PIV

PIV ·UPCOM ·2026Q1

▲ Showing improvement

Leverage pressure is easing Debt/equity 1.40x, −92.93x YoY

Price

7,100

Latest close

02 Jun 2026

P/E 16.55x

P/B 14.20x

EPS 429

BVPS 500

ROE 144.7%

ROA 9.1%

Profit Margin -159.0%

Asset Turnover 0.01x

Equity Mult. 41.44x

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

What Is Changing

On a TTM 2026Q1 basis, PIV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7bn
	                                
+347.3%YoY

	                            
	                                NET MARGIN
	                            
	                                    105.19%
	                                
+160.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+954.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    110.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3.3	1.6	6.4	0.2	0.0
Growth	+106%	-75%	+2618%	+362962860%	—
Net Income	6.9	-1.0	-5.6	-143.1	-1.1
Net Margin	211.56%	-64.15%	-86.83%	-60640.50%	-1745469052.31%

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	3.8	2.9	—	0.2	0.1	0.2	0.0	0.5	0.9	0.4	2.2	3.6
Growth	+30%	—	—	+257%	-63%	+3749%	-99%	-44%	+129%	-82%	-39%	—
Net Income	0.0	7.7	-0.1	-0.2	-0.1	-0.3	-0.2	-0.2	-0.2	-0.6	-0.1	0.2
Net Margin	0.65%	261.55%	—	-64.21%	-215.16%	-155.35%	-4257.35%	-43.83%	-24.52%	-159.52%	-5.77%	5.35%

Drivers of PIV'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

TTM

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

Financial income ↑ 0.4bn

Administrative expenses ↑ 0.2bn

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 211.56% +160.2pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (110.5% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.05x equity, net debt at 1.40x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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

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.

Some leverage signals are missing, so the current read should be treated as contextual.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.40x, increasing balance-sheet pressure.

Leverage and liquidity trend

Net Debt / Equity 1.40x −92.93x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 10.36x −164.64x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.4bn in 2025, against investing cash flow of 80.1bn.

Post-investment cash flow was positive +87.6bn. Financing cash flow was negative +62.5bn.

CFO / net income was 10.36x.

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 77.0bn +229.2bn

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 leverage pressure is easing, with net debt/equity down to 1.40x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.40x.

Improvement: leverage pressure is easing, with net debt / equity down 92.93x to 1.40x while interest coverage holds at None.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 10.36x. Even so, net financial result still accounts for 110.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.40x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3.3	1.6	6.4	0.2	0.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3.3	1.6	6.4	0.2	0.0
Cost of Goods Sold	3.2	1.5	5.9	0.2	0.0
Gross Profit	0.1	0.1	0.5	0.0	0.0
Financial Income	7.8	0.0	0.0	0.0	0.0
Financial Expenses	0.1	0.0	3.0	142.1	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.6	1.0	1.7	1.0	-1.1
Operating Profit	7.2	-1.0	-4.2	-143.1	-1.1
Other Income	—	0.0	0.2	0.0	0.0
Other Expenses	0.3	0.1	1.6	0.0	0.0
Other Profit	-0.3	-0.0	-1.4	-0.0	0.0
Profit Before Tax	6.9	-1.0	-5.6	-143.1	-1.1
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	6.9	-1.0	-5.6	-143.1	-1.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.9	-1.0	-5.6	-143.1	-1.1
Earnings per Share	397.00	-58.00	-321.00	-8,258.00	-65.00
Diluted EPS	397.00	-58.00	-321.00	-8,257.84	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	26.1	12.1	2.6	15.3
I. Cash and cash equivalents	25.5	0.5	1.7	0.3
1. Cash	25.5	0.5	1.7	0.3
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	14.5
1. Available for sale securities	—	0.0	0.0	156.6
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-142.1
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	0.1	0.6	0.6	0.2
1. Short-term trade accounts receivable	—	0.0	0.0	2.9
2. Short-term prepayments to suppliers	0.1	0.6	0.6	0.8
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	0.0	0.1	0.0	0.1
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-3.5
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.4	10.9	0.3	0.2
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	10.9	0.3	0.2
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
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)	0.3	106.8	0.5	0.0
I. Long-term receivables	—	0.1	0.1	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	—	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.1	0.1	0.2	0.0
1. Tangible fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	5.7
- Accumulated depreciation	-0.0	-0.0	-0.0	-5.7
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	0.1	0.1	0.1	0.0
- Cost	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.1	-0.0	-0.0	-0.0
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	—	106.4	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	106.4	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.2	0.2	0.0
1. Long-term prepayments	0.2	0.2	0.2	0.0
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)	26.3	118.9	3.1	15.3
A. LIABILITIES (300=210+330)	17.7	117.1	0.4	7.0
I. Short -term liabilities	17.7	117.1	0.4	7.0
1. Short-term trade accounts payable	0.1	36.7	0.1	0.0
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	6.7
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.1	0.0	0.0
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	0.0	0.3	0.2	0.2
10. Short-term borrowings and financial leases	17.5	80.0	0.0	0.0
11. Provision for short-term liabilities	—	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
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	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)	8.6	1.8	2.8	8.3
I. Owner's equity	8.6	1.8	2.8	8.3
1. Owner's capital	173.2	173.2	173.2	173.2
- Common stock with voting right	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	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	0.4	0.4	0.4	0.4
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	0.0
11. Undistributed earnings after tax	-164.8	-171.7	-170.7	-165.1
- Accumulated retained earning at the end of the previous period	-171.7	-170.7	-165.1	-22.1
- Undistributed earnings in this period	6.9	-1.0	-5.6	-143.1
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)	26.3	118.9	3.1	15.3

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	-143.1
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.6
Provision (Increase)/Reversal	—	0.0	0.0	142.1
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	-0.4
Increase/(Decrease) in Receivables	—	0.0	0.0	-0.1
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	—	0.0	-4.8	0.0
Other Operating Receipts	0.5	0.2	2.7	0.0
Other Operating Payments	-0.6	-0.4	-4.9	0.0
Net Cash Flow from Operating Activities	7.4	-1.1	1.4	-0.6
Payments for Fixed Assets and Other Long-term Assets	—	-80.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	80.1	0.0	0.0	0.0
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	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
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	80.1	-80.1	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	90.9	80.0	0.0	0.0
Repayment of Borrowings	-153.4	0.0	0.0	0.0
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	-62.5	80.0	0.0	0.0
Net Cash Flow During the Period	25.1	-1.3	1.4	-0.6
Cash and Cash Equivalents at Beginning of Period	0.5	1.7	0.3	0.9
FX Difference from Revaluation	—	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	25.5	0.5	1.7	0.3

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	3.8	2.9	—	0.2	0.1	0.2	0.0	0.5	0.9	0.4	2.2	3.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3.8	2.9	—	0.2	0.1	0.2	0.0	0.5	0.9	0.4	2.2	3.6
Cost of Goods Sold	3.8	2.9	—	0.2	0.1	0.2	0.0	0.5	0.9	0.4	2.1	3.3
Gross Profit	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3
Financial Income	0.4	7.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	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
Share of Associates and Joint Ventures	—	—	—	—	—	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
General and Administrative Expenses	0.3	0.2	0.1	0.2	0.1	0.3	0.2	0.2	0.2	0.6	0.3	0.3
Operating Profit	0.0	7.7	-0.1	-0.2	-0.1	-0.3	-0.2	-0.2	-0.2	-0.6	-0.1	0.0
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Other Expenses	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	-0.0	—	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.2
Profit Before Tax	0.0	7.7	-0.1	-0.2	-0.1	-0.3	-0.2	-0.2	-0.2	-0.6	-0.1	0.2
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	0.0	7.7	-0.1	-0.2	-0.1	-0.3	-0.2	-0.2	-0.2	-0.6	-0.1	0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	7.7	-0.1	-0.2	-0.1	-0.3	-0.2	-0.2	-0.2	-0.6	-0.1	0.2
Earnings per Share	1.00	444.00	-7.00	-9.00	-9.00	-17.00	-12.00	-12.57	-12.58	-35.78	-7.37	11.22
Diluted EPS	1.00	444.00	-7.00	-9.00	-9.00	-58.00	-12.08	-12.57	-12.58	-35.78	-7.37	11.22

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)	8.9	26.1	8.3	47.3	47.3	12.1	2.0	2.0	2.4	2.9	4.6	4.9
I. Cash and cash equivalents	5.4	25.5	0.3	0.0	0.3	0.5	0.1	1.1	0.5	1.7	1.6	0.8
1. Cash	5.4	25.5	0.3	0.0	0.3	0.5	0.1	1.1	0.5	1.7	1.6	0.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	3.0	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	0.0	0.1	7.4	36.2	36.0	0.6	1.5	0.5	1.6	0.7	2.2	2.1
1. Short-term trade accounts receivable	—	—	—	—	—	0.0	0.0	0.0	1.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.1	7.4	36.1	35.9	0.6	1.4	0.5	0.6	0.5	1.9	1.8
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	0.0	0.0	—	0.1	0.1	0.1	0.1	0.0	0.0	0.2	0.2	0.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	0.2	0.2	0.1	0.0	0.0	0.1	0.0	0.0	0.4	1.5
1. Inventories	—	—	0.2	0.2	0.1	0.0	0.0	0.1	0.0	0.0	0.4	1.5
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	0.4	0.4	0.5	11.0	10.9	10.9	0.4	0.3	0.3	0.4	0.4	0.5
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.1
2. Value added tax to be reclaimed	0.4	0.4	0.4	10.9	10.9	10.9	0.3	0.3	0.3	0.3	0.3	0.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
5. Other short-term assets	—	—	—	—	—	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)	0.2	0.5	0.3	106.7	106.8	106.8	0.7	0.7	0.5	0.3	0.5	0.2
I. Long-term receivables	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2
1. Tangible 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	5.7
- Accumulated depreciation	-0.0	—	—	—	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-5.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
- Cost	0.2	—	—	—	—	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	—	—	—	—	—	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
IV. Long-term assets in progress	—	0.2	0.2	106.4	106.4	106.4	0.2	0.1	0.0	0.0	0.2	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.2	0.1	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.2	0.2	106.4	106.4	106.4	0.0	0.0	0.0	0.0	0.2	0.1
V. Long-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	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
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	0.2	0.2	—	0.2	0.2	0.2	0.3	0.3	0.2	0.1	0.1	0.0
1. Long-term prepayments	0.2	0.2	—	0.2	0.2	0.2	0.3	0.3	0.2	0.1	0.1	0.0
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	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	9.1	26.5	8.6	154.1	154.1	118.9	2.7	2.8	2.9	3.1	5.0	5.1
A. LIABILITIES (300=210+330)	0.5	17.7	7.4	152.6	152.4	117.1	0.6	0.4	0.4	0.4	1.5	1.5
I. Short -term liabilities	0.5	17.7	7.4	152.6	152.4	117.1	0.6	0.4	0.4	0.4	0.4	1.5
1. Short-term trade accounts payable	0.3	0.1	0.1	0.1	0.1	36.7	0.1	0.1	0.1	0.1	0.1	0.0
2. Short-term advances from customers	—	—	0.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
4. Payable to employees	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
5. Short-term acrrued expenses	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.3	0.3	0.3	0.3	0.5	0.2	0.2	0.2	0.2	0.2
10. Short-term borrowings and financial leases	—	17.5	6.8	152.0	152.0	80.0	0.0	0.0	0.0	0.0	0.0	1.1
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	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	1.1	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	1.1	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)	8.7	8.9	1.2	1.5	1.6	1.8	2.1	2.3	2.6	2.8	3.5	3.6
I. Owner's equity	8.7	8.9	1.2	1.5	1.6	1.8	2.1	2.3	2.6	2.8	3.5	3.6
1. Owner's capital	173.2	173.2	173.2	173.2	173.2	173.2	173.2	173.2	173.2	173.2	173.2	173.2
- Common stock with voting right	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00	173,249,420,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-164.8	-164.6	-172.3	-172.0	-171.9	-171.7	-171.4	-171.1	-170.9	-170.7	-170.0	-169.8
- Accumulated retained earning at the end of the previous period	-164.8	-171.7	-171.7	-171.7	-171.7	-170.7	-170.7	-170.7	-170.7	-165.1	-169.8	-165.1
- Undistributed earnings in this period	0.0	7.1	-0.6	-0.3	-0.1	-1.0	-0.7	-0.4	-0.2	-5.6	-0.1	-4.7
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)	9.1	26.5	8.6	154.1	154.1	118.9	2.7	2.8	2.9	3.1	5.0	5.1

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	-0.0	0.2	0.0	0.0	1.2	0.3	1.1
Other Operating Payments	-0.0	-0.4	-0.0	-0.1	-0.0	-0.2	-0.0	-0.1	-0.0	-1.2	-0.2	-0.1
Net Cash Flow from Operating Activities	-2.7	-65.5	145.4	-0.3	-72.2	-79.6	-1.1	0.7	-1.3	0.2	0.8	-0.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	80.1	—	—	—	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	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
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	—	80.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	18.8	0.1	0.0	72.0	80.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-17.5	-8.1	-145.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	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
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	-17.5	10.7	-145.2	0.0	72.0	80.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-20.2	25.3	0.2	-0.3	-0.2	0.4	-1.1	0.7	-1.3	0.2	0.8	-0.5
Cash and Cash Equivalents at Beginning of Period	25.5	0.3	0.0	0.3	0.5	1.7	1.7	1.7	1.7	0.3	0.3	0.3
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	5.4	25.5	0.3	0.0	0.3	0.5	0.1	1.1	0.5	1.7	1.6	0.8

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PIV

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ●

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow