SBB

Tập đoàn Bia Sài Gòn - Bình Tây ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.39%, +14.47pp YoY

Price

19,000

Latest close

03 Jun 2026

P/E 5.45x

P/B 1.19x

EPS 3,489

BVPS 15,982

ROE 24.9%

ROA 14.6%

Profit Margin 9.4%

Asset Turnover 1.55x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, SBB 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. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,370bn
	                                
+87.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 317bn
	                                
+447.2%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	870.8	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Growth	+0%	+17%	-16%	+31%	+40%	+73%	-21%	+22%	—
Net Income	94.4	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Net Margin	10.84%	8.50%	8.89%	9.28%	1.75%	-2.07%	-2.62%	-24.15%	7.06%

Drivers of SBB's profit

TTM

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

Gross profit ↑ 339.3bn

Finance costs ↓ 114.0bn

TTM

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

Gross profit ↑ 86.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -5.5% = -5.1% × 0.73 × 1.50

2026Q1 24.9% = 9.4% × 1.55 × 1.71

ROE rose from -5.5% to 24.9% — all three components improved, with asset turnover contributing the most.

Net margin: 9.4% +14.5pp Asset turnover: 1.55x +0.82x Leverage: 1.71x +0.21x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.39%, rising 14.5pp. The main driver is Gross margin rose 8.0pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 6.0pp added support while Other profit / Revenue fell 0.4pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 9.39% +14.5pp

Gross Margin 12.46% +8.0pp

SG&A / Revenue 2.72% −0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 70.9 days.

Is capital being deployed efficiently?

ROIC expanded to 27.63%, rising 32.1pp. That translates to 27.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 14.3pp and capital turnover rose 1.95x, while invested capital contracted by 734bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 27.63% +32.1pp

NOPAT Margin 9.55% +14.3pp

Capital Turnover 2.89x +1.95x

Average Invested Capital 1,165.3bn −734.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.63x equity, with a net cash position equivalent to 0.20x equity.

Inventory ended the period at 287.7bn, roughly 13.5% of total assets.

Over the last 12 months, working capital absorbed 106.2bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −79.8bn

Inventories increased → lower CFO: −23.1bn

Payables decreased → lower CFO: −3.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 33.4 days versus the same period last year. The main moves came from DIO fell 5.7 days, DSO fell 25.3 days, and DPO rose 2.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 50.2 days −25.3 days

Inventory 38.6 days −5.7 days

Payables 18.0 days +2.4 days

Cash Conversion Cycle 70.9 days −33.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 155.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.20x and interest coverage at 32.95x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 353.9% of debt, and total debt stands at 111.8bn.

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 -0.20x −0.26x

Interest Coverage 32.95x +33.66x

Cash / Debt 353.9% +278.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.23x +1.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 155.2bn in 2025, against investing cash flow of 76.8bn.

Post-investment cash flow was positive +232.1bn. Financing cash flow was negative +147.6bn.

CFO / net income was 1.23x.

After spending +26.0bn on fixed-asset investment, the business generated trailing free cash flow of +363.0bn.

Cash Conversion

CFO TTM 389.0bn +401.0bn

Cash Capex 26.0bn +26.0bn

FCF TTM +363.0bn +375.0bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.39% after expanding 14.5pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	3,176.1	2,180.3	2,020.2	2,356.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	3,176.1	2,180.3	2,020.2	2,356.6
Cost of Goods Sold	2,886.5	2,073.1	2,012.0	2,175.7
Gross Profit	289.6	107.2	8.2	180.9
Financial Income	19.7	16.5	17.5	13.6
Financial Expenses	12.9	21.1	40.7	43.9
Interest Expense	12.9	20.9	40.6	42.1
Share of Associates and Joint Ventures	6.3	-23.1	7.6	-27.9
Selling Expenses	15.7	40.1	35.7	64.8
General and Administrative Expenses	72.1	179.9	90.4	48.5
Operating Profit	214.8	-140.5	-133.4	9.6
Other Income	1.4	5.9	0.3	2.2
Other Expenses	19.4	118.1	0.1	0.8
Other Profit	-18.0	-112.2	0.2	1.4
Profit Before Tax	196.8	-252.7	-133.2	11.0
Current Income Tax Expense	15.0	3.1	2.7	9.9
Deferred Income Tax Expense	-0.3	50.9	16.3	4.6
Net Income	182.2	-306.8	-152.2	-3.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	182.2	-306.8	-152.2	-3.5
Earnings per Share	1,978.00	-3,505.00	-1,739.00	-40.00
Diluted EPS	2,081.82	-3,505.00	-1,739.25	-39.63

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	905.2	739.2	1,009.0	1,140.5
I. Cash and cash equivalents	231.2	146.8	252.3	285.0
1. Cash	119.9	96.8	157.2	119.9
2. Cash equivalents	111.3	50.0	95.1	165.1
II. Short-term financial investments	50.0	132.4	110.1	88.0
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	50.0	132.4	110.1	88.0
III. Short-term receivables	332.8	167.5	317.6	338.4
1. Short-term trade accounts receivable	572.6	400.2	352.5	334.6
2. Short-term prepayments to suppliers	17.1	13.3	11.5	7.3
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	6.9	1.2	1.8	2.5
7. Provision for short-term doubtful debts (*)	-263.7	-247.2	-48.2	-6.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	287.7	290.7	327.4	426.8
1. Inventories	303.6	290.7	327.4	426.8
2. Provision for decline in value of inventories	-15.9	0.0	0.0	0.0
V. Other short-term assets	3.4	1.8	1.7	2.3
1. Short-term prepayments	2.4	0.8	0.7	1.3
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.0	1.0
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)	1,227.4	1,368.0	1,682.3	1,920.0
I. Long-term receivables	0.0	0.0	9.2	9.2
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	9.0	9.0
6. Other long-term receivables	0.0	0.0	0.2	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	962.0	1,087.4	1,241.9	1,446.3
1. Tangible fixed assets	899.1	1,022.7	1,175.2	1,377.5
- Cost	3,869.0	3,854.2	3,890.6	3,881.2
- Accumulated depreciation	-2,969.9	-2,831.5	-2,715.5	-2,503.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	62.9	64.7	66.7	68.8
- Cost	88.8	89.1	89.1	89.1
- Accumulated depreciation	-25.9	-24.4	-22.4	-20.3
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	4.6	0.4	12.4	12.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	4.6	0.4	12.4	12.3
V. Long-term financial investments	213.6	207.2	345.4	337.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	41.2	186.6	324.7	317.1
3. Investments in other entities	173.9	22.2	22.2	22.2
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.5	-1.5
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	47.2	72.9	73.5	114.4
1. Long-term prepayments	41.2	53.0	52.2	91.7
2. Deferred income tax assets	0.3	0.0	0.0	22.8
3. Long-term equipment, supplies, spare parts	5.7	20.0	21.2	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)	2,132.6	2,107.2	2,691.3	3,060.6
A. LIABILITIES (300=210+330)	826.0	973.6	926.2	1,076.1
I. Short -term liabilities	703.6	851.2	894.3	1,015.6
1. Short-term trade accounts payable	146.8	81.9	77.7	50.6
2. Short-term advances from customers	15.1	19.8	21.1	13.5
3. Taxes and other payables to state authorities	336.4	401.5	354.5	388.1
4. Payable to employees	7.1	13.7	12.1	14.0
5. Short-term acrrued expenses	7.5	3.2	7.4	12.4
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	31.0	31.6	47.4	38.5
10. Short-term borrowings and financial leases	150.4	297.2	368.0	484.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	2.4	6.1	14.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	122.4	122.4	31.9	60.5
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	44.8
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	122.4	122.4	0.0	0.0
12. Provision for long-term liabilities	—	0.0	31.9	15.6
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)	1,306.5	1,133.6	1,765.1	1,984.5
I. Owner's equity	1,306.5	1,133.6	1,765.1	1,984.5
1. Owner's capital	875.2	875.2	875.2	875.2
- Common stock with voting right	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	436.7	436.7	436.7	436.7
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	-51.2	-51.2	-51.2	-51.2
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	—	411.1	498.6	498.6
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	45.8	-538.3	5.6	225.1
- Accumulated retained earning at the end of the previous period	-127.2	-231.6	157.8	228.5
- Undistributed earnings in this period	173.0	-306.8	-152.2	-3.5
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)	2,132.6	2,107.2	2,691.3	3,060.6

Item	2025	2024	2023	2022
Profit Before Tax	196.8	-252.7	-133.2	11.0
Depreciation of Fixed Assets and Investment Property	152.0	166.1	217.2	233.4
Provision (Increase)/Reversal	47.1	120.0	42.2	3.5
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-1.6	-0.4	-0.1
Gain/Loss from Investment Activities	-24.2	5.6	-23.8	14.6
Interest Expense	12.9	20.9	40.6	42.1
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	384.6	58.4	142.5	304.6
Increase/(Decrease) in Receivables	-187.4	-71.3	-20.6	21.8
Increase/(Decrease) in Inventory	-13.4	38.0	101.0	-119.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.7	-48.8	7.0	-73.2
Increase/(Decrease) in Prepaid Expenses	10.2	-0.8	16.6	-3.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-14.5	-25.3	-42.7	-43.3
Corporate Income Tax Paid	-12.4	-2.3	-3.7	-13.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-2.2	-2.9	-8.0	-9.6
Net Cash Flow from Operating Activities	155.2	-55.1	192.1	64.1
Payments for Fixed Assets and Other Long-term Assets	-23.7	-16.6	-13.6	-10.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	5.9	0.9	1.1
Loans and Purchases of Debt Instruments	-0.7	-75.8	-143.6	-60.0
Receipts from Loan Repayments and Sale of Debt Instruments	83.1	62.5	121.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	115.0	0.0	0.0
Dividends and Interest Income Received	17.2	14.3	15.4	13.1
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	76.8	105.3	-19.4	-56.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	656.4	804.6	814.7	698.7
Repayment of Borrowings	-803.2	-875.4	-976.0	-755.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.9	-86.4	-44.5	-41.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-147.6	-157.2	-205.8	-98.3
Net Cash Flow During the Period	84.5	-107.0	-33.1	-90.7
Cash and Cash Equivalents at Beginning of Period	146.8	252.3	285.0	375.6
FX Difference from Revaluation	0.0	1.6	0.4	0.1
Cash and Cash Equivalents at End of Period	231.2	146.8	252.3	285.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	870.8	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	870.8	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Cost of Goods Sold	746.4	747.8	659.0	796.6	638.9	470.8	269.5	336.7	255.3
Gross Profit	124.4	122.5	85.8	87.3	38.1	13.4	11.1	18.1	36.8
Financial Income	2.6	7.7	2.5	4.3	3.1	2.7	3.6	11.0	0.1
Financial Expenses	2.1	2.1	2.5	3.7	4.7	4.8	10.8	104.1	7.9
Interest Expense	2.1	2.1	2.5	3.7	4.7	4.6	4.5	4.1	7.9
Share of Associates and Joint Ventures	—	—	—	6.3	—	0.0	0.0	0.0	0.0
Selling Expenses	3.3	2.1	2.4	3.8	7.4	7.1	5.3	5.0	2.4
General and Administrative Expenses	22.1	33.1	11.8	13.0	14.3	13.6	5.9	5.6	5.4
Operating Profit	99.5	92.9	71.7	77.4	14.9	-9.3	-7.3	-85.7	21.2
Other Income	0.2	1.2	0.1	0.2	-0.1	0.0	0.0	0.0	0.2
Other Expenses	0.2	16.1	0.8	1.2	1.4	0.0	0.0	0.0	0.7
Other Profit	0.1	-14.9	-0.7	-0.9	-1.5	0.0	-0.0	-0.0	-0.6
Profit Before Tax	99.6	78.1	70.9	76.5	13.5	-9.3	-7.3	-85.7	20.6
Current Income Tax Expense	5.2	4.0	5.2	4.2	1.6	0.7	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.1	-0.5	-9.8	—	0.0	0.0	0.0	0.0
Net Income	94.4	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	94.4	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Earnings per Share	1,054.00	817.00	735.00	883.00	136.00	-114.00	-83.90	-979.11	235.62
Diluted EPS	1,078.51	844.99	756.26	937.43	135.64	-114.48	-83.90	-979.11	235.62

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,001.0	905.2	729.0	920.5	824.0	850.5	545.1	569.3	488.1
I. Cash and cash equivalents	395.7	231.2	258.0	364.8	210.9	232.4	39.5	140.8	6.5
1. Cash	189.2	119.9	106.3	218.7	119.9	167.4	39.5	50.8	6.5
2. Cash equivalents	206.5	111.3	151.7	146.1	91.0	65.1	0.0	90.0	0.0
II. Short-term financial investments	80.6	50.0	50.0	60.0	78.0	132.4	0.0	0.0	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	80.6	50.0	50.0	60.0	78.0	132.4	0.0	0.0	0.0
III. Short-term receivables	223.6	332.8	148.8	274.5	222.1	208.8	356.5	302.2	375.4
1. Short-term trade accounts receivable	477.3	572.6	385.8	504.4	449.8	318.1	158.3	228.6	293.2
2. Short-term prepayments to suppliers	8.1	17.1	7.9	14.1	17.8	7.0	0.3	0.4	1.6
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	160.0	35.0	45.0
6. Other short-term receivables	1.9	6.9	2.2	3.0	1.6	1.3	38.1	38.6	35.6
7. Provision for short-term doubtful debts (*)	-263.7	-263.7	-247.2	-247.2	-247.2	-117.6	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0
IV. Inventories	297.4	287.7	266.6	217.6	311.5	275.3	147.4	125.1	105.3
1. Inventories	312.9	303.6	300.1	221.1	311.5	275.3	147.4	125.1	105.3
2. Provision for decline in value of inventories	-15.4	-15.9	-33.5	-3.5	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	3.4	5.6	3.6	1.5	1.5	1.7	1.2	1.0
1. Short-term prepayments	2.5	2.4	4.6	2.6	0.5	0.5	0.9	0.4	0.1
2. Value added tax to be reclaimed	0.1	0.0	0.0	—	—	0.0	0.8	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	1.0	1.0	1.0	1.0	1.0	0.0	0.8	0.8
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)	1,191.7	1,227.4	1,254.8	1,295.5	1,324.9	1,422.4	1,782.7	1,819.0	2,302.1
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	9.2	0.2	0.2	0.2
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	—	—	—	—	—	9.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	927.1	962.0	987.8	1,015.6	1,052.4	1,134.0	626.7	648.6	840.9
1. Tangible fixed assets	864.6	899.1	924.5	951.8	988.2	1,068.9	561.0	582.5	770.8
- Cost	3,870.3	—	—	—	—	3,902.0	2,054.7	2,054.7	2,061.0
- Accumulated depreciation	-3,005.8	—	—	—	—	-2,833.1	-1,493.7	-1,472.2	-1,290.2
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	62.5	62.9	63.4	63.8	64.2	65.2	65.7	66.2	70.1
- Cost	88.8	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-26.3	—	—	—	—	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	4.6	4.6	7.9	4.2	0.4	1.9	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	4.6	7.9	4.2	0.4	1.9	0.0	0.0	0.0
V. Long-term financial investments	213.6	213.6	213.6	213.6	207.2	205.4	1,082.0	1,088.3	1,409.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	978.7	978.7	978.7
2. Investments in associates, joint-ventures	41.2	41.2	41.2	41.2	186.6	184.7	240.6	240.6	463.5
3. Investments in other entities	173.9	173.9	173.9	173.9	22.2	22.2	22.2	22.2	22.2
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-159.4	-153.1	-55.3
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	46.5	47.2	45.5	62.2	64.8	71.9	73.8	81.8	51.9
1. Long-term prepayments	40.1	41.2	40.3	41.6	45.1	51.4	60.0	67.9	37.1
2. Deferred income tax assets	0.3	0.3	0.5	—	—	0.0	13.8	0.0	0.0
3. Long-term equipment, supplies, spare parts	6.1	5.7	4.8	20.6	19.7	20.4	0.0	13.9	14.9
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)	2,192.7	2,132.6	1,983.8	2,216.0	2,148.9	2,272.9	2,327.8	2,388.2	2,790.2
A. LIABILITIES (300=210+330)	793.9	826.0	748.8	991.3	1,003.5	693.4	450.8	461.3	635.7
I. Short -term liabilities	671.5	703.6	626.4	878.7	881.1	647.9	450.8	461.3	545.9
1. Short-term trade accounts payable	181.0	146.8	122.3	229.0	109.6	53.5	40.6	46.4	36.7
2. Short-term advances from customers	15.9	15.1	21.6	34.3	18.7	21.6	10.9	4.8	7.6
3. Dividends and profits payable	2.7	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	299.5	336.4	282.5	381.7	430.0	185.2	78.1	94.3	125.9
4. Payable to employees	3.3	7.1	4.3	10.3	6.4	7.4	4.4	3.9	4.6
5. Short-term acrrued expenses	11.8	7.5	8.1	4.0	2.8	9.0	8.2	6.1	3.5
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	30.0	31.0	31.9	33.4	32.2	91.4	17.7	16.8	18.0
10. Short-term borrowings and financial leases	111.8	150.4	148.8	181.2	281.1	276.9	290.8	288.9	345.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	15.4	9.3	6.9	5.0	0.3	3.0	0.0	0.0	3.7
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	122.4	122.4	122.4	112.6	122.4	45.5	0.0	0.0	89.8
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	—	—	—	—	—	0.0	0.0	0.0	89.8
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	122.4	122.4	122.4	112.6	122.4	45.5	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)	1,398.8	1,306.5	1,235.0	1,224.6	1,145.4	1,579.5	1,877.0	1,927.0	2,154.6
I. Owner's equity	1,398.8	1,306.5	1,235.0	1,224.6	1,145.4	1,579.5	1,877.0	1,927.0	2,154.6
1. Owner's capital	875.2	875.2	875.2	875.2	875.2	875.2	875.2	875.2	875.2
- Common stock with voting right	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00	875,245,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	436.7	436.7	436.7	436.7	436.7	436.7	436.7	436.7	436.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-51.2	-51.2	-51.2	-51.2	-51.2	-51.2	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	—	—	—	—	411.1	411.1	495.9	495.9	495.9
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	138.0	45.8	-25.8	-36.1	-526.5	-92.4	69.2	119.1	346.7
- Accumulated retained earning at the end of the previous period	45.8	-136.5	-91.9	-130.1	-538.3	49.7	161.0	204.8	326.1
- Undistributed earnings in this period	92.3	182.2	66.2	93.9	11.9	-142.2	-91.9	-85.7	20.6
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)	2,192.7	2,132.6	1,983.8	2,216.0	2,148.9	2,272.9	2,327.8	2,388.2	2,790.2

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Profit Before Tax	99.6	149.0	34.4	13.5	74.0	11.7	-85.7	20.6
Depreciation of Fixed Assets and Investment Property	37.2	74.7	31.2	46.1	-80.3	58.3	22.0	24.3
Provision (Increase)/Reversal	-0.7	-0.6	47.7	—	-69.4	77.3	-7.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.7	-16.9	-4.7	-2.6	-18.7	-78.4	97.2	-0.2
Interest Expense	2.1	4.5	2.5	5.9	-11.4	7.1	4.3	7.9
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	135.4	217.1	104.8	62.7	-105.8	75.9	29.9	52.6
Increase/(Decrease) in Receivables	107.5	-83.9	-63.6	-39.9	-8.0	79.4	-71.4	-34.7
Increase/(Decrease) in Inventory	-9.7	-82.3	89.6	-20.7	-19.3	-24.4	43.7	-7.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.4	-149.3	99.5	40.0	143.8	-100.2	-43.7	-12.0
Increase/(Decrease) in Prepaid Expenses	1.0	0.7	1.4	8.2	6.9	-14.6	7.7	1.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-4.5	-3.9	-6.1	14.1	-7.0	-7.0	-6.2
Corporate Income Tax Paid	-4.8	-10.5	0.0	-1.9	1.3	-1.3	0.0	0.0
Other Operating Receipts	0.0	—	—	—	-0.0	-0.6	0.6	0.0
Other Operating Payments	-0.0	-0.0	7.1	-9.3	2.5	-2.3	-0.3	-6.6
Net Cash Flow from Operating Activities	233.7	-112.8	234.9	33.1	35.5	5.0	-40.5	-12.0
Payments for Fixed Assets and Other Long-term Assets	-2.3	-11.5	-2.2	-10.0	0.5	-0.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.7	0.2	—	-0.1	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-29.5	0.0	0.0	-0.7	21.4	-21.4	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	10.0	18.0	55.1	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	-115.0	0.0	115.0	0.0
Dividends and Interest Income Received	1.0	11.5	3.0	2.6	-7.4	-3.3	10.7	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	-30.7	10.8	19.0	47.0	-100.5	-25.2	125.7	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	47.4	262.4	210.9	183.1	-492.2	323.9	168.3	82.4
Repayment of Borrowings	-86.0	-293.1	-6.3	-199.2	569.4	-423.0	-146.3	-106.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.9	—	—	42.9	-42.9	0.0	-30.8
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	-38.5	-31.6	-99.9	-16.1	120.1	-142.1	22.0	-55.4
Net Cash Flow During the Period	164.5	-133.6	154.0	64.1	55.1	-162.3	107.2	-67.2
Cash and Cash Equivalents at Beginning of Period	231.2	146.8	210.9	146.8	0.0	252.3	33.5	73.6
FX Difference from Revaluation	—	0.0	—	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	395.7	231.2	364.8	210.9	0.0	197.2	140.8	6.5

Explore Other Stocks In The Same Sector

SAB, BHN, SMB, HLB, WSB, BSQ, BSL, BSH, SB1, HHB, HAT, BSP, HAD, BHH, BSD, BHK, THB, BHP, HBH, BBM, SBL, BTB, BQB

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

SBB

What Is Changing

Drivers of SBB's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ▼

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow