenses ↑ 1.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 1.1bn

Selling expenses ↓ 0.4bn

Gross profit ↓ 3.0bn

Other profit ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.5% = 2.7% × 0.40 × 1.41

2026Q1 2.4% = 5.3% × 0.33 × 1.38

ROE rose from 1.5% to 2.4% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 5.3% +2.6pp Asset turnover: 0.33x -0.06x Leverage: 1.38x -0.03x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 5.31%, rising 2.6pp. Despite pressure from SG&A / Revenue rose 6.1pp and Gross margin fell 0.2pp, the offset came from Net financial result / Revenue rose 8.2pp and Other profit / Revenue rose 0.6pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 5.31% +2.6pp

Gross Margin 7.71% −0.2pp

SG&A / Revenue 13.21% +6.1pp

Non-core / Revenue 10.81% +8.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 203.7% of PBT and lifted net margin by 8.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for construction contractors — liabilities at 0.35x equity, with a net cash position equivalent to 0.03x equity.

Inventory ended the period at 83.9bn, roughly 27.1% of total assets.

Over the last 12 months, working capital absorbed 33.4bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −30.3bn

Inventories decreased → higher CFO: +9.7bn

Payables decreased → lower CFO: −12.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 111.3 days versus the same period last year. The main moves came from DIO rose 52.7 days, DSO rose 64.5 days, and DPO rose 5.9 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 434.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +64.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 242.5 days +64.5 days

Inventory 282.8 days +52.7 days

Payables 91.2 days +5.9 days

Cash Conversion Cycle 434.1 days +111.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -5.17x −7.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -25.0bn in 2025, against investing cash flow of 21.2bn.

Post-investment cash flow was negative +3.8bn. Financing cash flow was negative +2.1bn.

CFO / net income was -5.17x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 28.6bn −36.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.6 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.31% after expanding 2.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 186.0% of PBT and CFO / net income currently at -5.17x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	133.9	76.4	19.8	37.0	137.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	133.9	76.4	19.8	37.0	137.2
Cost of Goods Sold	122.8	71.3	21.1	31.0	0.0
Gross Profit	11.1	5.0	-1.3	6.0	1.3
Financial Income	10.3	1.9	4.4	3.2	0.2
Financial Expenses	-0.0	-0.0	0.0	3.1	-0.3
Interest Expense	0.0	0.0	0.1	0.0	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.9	1.9	0.2	0.3	-0.0
General and Administrative Expenses	10.5	4.8	8.6	3.8	-14.3
Operating Profit	6.1	0.3	-5.7	2.0	-13.1
Other Income	1.3	0.1	0.4	0.3	0.0
Other Expenses	0.0	0.0	0.0	0.4	0.0
Other Profit	1.3	0.0	0.3	-0.1	17.9
Profit Before Tax	7.4	0.4	-5.4	1.9	4.8
Current Income Tax Expense	—	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.4	0.4	-5.4	1.9	4.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.4	0.4	-5.4	1.9	4.8
Earnings per Share	147.00	8.00	-108.00	37.00	138.00
Diluted EPS	147.08	7.53	-107.72	37.17	95.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	246.6	231.3	224.0	246.2	246.2
I. Cash and cash equivalents	10.9	16.8	13.3	9.3	10.5
1. Cash	10.9	11.3	2.8	2.8	0.0
2. Cash equivalents	—	5.5	10.5	6.5	0.0
II. Short-term financial investments	42.6	36.1	44.1	53.3	0.0
1. Available for sale securities	0.3	0.3	0.3	0.3	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	42.3	35.8	43.8	53.0	0.0
III. Short-term receivables	102.2	95.9	95.5	89.9	80.9
1. Short-term trade accounts receivable	73.6	63.6	64.0	64.4	0.0
2. Short-term prepayments to suppliers	15.4	18.6	18.4	13.9	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	24.4	27.1	32.5	32.2	0.0
7. Provision for short-term doubtful debts (*)	-11.2	-13.3	-19.3	-20.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	83.9	75.1	65.5	87.3	82.6
1. Inventories	83.9	75.1	65.5	87.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.0	7.5	5.6	6.5	8.4
1. Short-term prepayments	0.2	0.4	0.1	0.0	0.0
2. Value added tax to be reclaimed	6.8	7.0	5.4	6.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	63.4	92.8	85.9	77.8	86.1
I. Long-term receivables	0.1	0.1	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	0.1	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	12.5	12.3	13.0	17.5	15.9
1. Tangible fixed assets	12.5	12.3	13.0	17.5	15.9
- Cost	25.7	25.2	25.4	29.9	0.0
- Accumulated depreciation	-13.2	-12.9	-12.4	-12.4	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	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	29.0	31.8	23.6	11.7	12.1
- Cost	34.9	37.1	28.5	15.0	0.0
- Accumulated depreciation	-5.9	-5.3	-5.0	-3.3	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	21.2	21.1	21.1	21.1	21.0
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	48.4	48.4	48.4	48.4	0.0
4. Provision for diminution in value of long-term investments	-27.3	-27.3	-27.3	-27.3	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	0.7	27.5	28.2	27.5	0.0
1. Long-term prepayments	0.7	1.3	1.0	0.3	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	—	26.2	27.2	27.2	37.1
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)	310.1	324.0	309.9	324.0	332.4
A. LIABILITIES (300=210+330)	80.5	101.8	88.1	96.8	103.3
I. Short -term liabilities	80.5	101.8	88.1	96.8	103.3
1. Short-term trade accounts payable	23.8	32.2	26.3	31.5	37.5
2. Short-term advances from customers	6.3	14.4	6.3	10.4	11.2
3. Taxes and other payables to state authorities	0.0	0.0	0.1	0.1	0.0
4. Payable to employees	3.4	3.3	2.9	2.8	0.0
5. Short-term acrrued expenses	4.9	4.7	5.3	4.7	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	0.1	0.0	0.0
9. Other short-term payables	42.1	47.1	46.8	47.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.4	0.0	0.0
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)	229.6	222.2	221.8	227.2	229.1
I. Owner's equity	229.6	222.2	221.8	227.2	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	229.1
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- 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	18.3	18.3	18.3	18.3	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	5.5	0.0
11. Undistributed earnings after tax	-288.8	-296.1	-296.5	-296.6	-294.8
- Accumulated retained earning at the end of the previous period	-296.1	-296.5	-296.6	-298.5	-299.4
- Undistributed earnings in this period	7.4	0.4	0.1	1.9	4.6
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)	310.1	324.0	309.9	324.0	332.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.4	0.4	-5.4	1.9	4.8
Depreciation of Fixed Assets and Investment Property	1.7	1.5	1.6	1.1	1.1
Provision (Increase)/Reversal	-2.2	-6.0	-1.3	-3.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.8	-2.0	-4.4	-3.2	0.0
Interest Expense	0.0	0.0	0.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	4.1	-6.1	-9.5	-3.4	11.4
Increase/(Decrease) in Receivables	-4.0	2.2	-3.8	-6.1	0.0
Increase/(Decrease) in Inventory	-6.8	2.0	12.7	4.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-19.2	16.0	-8.0	-5.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	-0.6	-0.7	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.0	-0.1	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	-25.0	13.4	-9.3	-11.3	25.3
Payments for Fixed Assets and Other Long-term Assets	-1.3	-20.5	0.0	-2.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-59.3	-59.5	-11.3	-60.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	52.8	67.5	20.5	60.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	26.2	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.6	3.7	3.8	1.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	21.2	-7.7	13.0	-1.3	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.1	0.0	1.1	0.0	0.1
Repayment of Borrowings	-0.1	-0.4	-0.8	0.0	-21.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.1	-1.9	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.1	-2.3	0.4	0.0	-20.9
Net Cash Flow During the Period	-5.9	3.5	4.0	-12.6	6.2
Cash and Cash Equivalents at Beginning of Period	16.8	13.3	9.3	21.8	6.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.9	16.8	13.3	9.3	10.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	18.8	22.5	23.4	39.6	48.4	55.8	11.5	8.4	0.7	1.9	7.8	2.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	18.8	22.5	23.4	39.6	48.4	55.8	11.5	8.4	0.7	1.9	7.8	2.6
Cost of Goods Sold	16.7	20.1	22.3	37.0	43.4	52.3	8.8	9.8	0.4	3.4	7.5	3.0
Gross Profit	2.0	2.4	1.1	2.6	5.0	3.5	2.7	-1.4	0.3	-1.5	0.3	-0.5
Financial Income	0.6	0.7	0.6	8.4	0.6	0.4	0.4	0.6	0.4	0.8	1.4	1.1
Financial Expenses	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.8	1.3	1.7	1.0	1.3	0.5	0.0	0.0	0.1	0.0	0.0
General and Administrative Expenses	2.0	1.8	2.0	3.6	3.1	2.7	2.5	-2.4	1.9	1.7	2.3	2.6
Operating Profit	0.0	0.5	-1.6	5.7	1.5	-0.1	0.0	1.5	-1.2	-2.5	-0.6	-2.0
Other Income	0.0	0.8	0.0	0.1	0.3	0.0	0.0	0.1	0.0	0.3	0.0	0.1
Other 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
Other Profit	0.0	0.8	0.0	0.1	0.3	-0.0	-0.0	0.1	-0.0	0.3	-0.0	0.1
Profit Before Tax	0.1	1.3	-1.6	5.8	1.9	-0.1	0.0	1.6	-1.2	-2.2	-0.6	-2.0
Current Income Tax Expense	—	—	—	—	—	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
Net Income	0.1	1.3	-1.6	5.8	1.9	-0.1	0.0	1.6	-1.2	-2.2	-0.6	-2.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	1.3	-1.6	5.8	1.9	-0.1	0.0	1.6	-1.2	-2.2	-0.6	-2.0
Earnings per Share	1.00	25.00	-33.00	116.00	37.00	-1.99	0.94	31.85	-23.76	-44.23	-12.36	-39.42
Diluted EPS	1.03	25.42	-32.40	116.56	37.04	7.00	0.94	31.00	-24.00	-45.00	-13.00	-40.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	244.6	246.6	255.3	269.8	248.4	231.3	217.6	238.8	210.9	224.0	227.7	229.1
I. Cash and cash equivalents	6.8	12.2	5.2	21.4	17.5	15.5	13.9	7.1	16.9	4.1	4.0	3.0
1. Cash	6.8	10.9	1.9	18.1	8.2	11.3	4.2	5.8	3.9	2.8	2.7	3.0
2. Cash equivalents	—	1.3	3.3	3.3	9.3	4.2	9.7	1.3	13.0	1.3	1.3	0.0
II. Short-term financial investments	54.7	41.1	41.2	48.2	49.2	37.4	32.4	40.7	31.0	53.3	53.3	54.6
1. Available for sale securities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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
3. Held to maturity investments	54.4	40.8	40.9	47.9	48.9	37.1	32.1	40.4	30.7	53.0	53.0	54.3
III. Short-term receivables	106.7	102.4	116.6	107.8	96.3	95.9	96.8	96.6	90.2	95.5	96.5	79.4
1. Short-term trade accounts receivable	77.5	73.6	83.2	74.8	61.0	63.6	64.0	66.1	60.0	64.0	65.2	60.9
2. Short-term prepayments to suppliers	15.4	15.4	19.9	18.8	21.2	18.6	19.3	18.4	18.8	18.4	18.3	17.4
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	24.5	24.6	26.0	27.1	27.2	27.1	27.1	25.7	30.2	32.5	33.1	21.2
7. Provision for short-term doubtful debts (*)	-10.7	-11.2	-12.5	-12.9	-13.1	-13.3	-13.5	-13.5	-18.7	-19.3	-20.1	-20.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	70.7	83.9	85.2	85.2	78.3	75.1	66.8	86.8	65.7	65.5	68.3	73.3
1. Inventories	70.7	83.9	85.2	85.2	78.3	75.1	66.8	86.8	65.7	65.5	68.3	73.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.7	7.0	7.2	7.3	7.0	7.5	7.6	7.6	7.1	5.6	5.6	18.7
1. Short-term prepayments	0.1	0.2	0.2	0.2	0.3	0.4	0.3	0.2	0.2	0.1	0.0	0.1
2. Value added tax to be reclaimed	5.5	6.8	7.0	7.0	6.6	7.0	7.2	7.3	6.9	5.4	5.5	6.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	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	12.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	62.9	63.4	64.0	64.7	68.9	92.7	101.9	82.0	99.5	85.9	86.3	87.0
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	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
II. Fixed assets	12.4	12.5	12.8	13.1	13.3	12.3	12.5	12.7	12.8	13.0	13.2	13.6
1. Tangible fixed assets	12.4	12.5	12.8	13.1	13.3	12.3	12.5	12.7	12.8	13.0	13.2	13.6
- Cost	25.7	—	—	—	—	25.2	25.2	25.2	25.4	25.4	25.4	25.4
- Accumulated depreciation	-13.4	—	—	—	—	-12.9	-12.7	-12.5	-12.6	-12.4	-12.2	-11.9
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	28.8	29.0	29.2	29.4	29.6	31.8	41.4	21.2	38.5	23.6	23.7	23.9
- Cost	34.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.1	—	—	—	—	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
1. Long-term production in progress	—	—	—	—	—	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
V. Long-term financial investments	21.2	21.1	21.1	21.1	21.1	21.1	21.1	21.1	21.1	21.1	21.1	21.1
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	48.4	48.4	48.4	48.4	48.4	48.4	48.4	48.4	48.4	48.4	48.4	48.4
4. Provision for diminution in value of long-term investments	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3	-27.3
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	0.5	0.7	0.8	0.9	4.8	27.5	26.9	27.0	27.1	28.2	28.3	28.4
1. Long-term prepayments	0.5	0.7	0.8	0.9	1.1	1.3	0.6	0.8	0.8	1.0	1.1	1.2
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	3.7	26.2	26.2	26.2	26.2	27.2	27.2	27.2
5. Goodwill	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	307.5	310.1	319.3	334.4	317.3	324.0	319.5	320.8	310.4	309.9	314.0	316.0
A. LIABILITIES (300=210+330)	77.9	80.5	91.0	104.5	93.2	101.8	97.2	98.6	89.8	88.1	90.0	91.3
I. Short -term liabilities	77.9	80.5	91.0	104.5	93.2	101.8	97.2	98.6	89.8	88.1	90.0	91.3
1. Short-term trade accounts payable	22.5	23.8	27.3	37.4	25.6	32.2	30.9	30.7	27.8	26.3	27.3	29.1
2. Short-term advances from customers	6.3	6.3	10.5	11.3	12.8	14.4	9.6	11.3	6.3	6.3	6.3	6.3
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
4. Payable to employees	2.1	3.4	3.3	3.9	2.8	3.3	2.8	2.5	2.1	2.9	2.6	2.6
5. Short-term acrrued expenses	4.8	4.9	4.7	4.7	4.7	4.7	4.7	4.7	4.7	5.3	5.4	4.7
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	0.1	—	—	0.0	0.1	0.0	0.1	0.1	0.8	0.0
9. Other short-term payables	42.2	42.1	45.1	47.1	47.2	47.1	49.0	49.1	48.7	46.8	46.3	47.6
10. Short-term borrowings and financial leases	—	—	0.1	0.1	—	0.0	0.0	0.0	0.0	0.4	1.1	0.8
11. Provision for short-term liabilities	—	—	—	—	—	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
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	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
9. Convertible bonds	—	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	229.6	229.6	228.3	229.9	224.1	222.2	222.3	222.3	220.7	221.8	224.0	224.8
I. Owner's equity	229.6	229.6	228.3	229.9	224.1	222.2	222.3	222.3	220.7	221.8	224.0	224.8
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	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
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
9. Fund to support corporate restructuring	—	—	—	—	—	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	5.5	5.5
11. Undistributed earnings after tax	-288.7	-288.8	-290.1	-288.4	-294.3	-296.1	-296.0	-296.1	-297.7	-296.5	-299.8	-299.1
- Accumulated retained earning at the end of the previous period	-288.8	-296.1	-296.1	-296.1	-296.1	-296.5	-296.5	-296.5	-296.5	-296.6	-296.6	-296.6
- Undistributed earnings in this period	0.1	7.3	6.1	7.7	1.9	0.4	0.5	0.4	-1.2	0.1	-3.2	-2.5
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	307.5	310.1	319.3	334.4	317.3	324.0	319.5	320.8	310.4	309.9	314.0	316.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.1	1.3	-1.6	5.8	1.9	-0.1	0.0	1.6	-1.2	-2.2	-0.6	-2.1
Depreciation of Fixed Assets and Investment Property	0.5	1.9	-1.0	1.3	-0.5	0.1	0.4	0.4	0.4	0.4	0.4	0.4
Provision (Increase)/Reversal	0.4	-1.2	-0.6	-0.2	-0.2	-0.2	0.0	-5.2	-0.6	-0.8	0.0	-0.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	6.8	-8.1	-0.9	-0.6	-0.4	-0.4	-0.7	-0.4	-0.8	-1.4	-1.1
Interest Expense	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	0.3	8.9	-11.3	6.0	0.5	-0.6	0.0	-3.9	-1.8	-3.4	-1.6	-3.3
Increase/(Decrease) in Receivables	-3.7	-33.7	14.9	-7.9	22.7	1.7	0.3	-2.5	4.5	-0.4	-2.9	19.0
Increase/(Decrease) in Inventory	13.2	7.3	-6.1	-4.7	-3.2	-8.2	-0.1	1.0	-0.2	2.9	5.1	10.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.6	-0.6	-21.2	11.8	-9.1	4.6	-1.4	6.3	4.5	-0.3	-1.5	-18.1
Increase/(Decrease) in Prepaid Expenses	0.2	-0.1	0.4	0.3	0.2	-0.7	-0.0	0.0	0.0	0.1	0.1	-0.9
Changes in Trading Securities	—	—	—	—	—	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	-0.1	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-5.9
Other Operating Payments	—	—	—	—	—	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.4	-18.2	-23.2	5.5	11.0	-3.1	-1.2	1.0	7.1	-1.3	-0.8	1.7
Payments for Fixed Assets and Other Long-term Assets	—	-5.7	5.7	-3.5	2.2	9.7	-0.3	-5.1	-15.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	—	0.2	—	0.0	0.0	0.1	0.0	0.0	0.0	-0.0
Loans and Purchases of Debt Instruments	-42.0	-18.6	—	-40.7	—	0.0	0.0	0.0	0.0	-11.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	29.9	69.7	-45.5	40.4	-11.8	-5.0	-1.4	2.5	10.6	20.5	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	26.2	—	—	—	0.0	0.0	-1.0	1.0	0.0	0.0	-5.2
Dividends and Interest Income Received	0.6	-6.3	7.6	0.7	0.6	0.0	0.0	2.4	0.4	2.2	0.1	1.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-11.5	24.7	8.4	-3.0	-8.9	4.7	-1.7	-1.1	-3.1	11.4	0.1	-3.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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
Proceeds from Borrowings	—	0.0	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.4	0.8
Repayment of Borrowings	—	-0.1	—	—	—	0.0	0.4	0.0	-0.4	-0.8	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	-0.4	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.1	—	—	—	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-2.2	0.0	0.1	—	0.0	0.0	0.0	-0.4	-0.8	0.4	0.8
Net Cash Flow During the Period	-4.1	4.4	-14.9	2.6	2.0	1.6	-2.9	-0.1	3.6	9.3	-0.3	-1.4
Cash and Cash Equivalents at Beginning of Period	10.9	5.2	21.4	17.5	15.5	13.3	13.3	13.3	13.3	9.3	9.3	9.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.8	10.9	5.2	21.4	17.5	15.5	13.9	16.8	16.9	13.3	4.0	4.3

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PFL

What Is Changing

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Balance Sheet ▼

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Cash Flow ●

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Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow