PVL

Địa ốc Dầu khí ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 21.97%, +2019.16pp YoY

Price

2,200

Latest close

29 May 2026

P/E 100.00x

P/B 0.75x

EPS 22

BVPS 2,919

ROE 0.7%

ROA 0.5%

Profit Margin 22.0%

Asset Turnover 0.02x

Equity Mult. 1.37x

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

What Is Changing

On a TTM 2026Q1 basis, PVL 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. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5bn
	                                
+1668.2%YoY

	                            
	                                NET MARGIN
	                            
	                                    21.97%
	                                
+2019.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+119.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    424.2%

Metric	2025	2024	2023	2022	2021
Revenue	2.3	0.5	-2.8	2.8	23.7
Growth	+355%	-118%	-201%	-88%	—
Net Income	-2.4	-17.2	-88.8	0.1	17.1
Net Margin	-104.94%	-3419.83%	3172.25%	2.11%	72.15%

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	2.6	2.1	0.1	0.1	0.0	0.0	0.1	0.2	0.2	0.0	0.2	-3.7
Growth	+25%	+1317%	+89%	+482%	-37%	-62%	-71%	-24%	+1125%	-87%	-104%	—
Net Income	1.3	0.4	0.6	-1.2	-1.5	-1.8	-1.8	-0.3	-1.4	-1.9	-1.5	-78.5
Net Margin	48.86%	18.62%	440.49%	-1575.42%	-11607.82%	-8857.63%	-3251.72%	-170.74%	-586.82%	-9828.60%	-966.67%	2140.92%

Drivers of PVL's profit

TTM

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

Other profit ↑ 4.5bn

Administrative expenses ↓ 1.6bn

TTM

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

Other profit ↑ 2.1bn

Administrative expenses ↓ 0.3bn

Gross profit ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.5% = -1997.2% × 0.00 × 1.35

2026Q1 0.7% = 22.0% × 0.02 × 1.37

ROE rose from -3.5% to 0.7% — all three components improved, with net margin contributing the most.

Net margin: 22.0% +2019.2pp Asset turnover: 0.02x +0.02x Leverage: 1.37x +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 expanded to 21.97%, rising 2019.2pp. Core operating signals are improving as SG&A / Revenue fell 1881.7pp are enough to offset pressure from Gross margin fell 50.1pp (with additional support from Other profit / Revenue rose 101.3pp and Net financial result / Revenue rose 86.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 21.97% +2019.2pp

Gross Margin 7.01% −50.1pp

SG&A / Revenue 77.64% −1881.7pp

Non-core / Revenue 92.61% +187.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 424.2% of PBT and lifted net margin by 187.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.38x equity, net debt at 0.00x equity.

Development inventory ended the period at 23.3bn, about 11.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +0.1bn

Inventories increased → lower CFO: −0.0bn

Payables decreased → lower CFO: −2.5bn

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.

At present, short-term debt accounts for 100.0% of total debt, cash equals 66.9% of debt, and total debt stands at 2.0bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.00x —

Interest Coverage — —

Cash / Debt 66.9% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -1.67x +3.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.3bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was negative +3.9bn. Financing cash flow was positive +1.2bn.

CFO / net income was -1.67x.

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

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1.8bn −28.8bn

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 operating efficiency, with net margin improving 2019.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 0.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.97% after expanding 2019.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 0.0% of PBT and CFO / net income currently at -1.67x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2.3	0.5	1.4	2.8	23.7
Revenue Deductions	—	0.0	4.2	0.0	0.0
Net Revenue	2.3	0.5	-2.8	2.8	23.7
Cost of Goods Sold	2.3	0.3	-3.3	0.9	0.0
Gross Profit	0.0	0.2	0.5	1.8	20.8
Financial Income	0.0	0.3	0.5	7.1	4.2
Financial Expenses	0.0	0.3	77.9	3.5	-1.1
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	4.2	17.3	10.9	5.4	-6.8
Operating Profit	-4.2	-17.1	-87.9	0.1	17.1
Other Income	1.8	0.0	3.7	0.0	0.0
Other Expenses	0.0	0.1	4.6	0.0	0.0
Other Profit	1.8	-0.1	-0.9	0.0	-0.0
Profit Before Tax	-2.4	-17.2	-88.8	0.1	17.1
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	-2.4	-17.2	-88.8	0.1	17.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-2.4	-17.2	-88.8	0.1	17.1
Earnings per Share	-48.00	-344.00	-1,776.00	1.00	343.07
Diluted EPS	-48.00	-344.00	-1,776.00	1.17	342.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.5	71.2	101.9	129.5	159.9
I. Cash and cash equivalents	0.2	3.0	14.2	26.3	51.0
1. Cash	0.2	3.0	11.2	23.3	0.0
2. Cash equivalents	—	0.0	3.0	3.0	0.0
II. Short-term financial investments	—	0.4	6.4	4.7	0.0
1. Available for sale securities	—	0.7	3.4	6.2	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.4	-0.1	-1.5	0.0
3. Held to maturity investments	—	0.0	3.0	0.0	0.0
III. Short-term receivables	26.2	24.3	38.7	59.8	67.2
1. Short-term trade accounts receivable	3.4	2.9	3.3	3.2	0.0
2. Short-term prepayments to suppliers	23.0	23.1	23.5	24.5	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	10.8	10.8	10.8	11.3	0.0
6. Other short-term receivables	53.9	53.7	56.6	72.7	0.0
7. Provision for short-term doubtful debts (*)	-65.2	-66.2	-55.6	-52.0	0.0
8. Assets awaiting resolution	0.2	0.0	0.0	0.0	0.0
IV. Inventories	23.3	23.0	22.3	18.3	18.3
1. Inventories	23.3	23.0	22.3	18.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	20.7	20.5	20.3	20.5	20.4
1. Short-term prepayments	0.1	0.0	0.2	0.5	0.0
2. Value added tax to be reclaimed	13.9	13.8	13.5	13.3	0.0
3. Taxes and other receivables from state authorities	6.7	6.7	6.7	6.7	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)	129.0	130.0	116.3	280.2	249.5
I. Long-term receivables	26.1	26.7	48.1	27.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	26.1	26.7	48.1	27.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7.7	18.0	1.2	3.6	3.2
1. Tangible fixed assets	7.7	18.0	1.2	3.6	3.2
- Cost	9.4	19.6	2.5	6.5	0.0
- Accumulated depreciation	-1.6	-1.5	-1.3	-2.9	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	39.4	29.5	12.3	0.0	0.0
- Cost	40.0	29.5	12.3	0.0	0.0
- Accumulated depreciation	-0.6	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	42.3	42.2	42.0	43.7	42.7
1. Long-term production in progress	42.3	42.2	42.0	41.7	0.0
2. Construction in progress	—	0.0	0.0	2.0	0.0
V. Long-term financial investments	12.7	12.7	12.7	204.1	203.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	9.0	202.5	0.0
3. Investments in other entities	36.7	36.7	27.7	25.7	0.0
4. Provision for diminution in value of long-term investments	-24.0	-24.0	-24.0	-24.0	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	0.8	0.9	0.0	1.5	0.0
1. Long-term prepayments	0.8	0.9	0.0	1.5	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	0.0
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)	199.5	201.1	218.1	409.7	409.4
A. LIABILITIES (300=210+330)	54.8	54.1	53.8	156.2	156.2
I. Short -term liabilities	54.7	54.0	53.7	155.3	155.4
1. Short-term trade accounts payable	18.8	18.0	17.7	18.3	18.3
2. Short-term advances from customers	2.0	3.6	3.6	4.1	4.2
3. Taxes and other payables to state authorities	0.1	0.1	0.1	0.1	0.0
4. Payable to employees	2.9	2.9	2.9	3.4	0.0
5. Short-term acrrued expenses	20.7	20.6	20.6	20.5	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	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	8.9	8.8	108.9	0.0
10. Short-term borrowings and financial leases	1.2	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.0	0.1	0.9	0.9
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	0.1	0.1	0.1
7. Other long-term liabilities	0.1	0.0	0.0	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	144.7	147.1	164.3	253.5	253.2
I. Owner's equity	144.7	147.1	164.3	253.5	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	253.2
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	12.7	12.7	12.7	12.7	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	-368.0	-365.6	-348.4	-260.1	-260.2
- Accumulated retained earning at the end of the previous period	-365.6	-348.4	-259.6	-260.2	-277.3
- Undistributed earnings in this period	-2.4	-17.2	-88.8	0.1	17.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	1.0	0.7
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)	199.5	201.1	218.1	409.7	409.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-2.4	-17.2	-88.8	0.1	0.0
Depreciation of Fixed Assets and Investment Property	1.0	0.3	0.5	0.6	0.0
Provision (Increase)/Reversal	-1.4	10.9	2.1	1.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.1	78.1	-6.7	0.0
Interest Expense	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
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	-2.8	-6.0	-8.1	-4.2	0.0
Increase/(Decrease) in Receivables	-0.4	24.8	-5.6	-13.5	0.0
Increase/(Decrease) in Inventory	-0.3	-1.0	-4.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.5	0.0	-1.7	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.7	1.8	-1.5	0.0
Changes in Trading Securities	0.7	2.7	2.7	-3.1	0.0
Interest Paid	—	0.0	0.0	0.1	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-3.3	19.8	-15.2	-22.3	15.5
Payments for Fixed Assets and Other Long-term Assets	-0.7	-34.1	-12.3	-1.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-3.0	-10.5	-22.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	3.0	0.5	10.7	28.7
Investments in Other Entities	—	0.0	-15.7	-1.3	0.0
Proceeds from Investments in Other Entities	—	0.0	32.9	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	0.3	0.2	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	-0.7	-31.0	3.3	-2.4	11.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	300,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.2	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1.2	0.0	0.0	0.0	0.3
Net Cash Flow During the Period	-2.8	-11.2	-11.9	-24.7	13.9
Cash and Cash Equivalents at Beginning of Period	3.0	14.2	26.1	51.0	23.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	3.0	14.2	26.3	51.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2.6	2.1	0.1	0.1	0.0	0.0	0.1	0.2	0.2	0.0	0.2	0.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	4.2
Net Revenue	2.6	2.1	0.1	0.1	0.0	0.0	0.1	0.2	0.2	0.0	0.2	-3.7
Cost of Goods Sold	2.2	2.0	0.2	0.1	—	0.0	0.0	0.1	0.2	0.1	0.0	-3.6
Gross Profit	0.3	0.1	-0.1	-0.0	0.0	0.0	0.0	0.1	0.1	-0.1	0.1	-0.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.0	0.2
Financial Expenses	—	0.0	0.0	0.0	0.0	0.3	0.0	-0.0	0.0	-0.1	0.0	78.0
Interest Expense	—	—	—	—	—	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	1.2	1.5	-0.1	1.2	1.5	1.6	1.8	0.5	1.7	1.9	1.7	1.5
Operating Profit	-0.9	-1.4	0.1	-1.2	-1.5	-1.8	-1.8	-0.3	-1.4	-1.7	-1.5	-79.4
Other Income	2.4	1.8	1.7	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	3.7
Other Expenses	0.3	—	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	2.8
Other Profit	2.1	1.8	0.6	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.3	0.0	0.9
Profit Before Tax	1.3	0.4	0.6	-1.2	-1.5	-1.8	-1.8	-0.3	-1.4	-1.9	-1.5	-78.5
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	1.3	0.4	0.6	-1.2	-1.5	-1.8	-1.8	-0.3	-1.4	-1.9	-1.5	-78.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.3	0.4	0.6	-1.2	-1.5	-1.8	-1.8	-0.3	-1.4	-1.9	-1.5	-78.5
Earnings per Share	25.00	8.00	13.00	-24.00	-31.00	-37.00	-35.00	-6.00	-28.00	-39.00	-30.00	-1,570.00
Diluted EPS	25.00	8.00	13.00	-24.00	-31.00	-107.00	-35.00	-6.00	-28.00	-38.95	-30.17	-1,570.12

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)	71.2	69.3	68.1	68.4	69.7	83.0	108.1	108.4	100.4	105.9	99.1	99.9
I. Cash and cash equivalents	1.3	0.2	0.2	0.4	1.8	3.0	1.4	2.2	5.8	14.2	7.7	8.2
1. Cash	1.3	0.2	0.2	0.4	1.8	3.0	1.4	2.2	2.8	11.2	4.7	5.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	3.0	3.0	3.0	3.0
II. Short-term financial investments	—	—	—	—	0.2	0.4	0.7	0.7	3.7	6.4	6.2	6.2
1. Available for sale securities	—	—	—	—	0.3	0.7	0.7	0.7	0.7	3.4	3.4	3.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	-0.1	-0.4	-0.0	-0.0	-0.1	-0.1	-0.3	-0.3
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	3.0	3.0	3.0	3.0
III. Short-term receivables	26.3	25.1	24.4	24.4	24.2	36.1	62.6	62.1	47.5	43.0	42.8	42.9
1. Short-term trade accounts receivable	3.1	2.3	1.7	2.9	2.9	2.9	2.9	3.0	3.1	3.3	3.4	3.4
2. Short-term prepayments to suppliers	23.0	23.0	23.3	23.2	23.1	23.1	49.6	48.9	23.1	23.5	23.2	23.2
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	—	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8
6. Other short-term receivables	65.1	53.9	53.5	53.6	53.7	53.7	53.7	53.7	66.0	56.9	56.9	57.0
7. Provision for short-term doubtful debts (*)	-65.2	-65.2	-65.2	-66.2	-66.2	-54.4	-54.4	-54.4	-55.6	-51.5	-51.5	-51.5
8. Assets awaiting resolution	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	23.0	23.3	23.0	23.0	23.0	23.0	23.0	23.0	23.0	22.1	22.1	22.1
1. Inventories	23.0	23.3	23.0	23.0	23.0	23.0	23.0	23.0	23.0	22.1	22.1	22.1
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	20.6	20.7	20.5	20.5	20.5	20.5	20.4	20.4	20.3	20.4	20.4	20.5
1. Short-term prepayments	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.4
2. Value added tax to be reclaimed	13.8	13.9	13.8	13.8	13.8	13.8	13.7	13.6	13.5	13.5	13.4	13.2
3. Taxes and other receivables from state authorities	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	7.0
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)	128.1	129.0	129.4	129.8	129.8	130.0	106.2	107.7	116.3	116.3	125.3	127.3
I. Long-term receivables	25.6	26.1	26.1	26.1	26.7	26.7	37.6	39.1	48.1	48.1	48.1	48.3
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	25.6	26.1	26.1	26.1	26.7	26.7	37.6	39.1	48.1	48.1	48.1	48.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	7.6	7.7	7.9	18.0	17.9	18.0	1.4	1.5	1.1	1.2	1.3	1.3
1. Tangible fixed assets	7.6	7.7	7.9	18.0	17.9	18.0	1.4	1.5	1.1	1.2	1.3	1.3
- Cost	9.4	—	—	—	—	19.6	2.8	2.9	2.5	2.5	2.5	2.5
- Accumulated depreciation	-1.7	—	—	—	—	-1.5	-1.4	-1.4	-1.4	-1.3	-1.2	-1.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	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
III. Investment properties	39.2	39.4	39.6	29.8	29.5	29.5	12.3	12.3	12.3	12.3	12.3	12.3
- Cost	40.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	42.3	42.3	42.3	42.3	42.2	42.2	42.2	42.1	42.0	42.0	41.9	41.9
1. Long-term production in progress	42.3	42.3	42.3	42.3	42.2	42.2	42.2	42.1	42.0	42.0	41.9	41.9
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	21.7	22.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	9.0	9.0	9.0	9.0	18.0	18.4
3. Investments in other entities	36.7	36.7	36.7	36.7	36.7	36.7	27.7	27.7	27.7	27.7	27.7	27.7
4. Provision for diminution in value of long-term investments	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0	-24.0
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	0.7	0.8	0.8	0.9	0.8	0.9	0.0	0.0	0.0	0.0	0.0	1.5
1. Long-term prepayments	0.7	0.8	0.8	0.9	0.8	0.9	0.0	0.0	0.0	0.0	0.0	1.5
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)	199.4	198.3	197.5	198.1	199.5	213.0	214.3	216.1	216.6	222.2	224.3	227.2
A. LIABILITIES (300=210+330)	53.4	53.0	52.6	53.8	53.9	54.1	53.6	53.6	53.7	53.9	54.0	53.9
I. Short -term liabilities	53.3	52.9	52.5	53.7	53.9	54.0	53.6	53.5	53.6	53.7	53.9	53.8
1. Short-term trade accounts payable	19.2	17.0	16.1	17.8	18.1	18.0	17.7	17.7	17.8	17.7	17.7	17.7
2. Short-term advances from customers	1.8	2.0	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.7	3.7
3. Taxes and other payables to state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Payable to employees	0.6	2.9	2.8	2.6	2.7	2.9	2.7	2.7	2.7	2.9	3.0	3.0
5. Short-term acrrued expenses	20.7	20.7	20.6	20.6	20.6	20.6	20.6	20.6	20.6	20.6	20.6	20.6
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	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	9.0	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.8	8.8	8.7
10. Short-term borrowings and financial leases	2.0	1.2	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.2	0.1	0.1
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	0.1	0.1	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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)	145.9	145.3	144.9	144.3	145.6	158.9	160.8	162.6	162.9	168.3	170.3	173.3
I. Owner's equity	145.9	145.3	144.9	144.3	145.6	158.9	160.8	162.6	162.9	168.3	170.3	173.3
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7
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	-366.7	-367.4	-367.8	-368.3	-367.1	-353.7	-351.9	-350.1	-349.8	-344.3	-342.4	-339.4
- Accumulated retained earning at the end of the previous period	-368.0	-365.6	-365.6	-365.6	-365.6	-348.4	-348.4	-348.4	-348.4	-259.6	-259.6	-259.6
- Undistributed earnings in this period	1.3	-1.8	-2.2	-2.7	-1.5	-5.4	-3.5	-1.7	-1.4	-84.8	-82.8	-79.8
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)	199.4	198.3	197.5	198.1	199.5	213.0	214.3	216.1	216.6	222.2	224.3	227.2

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	1.3	-0.2	0.6	-1.3	-1.5	0.0	1.7	-1.7	0.0	-88.8	81.3	-81.3
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.3	0.2	0.2	0.0	-0.1	0.1	0.0	0.5	-0.3	0.3
Provision (Increase)/Reversal	—	0.0	-1.1	0.0	-0.3	0.0	1.2	-1.2	0.0	2.1	1.7	-1.7
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	0.1	-0.1	0.0	78.1	-77.8	77.8
Interest Expense	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1.6	0.1	-0.2	-1.1	-1.6	0.0	2.9	-2.9	0.0	-8.1	4.9	-4.9
Increase/(Decrease) in Receivables	0.5	-1.9	1.1	0.4	0.1	0.0	-12.4	12.4	0.0	-5.6	-3.8	3.8
Increase/(Decrease) in Inventory	0.3	-0.3	0.0	-0.0	-0.0	0.0	0.9	-0.9	0.0	-4.3	3.9	-3.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2	1.3	-1.5	-0.1	-0.1	0.0	0.3	-0.3	0.0	-1.7	1.6	-1.6
Increase/(Decrease) in Prepaid Expenses	0.1	-0.0	0.1	-0.1	0.1	0.0	-0.1	0.1	0.0	1.8	-1.6	1.6
Changes in Trading Securities	—	—	—	—	—	0.0	-2.7	2.7	0.0	2.7	-1.5	1.5
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	—	—	—	—	—	10.9	26.0	-1.9	1.9	-45.7	45.7	-26.7
Other Operating Payments	—	—	—	—	—	-0.2	-13.0	11.3	-11.3	43.8	-43.8	22.9
Net Cash Flow from Operating Activities	0.3	-0.8	-0.5	-0.7	-1.2	9.5	-0.9	19.6	-8.4	-10.4	-1.1	-5.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.7	—	-7.9	0.0	-26.2	0.0	0.0	0.0	-12.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.5
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-3.0	3.0	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-3.0	3.0	0.0	0.5	-0.5	0.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	8.0	0.0	-23.6
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	9.0	0.4	23.5
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	-0.0	0.2	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	0.0	0.0	0.0	-0.7	0.0	-7.9	0.0	-23.2	0.0	17.0	0.6	-14.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-200,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.8	0.9	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	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	0.8	0.9	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.2
Net Cash Flow During the Period	1.1	0.1	-0.2	-1.4	-1.2	1.6	-0.9	-3.6	-8.4	6.5	-0.5	-20.2
Cash and Cash Equivalents at Beginning of Period	0.2	0.2	0.4	1.8	3.0	14.2	14.2	14.2	14.2	26.1	26.1	26.1
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	1.3	0.2	0.2	0.4	1.8	3.0	1.4	2.2	5.8	14.2	7.7	8.2

Explore Other Stocks In The Same Sector

VRE, FDC, SID, EVG, MA1, HC3, VES, HRB, HLD, PTL, CCS, VPR, PNT, DKC, FTI, PXL, FCC, HU6, SSF, BII, VCR, IDJ

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

PVL