SVN

Tập đoàn Vexilla Việt Nam ·HNX ·2026Q1

▼ Under pressure

Pre-tax profit relies materially on non-core sources Net financial result/PBT 2.24%

Price

2,200

Latest close

02 Jun 2026

P/E 36.69x

P/B 0.20x

EPS 60

BVPS 10,759

ROE 0.6%

ROA 0.5%

Profit Margin 2.2%

Asset Turnover 0.25x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, SVN is in an offsetting state — revenue softened slightly but margins improved — margins have just broken out to a notably higher level. 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 46bn
	                                
−46.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−4.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    223.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	29.4	86.1	80.2	113.8	180.4
Growth	-66%	+7%	-29%	-37%	—
Net Income	1.3	0.5	0.7	1.0	1.0
Net Margin	4.30%	0.54%	0.89%	0.87%	0.53%

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	16.1	—	3.4	9.9	16.1	30.5	13.2	21.6	20.3	53.9	3.8	20.2
Growth	—	—	-66%	-38%	-47%	+132%	-39%	+6%	-62%	+1320%	-81%	—
Net Income	0.9	0.2	0.1	0.2	0.9	0.2	0.1	0.1	0.0	0.0	0.0	0.3
Net Margin	5.52%	—	1.97%	1.52%	5.52%	0.75%	0.49%	0.63%	0.19%	0.05%	1.01%	1.48%

Drivers of SVN's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Financial income ↑ 0.4bn

Tax ↓ 0.0bn

Other profit ↓ 0.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to weaker other profit. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Financial income ↑ 0.1bn

Tax ↓ 0.0bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 4.30% +1.2pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (237.5% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.01x equity, net debt at 0.03x equity.

Over the last 12 months, working capital absorbed 33.7bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −32.6bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −1.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.03x +0.05x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -28.36x −22.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -35.7bn in 2025, against investing cash flow of 39.0bn.

Post-investment cash flow was positive +3.3bn. Financing cash flow was negative +6.6bn.

CFO / net income was -28.36x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 35.7bn −27.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 223.8% of PBT and CFO / net income currently at -28.36x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	29.4	86.1	80.2	113.8	180.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	29.4	86.1	80.2	113.8	180.4
Cost of Goods Sold	29.2	84.7	79.0	112.8	0.0
Gross Profit	0.3	1.4	1.3	1.0	1.1
Financial Income	3.6	1.4	1.8	2.5	1.9
Financial Expenses	0.5	0.5	0.4	0.0	-0.0
Interest Expense	0.3	0.0	0.4	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	2.2	1.9	2.0	2.2	-1.8
Operating Profit	1.1	0.3	0.8	1.2	1.2
Other Income	0.5	0.3	0.2	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.5	0.3	0.1	-0.0	-0.0
Profit Before Tax	1.5	0.6	0.9	1.2	1.2
Current Income Tax Expense	0.3	0.1	0.2	0.2	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.3	0.5	0.7	1.0	1.0
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.3	0.5	0.7	1.0	1.0
Earnings per Share	60.00	22.00	34.00	47.00	15.00
Diluted EPS	60.00	21.98	34.11	47.22	45.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	142.3	53.9	56.7	84.7	171.4
I. Cash and cash equivalents	0.1	3.5	0.8	3.2	0.4
1. Cash	0.1	3.5	0.8	3.2	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	141.6	50.0	55.4	81.2	170.1
1. Short-term trade accounts receivable	46.2	0.0	9.3	11.7	0.0
2. Short-term prepayments to suppliers	4.7	8.5	8.0	0.0	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	35.8	23.8	35.5	22.0	0.0
6. Other short-term receivables	55.0	17.7	2.5	47.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.6
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	0.5	0.4	0.3	0.2
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	0.5	0.4	0.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	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)	84.9	179.6	179.6	144.0	97.0
I. Long-term receivables	10.0	10.1	10.0	25.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	10.0	10.1	10.0	25.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.1	0.1	0.1	0.2	0.0
1. Tangible fixed assets	0.1	0.1	0.1	0.2	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.0	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	—	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	74.8	169.4	169.4	118.2	96.5
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	75.0	169.5	169.5	118.2	0.0
4. Provision for diminution in value of long-term investments	-0.2	-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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	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	0.3
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)	227.2	233.5	236.3	228.7	268.4
A. LIABILITIES (300=210+330)	1.3	8.8	12.1	6.0	46.7
I. Short -term liabilities	1.3	8.8	12.1	6.0	46.7
1. Short-term trade accounts payable	0.5	2.0	5.1	5.5	46.4
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.3	0.1	0.2	0.3	0.0
4. Payable to employees	0.5	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	0.0	0.1	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.1	0.1	0.2	0.0
10. Short-term borrowings and financial leases	—	6.6	6.6	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	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	—	0.0	0.0	0.0	0.0
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	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)	225.9	224.7	224.2	222.6	221.6
I. Owner's equity	225.9	224.7	224.2	222.6	0.0
1. Owner's capital	210.0	210.0	210.0	210.0	221.6
- Common stock with voting right	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	14.8	13.5	13.1	12.4	11.4
- Accumulated retained earning at the end of the previous period	13.5	13.1	12.3	11.4	10.6
- Undistributed earnings in this period	1.3	0.5	0.7	1.0	0.8
12. Reserves for investment in construction	—	0.9	0.9	0.0	0.0
13. Minority's interest	0.9	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)	227.2	233.5	236.3	228.7	268.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.5	0.6	0.9	1.2	1.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.2	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.6	-1.4	-1.7	-2.5	0.0
Interest Expense	0.3	0.5	0.4	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	-1.4	-0.2	-0.4	-1.2	-0.8
Increase/(Decrease) in Receivables	-32.6	2.0	53.4	-1.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	-3.2	-0.5	-46.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.0	0.0	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.5	-0.4	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.2	-0.3	-0.2	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	-35.7	-2.2	51.9	-48.4	-0.1
Payments for Fixed Assets and Other Long-term Assets	—	-8.0	0.0	-0.2	-32.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	10.0
Loans and Purchases of Debt Instruments	-12.0	-15.5	-16.5	-96.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	27.2	3.0	106.7	0.0
Investments in Other Entities	—	0.0	-51.2	-21.7	-18.4
Proceeds from Investments in Other Entities	49.2	0.0	0.0	61.6	0.0
Dividends and Interest Income Received	1.8	1.1	2.9	1.4	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	39.0	4.9	-61.8	51.1	-1.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	920,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6.6	19.8	13.2	0.0	0.0
Repayment of Borrowings	-13.2	-19.8	-6.6	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	-6.6	0.0	7.5	0.0	0.0
Net Cash Flow During the Period	-3.3	2.6	-2.4	2.8	0.2
Cash and Cash Equivalents at Beginning of Period	3.5	0.8	3.2	0.4	2.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	3.5	0.8	3.2	0.4

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	16.1	—	3.4	9.9	16.1	30.5	13.2	21.6	20.3	53.9	3.8	20.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	16.1	—	3.4	9.9	16.1	30.5	13.2	21.6	20.3	53.9	3.8	20.2
Cost of Goods Sold	16.0	—	3.4	9.9	16.0	30.2	13.0	21.3	20.2	53.2	3.8	19.6
Gross Profit	0.2	—	0.0	0.1	0.2	0.3	0.1	0.3	0.1	0.7	0.0	0.5
Financial Income	1.7	0.6	0.7	0.6	1.7	0.4	0.5	0.5	0.4	0.2	0.5	0.3
Financial Expenses	0.1	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1
Interest Expense	0.1	—	0.0	0.1	0.1	0.1	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	0.1	0.3	0.0
General and Administrative Expenses	0.6	0.4	0.6	0.5	0.6	0.5	0.5	0.5	0.4	0.6	0.0	0.4
Operating Profit	1.1	0.2	0.1	-0.0	1.1	0.1	-0.0	0.2	0.0	0.0	0.1	0.4
Other Income	—	—	—	0.2	—	0.2	0.1	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	-0.0	0.2	-0.0	0.2	0.1	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Before Tax	1.1	0.2	0.1	0.2	1.1	0.3	0.1	0.2	0.0	0.0	0.1	0.4
Current Income Tax Expense	0.2	0.0	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.9	0.2	0.1	0.2	0.9	0.2	0.1	0.1	0.0	0.0	0.0	0.3
Non-controlling Interest	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.9	0.2	0.1	0.1	0.9	0.2	0.1	0.1	0.0	0.0	0.0	0.3
Earnings per Share	42.46	7.25	3.11	7.14	42.46	10.84	3.06	6.51	1.80	1.24	1.83	14.09
Diluted EPS	42.46	7.25	3.11	7.14	42.46	10.84	3.06	6.51	1.80	1.24	1.83	14.09

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)	142.3	141.8	53.9	152.1	149.7	53.9	58.9	59.5	62.9	56.7	84.7	54.8
I. Cash and cash equivalents	0.1	0.0	3.5	0.3	10.3	3.5	1.3	0.5	0.4	0.8	3.2	7.4
1. Cash	0.1	0.0	3.5	0.3	10.3	3.5	1.3	0.5	0.4	0.8	3.2	7.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	35.8	—	—	—	—	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	35.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	105.8	141.1	50.0	151.1	138.7	50.0	57.1	58.5	62.0	55.4	81.2	43.0
1. Short-term trade accounts receivable	46.2	46.2	—	48.4	80.1	0.0	0.6	4.7	8.5	9.3	11.7	12.0
2. Short-term prepayments to suppliers	4.7	4.7	8.5	5.2	7.5	9.0	12.9	8.6	8.1	8.0	0.0	8.6
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	—	35.8	23.8	50.2	35.8	23.8	27.4	29.0	35.5	35.5	22.0	19.0
6. Other short-term receivables	55.0	54.5	17.7	47.3	15.3	17.2	16.3	16.2	10.0	2.5	47.5	3.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.8
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.8
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	0.7	0.7	0.5	0.7	0.7	0.5	0.5	0.4	0.4	0.4	0.3	0.7
1. Short-term prepayments	0.1	0.2	0.0	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	0.5	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.3	0.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	84.9	85.1	179.6	85.1	85.1	179.6	179.6	179.6	179.6	179.6	144.0	180.7
I. Long-term receivables	10.0	10.0	10.1	10.1	10.1	10.1	10.0	10.0	10.0	10.0	25.6	11.1
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	10.0	10.0	10.1	10.1	10.1	10.1	10.0	10.0	10.0	10.0	25.6	11.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1
1. Tangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1
- Cost	0.2	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2
- Accumulated depreciation	-0.1	—	—	—	—	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0
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	—	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	74.8	75.0	169.4	75.0	75.0	169.4	169.4	169.4	169.4	169.4	118.2	169.4
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	75.0	75.0	169.5	75.0	75.0	169.5	169.5	169.5	169.5	169.5	118.2	169.5
4. Provision for diminution in value of long-term investments	-0.2	-0.0	-0.0	-0.0	-0.0	-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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	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)	227.2	226.8	233.5	237.2	234.8	233.5	238.4	239.0	242.5	236.3	228.7	235.5
A. LIABILITIES (300=210+330)	1.3	1.4	8.8	11.3	9.2	8.8	14.0	14.7	18.3	12.1	6.0	11.5
I. Short -term liabilities	1.3	1.4	8.8	11.3	9.2	8.8	14.0	14.7	18.3	12.1	6.0	11.5
1. Short-term trade accounts payable	0.5	0.5	2.0	4.2	2.0	2.0	3.0	7.4	10.8	5.1	5.5	4.6
2. Short-term advances from customers	—	—	—	0.0	0.0	0.0	4.2	0.5	0.5	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.3	0.4	0.1	0.3	0.4	0.1	0.1	0.1	0.2	0.2	0.3	0.1
4. Payable to employees	0.5	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1
10. Short-term borrowings and financial leases	—	—	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	0.0	6.6
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	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	225.9	225.5	224.7	225.9	225.6	224.7	224.4	224.4	224.2	224.2	222.6	224.0
I. Owner's equity	225.9	225.5	224.7	225.9	225.6	224.7	224.4	224.4	224.2	224.2	222.6	224.0
1. Owner's capital	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0
- Common stock with voting right	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	14.8	14.3	13.5	14.7	14.4	13.5	13.3	13.2	13.1	13.1	12.4	12.8
- Accumulated retained earning at the end of the previous period	13.5	13.5	13.1	13.5	13.5	13.1	13.1	13.1	13.1	12.3	11.4	12.4
- Undistributed earnings in this period	1.3	0.8	0.5	1.2	0.9	0.5	0.2	0.2	0.0	0.7	1.0	0.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.0	0.9
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)	227.2	226.8	233.5	237.2	234.8	233.5	238.4	239.0	242.5	236.3	228.7	235.5

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	1.1	-0.1	0.1	0.4	1.1	0.3	0.1	0.2	0.0	-0.1	0.1	0.7
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Provision (Increase)/Reversal	—	0.2	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-0.6	-0.7	-0.6	-1.7	-0.4	-0.5	-0.5	-0.4	0.1	-0.7	-0.7
Interest Expense	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.4	-0.1	0.1
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	-0.4	-0.4	-0.6	0.0	-0.4	-0.0	-0.3	-0.2	-0.3	0.4	-0.7	0.1
Increase/(Decrease) in Receivables	3.4	0.9	-5.3	-31.5	3.4	2.1	-7.3	5.0	-6.1	-0.3	4.4	38.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.6	4.4	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	-0.9	-2.5	2.1	0.2	-5.2	-0.7	-3.5	6.2	40.3	-39.3	-5.9
Increase/(Decrease) in Prepaid Expenses	-0.2	0.0	0.0	-0.0	-0.2	0.0	-0.0	0.0	0.0	-0.2	0.2	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.0	-0.0	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.4	0.1	-0.1
Corporate Income Tax Paid	—	0.0	-0.0	-0.1	—	0.0	-0.0	-0.2	0.0	-0.1	0.0	-0.2
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	0.0
Net Cash Flow from Operating Activities	2.8	-0.5	-8.3	-29.7	2.8	-3.3	-8.4	1.0	-0.4	39.0	-30.9	30.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	8.0	-8.0	0.0	0.2	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.0	0.0	14.5	-14.5	-12.0	-2.0	-3.5	-10.0	0.0	-16.5	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	15.7	—	—	—	15.7	5.6	5.2	16.5	0.0	-29.0	29.0	3.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-7.5	7.5	0.0
Proceeds from Investments in Other Entities	—	-0.4	0.4	49.2	—	0.0	0.0	0.0	0.0	0.0	0.0	-34.5
Dividends and Interest Income Received	0.4	0.7	0.1	0.6	0.4	1.9	-0.5	0.5	0.0	2.9	-1.1	0.1
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	4.1	0.3	14.9	19.6	4.1	5.5	9.2	-1.0	0.0	-49.9	35.2	-31.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	920,000,000.00	-920,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6.6	0.0	—	0.0	6.6	19.8	-6.6	6.6	0.0	13.2	-6.6	6.6
Repayment of Borrowings	-6.6	-6.6	0.0	0.0	-6.6	-19.8	6.6	-6.6	0.0	-6.6	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	—	0.0	-6.6	—	—	0.0	0.0	0.0	0.0	7.5	-7.5	6.6
Net Cash Flow During the Period	6.9	-0.1	-0.0	-10.1	6.9	2.1	0.8	0.1	-0.4	-3.4	-3.3	5.7
Cash and Cash Equivalents at Beginning of Period	3.5	0.3	0.3	10.3	3.5	0.8	0.8	0.8	0.8	3.2	0.4	3.2
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	10.3	0.1	0.3	0.3	10.3	3.5	1.3	0.5	0.4	0.8	1.4	7.4

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SVN

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Statement Data

What is driving the margin?

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Working Capital Efficiency

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Cash Flow