VAV

VIWACO ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 13.14%, −8.76pp YoY

Price

33,600

Latest close

02 Jun 2026

P/E 9.77x

P/B 1.83x

EPS 3,438

BVPS 18,405

ROE 17.8%

ROA 12.0%

Profit Margin 13.1%

Asset Turnover 0.91x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, VAV is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,118bn
	                                
+4.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 147bn
	                                
−37.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,120.4	1,071.3	838.6	675.5	650.4
Growth	+5%	+28%	+24%	+4%	—
Net Income	180.2	230.4	108.2	87.2	77.9
Net Margin	16.08%	21.51%	12.90%	12.92%	11.97%

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	240.6	308.2	277.9	291.2	238.2	301.8	268.2	266.7	223.8	249.0	232.4	187.4
Growth	-22%	+11%	-5%	+22%	-21%	+13%	+1%	+19%	-10%	+7%	+24%	—
Net Income	28.2	52.9	29.6	36.3	54.2	74.6	59.8	46.8	39.8	34.2	40.5	11.0
Net Margin	11.71%	17.17%	10.64%	12.46%	22.77%	24.73%	22.28%	17.54%	17.77%	13.72%	17.42%	5.90%

Drivers of VAV's profit

TTM

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

Tax ↓ 21.9bn

Gross profit ↓ 121.4bn

TTM

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

Tax ↓ 6.5bn

Gross profit ↓ 34.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 35.4% = 21.9% × 1.07 × 1.51

2026Q1 17.8% = 13.1% × 0.91 × 1.49

ROE fell from 35.4% to 17.8% — all three components weakened, with asset turnover being the main drag.

Net margin: 13.1% -8.8pp Asset turnover: 0.91x -0.16x Leverage: 1.49x -0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 13.14%, losing 8.8pp. The main pressure is Gross margin fell 12.1pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with additional support from Net financial result / Revenue rose 0.6pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 13.14% −8.8pp

Gross Margin 19.79% −12.1pp

SG&A / Revenue 4.77% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 30.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 30.79%, losing 25.0pp. That translates to 30.79 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.7pp and capital turnover fell 0.21x, while invested capital rose by 56bn — pressure came from both operational efficiency and asset efficiency.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 30.79% −25.0pp

NOPAT Margin 13.14% −8.7pp

Capital Turnover 2.34x −0.21x

Average Invested Capital 477.0bn +56.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.55x equity, with a net cash position equivalent to 0.38x equity.

Over the last 12 months, working capital released 32.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +15.7bn

Inventories increased → lower CFO: −21.7bn

Payables increased → higher CFO: +38.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.2 days versus the same period last year. The main moves came from DIO rose 2.7 days, DSO fell 1.5 days, and DPO rose 8.4 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Inventory turnover is slowing

DIO increased by +2.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 2.9 days −1.5 days

Inventory 11.0 days +2.7 days

Payables 60.5 days +8.4 days

Cash Conversion Cycle -46.7 days −7.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 140.4bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.38x and interest coverage at 35.11x.

At present, short-term debt accounts for 14.9% of total debt, cash equals 334.6% of debt, and total debt stands at 141.4bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.38x +0.10x

Interest Coverage 35.11x −3.25x

Cash / Debt 334.6% −99.2pp

Short-term Debt / Total Debt 14.9% −4.3pp

CFO / NI 1.45x +0.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 140.4bn in 2025, against investing cash flow of -217.5bn.

Post-investment cash flow was negative +77.1bn. Financing cash flow was negative +2.6bn.

CFO / net income was 1.45x.

After spending +206.6bn on fixed-asset investment, the business generated trailing free cash flow of +7.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 213.7bn −64.7bn

Cash Capex 206.6bn +148.7bn

FCF TTM +7.1bn −213.4bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 8.8 pp. The next watchpoint is capital efficiency, with ROIC at 30.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.45x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.45x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 13.14% after a 8.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,120.4	1,071.3	838.6	675.5	650.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,120.4	1,071.3	838.6	675.5	650.4
Cost of Goods Sold	866.8	727.5	660.6	533.3	0.0
Gross Profit	253.6	343.8	178.0	142.2	123.7
Financial Income	20.4	13.1	10.7	4.9	5.5
Financial Expenses	6.9	9.8	13.8	13.4	-11.2
Interest Expense	6.9	9.8	13.8	13.4	-11.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.8	23.7	24.3	20.2	-24.5
General and Administrative Expenses	20.5	30.8	23.7	17.0	-12.6
Operating Profit	226.8	292.6	126.9	96.4	80.9
Other Income	0.3	0.6	1.0	3.1	0.0
Other Expenses	0.2	0.0	0.4	0.0	0.0
Other Profit	0.0	0.5	0.5	3.1	6.2
Profit Before Tax	226.9	293.1	127.4	99.5	87.1
Current Income Tax Expense	45.6	62.0	17.2	12.1	-9.3
Deferred Income Tax Expense	1.1	0.7	1.9	0.1	0.0
Net Income	180.2	230.4	108.2	87.2	77.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	180.2	230.4	108.2	87.2	77.9
Earnings per Share	3,754.00	7,200.00	3,382.00	2,727.00	4,273.00
Diluted EPS	3,754.00	7,200.00	3,382.00	2,727.00	2,433.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	618.4	574.8	348.4	247.0	215.5
I. Cash and cash equivalents	410.4	490.1	212.8	165.0	103.1
1. Cash	7.2	19.6	22.9	17.0	0.0
2. Cash equivalents	403.2	470.5	189.9	148.0	0.0
II. Short-term financial investments	66.0	45.0	93.0	42.0	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	66.0	45.0	93.0	42.0	0.0
III. Short-term receivables	27.4	22.2	27.1	20.7	93.9
1. Short-term trade accounts receivable	26.3	24.0	24.2	14.0	0.0
2. Short-term prepayments to suppliers	7.6	2.9	5.1	4.1	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	—	2.0	2.0	0.0	0.0
6. Other short-term receivables	1.6	1.3	3.9	8.0	0.0
7. Provision for short-term doubtful debts (*)	-8.0	-8.0	-8.0	-5.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	98.5	17.0	14.9	18.5	16.4
1. Inventories	99.3	17.8	15.7	19.3	0.0
2. Provision for decline in value of inventories	-0.8	-0.8	-0.8	-0.8	0.0
V. Other short-term assets	16.1	0.5	0.6	0.7	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	16.1	0.5	0.6	0.7	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)	706.7	539.1	524.2	539.3	541.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	448.7	495.5	512.7	515.5	497.3
1. Tangible fixed assets	430.7	480.7	501.0	503.0	483.8
- Cost	1,068.2	1,054.4	1,015.3	958.1	0.0
- Accumulated depreciation	-637.6	-573.7	-514.3	-455.1	0.0
2. Financial leased fixed assets	10.0	10.9	11.7	12.4	13.2
- Cost	45.2	45.2	45.2	45.2	0.0
- Accumulated depreciation	-35.2	-34.4	-33.6	-32.9	0.0
3. Intangible fixed assets	8.0	4.0	0.0	0.1	0.3
- Cost	13.0	8.2	4.1	4.1	0.0
- Accumulated depreciation	-5.0	-4.2	-4.1	-4.0	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	225.4	23.0	11.3	22.9	42.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	225.4	23.0	11.3	22.9	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	32.6	20.6	0.2	0.9	0.0
1. Long-term prepayments	32.6	20.6	0.2	0.7	0.0
2. Deferred income tax assets	—	0.0	0.1	0.2	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	2.2
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)	1,325.1	1,114.0	872.6	786.3	757.0
A. LIABILITIES (300=210+330)	469.8	400.5	351.1	334.6	351.0
I. Short -term liabilities	346.0	313.4	238.3	182.8	170.4
1. Short-term trade accounts payable	186.8	146.3	114.2	86.8	81.9
2. Short-term advances from customers	14.3	17.8	19.8	24.7	23.7
3. Taxes and other payables to state authorities	26.4	31.8	13.7	7.3	0.0
4. Payable to employees	64.0	60.2	41.0	21.7	0.0
5. Short-term acrrued expenses	15.9	12.1	10.0	8.9	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	0.4	0.7	0.7
9. Other short-term payables	11.5	17.9	10.8	6.3	0.0
10. Short-term borrowings and financial leases	27.0	27.0	27.9	24.1	5.7
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.0
12.. Bonus and welfare fund	—	0.2	0.5	2.2	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	123.8	87.1	112.8	151.8	180.5
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	0.4	1.1
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	120.3	84.7	111.0	151.5	179.4
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	3.4	2.4	1.8	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)	855.3	713.5	521.5	451.7	406.0
I. Owner's equity	855.3	713.5	521.5	451.7	0.0
1. Owner's capital	480.0	320.0	320.0	320.0	406.0
- Common stock with voting right	479,999,950,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00
- 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	—	0.0	0.0	0.0	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	375.3	393.5	201.5	131.7	86.0
- Accumulated retained earning at the end of the previous period	195.1	163.1	93.3	44.4	8.0
- Undistributed earnings in this period	180.2	230.4	108.2	87.2	78.0
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)	1,325.1	1,114.0	872.6	786.3	757.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	226.9	293.1	127.4	99.5	39.0
Depreciation of Fixed Assets and Investment Property	65.5	63.4	60.0	58.4	27.3
Provision (Increase)/Reversal	—	0.0	0.0	2.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-20.4	-13.1	-10.7	-4.9	0.0
Interest Expense	6.9	9.8	13.8	13.4	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	278.9	353.3	190.5	169.0	69.5
Increase/(Decrease) in Receivables	-17.7	5.0	-4.3	21.7	0.0
Increase/(Decrease) in Inventory	-81.5	-2.1	3.6	-2.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.0	38.6	48.5	-9.7	0.0
Increase/(Decrease) in Prepaid Expenses	-12.1	-20.4	0.5	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.9	-9.8	-13.8	-13.6	0.0
Corporate Income Tax Paid	-51.2	-45.5	-12.4	-14.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.3	-1.7	-1.6	0.0
Net Cash Flow from Operating Activities	140.4	318.7	211.0	150.0	54.1
Payments for Fixed Assets and Other Long-term Assets	-216.9	-38.1	-45.8	-49.5	-40.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-21.0	0.0	-53.0	-40.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	48.0	0.0	43.0	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	20.4	13.1	10.7	8.0	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	-217.5	24.1	-88.1	-38.5	-39.7
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	63.1	0.0	4.1	15.0	22.4
Repayment of Borrowings	-26.5	-26.4	-40.1	-23.8	-8.9
Repayment of Finance Leases	-0.9	-0.8	-0.7	-0.8	-0.4
Dividends Paid	-38.4	-38.4	-38.4	-40.0	-40.0
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	-2.6	-65.5	-75.1	-49.6	-26.9
Net Cash Flow During the Period	-79.7	277.3	47.8	61.9	0.0
Cash and Cash Equivalents at Beginning of Period	490.1	212.8	165.0	103.1	93.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	410.4	490.1	212.8	165.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	240.6	308.2	277.9	291.2	238.2	301.8	268.2	266.7	223.8	249.0	232.4	187.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	240.6	308.2	277.9	291.2	238.2	301.8	268.2	266.7	223.8	249.0	232.4	187.4
Cost of Goods Sold	197.6	244.5	225.7	228.8	161.0	203.3	177.5	190.4	160.7	197.8	170.0	163.4
Gross Profit	43.0	63.7	52.2	62.3	77.2	98.4	90.7	76.3	63.1	51.1	62.4	23.9
Financial Income	5.8	8.4	2.2	4.9	4.9	4.5	3.2	4.0	2.9	1.7	2.3	2.1
Financial Expenses	1.2	1.2	1.3	1.5	1.6	1.9	2.0	2.2	2.4	2.6	3.0	3.3
Interest Expense	1.2	1.2	1.3	1.5	1.6	1.9	2.0	2.2	2.4	2.6	3.0	3.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.3	0.6	11.5	13.1	7.9	2.8	12.3	11.1	9.6	4.2	12.3	6.0
General and Administrative Expenses	4.1	3.9	4.6	7.3	4.8	5.3	5.0	8.5	4.3	6.0	4.5	4.6
Operating Profit	35.2	66.3	37.0	45.3	67.8	92.9	74.6	58.5	49.7	39.8	45.0	12.3
Other Income	—	0.3	—	—	—	0.5	0.1	0.0	1.2	0.7	0.0	0.1
Other Expenses	0.0	0.2	—	—	0.0	0.0	0.0	0.0	1.2	1.1	0.0	0.0
Other Profit	-0.0	0.0	—	—	-0.0	0.5	0.1	0.0	0.0	-0.3	-0.0	0.1
Profit Before Tax	35.2	66.4	37.0	45.3	67.8	93.4	74.7	58.5	49.7	39.5	45.0	12.4
Current Income Tax Expense	7.0	13.5	7.4	9.1	13.6	18.7	14.9	11.7	9.9	5.2	4.5	1.3
Deferred Income Tax Expense	—	—	—	—	—	0.1	0.0	0.0	0.0	0.1	0.0	0.0
Net Income	28.2	52.9	29.6	36.3	54.2	74.6	59.8	46.8	39.8	34.2	40.5	11.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.2	52.9	29.6	36.3	54.2	74.6	59.8	46.8	39.8	34.2	40.5	11.0
Earnings per Share	587.00	1,102.00	616.00	1,133.00	1,695.00	2,332.00	1,867.00	1,462.00	1,242.00	1,067.00	1,265.00	345.00
Diluted EPS	587.00	1,102.00	616.00	1,133.00	1,695.00	7,011.00	1,867.00	1,462.00	1,242.00	1,067.00	1,265.00	345.00

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)	603.6	613.9	666.1	623.7	574.9	575.1	462.6	408.1	384.2	342.4	332.0	275.4
I. Cash and cash equivalents	473.1	426.3	491.6	445.4	475.0	490.1	382.7	281.7	254.4	263.8	249.2	193.7
1. Cash	168.4	7.2	15.1	22.9	15.5	19.6	69.7	31.7	59.5	22.9	32.8	23.7
2. Cash equivalents	304.7	419.1	476.5	422.5	459.5	470.5	313.0	250.0	194.9	240.9	216.4	170.0
II. Short-term financial investments	66.0	50.0	50.0	45.0	45.0	45.0	45.0	93.0	93.0	42.0	42.0	42.0
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	66.0	50.0	50.0	45.0	45.0	45.0	45.0	93.0	93.0	42.0	42.0	42.0
III. Short-term receivables	15.4	23.0	43.2	38.7	39.5	22.8	15.2	16.3	20.5	21.0	24.8	19.0
1. Short-term trade accounts receivable	7.8	21.7	11.9	23.0	9.9	24.1	12.2	13.9	15.8	15.3	15.2	13.3
2. Short-term prepayments to suppliers	10.8	7.6	33.9	14.2	34.2	3.2	7.8	6.7	5.5	5.1	3.5	3.0
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	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0
6. Other short-term receivables	4.8	1.8	3.4	7.4	1.5	1.5	1.3	1.6	5.2	4.0	9.4	8.0
7. Provision for short-term doubtful debts (*)	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-5.3	-5.3	-5.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	37.1	98.5	76.6	91.7	15.4	16.9	19.7	17.1	16.4	14.9	15.7	17.7
1. Inventories	37.9	99.2	77.4	92.4	16.1	17.6	20.5	17.8	17.1	15.7	16.5	18.5
2. Provision for decline in value of inventories	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
V. Other short-term assets	12.0	16.0	4.6	2.9	—	0.3	0.0	0.0	0.0	0.6	0.2	3.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	12.0	16.0	4.6	2.9	—	0.3	0.0	0.0	0.0	0.6	0.2	3.0
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)	753.2	697.1	567.4	528.1	523.2	517.8	516.4	522.5	523.1	525.0	523.1	526.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	431.9	448.5	449.7	466.2	480.3	480.6	487.5	498.4	500.3	505.3	498.6	505.1
1. Tangible fixed assets	414.8	430.7	436.1	452.0	466.1	465.7	476.7	487.1	489.1	493.6	486.9	493.0
- Cost	1,068.2	—	—	—	—	1,039.5	1,034.6	1,029.3	1,015.7	1,007.2	985.6	977.3
- Accumulated depreciation	-653.5	—	—	—	—	-573.8	-557.9	-542.2	-526.6	-513.7	-498.6	-484.3
2. Financial leased fixed assets	9.5	10.0	10.0	10.5	10.4	10.9	10.8	11.3	11.2	11.7	11.6	12.0
- Cost	45.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-35.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.6	7.9	3.6	3.7	3.8	4.0	0.0	0.0	0.0	0.0	0.1	0.1
- Cost	13.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	32.8	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	292.6	222.4	93.9	43.4	24.1	0.0	21.3	23.9	22.6	19.5	24.2	21.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	292.6	222.4	93.9	43.4	24.1	0.0	21.3	23.9	22.6	19.5	24.2	21.0
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	28.7	26.1	23.8	18.5	18.8	4.5	7.6	0.2	0.2	0.2	0.4	0.5
1. Long-term prepayments	28.7	26.1	23.8	18.5	18.8	4.5	7.5	0.1	0.1	0.2	0.1	0.3
2. Deferred income tax assets	—	—	—	—	—	0.0	0.1	0.1	0.1	0.1	0.2	0.2
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)	1,356.8	1,310.9	1,233.5	1,151.8	1,098.1	1,092.9	979.0	930.5	907.3	867.4	855.1	802.0
A. LIABILITIES (300=210+330)	473.4	463.3	438.8	386.2	330.4	385.5	346.2	360.9	346.0	350.9	372.8	357.6
I. Short -term liabilities	349.6	340.5	301.5	271.6	239.6	301.0	242.8	248.1	233.3	240.5	231.0	205.7
1. Short-term trade accounts payable	199.3	186.8	142.2	127.1	98.1	144.7	76.2	108.9	110.9	113.4	120.5	122.5
2. Short-term advances from customers	16.0	14.4	16.5	16.3	15.1	17.9	18.4	19.0	20.4	19.8	21.0	23.0
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.4	24.4	19.1	20.9	20.8	25.4	23.2	19.1	13.7	10.8	10.2	6.8
4. Payable to employees	64.4	64.0	82.0	73.0	60.8	60.7	75.5	58.9	44.2	49.5	43.0	22.4
5. Short-term acrrued expenses	20.4	15.9	11.9	10.0	10.5	14.8	17.3	14.8	9.4	8.3	8.7	9.3
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	0.4	0.4	0.4	0.4	0.7	0.7
9. Other short-term payables	11.3	7.8	8.5	9.9	13.0	7.9	13.1	11.7	12.0	9.2	6.6	8.7
10. Short-term borrowings and financial leases	21.0	27.0	21.2	14.3	21.0	29.3	18.5	15.0	21.8	28.5	19.5	11.6
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
12.. Bonus and welfare fund	—	—	—	—	0.0	0.2	0.2	0.3	0.4	0.5	0.5	0.7
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	123.8	122.8	137.3	114.6	90.8	84.5	103.3	112.8	112.8	110.3	141.8	151.8
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	0.4	0.4
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	120.3	120.3	134.9	112.2	88.5	82.3	101.1	111.0	111.0	110.3	141.4	151.5
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	3.4	2.4	2.4	2.4	2.4	2.2	2.2	1.8	1.8	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)	883.4	847.6	794.7	765.6	767.7	707.4	632.8	569.6	561.3	516.5	482.3	444.4
I. Owner's equity	883.4	847.6	794.7	765.6	767.7	707.4	632.8	569.6	561.3	516.5	482.3	444.4
1. Owner's capital	480.0	480.0	480.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0
- Common stock with voting right	479,999,950,000.00	479,999,950,000.00	479,999,950,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	403.4	367.6	314.7	445.6	447.7	387.4	312.8	249.6	241.3	196.5	162.3	124.4
- Accumulated retained earning at the end of the previous period	375.3	195.1	195.1	355.1	393.5	163.1	163.1	163.1	201.5	93.3	93.3	93.3
- Undistributed earnings in this period	28.2	172.5	119.6	90.5	54.2	224.3	149.7	86.5	39.8	103.2	69.1	31.1
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)	1,356.8	1,310.9	1,233.5	1,151.8	1,098.1	1,092.9	979.0	930.5	907.3	867.4	855.1	802.0

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	35.2	77.0	37.0	45.1	67.8	93.4	74.7	63.1	49.7	49.9	45.0	10.2
Depreciation of Fixed Assets and Investment Property	16.8	16.4	16.5	15.9	16.7	15.9	16.3	15.4	16.0	15.6	14.8	14.5
Provision (Increase)/Reversal	—	—	—	—	—	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	-5.8	-8.4	-2.2	-4.9	-4.9	-4.5	-3.2	-2.5	-2.9	-1.7	-2.3	-3.4
Interest Expense	1.2	2.4	0.7	2.1	1.6	3.2	1.4	2.9	2.4	4.1	2.3	4.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	47.4	87.4	52.0	58.2	81.3	108.0	89.1	78.9	65.2	68.0	59.8	25.3
Increase/(Decrease) in Receivables	16.1	7.3	-18.6	10.9	-17.3	-9.8	14.3	-6.5	6.6	-16.6	14.0	-4.3
Increase/(Decrease) in Inventory	61.4	-21.9	14.2	-75.5	1.7	2.8	-2.6	-0.7	-1.5	0.8	1.9	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-11.5	35.8	-7.2	21.4	-19.1	32.5	-25.7	25.8	-5.0	10.3	-4.6	36.9
Increase/(Decrease) in Prepaid Expenses	-4.0	-8.8	-5.3	3.8	-1.8	3.0	-3.8	-3.5	-0.1	0.3	-0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.2	-1.8	-1.3	-2.1	-1.6	-2.5	-2.0	-2.9	-2.4	-4.1	-2.3	-4.0
Corporate Income Tax Paid	-15.0	-8.0	-10.0	-10.0	-23.2	-15.0	-13.0	-7.5	-10.0	-5.2	-2.7	-2.3
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	-0.1	0.0	-0.1	-0.2	-0.0	-0.2	0.0	-1.5
Net Cash Flow from Operating Activities	93.2	90.1	23.8	6.7	19.9	119.0	56.1	83.4	52.8	53.4	65.9	49.7
Payments for Fixed Assets and Other Long-term Assets	-27.4	-155.2	-4.3	-19.7	-37.7	-5.9	0.3	-14.6	-8.0	-18.3	-11.9	-13.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	-1.2	0.0	1.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-16.0	0.0	-5.0	—	0.0	0.0	0.0	0.0	-51.0	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	48.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.0	8.4	2.2	4.9	4.9	4.5	3.2	2.5	2.9	1.7	3.6	2.1
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	-24.5	-162.7	-2.1	-19.9	-32.8	-2.6	3.5	37.1	-5.2	-67.6	-8.3	-13.1
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	—	0.0	75.3	-16.0	3.8	0.0	0.0	0.0	0.0	0.0	4.1	0.0
Repayment of Borrowings	-6.0	-8.3	-17.8	5.5	-6.0	-8.5	-6.7	-6.4	-6.1	-21.6	-6.3	-6.1
Repayment of Finance Leases	—	-0.4	-0.4	—	—	-0.4	0.0	-0.4	0.0	-0.5	0.0	-0.3
Dividends Paid	—	160.0	-160.0	-38.4	—	0.0	0.0	-38.4	-0.0	0.0	0.0	-38.4
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	-6.0	-8.7	29.6	-21.4	-2.2	-8.9	-6.7	-45.2	-6.1	-22.1	-2.2	-44.7
Net Cash Flow During the Period	62.7	-81.3	51.2	-34.6	-15.1	107.4	52.9	75.3	41.6	-36.3	55.4	-8.2
Cash and Cash Equivalents at Beginning of Period	410.4	491.6	440.4	475.0	490.1	212.8	212.8	212.8	212.8	165.0	165.0	165.0
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	473.1	410.4	491.6	440.4	475.0	490.1	382.7	329.7	254.4	212.8	249.2	193.7

Explore Other Stocks In The Same Sector

BWE, DNW, BWS, DNP, DNN, TDM, HPW, HWS, PMW, KHW, CTW, LDW, DWC, VLW, NNT, NQN, THN, TDW, CLW, NBT, DWS, HDW, BTW, GDW, QNW, BDW, TOW, BNW, TBW, NBW, NDW, LAW, PWS, PJS, STW, NAW, NS2, CMW, TNW, NTW, BGW, NLS, NVP, GLW, NQB, LKW, THW, DVW, SII, TAW, VPW, NSL, TQW, DKW, BWA

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

VAV

What Is Changing

Drivers of VAV'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