PNP

Listed Company · UPCOM

Price

20,500

Latest close

03 Apr 2026

P/E 7.6x

EPS (TTM) 2,704

ROE (TTM) 18.7%

P/B 1.4x

BVPS (Latest) 14,637

ROA (TTM) 12.4%

What Is Changing

PNP has not yet shown a broad-based top-line recovery. Revenue posted -1.1% YoY, but net margin reached 12.19% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 43.0bn in 2025.
Net margin improved from 11.77% in the prior period to 12.19% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	352.7	356.5	345.2	339.9	335.2
Growth	-1%	+3%	+2%	+1%	—
Net Income	43.0	42.0	41.3	41.0	40.6
Net Margin	12.19%	11.77%	11.95%	12.07%	12.10%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6	61.7
Growth	+11%	-4%	+12%	-8%	-5%	+6%	-6%	-7%	+12%	+5%	+35%	—
Net Income	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0	7.7
Net Margin	11.89%	12.11%	12.95%	12.47%	10.31%	12.43%	12.51%	12.93%	9.94%	12.08%	13.16%	12.47%

Financial Statements

Profitability

Net margin reached 12.19% while Revenue posted -1.1% YoY.

Balance Sheet

Inventory stood at 0.6bn, liabilities at 126.4bn, and equity at 236.0bn.

Cash Flow

Operating cash flow was 176.7bn in 2025, while investing cash flow was -36.2bn.

Financing cash flow: -40.2bn.

Item	2025	2024	2023	2022	2021
Revenue	352.7	356.5	345.2	339.9	335.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	352.7	356.5	345.2	339.9	335.2
Cost of Goods Sold	261.5	275.9	266.9	256.8	0.0
Gross Profit	91.2	80.6	78.3	83.0	81.3
Financial Income	4.5	2.5	3.6	2.1	1.0
Financial Expenses	4.5	5.9	8.3	10.0	-10.2
Interest Expense	4.5	5.9	8.3	10.0	-10.2
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	36.9	28.2	21.6	23.7	-22.1
Operating Profit	54.4	49.0	52.0	51.3	50.0
Other Income	0.0	3.7	0.0	0.0	0.0
Other Expenses	0.5	0.1	0.4	0.0	0.0
Other Profit	-0.5	3.6	-0.4	-0.0	0.7
Profit Before Tax	53.9	52.6	51.6	51.3	50.7
Current Income Tax Expense	10.9	10.7	10.4	10.3	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	43.0	42.0	41.3	41.0	40.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	43.0	42.0	41.3	41.0	40.6
Earnings per Share	2,032.00	1,997.00	1,965.00	1,977.00	2,519.62
Diluted EPS	2,670.28	1,997.00	1,965.00	1,977.00	2,519.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	209.1	196.3	155.6	117.6	110.5
I. Cash and cash equivalents	175.6	75.3	115.0	69.2	32.2
1. Cash	15.6	5.3	10.0	9.2	0.0
2. Cash equivalents	160.0	70.0	105.0	60.0	0.0
II. Short-term financial investments	0.3	0.3	0.0	10.0	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	0.3	0.3	0.0	10.0	0.0
III. Short-term receivables	27.1	118.8	39.7	38.0	49.1
1. Short-term trade accounts receivable	25.9	117.6	38.6	36.9	0.0
2. Short-term prepayments to suppliers	1.0	0.5	0.3	0.4	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	0.3	0.7	1.0	0.8	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.2	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.6	1.1	0.3	0.0	0.0
1. Inventories	0.6	1.1	0.3	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.5	0.9	0.5	0.4	4.2
1. Short-term prepayments	3.0	0.9	0.5	0.4	0.0
2. Value added tax to be reclaimed	2.5	0.0	0.0	0.0	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)	153.4	146.2	193.4	231.9	274.2
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	112.0	142.6	192.0	231.9	273.6
1. Tangible fixed assets	112.0	142.6	192.0	231.9	273.6
- Cost	383.1	381.5	456.7	456.6	0.0
- Accumulated depreciation	-271.0	-238.9	-264.7	-224.8	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	40.5	1.5	1.4	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	40.5	1.5	1.4	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	0.9	2.1	0.0	0.0	0.0
1. Long-term prepayments	0.9	2.1	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	0.5
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)	362.5	342.5	349.0	349.4	384.7
A. LIABILITIES (300=210+330)	126.4	112.5	125.5	131.5	172.7
I. Short -term liabilities	98.9	70.5	69.1	60.6	70.3
1. Short-term trade accounts payable	58.4	36.1	36.5	13.4	25.9
2. Short-term advances from customers	0.6	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.1	5.0	2.8	4.9	0.0
4. Payable to employees	16.8	11.2	9.9	9.0	0.0
5. Short-term acrrued expenses	0.4	0.1	0.0	0.0	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	0.7	0.5	0.5	0.5	0.0
10. Short-term borrowings and financial leases	14.4	14.4	14.4	28.5	29.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.5	3.2	4.9	4.2	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	27.5	42.0	56.4	70.8	102.4
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	27.5	42.0	56.4	70.8	102.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
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)	236.0	230.0	223.5	218.0	212.0
I. Owner's equity	236.0	230.0	223.5	218.0	0.0
1. Owner's capital	161.0	161.0	161.0	161.0	212.0
- Common stock with voting right	161.0	161.0	161.0	161.0	161.0
- Preferred stock	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
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	46.9	42.2	36.4	30.7	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	28.1	26.8	26.1	26.2	26.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	28.1	26.8	26.1	26.2	26.5
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)	362.5	342.5	349.0	349.4	384.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	53.9	52.6	51.6	51.3	0.0
Depreciation of Fixed Assets and Investment Property	32.1	33.1	39.9	41.6	8.6
Provision (Increase)/Reversal	—	-0.1	0.1	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.5	-6.1	-3.6	-2.1	0.0
Interest Expense	4.5	5.9	8.3	10.0	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	86.0	85.4	96.3	100.9	0.0
Increase/(Decrease) in Receivables	89.3	-79.0	-1.9	14.4	0.0
Increase/(Decrease) in Inventory	0.5	-0.8	-0.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.7	1.0	23.3	-7.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	-2.5	-0.1	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-5.9	-8.3	-10.0	0.0
Corporate Income Tax Paid	-12.5	-8.4	-11.8	-8.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.9	-11.4	-9.2	-11.5	0.0
Net Cash Flow from Operating Activities	176.7	-21.7	88.0	78.6	85.1
Payments for Fixed Assets and Other Long-term Assets	-40.5	-0.2	-1.5	0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	19.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.3	0.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	10.0	20.0	30.0
Investments in Other Entities	—	0.0	0.0	0.0	-75.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.3	2.7	3.7	1.7	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	-36.2	22.1	12.1	-8.3	-45.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-14.4	-14.4	-28.5	-32.6	-22.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.8	-25.7	-25.8	-25.7	-16.9
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	-40.2	-40.2	-54.3	-58.3	-39.1
Net Cash Flow During the Period	100.3	-39.8	45.9	12.0	0.0
Cash and Cash Equivalents at Beginning of Period	75.3	115.0	69.2	57.2	10.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	175.6	75.3	115.0	69.2	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6	61.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6	61.7
Cost of Goods Sold	65.3	66.8	68.5	60.9	68.1	67.2	65.0	73.6	78.3	68.1	63.7	43.7
Gross Profit	30.4	19.7	21.6	19.4	19.2	24.4	21.1	17.8	20.2	20.1	19.9	18.1
Financial Income	1.5	1.0	1.2	0.7	1.2	0.5	0.5	0.3	1.2	0.6	1.2	0.1
Financial Expenses	1.0	1.1	1.2	1.2	1.3	1.4	1.5	1.7	1.9	2.0	2.1	2.6
Interest Expense	1.0	1.1	1.2	1.2	1.3	1.4	1.5	1.7	1.9	2.0	2.1	2.6
Share of Associates and Joint Ventures	—	—	—	—	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
General and Administrative Expenses	16.2	6.5	7.0	6.4	8.0	8.9	6.6	5.3	7.1	5.3	5.0	5.9
Operating Profit	14.7	13.1	14.6	12.5	11.1	14.5	13.5	11.2	12.4	13.3	14.0	9.6
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	19.9	0.0	0.0	0.0	0.0
Other Expenses	0.5	0.0	—	0.0	-0.1	0.2	0.1	16.3	0.1	0.0	0.3	0.0
Other Profit	-0.5	0.0	0.0	-0.0	0.1	-0.2	-0.1	3.6	-0.1	-0.0	-0.3	0.0
Profit Before Tax	14.2	13.1	14.6	12.5	11.3	14.3	13.5	14.8	12.2	13.3	13.8	9.6
Current Income Tax Expense	2.8	2.6	2.9	2.5	2.3	2.9	2.7	3.0	2.4	2.7	2.8	1.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0	7.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0	7.7
Earnings per Share	706.87	650.58	724.69	622.21	559.20	706.33	669.48	733.94	608.33	661.84	683.62	477.92
Diluted EPS	706.87	650.58	724.69	622.21	559.20	706.33	669.48	733.94	608.33	661.84	683.62	477.92

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	209.1	235.0	211.0	184.0	196.7	172.6	176.4	185.2	155.1	140.7	148.6	123.6
I. Cash and cash equivalents	175.9	134.6	127.3	123.2	75.5	97.2	112.7	34.2	10.0	17.5	5.6	7.0
1. Cash	15.6	54.4	17.0	22.9	5.3	16.9	27.7	34.2	10.0	17.5	5.6	7.0
2. Cash equivalents	160.3	80.3	110.3	100.3	70.3	80.3	85.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	75.0	105.0	85.0	80.0	75.0
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	75.0	105.0	85.0	80.0	75.0
III. Short-term receivables	27.1	98.3	81.2	59.1	118.8	74.6	61.1	75.3	39.8	37.9	63.0	41.3
1. Short-term trade accounts receivable	25.9	92.5	74.1	33.9	117.6	67.0	9.2	52.6	38.6	24.4	53.8	18.9
2. Short-term prepayments to suppliers	1.0	0.4	1.4	0.4	0.5	0.3	2.1	0.4	0.4	2.0	0.7	0.5
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	5.5	5.9	24.9	0.7	7.5	50.0	22.5	1.0	11.6	8.6	22.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.6	0.8	1.0	1.0	1.1	0.3	0.3	0.3	0.1	0.0	0.0	0.0
1. Inventories	0.6	0.8	1.0	1.0	1.1	0.3	0.3	0.3	0.1	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.5	1.3	1.5	0.8	1.2	0.5	2.3	0.5	0.2	0.2	0.1	0.3
1. Short-term prepayments	3.0	1.3	1.4	0.4	1.2	0.5	0.4	0.5	0.2	0.2	0.1	0.2
2. Value added tax to be reclaimed	2.5	—	0.1	0.4	0.0	0.0	1.9	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153.4	121.7	130.1	138.4	145.8	152.3	160.3	168.1	193.9	201.9	211.4	221.5
I. Long-term receivables	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	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
II. Fixed assets	112.0	119.0	127.1	135.1	142.6	150.7	158.7	166.7	192.2	201.9	211.4	221.5
1. Tangible fixed assets	112.0	119.0	127.1	135.1	142.6	150.7	158.7	166.7	192.2	201.9	211.4	221.5
- Cost	—	—	—	—	381.5	381.5	381.5	381.5	456.9	456.6	456.6	456.6
- Accumulated depreciation	—	—	—	—	-238.9	-230.9	-222.8	-214.8	-264.7	-254.7	-245.3	-235.2
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	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
- Cost	—	—	—	—	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
III. Investment properties	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	40.5	1.5	1.5	1.5	1.5	1.5	1.4	1.4	1.4	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
2. Construction in progress	40.5	1.5	1.5	1.5	1.5	1.5	1.4	1.4	1.4	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
1. Investments in subsidiaries	—	—	—	—	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
3. Investments in other entities	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	0.9	1.2	1.6	1.8	1.7	0.2	0.2	0.0	0.3	0.0	0.0	0.0
1. Long-term prepayments	0.9	1.2	1.6	1.8	1.7	0.2	0.2	0.0	0.3	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	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
5. Goodwill	—	—	—	—	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
TOTAL ASSETS (280=100+200)	362.4	356.7	341.1	322.5	342.5	324.9	336.7	353.4	349.1	342.6	360.0	345.1
A. LIABILITIES (300=210+330)	126.8	129.3	94.7	85.9	112.5	99.3	118.4	120.1	125.5	125.7	153.8	119.5
I. Short -term liabilities	99.3	98.2	60.0	47.6	70.5	53.7	69.2	67.3	69.1	67.7	105.2	61.4
1. Short-term trade accounts payable	58.5	38.3	17.7	18.7	36.1	12.9	12.2	24.4	36.6	20.1	21.6	10.8
2. Short-term advances from customers	0.6	0.4	0.0	0.1	0.0	0.0	1.0	2.1	0.0	3.3	0.4	2.3
3. Taxes and other payables to state authorities	3.1	7.9	10.2	2.6	5.0	9.7	3.8	5.0	2.8	8.8	9.3	2.0
4. Payable to employees	16.8	8.9	7.4	3.8	11.2	5.9	5.2	2.6	9.9	8.8	6.1	3.9
5. Short-term acrrued expenses	0.4	9.1	8.8	5.5	0.1	7.5	4.7	15.2	0.0	6.5	3.5	8.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.6	16.7	0.4	0.5	0.5	0.4	26.2	1.0	0.5	0.6	26.1	0.4
10. Short-term borrowings and financial leases	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	16.5	31.5	31.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.9	2.5	1.0	2.0	3.2	2.8	1.6	2.5	4.9	3.0	6.7	2.1
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	27.5	31.1	34.7	38.3	42.0	45.6	49.2	52.8	56.4	58.0	48.5	58.2
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	27.5	31.1	34.7	38.3	42.0	45.6	49.2	52.8	56.4	58.0	48.5	58.2
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	235.7	227.4	246.4	236.6	230.0	225.6	218.3	233.3	223.5	216.9	206.3	225.5
I. Owner's equity	235.7	227.4	246.4	236.6	230.0	225.6	218.3	233.3	223.5	216.9	206.3	225.5
1. Owner's capital	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0
- Common stock with voting right	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	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
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	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
8. Investment and development fund	42.3	42.3	42.2	42.2	42.2	36.4	36.4	36.4	36.4	30.6	30.6	30.7
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	32.4	24.1	43.1	33.3	26.8	28.2	20.9	35.9	26.1	25.3	14.7	33.8
- Accumulated retained earning at the end of the previous period	—	—	26.5	26.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.9
- Undistributed earnings in this period	32.4	24.1	16.6	6.8	26.8	28.2	20.9	35.9	26.1	25.3	14.7	7.9
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	362.4	356.7	341.1	322.5	342.5	324.9	336.7	353.4	349.1	342.6	360.0	345.1

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	26.7	—	27.1	—	0.0	-28.2	28.2	0.0	51.6	-24.1	24.1	0.0
Depreciation of Fixed Assets and Investment Property	16.1	—	16.1	—	0.0	-17.0	17.0	0.0	39.9	-20.5	20.5	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.1	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	0.0
Gain/Loss from Investment Activities	-2.5	—	-2.0	—	0.0	4.4	-4.4	0.0	-3.6	1.9	-1.9	0.0
Interest Expense	2.1	—	2.4	—	0.0	-3.2	3.2	0.0	8.3	-4.4	4.4	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
Interest Income and Dividends	—	—	—	—	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
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	42.4	—	43.6	—	0.0	-44.0	44.0	0.0	96.3	-47.1	47.1	0.0
Increase/(Decrease) in Receivables	52.0	—	37.4	—	0.0	23.6	-23.6	0.0	-1.9	25.2	-25.2	0.0
Increase/(Decrease) in Inventory	0.1	—	0.4	—	0.0	0.0	0.0	0.0	-0.3	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.0	—	-9.2	—	0.0	23.6	-23.6	0.0	23.3	-12.3	12.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.8	—	-0.1	—	0.0	0.1	-0.1	0.0	-0.1	-0.3	0.3	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.1	—	-2.4	—	0.0	3.2	-3.2	0.0	-8.3	4.4	-4.4	0.0
Corporate Income Tax Paid	-4.5	-3.5	0.0	-4.5	-2.0	-2.0	-2.0	-2.3	-6.0	-2.0	0.0	-3.8
Other Operating Receipts	—	—	—	—	21.7	16.4	-5.1	5.1	-17.9	17.9	-6.0	6.0
Other Operating Payments	14.0	-16.4	2.5	-10.0	-28.5	-18.2	4.4	-9.7	12.8	-19.2	6.2	-9.0
Net Cash Flow from Operating Activities	97.3	21.8	6.3	51.2	-18.0	34.7	-13.9	-2.3	14.1	50.4	11.1	12.5
Payments for Fixed Assets and Other Long-term Assets	-40.0	—	-0.5	—	0.0	0.0	0.0	0.0	-1.5	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	-19.8	19.8	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	80.0	-80.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	10.0	-90.0	90.0	0.0
Investments in Other Entities	—	—	—	—	0.0	-120.3	45.0	-45.0	160.0	-160.0	45.0	-45.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.4	—	2.0	—	0.0	-1.1	1.1	0.0	3.7	-2.1	2.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-26.2	-11.5	31.5	-30.0	10.0	3.8	-9.0	30.0	27.1	-27.1	17.1	-5.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-5.6	-9.7	-9.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-16.3	-9.4	—	—	0.0	-25.6	0.0	-0.0	-0.1	-25.7	0.0	-0.0
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	-20.0	-13.0	-3.6	-3.6	-3.6	-29.3	-3.6	-3.6	-3.7	-31.3	-9.7	-9.7
Net Cash Flow During the Period	51.2	-2.7	34.1	17.6	-11.6	9.2	-26.5	24.1	37.5	-8.0	18.6	-2.2
Cash and Cash Equivalents at Beginning of Period	54.4	127.0	22.9	5.3	10.0	10.0	115.0	10.0	69.2	9.2	69.2	9.2
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	175.6	54.4	127.0	22.9	5.3	16.9	112.7	34.2	115.0	17.5	85.6	7.0

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

PNP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research