PTX

Vận tải và Dịch vụ Petrolimex Nghệ Tĩnh ·HNX ·2026Q1

▼ Slightly negative

Self-funded cash generation remains weak CFO/NPAT −33 bn

Price

20,500

Latest close

02 Jun 2026

P/E 5.02x

P/B 1.15x

EPS 4,085

BVPS 17,828

ROE 24.2%

ROA 9.3%

Profit Margin 1.4%

Asset Turnover 6.58x

Equity Mult. 2.61x

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

What Is Changing

On a Năm 2025 basis, PTX posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,751bn
	                                
−8.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
−3.8%YoY

Metric	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Revenue	543.5	471.7	436.9	411.8	403.9	424.0
Growth	+15%	+8%	+6%	+2%	-5%	—
Net Income	11.5	4.8	5.8	4.1	7.6	4.4
Net Margin	2.11%	1.03%	1.34%	1.00%	1.88%	1.04%

Drivers of PTX's profit

TTM

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

Gross profit ↑ 23.9bn

Other profit ↑ 1.0bn

Administrative expenses ↑ 11.0bn

Selling expenses ↑ 6.3bn

Finance costs ↑ 2.3bn

Tax ↑ 1.5bn

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 1.41% +0.0pp

Gross Margin 10.22% —

SG&A / Revenue 8.20% —

TTM YoY · 2024Q4 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 17.82%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 17.82% —

NOPAT Margin 1.33% —

Capital Turnover 13.43x —

Average Invested Capital 138.8bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.73x equity, net debt at 0.26x equity.

Over the last 12 months, working capital released 10.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −31.0bn

Inventories increased → lower CFO: −13.1bn

Payables increased → higher CFO: +54.9bn

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?

Leverage is safe but FCF is negative at 33.4bn due to capex of 101.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.26x and interest coverage at 4.13x.

At present, short-term debt accounts for 50.1% of total debt, cash equals 60.0% of debt, and total debt stands at 74.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.26x −0.04x

Interest Coverage 4.13x —

Cash / Debt 60.0% +32.7pp

Short-term Debt / Total Debt 50.1% −43.9pp

CFO / NI 2.59x —

TTM YoY · 2024Q4 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 45.6bn in 2025, against investing cash flow of -90.7bn.

Post-investment cash flow was negative +45.1bn. Financing cash flow was positive +48.7bn.

CFO / net income was 2.59x.

After spending +101.5bn on fixed-asset investment, the business generated trailing free cash flow of −33.4bn.

Cash Conversion

CFO TTM 68.1bn —

Cash Capex 101.5bn —

FCF TTM −33.4bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with self-funded cash generation remains weak remaining the main constraint. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.59x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.59x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 33.4bn.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,751.3	1,903.8	2,094.5	2,176.9
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,751.3	1,903.8	2,094.5	2,176.9
Cost of Goods Sold	1,585.9	1,740.9	1,951.4	2,054.6
Gross Profit	165.4	162.9	143.1	122.3
Financial Income	0.1	0.0	0.1	0.1
Financial Expenses	6.1	2.0	5.2	5.4
Interest Expense	3.3	1.5	1.5	2.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	93.7	99.5	86.0	75.2
General and Administrative Expenses	43.8	40.1	37.2	29.3
Operating Profit	21.9	21.4	14.9	12.5
Other Income	1.3	2.5	0.3	0.3
Other Expenses	0.4	0.3	0.3	0.2
Other Profit	0.9	2.2	-0.1	0.1
Profit Before Tax	22.8	23.6	14.8	12.6
Current Income Tax Expense	3.9	4.0	2.3	2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	18.9	19.6	12.5	10.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.9	19.6	12.5	10.3
Earnings per Share	2,932.00	3,048.00	2,115.00	1,755.00
Diluted EPS	2,931.95	3,048.04	1,943.15	1,755.25

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.8	46.4	81.2	67.3
I. Cash and cash equivalents	15.2	11.6	38.6	22.6
1. Cash	15.2	11.6	38.6	22.6
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	30.8	13.9	16.2	20.7
1. Short-term trade accounts receivable	23.5	9.5	11.6	11.2
2. Short-term prepayments to suppliers	1.5	0.9	0.8	5.8
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	6.1	3.8	4.8	4.7
7. Provision for short-term doubtful debts (*)	-0.2	-0.3	-1.0	-1.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	15.2	17.2	18.4	17.8
1. Inventories	15.2	17.2	18.4	17.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	9.6	3.6	7.9	6.1
1. Short-term prepayments	7.0	3.3	7.3	5.9
2. Value added tax to be reclaimed	2.6	0.3	0.6	0.3
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	210.9	148.0	137.2	132.5
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	200.5	137.9	128.7	120.8
1. Tangible fixed assets	199.2	136.3	127.1	118.9
- Cost	474.3	381.3	359.8	334.8
- Accumulated depreciation	-275.1	-245.0	-232.8	-215.9
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	1.3	1.6	1.6	1.9
- Cost	4.5	4.5	4.3	4.3
- Accumulated depreciation	-3.2	-3.0	-2.7	-2.3
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	0.9	1.0	0.5	4.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.9	1.0	0.5	4.9
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	9.5	9.2	8.0	6.8
1. Long-term prepayments	9.5	9.2	8.0	6.8
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)	281.7	194.4	218.4	199.8
A. LIABILITIES (300=210+330)	178.5	92.0	124.0	116.6
I. Short -term liabilities	141.3	89.5	121.5	114.4
1. Short-term trade accounts payable	21.7	7.4	10.6	64.2
2. Short-term advances from customers	3.7	5.3	4.6	8.8
3. Taxes and other payables to state authorities	2.6	2.5	1.5	1.6
4. Payable to employees	36.2	28.1	25.1	18.3
5. Short-term acrrued expenses	0.2	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	5.2	3.4	1.5	1.4
10. Short-term borrowings and financial leases	69.5	40.0	76.1	19.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.7	1.9	1.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	37.1	2.6	2.6	2.2
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	37.1	2.6	2.6	2.2
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)	103.2	102.4	94.3	83.2
I. Owner's equity	103.2	102.4	94.3	83.2
1. Owner's capital	64.3	64.3	64.3	58.5
- Common stock with voting right	64,324,530,000.00	64,324,530,000.00	64,324,530,000.00	58,476,850,000.00
- 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	19.7	18.1	17.1	14.1
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	18.9	19.6	12.6	10.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.1	0.0
- Undistributed earnings in this period	18.9	19.6	12.5	10.3
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)	281.7	194.4	218.4	199.8

Item	2025	2024	2023	2022
Profit Before Tax	22.8	23.6	14.8	12.6
Depreciation of Fixed Assets and Investment Property	30.4	20.7	19.9	23.1
Provision (Increase)/Reversal	-0.0	-0.7	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.1	-1.5	-0.2	-0.2
Interest Expense	3.3	1.5	1.5	2.4
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	56.4	43.5	36.0	38.0
Increase/(Decrease) in Receivables	-19.2	3.4	1.8	-6.1
Increase/(Decrease) in Inventory	2.1	1.2	-0.6	5.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.8	2.6	-56.4	56.7
Increase/(Decrease) in Prepaid Expenses	-3.9	2.7	-2.6	-0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.2	-1.5	-1.4	-2.5
Corporate Income Tax Paid	-4.4	-3.2	-2.4	-2.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.1	-1.1	-0.6	-0.8
Net Cash Flow from Operating Activities	45.6	47.6	-26.3	88.2
Payments for Fixed Assets and Other Long-term Assets	-90.7	-30.4	-15.4	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.5	0.2	0.2
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	0.1	0.0	0.1	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	-90.7	-28.8	-15.1	-14.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	5,847,680,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	258.5	170.1	187.7	268.1
Repayment of Borrowings	-194.4	-206.3	-130.3	-316.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-15.4	-9.6	-5.8	-5.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	48.7	-45.8	57.4	-54.4
Net Cash Flow During the Period	3.6	-27.0	16.0	19.2
Cash and Cash Equivalents at Beginning of Period	11.6	38.6	22.6	3.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.2	11.6	38.6	22.6

Item	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Revenue	543.5	471.7	436.9	411.8	403.9	424.0
Revenue Deductions	—	—	—	—	0.0	0.0
Net Revenue	543.5	471.7	436.9	411.8	403.9	424.0
Cost of Goods Sold	476.8	428.2	393.2	375.3	361.2	388.5
Gross Profit	66.6	43.5	43.8	36.6	42.7	35.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.5	2.2	2.1	0.6	0.2	0.3
Interest Expense	1.7	1.7	1.1	0.2	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0
Selling Expenses	31.8	23.8	22.5	22.0	25.5	20.8
General and Administrative Expenses	19.4	11.7	12.4	9.3	8.4	9.4
Operating Profit	13.0	5.8	6.8	4.7	8.7	5.0
Other Income	1.4	0.3	0.3	0.2	0.4	0.4
Other Expenses	0.0	0.3	0.0	0.1	0.1	0.1
Other Profit	1.3	0.0	0.3	0.2	0.3	0.3
Profit Before Tax	14.4	5.8	7.1	4.9	9.0	5.4
Current Income Tax Expense	2.9	1.0	1.3	0.8	1.4	1.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0
Net Income	11.5	4.8	5.8	4.1	7.6	4.4
Non-controlling Interest	—	—	—	—	0.0	0.0
Profit Attributable to Parent	11.5	4.8	5.8	4.1	7.6	4.4
Earnings per Share	1,785.00	753.00	908.00	639.00	1,178.00	686.00
Diluted EPS	1,784.83	752.56	908.32	639.09	1,178.49	686.12

Item	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	169.8	70.8	123.3	99.4	48.0	74.9
I. Cash and cash equivalents	44.6	15.2	24.2	21.6	11.6	8.0
1. Cash	44.6	15.2	24.2	21.6	11.6	8.0
2. Cash equivalents	—	—	—	—	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0
III. Short-term receivables	84.1	30.8	68.8	55.5	13.9	47.1
1. Short-term trade accounts receivable	67.4	23.5	59.3	48.4	9.5	38.6
2. Short-term prepayments to suppliers	9.9	1.5	2.0	0.4	0.9	2.5
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0
6. Other short-term receivables	—	6.1	7.8	6.9	3.8	6.3
7. Provision for short-term doubtful debts (*)	7.1	-0.2	-0.3	-0.3	-0.3	-0.3
8. Assets awaiting resolution	-0.2	—	—	—	0.0	0.0
IV. Inventories	32.0	15.2	21.2	19.0	17.2	16.4
1. Inventories	32.0	15.2	21.2	19.0	17.2	16.4
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0
V. Other short-term assets	9.0	9.6	9.1	3.4	5.2	3.4
1. Short-term prepayments	7.4	7.0	4.4	3.4	4.9	3.4
2. Value added tax to be reclaimed	1.6	2.6	4.7	—	0.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	—	—	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	203.0	210.9	211.2	142.0	146.2	137.0
I. Long-term receivables	—	—	0.1	—	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0
6. Other long-term receivables	—	—	0.1	—	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0
II. Fixed assets	193.1	200.5	201.7	131.8	135.9	128.1
1. Tangible fixed assets	191.8	199.2	200.3	130.3	134.3	126.5
- Cost	478.0	—	—	—	379.3	370.3
- Accumulated depreciation	-286.2	—	—	—	-244.9	-243.8
2. Financial leased fixed assets	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0
3. Intangible fixed assets	1.3	1.3	1.4	1.5	1.6	1.6
- Cost	4.6	—	—	—	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0
IV. Long-term assets in progress	1.1	0.9	0.9	1.0	1.0	0.8
1. Long-term production in progress	—	—	—	—	0.0	0.0
2. Construction in progress	1.1	0.9	0.9	1.0	1.0	0.8
V. Long-term financial investments	—	—	—	—	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0
VI. Other long-term assets	8.7	9.5	8.5	9.2	9.4	8.0
1. Long-term prepayments	8.7	9.5	8.5	9.2	9.4	8.0
2. Deferred income tax assets	—	—	—	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0
TOTAL ASSETS (280=100+200)	372.7	281.7	334.6	241.4	194.2	211.9
A. LIABILITIES (300=210+330)	258.1	178.5	236.2	153.0	91.9	117.1
I. Short -term liabilities	221.0	131.7	186.7	150.4	89.3	114.6
1. Short-term trade accounts payable	126.0	21.7	84.8	104.6	7.4	63.5
2. Short-term advances from customers	5.2	3.7	2.9	3.5	5.3	4.9
3. Taxes and other payables to state authorities	8.5	2.6	9.1	4.4	2.4	6.0
4. Payable to employees	27.4	36.2	28.9	8.8	28.1	27.0
5. Short-term acrrued expenses	0.6	0.2	0.7	1.7	0.0	5.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0
9. Other short-term payables	14.2	5.2	7.9	22.5	3.4	5.2
10. Short-term borrowings and financial leases	37.3	59.9	50.0	—	40.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0
12.. Bonus and welfare fund	1.9	2.2	2.3	5.0	2.7	2.9
13. Price stabilization fund	—	—	—	—	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0
II. Long-term liabilities	37.1	46.8	49.5	2.5	2.6	2.6
1. Long-term trade payables	—	—	—	—	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0
8. Long-term borrowings and financial leases	37.1	46.8	49.5	2.5	2.6	2.6
9. Convertible bonds	—	—	—	—	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	114.7	103.2	98.4	88.4	102.3	94.7
I. Owner's equity	114.7	103.2	98.4	88.4	102.3	94.7
1. Owner's capital	64.3	64.3	64.3	64.3	64.3	64.3
- Common stock with voting right	64,324,530,000.00	64,324,530,000.00	64,324,530,000.00	64,324,530,000.00	64,324,530,000.00	64,324,530,000.00
- Preferred stock	—	—	—	—	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0
8. Investment and development fund	19.7	19.7	19.7	19.7	18.1	18.1
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0
11. Undistributed earnings after tax	30.3	18.9	14.0	4.1	19.6	12.0
- Accumulated retained earning at the end of the previous period	18.9	—	—	—	0.0	0.0
- Undistributed earnings in this period	11.5	18.9	14.0	4.1	19.6	12.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	372.7	281.7	334.6	241.4	194.2	211.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Profit Before Tax	14.4	5.8	7.1	4.9	4.9	9.0	14.5
Depreciation of Fixed Assets and Investment Property	11.2	10.8	8.3	5.3	6.0	5.4	15.3
Provision (Increase)/Reversal	—	-0.0	0.0	0.0	-0.0	-0.0	-0.1
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	—	0.0	-1.4
Interest Expense	1.7	1.7	1.1	0.3	0.2	0.0	1.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	27.3	18.2	16.5	10.5	11.2	14.4	29.9
Increase/(Decrease) in Receivables	-53.3	35.7	-13.1	-0.3	-41.5	33.2	-30.9
Increase/(Decrease) in Inventory	-16.9	6.0	-6.0	3.7	-1.7	-0.8	2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	118.3	-58.4	33.2	-38.2	84.3	-68.8	76.5
Increase/(Decrease) in Prepaid Expenses	0.3	-3.5	-1.4	1.1	-0.1	-2.9	3.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0
Interest Paid	-1.7	-1.6	-1.1	-0.2	-0.3	-0.0	-1.4
Corporate Income Tax Paid	-1.0	-2.9	0.0	-0.0	-1.5	-2.4	-0.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0
Other Operating Payments	-0.3	-2.4	2.3	-2.7	-0.2	-0.2	-0.9
Net Cash Flow from Operating Activities	72.6	-8.9	30.4	-26.0	50.1	-27.5	78.2
Payments for Fixed Assets and Other Long-term Assets	-10.9	-7.3	-82.9	-0.4	-0.1	-9.0	-24.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.2	1.4
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Investing Activities	-10.9	-7.2	-82.9	-0.4	-0.1	-8.8	-23.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00
Proceeds from Borrowings	25.0	70.0	98.5	90.0	—	40.0	130.1
Repayment of Borrowings	-57.3	-62.9	-51.4	-40.1	-40.0	-0.0	-206.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0
Dividends Paid	—	0.0	0.0	-15.4	—	0.0	-9.6
Other Financing Receipts	—	—	—	—	—	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Financing Activities	-32.3	7.1	47.1	34.5	-40.0	40.0	-85.8
Net Cash Flow During the Period	29.5	-9.1	-5.4	8.1	10.0	3.7	-30.7
Cash and Cash Equivalents at Beginning of Period	15.2	24.2	29.6	21.6	11.6	38.6	38.6
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0
Cash and Cash Equivalents at End of Period	44.6	15.2	24.2	29.6	21.6	11.6	8.0

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