V21

Vinaconex 21 ·HNX ·2026Q1

▲ Showing improvement

Price

6,100

Latest close

03 Jun 2026

P/E 79.22x

P/B 0.60x

EPS 77

BVPS 10,145

ROE 0.8%

ROA 0.2%

Profit Margin 0.7%

Asset Turnover 0.29x

Equity Mult. 4.00x

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

What Is Changing

On a TTM 2026Q1 basis, V21 is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 142bn
	                                
+2.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+706.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -212.20x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	159.8	119.2	107.6	61.2	132.4
Growth	+34%	+11%	+76%	-54%	—
Net Income	0.8	-1.2	0.1	0.9	4.4
Net Margin	0.53%	-0.99%	0.05%	1.52%	3.31%

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	22.3	57.6	4.3	57.6	40.3	35.2	16.5	45.8	21.7	62.9	16.0	26.6
Growth	-61%	+1236%	-93%	+43%	+15%	+113%	-64%	+111%	-65%	+294%	-40%	—
Net Income	0.2	3.8	-3.3	0.2	0.1	-1.2	-0.4	1.6	-1.0	0.6	-0.6	-0.2
Net Margin	0.73%	6.62%	-75.62%	0.36%	0.31%	-3.51%	-2.37%	3.53%	-4.68%	0.95%	-3.61%	-0.80%

Drivers of V21's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 4.0bn

Financial income ↓ 1.2bn

Other profit ↓ 0.9bn

Gross profit ↓ 0.8bn

Finance costs ↑ 0.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1.8bn

Other profit ↑ 0.1bn

Finance costs ↓ 0.0bn

Gross profit ↓ 1.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.1% = 0.1% × 0.40 × 2.86

2026Q1 0.8% = 0.7% × 0.29 × 4.00

ROE rose from 0.1% to 0.8% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.7% +0.6pp Asset turnover: 0.29x -0.11x Leverage: 4.00x +1.14x

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 edged up to 0.65%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 3.1pp are enough to offset pressure from Gross margin fell 0.9pp (with lingering pressure from Net financial result / Revenue fell 0.9pp and Other profit / Revenue fell 0.7pp).

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 0.65% +0.6pp

Gross Margin 9.17% −0.9pp

SG&A / Revenue 5.67% −3.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.51x −0.28x

Average Invested Capital 275.9bn +102.1bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.99x equity, net debt at 2.08x equity.

Development inventory ended the period at 201.8bn, about 41.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 198.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −27.2bn

Inventories increased → lower CFO: −212.6bn

Payables increased → higher CFO: +41.3bn

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.08x and interest coverage only at 0.18x.

At present, short-term debt accounts for 22.5% of total debt, cash equals 0.3% of debt, and total debt stands at 253.4bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.08x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.18x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.08x +1.61x

Interest Coverage 0.18x +0.42x

Cash / Debt 0.3% −4.7pp

Short-term Debt / Total Debt 22.5% −77.5pp

CFO / NI -212.20x +58.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -96.0bn in 2025, against investing cash flow of 0.1bn.

Post-investment cash flow was negative +96.0bn. Financing cash flow was positive +87.3bn.

CFO / net income was -212.20x.

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 196.5bn −165.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is the earnings mix, when non-core contribution is 18.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.18x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.1% of PBT and CFO / net income currently at -212.20x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.18x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	159.8	119.2	107.6	61.2	132.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	159.8	119.2	107.6	61.2	132.4
Cost of Goods Sold	144.9	107.3	96.4	56.3	0.0
Gross Profit	14.9	11.9	11.2	4.9	7.0
Financial Income	0.0	1.7	1.8	2.5	0.5
Financial Expenses	4.2	3.9	3.2	2.9	-3.5
Interest Expense	4.2	3.9	3.2	2.9	-3.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.9
General and Administrative Expenses	9.9	11.9	9.5	3.7	2.5
Operating Profit	0.8	-2.2	0.3	0.9	5.6
Other Income	0.1	1.2	0.1	0.3	0.0
Other Expenses	0.1	0.1	0.0	0.2	0.0
Other Profit	0.1	1.1	0.1	0.1	-0.8
Profit Before Tax	0.8	-1.2	0.4	0.9	4.9
Current Income Tax Expense	—	0.0	0.3	0.0	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.8	-1.2	0.1	0.9	4.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.8	-1.2	0.1	0.9	4.4
Earnings per Share	70.00	-98.00	5.00	77.00	365.00
Diluted EPS	70.00	-98.00	5.00	77.00	364.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	403.2	283.3	233.0	225.6	250.6
I. Cash and cash equivalents	6.1	14.8	7.4	3.5	30.2
1. Cash	6.1	14.8	7.4	3.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	170.5	159.6	135.6	143.2	163.2
1. Short-term trade accounts receivable	26.3	34.1	36.6	49.8	0.0
2. Short-term prepayments to suppliers	61.1	22.3	16.1	3.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	15.0	15.0	0.0
6. Other short-term receivables	85.0	105.1	69.1	76.3	0.0
7. Provision for short-term doubtful debts (*)	-2.0	-2.0	-1.2	-1.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	201.8	92.0	75.1	62.5	53.5
1. Inventories	201.8	92.0	75.1	62.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.8	16.9	15.0	16.4	3.7
1. Short-term prepayments	0.2	0.2	0.0	0.0	0.0
2. Value added tax to be reclaimed	22.5	15.0	14.2	15.8	0.0
3. Taxes and other receivables from state authorities	2.1	1.7	0.8	0.6	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)	81.3	82.6	90.5	91.6	92.7
I. Long-term receivables	0.0	0.0	6.9	6.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.9
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	6.9	6.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.7	36.9	23.2	23.9	24.7
1. Tangible fixed assets	35.7	36.9	23.2	23.9	24.7
- Cost	64.0	64.8	56.2	58.2	0.0
- Accumulated depreciation	-28.3	-27.9	-33.0	-34.3	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	16.8	17.2	17.6	18.0	18.5
- Cost	19.2	19.2	19.2	19.2	0.0
- Accumulated depreciation	-2.4	-2.0	-1.6	-1.2	0.0
IV. Long-term assets in progress	28.3	28.4	42.7	42.7	42.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	28.3	28.4	42.7	42.7	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.4	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	484.5	365.9	323.4	317.1	343.3
A. LIABILITIES (300=210+330)	362.9	245.2	201.5	195.3	221.7
I. Short -term liabilities	206.6	224.9	181.7	175.0	188.5
1. Short-term trade accounts payable	31.7	50.9	32.5	58.9	77.9
2. Short-term advances from customers	52.3	77.8	49.3	48.7	43.7
3. Taxes and other payables to state authorities	0.1	0.1	6.8	10.6	0.0
4. Payable to employees	2.2	3.4	2.6	0.9	0.0
5. Short-term acrrued expenses	4.8	0.1	0.1	3.2	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	0.1	0.1	0.1	0.1
9. Other short-term payables	65.4	33.2	40.6	31.1	0.0
10. Short-term borrowings and financial leases	50.1	59.3	49.9	21.6	27.6
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	156.3	20.3	19.8	20.3	33.2
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	19.8	20.3	19.8	20.3	20.4
7. Other long-term liabilities	40.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	96.5	0.0	0.0	0.0	12.9
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)	121.6	120.7	121.9	121.8	121.6
I. Owner's equity	121.6	120.7	121.9	121.8	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	121.6
- Common stock with voting right	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.8	0.8	0.8	0.8	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	0.9	0.1	1.2	1.2	0.9
- Accumulated retained earning at the end of the previous period	0.1	1.2	1.2	0.3	-3.5
- Undistributed earnings in this period	0.8	-1.2	0.1	0.9	4.4
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)	484.5	365.9	323.4	317.1	343.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.8	-1.2	0.4	0.9	4.9
Depreciation of Fixed Assets and Investment Property	1.5	1.3	1.2	1.2	0.9
Provision (Increase)/Reversal	—	0.8	0.0	-3.6	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	-2.8	-1.9	-2.8	0.0
Interest Expense	4.2	3.9	3.2	2.9	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	6.6	2.0	2.8	-1.4	-0.7
Increase/(Decrease) in Receivables	-18.8	-34.6	10.1	-24.3	0.0
Increase/(Decrease) in Inventory	-109.8	-17.0	-12.6	-2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	30.0	34.2	-22.6	0.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.2	-0.0	-0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.6	-3.9	-3.1	-2.9	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	-96.0	-19.6	-25.4	-30.6	39.5
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.2	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.1	0.1	0.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	15.0	0.0	20.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.7	0.9	2.5	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	0.1	17.5	0.9	22.8	0.5
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	180.7	84.0	81.6	28.3	21.7
Repayment of Borrowings	-93.4	-74.5	-53.3	-47.1	-36.5
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	87.3	9.5	28.3	-18.9	-14.8
Net Cash Flow During the Period	-8.7	7.5	3.9	-26.7	27.8
Cash and Cash Equivalents at Beginning of Period	14.8	7.4	3.5	30.2	5.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.1	14.8	7.4	3.5	30.2

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
Revenue	22.3	57.6	4.3	57.6	40.3	35.2	16.5	45.8	21.7	62.9	16.0	26.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	22.3	57.6	4.3	57.6	40.3	35.2	16.5	45.8	21.7	62.9	16.0	26.6
Cost of Goods Sold	20.1	51.8	4.5	52.5	36.2	32.0	13.9	41.8	19.5	59.4	15.3	21.6
Gross Profit	2.2	5.8	-0.1	5.1	4.2	3.2	2.6	4.0	2.2	3.5	0.7	5.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.3	0.5	0.5	0.5	0.5	0.4	0.5
Financial Expenses	1.0	1.1	1.0	1.1	1.0	1.1	0.9	1.0	0.9	1.0	0.6	0.8
Interest Expense	1.0	1.1	1.0	1.1	1.0	1.1	0.9	1.0	0.9	1.0	0.6	0.8
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	0.9	2.1	3.9	3.0	3.6	2.5	2.9	2.7	2.2	1.1	4.7
Operating Profit	0.1	3.8	-3.3	0.1	0.1	-1.3	-0.4	0.6	-1.0	0.7	-0.6	-0.0
Other Income	0.1	0.0	0.0	0.4	0.0	0.0	0.0	1.2	0.0	0.0	0.0	0.1
Other Expenses	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.1	-0.0	-0.0	0.1	-0.0	0.0	-0.0	1.1	-0.0	-0.0	-0.0	0.1
Profit Before Tax	0.2	3.8	-3.3	0.2	0.1	-1.2	-0.4	1.6	-1.0	0.7	-0.6	0.1
Current Income Tax Expense	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.1	0.0	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	3.8	-3.3	0.2	0.1	-1.2	-0.4	1.6	-1.0	0.6	-0.6	-0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	3.8	-3.3	0.2	0.1	-1.2	-0.4	1.6	-1.0	0.6	-0.6	-0.2
Earnings per Share	14.00	318.00	-272.00	17.00	10.00	-103.00	-33.00	135.00	-85.00	50.00	-48.00	-18.00
Diluted EPS	13.65	318.02	-271.66	17.16	10.35	-102.97	-32.61	134.80	-84.85	49.96	-48.13	-17.80

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)	522.0	403.3	350.9	288.2	284.4	283.3	254.5	225.3	234.1	233.0	255.9	220.0
I. Cash and cash equivalents	0.7	6.1	12.1	1.6	2.9	14.8	9.6	4.0	0.6	7.4	16.3	1.4
1. Cash	0.7	6.1	12.1	1.6	2.9	14.8	9.6	4.0	0.6	7.4	16.3	1.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	171.5	170.5	207.6	176.5	161.3	159.8	147.0	134.1	133.9	135.6	141.4	146.4
1. Short-term trade accounts receivable	31.4	26.4	26.9	36.9	17.5	34.1	34.8	34.7	33.6	36.6	34.0	40.8
2. Short-term prepayments to suppliers	65.2	61.1	79.6	25.4	34.6	22.5	14.2	10.9	17.6	16.1	14.0	15.1
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	—	—	—	—	—	0.0	15.0	15.0	15.0	15.0	15.0	15.0
6. Other short-term receivables	76.8	85.0	103.0	116.2	111.2	105.2	84.7	75.0	68.9	69.1	79.5	78.3
7. Provision for short-term doubtful debts (*)	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-1.7	-1.6	-1.2	-1.2	-1.2	-2.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	315.5	201.8	113.5	93.5	102.9	92.1	83.9	73.2	84.5	75.1	80.8	57.2
1. Inventories	315.5	201.8	113.5	93.5	102.9	92.1	83.9	73.2	84.5	75.1	80.8	57.2
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	34.4	24.8	17.8	16.7	17.3	16.6	14.0	14.1	15.1	15.0	17.4	15.0
1. Short-term prepayments	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	32.0	22.5	15.7	14.5	15.1	15.0	12.4	12.6	14.0	14.2	16.9	14.6
3. Taxes and other receivables from state authorities	2.1	2.1	1.9	1.9	1.9	1.7	1.6	1.4	1.2	0.8	0.5	0.4
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)	80.9	81.3	81.7	82.0	82.5	82.6	89.6	89.9	90.2	90.5	90.7	91.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	6.9	6.9	6.9	6.9	6.9	6.9
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	6.9	6.9	6.9	6.9	6.9	6.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35.5	35.7	36.0	36.3	36.7	36.9	22.7	22.9	23.1	23.2	23.3	23.5
1. Tangible fixed assets	35.5	35.7	36.0	36.3	36.7	36.9	22.7	22.9	23.1	23.2	23.3	23.5
- Cost	63.0	—	—	—	—	64.8	50.3	50.3	56.3	56.2	56.2	56.2
- Accumulated depreciation	-27.5	—	—	—	—	-27.9	-27.6	-27.4	-33.2	-33.0	-32.8	-32.6
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	16.7	16.8	16.9	17.0	17.1	17.2	17.3	17.4	17.5	17.6	17.7	17.8
- Cost	19.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	28.3	28.3	28.3	28.3	28.6	28.4	42.7	42.7	42.7	42.7	42.7	42.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	28.3	28.3	28.3	28.3	28.6	28.4	42.7	42.7	42.7	42.7	42.7	42.7
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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	0.4	0.4	0.5	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.4	0.4	0.5	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	602.9	484.5	432.6	370.2	366.9	365.9	344.1	315.3	324.3	323.4	346.6	311.0
A. LIABILITIES (300=210+330)	481.2	362.9	314.8	249.1	246.0	245.2	222.1	192.8	203.4	201.5	225.3	189.1
I. Short -term liabilities	225.1	246.6	294.9	229.1	225.9	224.9	201.7	172.2	183.7	181.7	205.3	169.0
1. Short-term trade accounts payable	42.9	31.7	39.5	38.6	28.2	50.9	42.5	41.4	34.0	32.5	36.3	34.6
2. Short-term advances from customers	50.2	52.3	86.6	81.0	97.6	66.8	45.4	36.7	46.3	49.3	69.1	54.1
3. Taxes and other payables to state authorities	0.0	0.1	—	0.0	—	0.1	0.0	0.0	3.4	6.8	8.9	9.5
4. Payable to employees	2.4	2.2	1.8	2.7	2.4	3.4	1.2	2.3	1.5	2.6	2.2	0.9
5. Short-term acrrued expenses	0.8	4.8	0.4	0.1	—	0.1	0.0	0.0	0.0	0.1	0.0	3.2
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	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0
9. Other short-term payables	71.8	105.4	111.7	46.8	38.2	44.2	57.3	42.1	48.5	40.6	45.4	37.0
10. Short-term borrowings and financial leases	57.0	50.1	54.8	59.8	59.4	59.3	55.2	49.7	49.9	49.9	43.4	29.7
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	256.0	116.3	19.9	20.0	20.2	20.3	20.4	20.5	19.7	19.8	19.9	20.1
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	19.6	19.8	19.9	20.0	20.2	20.3	20.4	20.5	19.7	19.8	19.9	20.1
7. Other long-term liabilities	40.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	196.4	96.5	—	—	—	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)	121.7	121.6	117.8	121.1	120.9	120.7	122.0	122.5	120.9	121.9	121.3	121.9
I. Owner's equity	121.7	121.6	117.8	121.1	120.9	120.7	122.0	122.5	120.9	121.9	121.3	121.9
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00	119,997,890,000.00
- 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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	1.1	1.0	-2.9	0.4	0.2	0.1	1.3	1.8	0.2	1.2	0.6	1.2
- Accumulated retained earning at the end of the previous period	0.9	0.1	0.1	0.1	0.1	1.2	1.2	1.2	1.2	1.2	1.2	1.2
- Undistributed earnings in this period	0.2	0.9	-2.9	0.3	0.1	-1.2	0.1	0.6	-1.0	0.1	-0.5	0.0
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)	602.9	484.5	432.6	370.2	366.9	365.9	344.1	315.3	324.3	323.4	346.6	311.0

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
Profit Before Tax	0.2	3.8	-3.3	0.2	0.1	-1.2	-0.4	1.5	-1.0	0.7	-0.6	0.1
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	—	—	—	—	—	0.2	0.0	0.5	0.0	0.0	-1.5	1.5
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	-0.3	0.6	-1.6	-0.5	-0.5	-0.4	-0.5
Interest Expense	1.0	1.1	1.0	1.1	1.0	1.1	0.9	1.0	0.9	1.0	0.6	0.8
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	1.5	5.2	-1.9	1.8	1.5	0.2	1.4	1.8	-0.3	1.5	-1.5	2.1
Increase/(Decrease) in Receivables	-10.7	29.9	-32.0	-14.4	-2.3	-31.4	-14.0	0.5	1.5	9.3	3.5	6.6
Increase/(Decrease) in Inventory	-113.7	-88.3	-20.0	9.4	-10.8	-8.2	-7.6	8.2	-9.4	5.7	-23.6	8.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.2	-44.3	70.6	2.7	0.9	19.5	20.9	-7.5	1.9	-30.5	22.3	-15.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.1	-0.1	-0.4	—	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.7	-0.4	-1.1	-1.1	-1.1	-1.1	-0.9	-1.0	-1.0	-1.0	-0.7	-0.8
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-112.3	-97.7	15.5	-2.0	-11.8	-21.0	-0.3	2.0	-7.2	-15.0	-0.0	1.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.1	-0.1	-0.1	0.0	0.0	-0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.3	—	0.0	0.0	1.1	0.0	0.1	-0.1	0.1
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	15.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	6.8	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	0.0	0.3	0.5	0.5	0.5	-0.4	1.3	-0.4
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	0.1	0.0	0.0	0.2	-0.1	22.1	0.5	1.6	0.4	-0.4	1.3	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	118.6	122.7	12.6	12.2	33.3	38.3	17.0	11.6	17.0	32.1	27.0	7.4
Repayment of Borrowings	-11.9	-30.8	-17.6	-11.7	-33.2	-34.2	-11.5	-11.8	-17.0	-25.6	-13.3	-8.5
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	106.7	91.8	-5.0	0.5	0.0	4.1	5.5	-0.2	0.0	6.5	13.7	-1.1
Net Cash Flow During the Period	-5.5	-5.9	10.5	-1.3	-11.9	5.2	5.7	3.4	-6.8	-8.9	14.9	-0.2
Cash and Cash Equivalents at Beginning of Period	6.1	12.1	1.6	2.9	14.8	7.4	7.4	7.4	7.4	3.5	3.5	3.5
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	0.7	6.1	12.1	1.6	2.9	14.8	9.6	4.0	0.6	7.4	16.3	1.4

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