PPT

Petro Times ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −2.11x

Price

15,600

Latest close

03 Jun 2026

P/E 25.76x

P/B 1.48x

EPS 605

BVPS 10,514

ROE 5.9%

ROA 2.3%

Profit Margin 0.3%

Asset Turnover 9.24x

Equity Mult. 2.50x

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

What Is Changing

On a TTM 2026Q1 basis, PPT is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,693bn
	                                
+16.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
+31.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.11x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	4,550.2	4,040.3	3,306.0	2,120.3
Growth	+13%	+22%	+56%	—
Net Income	4.6	9.1	7.5	7.0
Net Margin	0.10%	0.22%	0.23%	0.33%

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	1,095.4	1,363.7	1,176.9	1,057.4	952.2	1,101.6	912.0	1,081.8	945.5	1,084.0	989.9	647.5
Growth	-20%	+16%	+11%	+11%	-14%	+21%	-16%	+14%	-13%	+10%	+53%	—
Net Income	4.7	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6
Net Margin	0.43%	0.14%	0.20%	0.28%	0.21%	0.18%	0.22%	0.28%	0.22%	0.21%	0.17%	0.40%

Drivers of PPT's profit

TTM

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

Gross profit ↑ 21.2bn

Finance costs ↑ 6.5bn

Selling expenses ↑ 6.0bn

Financial income ↓ 4.1bn

Tax ↑ 0.7bn

TTM

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

Gross profit ↑ 6.9bn

Financial income ↑ 0.5bn

Finance costs ↑ 2.8bn

Selling expenses ↑ 1.5bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.8% = 0.2% × 8.42 × 2.52

2026Q1 5.9% = 0.3% × 9.24 × 2.50

ROE rose from 4.8% to 5.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.3% +0.0pp Asset turnover: 9.24x +0.82x Leverage: 2.50x -0.02x

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 stands at 0.25%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.25% +0.0pp

Gross Margin 1.20% +0.3pp

SG&A / Revenue 0.56% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.94%, rising 0.8pp. That translates to 2.94 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 1.43x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Watchpoints

ROIC remains low

ROIC is currently 2.94% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.94% +0.8pp

NOPAT Margin 0.25% +0.0pp

Capital Turnover 11.57x +1.43x

Average Invested Capital 405.6bn +6.6bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.51x equity, net debt at 1.09x equity.

Inventory ended the period at 140.5bn, roughly 27.8% of total assets.

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

Cash conversion cycle improved by 0.3 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO rose 0.8 days, and DPO fell 0.3 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Receivables collection is slowing

DSO increased by +0.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 6.3 days +0.8 days

Inventory 12.3 days −1.4 days

Payables 1.5 days −0.3 days

Cash Conversion Cycle 17.1 days −0.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.09x and interest coverage only at 0.75x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 19.5% of debt, and total debt stands at 278.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.09x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.75x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.09x +0.18x

Interest Coverage 0.75x −0.03x

Cash / Debt 19.5% −7.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.11x −4.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.9bn in 2025, against investing cash flow of -23.8bn.

Post-investment cash flow was negative +11.9bn. Financing cash flow was positive +17.6bn.

CFO / net income was -2.11x.

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 25.1bn −46.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at -2.11x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 2.9%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -2.11x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	4,550.5	4,047.9	3,306.0	2,120.3
Revenue Deductions	0.4	7.6	0.0	0.0
Net Revenue	4,550.2	4,040.3	3,306.0	2,120.3
Cost of Goods Sold	4,500.7	4,005.0	3,269.3	2,087.5
Gross Profit	49.5	35.3	36.7	32.9
Financial Income	4.1	9.0	8.3	3.7
Financial Expenses	17.2	13.6	15.3	16.2
Interest Expense	14.2	13.5	15.3	10.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	18.8	15.1	14.3	3.7
General and Administrative Expenses	10.1	5.2	5.8	7.5
Operating Profit	7.5	10.4	9.5	9.2
Other Income	0.0	0.9	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.4
Other Profit	0.0	0.9	-0.1	-0.4
Profit Before Tax	7.5	11.3	9.4	8.8
Current Income Tax Expense	2.8	2.3	1.9	1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	4.6	9.1	7.5	7.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	4.6	9.1	7.5	7.0
Earnings per Share	236.00	514.00	490.00	774.00
Diluted EPS	236.00	514.00	490.00	774.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	325.7	329.1	293.3	248.1
I. Cash and cash equivalents	58.0	52.4	37.0	50.9
1. Cash	58.0	52.4	37.0	50.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	27.5	16.2	38.7	15.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	27.5	16.2	38.7	15.0
III. Short-term receivables	97.9	88.2	119.9	73.3
1. Short-term trade accounts receivable	90.2	75.0	61.2	44.9
2. Short-term prepayments to suppliers	0.3	0.3	10.2	17.2
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	5.5	10.0
6. Other short-term receivables	14.4	14.2	44.0	1.2
7. Provision for short-term doubtful debts (*)	-7.0	-1.3	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	140.5	165.7	95.7	103.5
1. Inventories	140.5	165.7	95.7	103.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.8	6.7	1.9	5.4
1. Short-term prepayments	0.4	0.3	0.0	0.0
2. Value added tax to be reclaimed	1.4	6.4	1.9	5.4
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)	180.3	167.1	192.7	81.5
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	63.2	64.9	66.4	52.9
1. Tangible fixed assets	9.0	10.7	12.2	12.9
- Cost	16.3	16.6	16.7	16.0
- Accumulated depreciation	-7.3	-5.9	-4.6	-3.1
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	54.2	54.3	54.3	40.0
- Cost	54.3	54.3	54.3	40.0
- Accumulated depreciation	-0.1	-0.1	-0.0	-0.0
III. Investment properties	101.5	101.5	101.6	9.2
- Cost	101.7	101.7	101.7	9.2
- Accumulated depreciation	-0.2	-0.1	-0.0	0.0
IV. Long-term assets in progress	—	0.0	12.4	12.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	12.4	12.4
V. Long-term financial investments	14.7	0.0	10.0	4.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.7	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	10.0	4.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.7	2.2	3.0
1. Long-term prepayments	0.9	0.7	2.2	3.0
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)	506.0	496.2	486.0	329.6
A. LIABILITIES (300=210+330)	304.1	299.0	306.4	165.1
I. Short -term liabilities	284.1	299.0	292.8	165.1
1. Short-term trade accounts payable	1.0	36.7	5.8	1.4
2. Short-term advances from customers	13.1	10.7	3.3	4.1
3. Taxes and other payables to state authorities	1.2	0.5	0.3	0.5
4. Payable to employees	—	0.1	0.1	0.0
5. Short-term acrrued expenses	0.3	0.0	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	0.0	0.0	0.2
10. Short-term borrowings and financial leases	268.5	251.0	283.2	158.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	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	20.0	0.0	13.6	0.0
1. Long-term trade payables	20.0	0.0	13.6	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)	201.9	197.3	179.5	164.5
I. Owner's equity	201.9	197.3	179.5	164.5
1. Owner's capital	196.4	181.9	157.5	150.0
- Common stock with voting right	196,449,230,000.00	181,899,880,000.00	157,500,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1
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	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	5.6	15.5	22.2	14.7
- Accumulated retained earning at the end of the previous period	0.9	6.4	14.7	7.6
- Undistributed earnings in this period	4.6	9.1	7.5	7.0
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)	506.0	496.2	486.0	329.6

Item	2025	2024	2023	2022
Profit Before Tax	7.5	11.3	9.4	8.8
Depreciation of Fixed Assets and Investment Property	1.6	1.7	1.7	1.5
Provision (Increase)/Reversal	5.6	0.4	1.0	-1.7
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.8	-3.4	-4.9	-0.7
Interest Expense	14.2	13.5	15.3	10.9
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	28.1	23.5	22.4	18.7
Increase/(Decrease) in Receivables	-11.6	33.2	-46.5	34.4
Increase/(Decrease) in Inventory	25.2	-70.0	7.8	-25.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.3	24.6	17.2	-43.0
Increase/(Decrease) in Prepaid Expenses	-0.3	1.2	0.8	-1.1
Changes in Trading Securities	—	0.0	0.0	21.5
Interest Paid	-14.0	-13.3	-15.3	-10.2
Corporate Income Tax Paid	-2.2	-2.1	-2.1	-1.9
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	11.9	-2.8	-15.7	-7.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-108.1	-57.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	1.0	0.4	0.0
Loans and Purchases of Debt Instruments	-29.0	-27.2	-336.5	-39.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.0	65.5	311.3	28.5
Investments in Other Entities	-14.7	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	2.7	3.0	0.8
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	-23.8	42.0	-130.0	-66.7
Proceeds from Equity Issuance and Capital Contributions	—	8,650,000,000.00	7,500,000,000.00	69,865,950,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,226.3	1,557.4	1,441.5	897.9
Repayment of Borrowings	-1,208.7	-1,589.8	-1,317.3	-867.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	17.6	-23.8	131.8	100.3
Net Cash Flow During the Period	5.7	15.3	-13.9	26.5
Cash and Cash Equivalents at Beginning of Period	52.4	37.0	50.9	24.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	58.0	52.4	37.0	50.9

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	1,097.0	1,363.7	1,176.9	1,057.7	952.2	1,109.1	912.0	1,081.8	945.5	1,084.0	989.9	647.5
Revenue Deductions	1.6	0.0	0.1	0.3	—	7.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,095.4	1,363.7	1,176.9	1,057.4	952.2	1,101.6	912.0	1,081.8	945.5	1,084.0	989.9	647.5
Cost of Goods Sold	1,078.5	1,346.5	1,165.2	1,046.7	942.2	1,093.4	906.7	1,070.0	935.3	1,073.3	978.2	640.7
Gross Profit	16.9	17.2	11.7	10.7	10.0	8.2	5.2	11.8	10.2	10.7	11.7	6.8
Financial Income	0.8	0.3	0.1	3.5	0.3	3.2	4.9	0.3	0.5	0.9	1.0	4.7
Financial Expenses	6.1	7.0	3.2	3.5	3.2	3.4	3.4	3.4	3.4	4.2	4.5	3.4
Interest Expense	4.6	4.2	3.2	3.5	3.2	3.4	3.3	3.4	3.4	4.2	4.5	3.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.0	5.7	4.7	5.7	3.5	3.9	3.9	3.8	3.5	3.9	4.5	3.7
General and Administrative Expenses	0.8	2.2	1.0	1.1	1.0	1.6	1.2	1.3	1.2	1.2	1.6	1.1
Operating Profit	5.9	2.5	2.8	3.8	2.5	2.5	1.6	3.7	2.5	2.2	2.1	3.2
Other Income	—	-0.2	0.2	—	—	0.0	0.9	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.2	0.2	—	—	0.0	0.9	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	5.8	2.3	3.0	3.8	2.5	2.5	2.5	3.7	2.5	2.2	2.1	3.3
Current Income Tax Expense	1.2	0.5	0.6	0.8	0.5	0.5	0.5	0.7	0.5	0.0	0.4	0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.7	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.7	1.8	2.4	3.0	2.0	2.0	2.0	3.0	2.0	2.2	1.7	2.6
Earnings per Share	237.27	93.84	121.17	153.21	111.99	111.24	111.06	172.34	129.16	142.65	105.58	174.69
Diluted EPS	237.27	93.84	121.17	153.21	111.99	111.24	111.06	172.34	129.16	142.65	105.58	174.69

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)	354.3	330.2	307.4	326.5	330.5	329.1	327.4	286.8	295.3	301.3	311.1	265.9
I. Cash and cash equivalents	54.5	58.0	47.1	58.0	67.4	52.4	29.7	25.0	29.3	37.0	4.8	62.7
1. Cash	1.9	3.3	3.4	1.6	4.2	2.6	1.8	2.6	29.3	37.0	4.8	22.7
2. Cash equivalents	52.5	54.8	43.7	56.4	63.1	49.8	27.9	22.5	0.0	0.0	0.0	40.0
II. Short-term financial investments	27.5	27.5	6.2	6.2	6.2	16.2	10.0	19.0	24.7	38.7	42.8	33.0
1. Available for sale securities	—	—	—	—	—	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	27.5	27.5	6.2	6.2	6.2	16.2	10.0	19.0	24.7	38.7	42.8	33.0
III. Short-term receivables	125.6	102.7	131.8	95.2	80.7	88.7	99.7	83.6	106.1	128.0	122.1	47.1
1. Short-term trade accounts receivable	97.3	90.2	108.2	85.6	63.7	75.5	70.3	49.1	57.1	68.3	47.2	41.9
2. Short-term prepayments to suppliers	0.2	0.3	0.7	0.6	0.3	0.3	0.3	0.6	0.3	10.2	13.3	4.5
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	—	—	—	—	8.0	0.0	0.0	0.0	6.0	5.5	10.0	0.0
6. Other short-term receivables	34.7	14.4	24.3	10.4	10.2	14.2	30.1	34.9	43.7	43.9	51.6	0.6
7. Provision for short-term doubtful debts (*)	-6.6	-2.1	-1.3	-1.3	-1.3	-1.3	-1.0	-1.0	-1.0	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	143.1	140.1	121.2	162.1	169.9	165.2	179.2	152.9	131.6	95.7	135.8	117.4
1. Inventories	143.1	140.1	121.2	162.1	169.9	165.2	179.2	152.9	131.6	95.7	135.8	117.4
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	3.6	1.8	1.1	5.0	6.3	6.6	8.8	6.3	3.6	1.9	5.6	5.8
1. Short-term prepayments	0.2	0.4	0.3	0.1	0.2	0.3	0.5	0.3	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.4	1.4	0.8	4.9	6.1	6.3	8.3	6.0	3.5	1.9	5.6	5.8
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
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)	164.3	180.3	160.8	181.1	166.6	167.1	167.8	168.4	169.3	192.7	189.9	170.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	50.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	50.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	62.8	63.2	63.6	64.1	64.5	64.9	65.3	65.6	66.0	68.2	68.2	81.6
1. Tangible fixed assets	8.6	9.0	9.3	9.9	10.3	10.7	11.0	11.3	11.7	13.9	13.9	14.3
- Cost	16.3	—	—	—	—	16.6	16.6	16.7	16.7	18.5	18.1	18.1
- Accumulated depreciation	-7.7	—	—	—	—	-5.9	-5.6	-5.4	-5.0	-4.6	-4.2	-3.8
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	54.2	54.2	54.2	54.2	54.3	54.3	54.3	54.3	54.3	54.3	54.3	67.3
- Cost	54.3	—	—	—	—	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	80.4	101.5	—	101.5	101.5	101.5	101.6	101.6	101.6	99.9	92.7	9.2
- Cost	80.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	20.3	—	81.8	—	—	0.0	0.0	0.0	0.0	12.4	12.4	12.4
1. Long-term production in progress	—	—	81.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	20.3	—	-0.2	—	—	0.0	0.0	0.0	0.0	12.4	12.4	12.4
V. Long-term financial investments	—	14.7	14.7	14.7	—	0.0	0.0	0.0	0.0	10.0	14.0	14.0
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	—	14.7	14.7	14.7	—	0.0	0.0	0.0	0.0	10.0	14.0	14.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.9	0.8	0.8	0.6	0.7	0.9	1.2	1.6	2.2	2.7	2.6
1. Long-term prepayments	0.9	0.9	0.8	0.8	0.6	0.7	0.9	1.2	1.6	2.2	2.7	2.6
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)	518.6	510.5	468.3	507.7	497.1	496.2	495.2	455.2	464.6	494.0	501.1	435.9
A. LIABILITIES (300=210+330)	312.0	303.7	263.3	305.4	297.8	299.0	300.0	270.6	283.0	313.7	322.5	267.4
I. Short -term liabilities	312.0	283.7	263.3	305.4	297.8	299.0	300.0	270.6	283.0	300.1	310.0	258.8
1. Short-term trade accounts payable	11.1	1.0	0.8	60.6	26.8	36.7	36.4	6.8	13.1	5.9	8.6	16.7
2. Short-term advances from customers	19.5	13.1	16.7	10.7	22.1	10.7	4.4	12.0	4.0	10.3	18.2	23.9
3. Taxes and other payables to state authorities	1.8	0.7	0.9	0.7	0.5	0.5	0.5	0.4	0.4	0.5	0.6	0.5
4. Payable to employees	0.4	—	0.1	0.1	0.1	0.1	0.1	0.4	0.1	0.1	0.2	0.0
5. Short-term acrrued expenses	0.3	0.3	0.0	0.0	—	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
10. Short-term borrowings and financial leases	278.9	268.5	244.8	233.3	248.3	251.0	258.5	250.9	265.4	283.2	282.4	217.7
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	—	20.0	—	—	—	0.0	0.0	0.0	0.0	13.6	12.5	8.5
1. Long-term trade payables	—	20.0	—	—	—	0.0	0.0	0.0	0.0	13.6	12.5	8.5
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)	206.5	206.8	205.0	202.3	199.3	197.3	195.2	184.6	181.6	180.3	178.6	168.5
I. Owner's equity	206.5	206.8	205.0	202.3	199.3	197.3	195.2	184.6	181.6	180.3	178.6	168.5
1. Owner's capital	196.4	196.4	196.4	196.4	181.9	181.9	181.9	173.2	157.5	157.5	157.5	150.0
- Common stock with voting right	196,449,230,000.00	196,449,230,000.00	196,449,230,000.00	196,449,230,000.00	181,899,880,000.00	181,899,880,000.00	181,899,880,000.00	173,249,880,000.00	157,500,000,000.00	157,500,000,000.00	157,500,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	—	—	—	—	0.0	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
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	10.2	10.5	8.7	6.0	17.5	15.5	13.5	11.5	24.2	22.9	21.2	18.7
- Accumulated retained earning at the end of the previous period	5.6	0.9	0.9	0.9	15.5	6.4	6.4	6.4	22.2	14.6	14.7	14.7
- Undistributed earnings in this period	4.7	9.6	7.7	5.0	2.0	9.1	7.0	5.0	2.0	8.3	6.5	4.0
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)	518.6	510.5	468.3	507.7	497.1	496.2	495.2	455.2	464.6	494.0	501.1	435.9

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	—	0.8	—	6.7	—	0.0	-6.3	6.3	0.0	9.4	-6.1	6.1
Depreciation of Fixed Assets and Investment Property	—	0.8	—	0.8	—	0.0	-0.9	0.9	0.0	1.7	-0.8	0.8
Provision (Increase)/Reversal	—	5.6	—	—	—	0.0	0.0	0.0	0.0	1.0	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	—	-0.4	—	-0.4	—	0.0	0.9	-0.9	0.0	-4.9	3.0	-3.0
Interest Expense	—	7.4	—	6.9	—	0.0	-6.9	6.9	0.0	15.3	-6.5	6.5
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	—	14.2	—	13.9	—	0.0	-13.1	13.1	0.0	22.4	-10.4	10.4
Increase/(Decrease) in Receivables	—	-4.8	—	-6.8	—	0.0	-26.3	26.3	0.0	-46.5	31.3	-31.3
Increase/(Decrease) in Inventory	—	23.2	—	2.0	—	0.0	57.2	-57.2	0.0	7.8	14.0	-14.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-38.2	—	24.9	—	0.0	-8.4	8.4	0.0	17.2	-43.6	43.6
Increase/(Decrease) in Prepaid Expenses	—	-0.4	—	0.1	—	0.0	-0.7	0.7	0.0	0.8	-0.5	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-7.3	—	-6.6	—	0.0	6.5	-6.5	0.0	-15.3	6.5	-6.5
Corporate Income Tax Paid	-0.5	-0.6	-0.5	-0.5	-0.6	-0.5	-0.4	-0.7	-0.5	-0.5	-0.5	-0.5
Other Operating Receipts	8.2	—	—	—	—	15.9	66.9	-35.8	35.8	-377.8	377.8	-222.8
Other Operating Payments	-45.4	—	-82.7	—	-23.5	-11.4	-27.4	15.1	-15.1	365.5	-365.5	184.3
Net Cash Flow from Operating Activities	-23.0	17.4	-31.9	12.4	14.0	29.9	-20.2	-2.9	-13.5	35.5	-52.7	19.2
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	-0.1	0.0	0.0	0.0	-8.5	-67.1	-32.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-9.2	9.4	—	—	0.3	0.7	0.0	0.0	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	-21.0	—	-8.0	—	0.0	6.0	-6.0	0.0	-336.5	106.2	-106.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	18.0	—	0.0	-41.2	41.2	0.0	311.3	-88.5	88.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	14.7	—	—	—	—	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	1.7	2.5	-1.3	1.3	0.0	2.5	-1.2	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	14.7	-30.2	9.4	-6.7	3.7	-3.8	8.6	13.1	23.5	-4.0	-77.4	-41.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	8,650,000,000.00	0.00	0.00	0.00	7,500,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	377.0	307.6	325.3	294.1	299.3	364.6	367.4	431.9	403.2	448.4	440.3	279.9
Repayment of Borrowings	-366.7	-283.9	-313.8	-309.1	-302.0	-368.1	-359.8	-446.3	-421.0	-447.6	-375.6	-233.4
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	10.4	23.7	11.5	-15.0	-2.7	-3.5	16.2	-14.4	-17.8	0.8	72.2	46.5
Net Cash Flow During the Period	2.1	11.0	-10.9	-9.3	15.0	22.6	4.7	-4.2	-7.8	32.3	-57.9	24.5
Cash and Cash Equivalents at Beginning of Period	52.4	47.1	58.0	67.4	52.4	37.0	37.0	37.0	37.0	50.9	50.9	50.9
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	54.5	58.0	47.1	58.0	67.4	52.4	29.7	25.0	29.3	37.0	4.8	62.7

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PPT

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