VCC

Vinaconex 25 ·HNX ·2026Q1

▲▲ Improving positively

Price

9,600

Latest close

03 Jun 2026

P/E 8.20x

P/B 0.78x

EPS 1,171

BVPS 12,326

ROE 9.9%

ROA 2.1%

Profit Margin 1.6%

Asset Turnover 1.33x

Equity Mult. 4.64x

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

What Is Changing

On a TTM 2026Q1 basis, VCC is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have just broken out to a notably higher level. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,751bn
	                                
+57.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
+240.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,621.0	1,057.0	1,197.8	1,007.8	862.8
Growth	+53%	-12%	+19%	+17%	—
Net Income	20.0	7.5	8.3	8.4	7.3
Net Margin	1.24%	0.71%	0.69%	0.83%	0.84%

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	355.2	476.2	424.3	495.3	250.1	355.0	239.7	264.5	197.8	408.1	304.1	276.6
Growth	-25%	+12%	-14%	+98%	-30%	+48%	-9%	+34%	-52%	+34%	+10%	—
Net Income	4.7	7.9	6.9	8.6	1.6	5.0	1.4	0.3	0.7	3.1	1.8	2.0
Net Margin	1.32%	1.66%	1.63%	1.73%	0.62%	1.40%	0.58%	0.12%	0.37%	0.77%	0.60%	0.71%

Drivers of VCC's profit

TTM

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

Gross profit ↑ 43.9bn

Administrative expenses ↑ 14.5bn

Tax ↑ 9.3bn

Selling expenses ↑ 2.1bn

TTM

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

Gross profit ↑ 7.0bn

Financial income ↑ 2.8bn

Finance costs ↓ 0.5bn

Administrative expenses ↑ 2.0bn

Tax ↑ 1.9bn

Other profit ↓ 1.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.1% = 0.7% × 0.89 × 4.65

2026Q1 9.9% = 1.6% × 1.33 × 4.64

ROE rose from 3.1% to 9.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.6% +0.9pp Asset turnover: 1.33x +0.44x Leverage: 4.64x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.60%, rising 0.9pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.0pp).

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 1.60% +0.9pp

Gross Margin 8.29% −0.8pp

SG&A / Revenue 5.53% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 4.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 4.37%, rising 3.1pp. That translates to 4.37 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.97x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 4.37% +3.1pp

NOPAT Margin 1.49% +0.8pp

Capital Turnover 2.93x +0.97x

Average Invested Capital 596.7bn +31.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 3.84x equity, net debt at 1.18x equity.

Inventory ended the period at 531.2bn, roughly 37.7% of total assets.

Over the last 12 months, working capital absorbed 3.0bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +70.0bn

Inventories increased → lower CFO: −146.2bn

Payables increased → higher CFO: +73.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 83.4 days versus the same period last year. The main moves came from DIO fell 42.9 days, DSO fell 75.6 days, and DPO fell 35.1 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 158.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 88.4 days −75.6 days

Inventory 120.4 days −42.9 days

Payables 50.8 days −35.1 days

Cash Conversion Cycle 158.0 days −83.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.18x and interest coverage only at 2.24x.

At present, short-term debt accounts for 96.4% of total debt, cash equals 5.1% of debt, and total debt stands at 368.9bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.18x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 96.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.18x +0.17x

Interest Coverage 2.24x +1.66x

Cash / Debt 5.1% −7.2pp

Short-term Debt / Total Debt 96.4% −2.4pp

CFO / NI 0.58x −0.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 74.0bn in 2025, against investing cash flow of -73.3bn.

Post-investment cash flow was positive +0.7bn. Financing cash flow was positive +20.4bn.

CFO / net income was 0.58x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 16.3bn +9.1bn

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 effective tax rate looks unusual, with effective tax rate at 30.3%. The main risk still sits in leverage and liquidity, with interest coverage at 2.24x.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.18x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,621.0	1,057.0	1,197.8	1,007.8	862.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,621.0	1,057.0	1,197.8	1,007.8	862.8
Cost of Goods Sold	1,477.5	957.1	1,099.4	914.2	0.0
Gross Profit	143.5	99.9	98.4	93.6	88.7
Financial Income	3.1	5.9	7.1	7.5	3.9
Financial Expenses	17.2	17.2	22.0	19.1	-17.4
Interest Expense	17.2	17.2	22.0	19.1	-17.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	46.1	44.1	39.6	36.2	-34.1
General and Administrative Expenses	54.0	34.8	31.6	31.1	-30.9
Operating Profit	29.4	9.8	12.3	14.7	10.3
Other Income	7.9	1.8	1.4	0.7	0.0
Other Expenses	8.2	1.0	1.6	2.2	0.0
Other Profit	-0.3	0.8	-0.2	-1.6	0.0
Profit Before Tax	29.1	10.5	12.1	13.1	10.3
Current Income Tax Expense	9.0	3.1	3.8	4.8	-3.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	20.0	7.5	8.3	8.4	7.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	20.0	7.5	8.3	8.4	7.3
Earnings per Share	835.00	311.00	616.00	698.00	606.00
Diluted EPS	835.00	311.00	616.00	698.00	606.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,325.7	1,166.6	1,234.5	1,142.3	940.1
I. Cash and cash equivalents	50.1	29.1	38.2	26.4	37.2
1. Cash	50.1	23.1	37.7	26.4	0.0
2. Cash equivalents	—	6.0	0.6	0.0	0.0
II. Short-term financial investments	158.8	72.1	114.4	88.7	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	158.8	72.1	114.4	88.7	0.0
III. Short-term receivables	570.7	632.7	661.1	635.3	615.3
1. Short-term trade accounts receivable	482.2	533.8	557.0	550.2	0.0
2. Short-term prepayments to suppliers	37.6	17.8	26.4	30.7	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	0.0	0.0	0.0
6. Other short-term receivables	86.6	93.9	88.2	65.0	0.0
7. Provision for short-term doubtful debts (*)	-35.7	-12.8	-10.5	-10.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	531.2	423.3	411.9	379.5	275.9
1. Inventories	531.2	423.3	411.9	379.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	14.9	9.4	8.9	12.3	8.7
1. Short-term prepayments	6.9	3.5	3.7	3.6	0.0
2. Value added tax to be reclaimed	8.0	5.9	5.2	4.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	4.0	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)	82.3	65.9	50.5	50.0	56.0
I. Long-term receivables	13.0	5.6	0.7	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.6
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	13.0	5.6	0.7	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	32.7	22.4	32.1	36.4	43.2
1. Tangible fixed assets	13.2	14.9	24.6	35.0	41.7
- Cost	167.9	178.9	181.1	180.6	0.0
- Accumulated depreciation	-154.7	-163.9	-156.4	-145.6	0.0
2. Financial leased fixed assets	18.1	6.1	6.0	0.0	0.0
- Cost	22.2	7.4	6.3	0.0	0.0
- Accumulated depreciation	-4.2	-1.2	-0.3	0.0	0.0
3. Intangible fixed assets	1.4	1.4	1.4	1.4	1.4
- Cost	1.8	1.8	1.8	1.8	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	—	11.0	0.0	0.0	0.0
- Cost	—	11.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.2	1.8	1.3	0.8	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.2	1.8	1.3	0.8	0.0
V. Long-term financial investments	0.2	0.2	0.2	0.2	0.2
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	5.2	5.2	5.2	5.2	0.0
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	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	34.3	24.9	16.3	11.9	0.0
1. Long-term prepayments	34.3	24.9	16.3	11.9	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	12.0
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)	1,408.0	1,232.5	1,285.0	1,192.2	996.1
A. LIABILITIES (300=210+330)	1,116.8	961.4	1,013.0	1,040.2	845.3
I. Short -term liabilities	1,104.2	956.9	1,007.8	1,001.0	827.9
1. Short-term trade accounts payable	285.3	300.9	286.0	281.6	240.2
2. Short-term advances from customers	272.4	159.5	190.9	267.0	73.9
3. Taxes and other payables to state authorities	13.1	3.8	14.1	4.0	0.0
4. Payable to employees	49.7	27.0	33.4	46.7	0.0
5. Short-term acrrued expenses	21.1	41.1	43.2	47.9	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	0.0	0.0	0.0
9. Other short-term payables	172.0	161.3	164.5	159.9	0.0
10. Short-term borrowings and financial leases	279.9	253.7	266.2	191.5	240.3
11. Provision for short-term liabilities	10.4	9.4	9.2	1.9	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.4	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	12.7	4.5	5.2	39.2	17.4
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	12.3	4.3	5.2	39.2	17.4
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.4	0.3	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)	291.1	271.1	272.0	152.0	150.8
I. Owner's equity	291.1	271.1	272.0	152.0	0.0
1. Owner's capital	240.0	240.0	240.0	120.0	150.8
- Common stock with voting right	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.5	6.5	6.5	6.6	6.6
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	16.1	16.1	16.1	16.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.5	8.5	9.4	9.3	8.0
- Accumulated retained earning at the end of the previous period	8.5	1.0	1.1	0.9	0.7
- Undistributed earnings in this period	20.0	7.5	8.3	8.4	7.3
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)	1,408.0	1,232.5	1,285.0	1,192.2	996.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.1	10.5	12.1	13.1	10.3
Depreciation of Fixed Assets and Investment Property	7.8	10.7	11.5	11.9	15.1
Provision (Increase)/Reversal	24.1	2.7	3.6	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	-5.6	-6.2	-7.1	-7.5	0.0
Interest Expense	17.2	17.2	22.0	19.1	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	72.5	35.0	42.1	39.3	42.3
Increase/(Decrease) in Receivables	28.9	18.6	-28.3	-17.4	0.0
Increase/(Decrease) in Inventory	-97.6	-22.3	-32.1	-104.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	113.9	-21.0	-57.3	227.6	0.0
Increase/(Decrease) in Prepaid Expenses	-12.7	-8.5	-4.5	-0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-27.0	-30.5	-29.9	-27.4	0.0
Corporate Income Tax Paid	-4.0	-3.6	-3.9	-4.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.2	-0.5	0.0
Net Cash Flow from Operating Activities	74.0	-32.3	-114.1	112.6	24.5
Payments for Fixed Assets and Other Long-term Assets	-4.0	-0.8	-1.2	-4.3	-6.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	14.6	0.3	0.1	0.0	5.6
Loans and Purchases of Debt Instruments	-88.1	-28.0	-36.1	-85.8	-11.7
Receipts from Loan Repayments and Sale of Debt Instruments	1.8	70.2	10.4	5.0	36.7
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	2.4	4.5	6.7	0.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-73.3	46.2	-20.1	-84.4	28.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	120,000,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,006.2	777.0	1,086.2	1,004.0	760.6
Repayment of Borrowings	-982.8	-790.4	-1,051.4	-1,031.0	-790.6
Repayment of Finance Leases	-3.1	-1.3	-0.3	0.0	0.0
Dividends Paid	-0.0	-8.4	-8.4	-7.1	-17.9
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	20.4	-23.1	146.1	-34.1	-47.9
Net Cash Flow During the Period	21.0	-9.2	11.9	-5.9	19.3
Cash and Cash Equivalents at Beginning of Period	29.1	38.2	26.4	32.2	32.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	50.1	29.1	38.2	26.4	37.2

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	355.2	476.2	424.3	495.3	250.1	355.0	239.7	264.5	197.8	408.1	304.1	276.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	355.2	476.2	424.3	495.3	250.1	355.0	239.7	264.5	197.8	408.1	304.1	276.6
Cost of Goods Sold	327.6	437.2	384.9	456.0	229.6	324.4	217.0	237.0	178.6	379.2	279.4	251.3
Gross Profit	27.5	39.0	39.4	39.2	20.6	30.5	22.7	27.5	19.2	28.8	24.7	25.3
Financial Income	3.4	1.0	0.7	0.8	0.6	3.1	0.7	1.0	1.0	1.7	1.7	2.1
Financial Expenses	3.4	4.1	4.7	4.5	3.9	4.2	3.7	4.9	4.4	5.9	5.0	6.4
Interest Expense	3.4	4.1	4.7	4.5	3.9	4.2	3.7	4.9	4.4	5.9	5.0	6.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.5	10.1	13.8	12.9	9.3	11.0	11.5	13.4	8.2	9.5	11.6	11.0
General and Administrative Expenses	8.7	16.8	9.8	14.3	6.7	11.2	6.3	10.9	6.6	9.7	7.4	7.2
Operating Profit	8.3	9.1	11.7	8.3	1.3	7.2	1.8	-0.7	1.0	5.5	2.4	2.8
Other Income	1.7	6.6	-1.3	2.7	0.7	0.2	0.2	1.4	0.0	0.5	0.1	0.8
Other Expenses	2.9	2.6	1.2	0.1	0.0	0.8	0.1	0.0	0.0	1.5	0.0	0.1
Other Profit	-1.3	3.9	-2.5	2.6	0.7	-0.7	0.1	1.4	-0.0	-1.0	0.0	0.7
Profit Before Tax	7.0	13.1	9.2	11.0	1.9	6.5	1.9	0.7	1.0	4.6	2.4	3.5
Current Income Tax Expense	2.3	5.2	2.3	2.4	0.4	1.5	0.5	0.4	0.3	1.4	0.6	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.7	7.9	6.9	8.6	1.6	5.0	1.4	0.3	0.7	3.1	1.8	2.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.7	7.9	6.9	8.6	1.6	5.0	1.4	0.3	0.7	3.1	1.8	2.0
Earnings per Share	196.00	329.00	289.00	357.00	65.00	207.00	58.00	13.00	30.00	130.00	151.00	164.00
Diluted EPS	195.60	328.52	288.67	356.55	64.87	207.36	57.93	13.08	30.25	130.19	151.44	163.52

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)	1,327.4	1,337.0	1,240.6	1,195.8	1,171.2	1,179.3	1,209.2	1,189.1	1,209.9	1,232.1	1,190.8	1,230.8
I. Cash and cash equivalents	18.8	50.1	12.4	30.5	38.7	23.1	32.7	13.4	5.4	37.7	8.4	26.8
1. Cash	18.8	50.1	12.4	30.5	32.7	23.1	32.7	13.4	5.4	37.7	8.4	26.8
2. Cash equivalents	—	—	—	—	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	193.8	158.8	80.8	80.2	72.9	78.1	93.8	88.2	108.1	114.9	124.1	123.7
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	193.8	158.8	80.8	80.2	72.9	78.1	93.8	88.2	108.1	114.9	124.1	123.7
III. Short-term receivables	485.5	585.7	606.5	588.5	592.7	634.3	616.5	642.7	629.6	661.0	553.9	581.1
1. Short-term trade accounts receivable	368.7	488.0	504.4	487.0	479.2	533.8	509.5	530.2	517.8	557.1	455.4	482.4
2. Short-term prepayments to suppliers	59.8	37.6	27.1	26.1	30.1	17.8	21.0	28.9	30.1	26.4	32.4	37.4
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	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	92.7	92.3	100.3	98.9	96.2	95.8	96.5	94.0	92.3	88.2	76.8	71.8
7. Provision for short-term doubtful debts (*)	-35.7	-32.2	-25.4	-23.5	-12.8	-13.0	-10.5	-10.5	-10.5	-10.7	-10.6	-10.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	608.1	527.4	527.0	482.8	451.5	434.3	452.9	427.8	450.4	408.8	495.1	484.8
1. Inventories	608.1	527.4	527.0	482.8	451.5	434.3	452.9	427.8	450.4	408.8	495.1	484.8
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	21.2	14.9	14.1	13.8	15.3	9.4	13.2	17.0	16.4	9.6	9.3	14.4
1. Short-term prepayments	5.2	6.9	6.6	6.9	5.8	3.5	7.2	9.7	7.7	4.3	4.1	4.6
2. Value added tax to be reclaimed	8.6	8.0	7.5	6.6	6.1	5.9	5.6	5.4	5.3	5.2	5.2	5.5
3. Taxes and other receivables from state authorities	7.3	—	—	0.3	3.5	0.0	0.4	1.9	3.5	0.0	0.0	4.4
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)	77.5	76.6	69.2	82.5	64.2	53.1	53.1	58.5	50.1	49.8	49.0	43.9
I. Long-term receivables	14.3	7.3	6.4	6.4	5.9	3.8	0.8	0.8	0.7	0.7	0.7	0.8
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	14.3	7.3	6.4	6.4	5.9	3.8	0.8	0.8	0.7	0.7	0.7	0.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	30.7	32.7	32.6	34.7	20.6	22.4	24.8	27.3	29.1	32.1	34.7	31.2
1. Tangible fixed assets	12.1	13.2	12.2	13.5	13.3	14.9	17.0	19.3	21.9	24.6	27.1	29.8
- Cost	167.9	—	—	—	—	178.9	180.7	181.1	181.1	181.1	180.7	180.6
- Accumulated depreciation	-155.8	—	—	—	—	-163.9	-163.7	-161.8	-159.2	-156.4	-153.6	-150.8
2. Financial leased fixed assets	17.2	18.1	19.0	19.8	5.9	6.1	6.4	6.6	5.8	6.0	6.2	0.0
- Cost	22.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	11.0	11.0	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	2.5	2.2	3.3	1.4	2.4	1.8	1.3	1.3	1.3	1.3	1.3	0.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.5	2.2	3.3	1.4	2.4	1.8	1.3	1.3	1.3	1.3	1.3	0.8
V. Long-term financial investments	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0
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	29.9	34.3	26.7	28.8	24.1	24.9	26.0	28.9	18.9	15.6	12.2	10.9
1. Long-term prepayments	29.9	34.3	26.7	28.8	24.1	24.9	26.0	28.9	18.9	15.6	12.2	10.9
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)	1,404.9	1,413.5	1,309.8	1,278.3	1,235.4	1,232.4	1,262.3	1,247.6	1,260.0	1,281.9	1,239.8	1,274.7
A. LIABILITIES (300=210+330)	1,109.1	1,117.4	1,021.6	997.1	962.7	961.4	996.3	982.9	995.7	1,010.0	1,090.9	1,127.6
I. Short -term liabilities	1,095.6	1,104.8	1,007.9	982.7	958.8	957.1	991.7	977.8	991.2	1,003.6	1,065.9	1,107.8
1. Short-term trade accounts payable	208.8	285.7	257.7	296.1	238.6	300.9	242.5	267.1	235.9	286.0	235.8	252.8
2. Short-term advances from customers	307.9	272.3	195.7	163.4	198.5	159.5	173.6	143.1	191.8	190.9	238.2	299.1
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.7	14.3	8.8	4.2	0.7	3.8	1.8	1.0	0.4	14.1	9.3	5.8
4. Payable to employees	23.9	49.7	34.1	29.5	21.7	27.0	16.1	18.0	16.9	33.6	21.4	21.8
5. Short-term acrrued expenses	12.1	20.1	26.8	45.4	18.2	41.1	48.5	35.9	43.9	40.0	42.9	40.0
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	172.5	172.0	168.7	163.0	161.5	161.3	167.1	167.1	174.5	164.5	165.7	174.7
10. Short-term borrowings and financial leases	355.4	279.9	304.2	271.4	309.8	253.7	332.8	336.5	318.6	265.0	346.6	312.0
11. Provision for short-term liabilities	11.9	10.4	11.7	9.6	9.5	9.7	9.1	8.9	9.0	9.2	5.6	1.4
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
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	13.5	12.7	13.7	14.5	3.9	4.3	4.6	5.1	4.5	6.5	24.9	19.7
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	13.5	12.3	13.3	14.5	3.9	4.3	4.6	5.1	4.5	6.5	24.9	19.7
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	—	0.4	0.4	—	—	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)	295.8	296.1	288.2	281.2	272.6	271.0	266.0	264.6	264.3	271.9	148.9	147.1
I. Owner's equity	295.8	296.1	288.2	281.2	272.6	271.0	266.0	264.6	264.3	271.9	148.9	147.1
1. Owner's capital	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	120.0	120.0
- Common stock with voting right	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.6	6.6
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	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	33.2	33.5	25.6	18.6	10.0	8.4	3.4	2.0	1.7	9.3	6.1	4.4
- Accumulated retained earning at the end of the previous period	28.5	8.5	8.5	8.5	8.5	1.0	1.0	1.0	1.0	1.1	1.1	1.1
- Undistributed earnings in this period	4.7	25.0	17.2	10.1	1.6	7.4	2.4	1.0	0.7	8.2	5.1	3.3
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)	1,404.9	1,413.5	1,309.8	1,278.3	1,235.4	1,232.4	1,262.3	1,247.6	1,260.0	1,281.9	1,239.8	1,274.7

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	7.0	6.9	9.2	11.1	1.9	6.5	1.9	1.0	1.0	4.7	2.4	3.4
Depreciation of Fixed Assets and Investment Property	2.0	1.6	2.3	2.3	1.6	2.4	2.8	2.9	2.7	3.1	2.7	2.9
Provision (Increase)/Reversal	-1.1	11.5	2.0	10.8	-0.2	0.5	0.3	-0.6	0.2	7.3	-4.8	1.1
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	-3.4	-3.5	0.4	-1.8	-0.6	-3.1	-0.7	-1.3	-1.0	-1.8	-1.6	-2.2
Interest Expense	3.4	4.1	4.7	4.5	3.9	4.2	3.7	4.9	4.4	5.9	5.0	6.4
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	-0.3	0.3	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.9	20.5	18.6	27.0	6.5	10.6	8.0	6.6	7.7	19.1	3.7	11.6
Increase/(Decrease) in Receivables	77.2	26.3	-27.8	-5.7	36.1	-24.6	29.2	-12.8	28.0	-113.2	23.3	34.6
Increase/(Decrease) in Inventory	-76.9	6.1	-50.5	-24.9	-28.3	18.6	-24.5	22.0	-38.5	83.4	-5.8	-36.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.3	115.0	-6.9	57.4	-51.6	49.8	5.9	-17.9	-74.0	34.2	-70.2	20.8
Increase/(Decrease) in Prepaid Expenses	-1.7	-7.9	2.4	-5.7	-1.5	4.7	5.4	-12.1	-6.6	-3.7	-0.8	-0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.3	-13.9	-0.1	-9.1	-3.9	-4.2	-0.0	-8.6	-4.4	-13.8	-1.4	-7.9
Corporate Income Tax Paid	-9.0	0.0	-0.9	-0.0	-3.1	0.0	0.0	-0.0	-3.6	0.1	-0.1	-0.2
Other Operating Receipts	0.4	—	—	—	—	0.4	4.4	-0.2	0.2	-1.8	1.8	-0.2
Other Operating Payments	-1.5	—	-6.2	—	0.8	-5.0	-4.0	-0.1	0.1	2.3	-2.4	0.3
Net Cash Flow from Operating Activities	-102.2	145.9	-65.2	37.7	-44.5	50.4	24.4	-23.1	-91.1	6.6	-51.9	21.5
Payments for Fixed Assets and Other Long-term Assets	—	-0.7	-2.2	0.3	-1.4	-0.0	-0.2	-0.1	0.0	-0.8	-0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	-4.4	13.6	0.0	0.6	0.4	0.0	0.1	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-1.7	-82.2	-2.6	-1.5	-1.9	-0.5	-24.3	-22.6	-1.2	-0.7	-0.4	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.5	0.6	0.7	16.9	19.2	43.6	6.4	10.4	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	3.4	0.3	-0.5	2.0	0.6	3.1	0.5	1.4	1.0	1.4	1.7	3.5
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	-2.7	-68.9	-4.8	2.1	-1.6	19.4	-4.7	22.4	6.1	10.2	1.3	-11.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	120,000,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	229.7	-164.0	707.2	137.1	325.9	204.2	288.3	145.2	283.8	222.5	275.4	282.2
Repayment of Borrowings	-154.9	125.8	-660.3	-178.5	-0.2	-283.7	-292.1	-127.8	-231.4	-322.8	-241.2	-282.3
Repayment of Finance Leases	-1.1	-1.1	-1.1	-0.6	-0.4	0.0	3.5	-0.3	-0.3	-6.7	6.3	0.0
Dividends Paid	—	-0.0	0.0	-0.0	-0.0	0.0	0.0	-8.4	-0.0	-0.0	-8.4	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	73.7	-39.3	45.9	-42.0	55.8	-79.5	-0.4	8.7	52.1	13.0	32.2	-0.1
Net Cash Flow During the Period	-31.2	37.7	-24.1	-2.2	9.6	-9.7	19.3	8.1	-32.9	29.9	-18.4	9.8
Cash and Cash Equivalents at Beginning of Period	50.1	12.4	36.5	38.7	29.1	38.2	38.2	38.2	38.2	26.4	26.4	26.4
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	18.8	50.1	12.4	36.5	38.7	23.1	32.7	13.4	5.4	38.2	8.4	26.8

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VCC

What Is Changing

Drivers of VCC's profit

Financial Highlights

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What is driving the margin? ▲

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Balance Sheet ●

Working Capital Efficiency ▲

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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