VCM

BV Life ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 11.54%, +8.29pp YoY

Price

7,400

Latest close

02 Jun 2026

P/E 1.32x

P/B 0.37x

EPS 5,605

BVPS 19,944

ROE 21.9%

ROA 17.5%

Profit Margin 11.1%

Asset Turnover 1.58x

Equity Mult. 1.25x

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

What Is Changing

On a TTM 2026Q1 basis, VCM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 308bn
	                                
+319.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 35bn
	                                
+1387.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.09x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	178.3	58.7	24.9	18.2	29.0
Growth	+204%	+136%	+37%	-37%	—
Net Income	31.3	3.6	0.9	0.2	0.8
Net Margin	17.58%	6.06%	3.45%	1.25%	2.88%

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	155.3	32.0	78.7	41.6	26.0	5.2	25.0	17.1	11.4	11.7	3.0	7.1
Growth	+386%	-59%	+89%	+60%	+397%	-79%	+46%	+51%	-3%	+285%	-57%	—
Net Income	4.4	-2.1	31.4	1.8	0.3	0.1	1.1	1.0	1.6	0.5	0.0	0.0
Net Margin	2.82%	-6.62%	39.95%	4.29%	1.02%	0.99%	4.36%	5.72%	13.75%	4.04%	0.77%	0.12%

Drivers of VCM's profit

TTM

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

Gross profit ↑ 51.8bn

Tax ↑ 10.0bn

Selling expenses ↑ 5.2bn

Administrative expenses ↑ 3.4bn

TTM

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

Gross profit ↑ 14.1bn

Selling expenses ↑ 4.7bn

Tax ↑ 2.8bn

Other profit ↓ 2.2bn

Administrative expenses ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 3.2% × 0.80 × 1.30

2026Q1 22.8% = 11.5% × 1.58 × 1.25

ROE rose from 3.4% to 22.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 11.5% +8.3pp Asset turnover: 1.58x +0.78x Leverage: 1.25x -0.05x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 11.54%, rising 8.3pp. The main driver is Gross margin rose 8.1pp and SG&A / Revenue fell 4.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 0.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 11.54% +8.3pp

Gross Margin 19.56% +8.1pp

SG&A / Revenue 4.98% −4.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 11.43% +8.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.21x equity, with a net cash position equivalent to 0.05x equity.

Inventory ended the period at 45.6bn, roughly 15.9% of total assets.

Over the last 12 months, working capital released 30.4bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +11.3bn

Inventories decreased → higher CFO: +6.9bn

Payables increased → higher CFO: +12.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 40.7 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO fell 50.3 days, and DPO fell 5.4 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +4.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 34.1 days −50.3 days

Inventory 47.4 days +4.1 days

Payables 13.8 days −5.4 days

Cash Conversion Cycle 67.6 days −40.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 120.1bn due to capex of 15.0bn — an investment choice, not an urgent risk.

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 -0.05x −0.23x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -3.09x +7.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -119.1bn in 2025, against investing cash flow of 76.2bn.

Post-investment cash flow was negative +43.0bn. Financing cash flow was positive +58.3bn.

CFO / net income was -3.09x.

After spending +15.0bn on fixed-asset investment, the business generated trailing free cash flow of −120.1bn.

Cash Conversion

CFO TTM 105.1bn −79.3bn

Cash Capex 15.0bn +14.8bn

FCF TTM −120.1bn −94.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 8.3 pp. The next item to monitor is capital efficiency. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.54% after expanding 8.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 120.1bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	178.3	58.7	24.9	18.2	29.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	178.3	58.7	24.9	18.2	29.0
Cost of Goods Sold	132.2	49.1	20.3	14.5	0.0
Gross Profit	46.0	9.6	4.7	3.7	5.9
Financial Income	2.1	1.3	2.2	1.8	1.8
Financial Expenses	0.3	0.2	0.2	0.2	-0.0
Interest Expense	0.3	0.2	0.1	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.1	1.4	1.0	0.8	-0.9
General and Administrative Expenses	6.8	4.9	4.9	6.4	-5.7
Operating Profit	38.9	4.4	0.9	-1.9	1.0
Other Income	0.6	0.2	0.5	2.1	0.0
Other Expenses	0.2	0.0	0.2	0.0	0.0
Other Profit	0.4	0.1	0.3	2.1	-0.0
Profit Before Tax	39.3	4.5	1.1	0.3	1.0
Current Income Tax Expense	8.0	0.9	0.3	0.1	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.3	3.6	0.9	0.2	0.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.3	3.6	0.9	0.2	0.8
Earnings per Share	4,732.00	593.00	286.00	75.00	278.00
Diluted EPS	4,732.00	593.00	286.43	75.47	278.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	162.1	64.5	53.3	57.5	52.9
I. Cash and cash equivalents	17.3	2.0	32.0	9.3	5.4
1. Cash	2.8	2.0	2.1	8.7	0.0
2. Cash equivalents	14.5	0.0	29.9	0.6	0.0
II. Short-term financial investments	26.0	0.0	6.0	35.0	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	26.0	0.0	6.0	35.0	0.0
III. Short-term receivables	72.6	48.0	11.0	9.8	8.6
1. Short-term trade accounts receivable	38.2	12.2	7.3	5.9	0.0
2. Short-term prepayments to suppliers	16.6	3.2	2.6	3.4	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	7.0	28.5	0.0	0.0	0.0
6. Other short-term receivables	14.8	6.0	2.3	1.6	0.0
7. Provision for short-term doubtful debts (*)	-3.8	-2.0	-1.3	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	45.6	11.0	1.4	0.3	0.5
1. Inventories	45.6	11.0	1.4	0.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	3.6	2.9	3.1	3.5
1. Short-term prepayments	0.5	0.2	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	3.4	2.9	3.1	0.0
3. Taxes and other receivables from state authorities	0.0	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)	125.1	29.6	32.7	37.4	38.7
I. Long-term receivables	1.4	0.6	0.6	2.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.6
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	1.8	0.6	0.6	2.5	0.0
7. Provision for long-term doubtful debts	-0.3	0.0	0.0	0.0	0.0
II. Fixed assets	40.4	0.1	10.0	11.8	14.1
1. Tangible fixed assets	40.4	0.1	10.0	11.8	14.1
- Cost	90.8	17.4	37.2	37.2	0.0
- Accumulated depreciation	-50.3	-17.3	-27.2	-25.4	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	0.1	0.1	0.0
- Accumulated depreciation	—	0.0	-0.1	-0.1	0.0
III. Investment properties	55.1	28.9	20.6	21.8	23.0
- Cost	82.7	56.7	36.8	36.8	0.0
- Accumulated depreciation	-27.6	-27.8	-16.1	-15.0	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	0.6	0.0	0.9	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.0	1.0	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	-0.3	0.0	-0.1	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	27.6	0.0	0.6	1.3	0.0
1. Long-term prepayments	10.9	0.0	0.6	1.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	16.7	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)	287.3	94.1	86.0	94.9	91.6
A. LIABILITIES (300=210+330)	50.7	22.7	18.3	27.3	20.5
I. Short -term liabilities	27.0	21.8	16.7	23.3	19.2
1. Short-term trade accounts payable	10.4	8.6	4.6	4.0	2.4
2. Short-term advances from customers	1.7	7.5	1.8	3.7	0.6
3. Taxes and other payables to state authorities	5.2	0.2	0.2	0.1	0.0
4. Payable to employees	3.3	0.7	0.7	1.1	0.0
5. Short-term acrrued expenses	0.1	0.1	0.0	1.1	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	0.5	0.3	3.6	4.0	2.0
9. Other short-term payables	1.2	0.3	1.4	5.8	0.0
10. Short-term borrowings and financial leases	—	1.5	1.7	0.7	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	2.8	2.7	2.9	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	23.8	0.9	1.6	4.0	1.4
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	1.0	3.4	0.7
7. Other long-term liabilities	12.5	0.9	0.7	0.6	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	9.8	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.5	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)	236.5	71.4	67.7	67.5	71.1
I. Owner's equity	236.5	71.4	67.7	67.5	0.0
1. Owner's capital	120.0	60.0	30.0	30.0	71.1
- Common stock with voting right	120,000,000,000.00	60,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.1	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	5.9	5.9	8.9	8.9	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	36.6	5.6	28.8	28.6	32.2
- Accumulated retained earning at the end of the previous period	5.3	2.1	27.9	28.4	31.2
- Undistributed earnings in this period	31.3	3.6	0.9	0.2	1.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	74.3	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)	287.3	94.1	86.0	94.9	91.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	39.3	4.5	1.1	0.3	1.1
Depreciation of Fixed Assets and Investment Property	1.5	1.8	2.9	3.6	3.6
Provision (Increase)/Reversal	1.9	0.7	0.2	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-149.2	-1.2	-2.1	-2.0	0.0
Interest Expense	0.3	0.2	0.1	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	-106.2	5.9	2.2	2.9	3.0
Increase/(Decrease) in Receivables	-8.8	-9.5	-0.2	-2.9	0.0
Increase/(Decrease) in Inventory	10.7	-9.5	-1.2	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.1	5.0	-9.8	5.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.3	0.7	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.2	-0.1	-0.0	0.0
Corporate Income Tax Paid	-8.4	-1.0	-0.1	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.2	-0.1	0.0
Net Cash Flow from Operating Activities	-119.1	-9.1	-8.7	4.3	8.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.2	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	46.2	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	—	-30.5	-21.0	-70.0	-76.1
Receipts from Loan Repayments and Sale of Debt Instruments	28.5	8.0	50.0	70.0	71.1
Investments in Other Entities	—	0.0	-1.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.5	1.0	2.4	1.7	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	76.2	-20.7	30.4	1.9	-3.3
Proceeds from Equity Issuance and Capital Contributions	59,740,660,951.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	18.6	6.9	3.1	1.0	0.5
Repayment of Borrowings	-20.0	-7.1	-2.2	-0.3	-1.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-3.0	-3.0
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	58.3	-0.2	0.9	-2.3	-3.7
Net Cash Flow During the Period	15.3	-30.0	22.6	3.9	1.8
Cash and Cash Equivalents at Beginning of Period	2.0	32.0	9.3	5.4	3.9
FX Difference from Revaluation	-0.0	-0.0	0.1	-0.0	0.1
Cash and Cash Equivalents at End of Period	17.3	2.0	32.0	9.3	5.4

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	155.3	32.0	78.7	41.6	26.0	5.2	25.0	17.1	11.4	11.7	3.0	7.1
Revenue Deductions	0.1	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	155.3	32.0	78.7	41.6	26.0	5.2	25.0	17.1	11.4	11.7	3.0	7.1
Cost of Goods Sold	139.5	31.5	38.4	38.0	24.3	3.8	22.7	14.1	8.5	9.5	2.2	6.4
Gross Profit	15.8	0.5	40.3	3.6	1.7	1.4	2.2	3.0	2.9	2.2	0.8	0.7
Financial Income	0.7	0.8	0.4	0.3	0.5	0.5	0.4	0.3	0.2	0.5	0.7	1.0
Financial Expenses	0.4	0.0	—	0.1	0.2	-0.0	0.0	0.1	0.1	0.0	0.0	0.0
Interest Expense	—	0.0	—	0.1	0.1	0.0	0.0	0.1	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	5.1	0.4	0.8	0.4	0.4	0.4	0.3	0.4	0.3	0.4	0.2	0.2
General and Administrative Expenses	3.0	3.7	0.8	1.1	1.3	1.4	0.9	1.6	1.0	1.7	1.2	1.3
Operating Profit	7.8	-2.8	39.0	2.3	0.4	0.1	1.4	1.2	1.8	0.6	0.1	0.2
Other Income	0.0	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Expenses	2.2	0.1	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Other Profit	-2.2	0.2	0.3	-0.0	0.0	0.0	0.0	0.0	0.1	0.0	-0.1	-0.1
Profit Before Tax	5.7	-2.6	39.3	2.2	0.4	0.1	1.4	1.2	2.0	0.6	0.0	0.0
Current Income Tax Expense	3.0	-0.5	7.9	0.5	0.2	0.0	0.3	0.3	0.4	0.1	0.0	0.0
Deferred Income Tax Expense	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.4	-2.1	31.4	1.8	0.3	0.1	1.1	1.0	1.6	0.5	0.0	0.0
Non-controlling Interest	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.0	-2.1	31.4	1.8	0.3	0.1	1.1	1.0	1.6	0.5	0.0	0.0
Earnings per Share	246.00	-176.00	5,237.00	298.00	44.00	9.00	363.00	327.00	521.00	158.00	8.00	3.00
Diluted EPS	246.00	-176.00	2,619.00	149.00	22.00	8.61	362.58	326.96	520.51	306.46	15.14	2.78

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)	166.8	162.1	113.4	59.5	67.9	64.5	53.9	61.5	54.8	51.1	51.2	54.2
I. Cash and cash equivalents	26.2	17.3	24.0	21.6	1.0	2.0	31.0	34.1	36.4	32.0	11.0	9.6
1. Cash	9.9	2.8	1.1	0.8	0.3	2.0	1.7	2.8	4.5	2.1	11.0	4.6
2. Cash equivalents	16.3	14.5	22.9	20.8	0.7	0.0	29.3	31.3	31.9	29.9	0.0	5.0
II. Short-term financial investments	33.0	26.0	51.0	—	—	0.0	0.0	0.0	0.0	6.0	26.0	30.0
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	33.0	26.0	51.0	—	—	0.0	0.0	0.0	0.0	6.0	26.0	30.0
III. Short-term receivables	54.6	72.6	36.0	27.7	50.4	48.1	15.0	20.6	12.7	8.9	9.9	9.9
1. Short-term trade accounts receivable	33.5	38.2	31.6	24.4	23.9	12.2	10.6	16.4	10.0	7.3	6.1	6.5
2. Short-term prepayments to suppliers	10.1	16.6	1.0	1.6	2.9	3.3	2.6	2.4	0.6	2.7	2.9	2.6
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	—	7.0	—	—	21.0	28.5	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.0	14.7	5.0	3.6	4.6	6.0	3.6	3.5	3.3	0.3	1.9	1.9
7. Provision for short-term doubtful debts (*)	-3.0	-3.8	-1.5	-1.9	-2.0	-2.0	-1.7	-1.7	-1.3	-1.5	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	51.3	45.6	2.1	7.3	12.9	10.9	5.0	3.6	2.5	1.4	1.6	0.9
1. Inventories	51.3	45.6	2.1	7.3	12.9	10.9	5.0	3.6	2.5	1.4	1.6	0.9
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	1.7	0.6	0.3	2.9	3.5	3.6	2.9	3.2	3.1	2.9	2.8	3.9
1. Short-term prepayments	0.8	0.5	0.3	0.4	0.2	0.2	0.2	0.3	0.4	0.0	0.0	1.0
2. Value added tax to be reclaimed	0.8	0.0	—	2.5	3.3	3.4	2.6	2.8	2.8	2.9	2.8	2.8
3. Taxes and other receivables from state authorities	0.1	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	126.0	125.1	20.7	28.8	29.2	29.6	30.8	31.4	32.1	34.8	34.6	34.4
I. Long-term receivables	1.4	1.4	0.6	0.6	0.6	0.6	0.6	0.6	0.6	2.5	2.5	2.5
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	1.7	1.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	2.5	2.5	2.5
7. Provision for long-term doubtful debts	-0.3	-0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35.0	40.4	0.1	0.2	0.2	0.1	1.3	1.3	9.8	10.0	10.3	10.7
1. Tangible fixed assets	35.0	40.4	0.1	0.2	0.2	0.1	1.3	1.3	9.8	10.0	10.3	10.7
- Cost	64.9	—	—	—	—	17.4	17.3	17.3	37.2	37.2	37.2	37.2
- Accumulated depreciation	-29.9	—	—	—	—	-17.3	-16.0	-16.0	-27.4	-27.2	-26.9	-26.5
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	62.0	55.1	20.1	28.1	28.5	28.9	28.0	28.4	20.4	20.6	20.9	21.2
- Cost	89.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-27.6	—	—	—	—	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	0.6	0.6	—	—	—	0.0	0.9	0.9	0.9	1.0	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	0.9	0.9	—	—	—	0.0	1.0	1.0	1.0	1.0	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	-0.3	-0.3	—	—	—	0.0	-0.1	-0.1	-0.1	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	27.1	27.6	0.0	0.0	0.0	0.0	0.1	0.2	0.4	0.6	0.8	0.0
1. Long-term prepayments	10.8	10.9	0.0	0.0	0.0	0.0	0.1	0.2	0.4	0.6	0.8	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	16.3	16.7	—	—	—	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)	292.9	287.2	134.1	88.3	97.1	94.1	84.7	92.9	86.8	85.9	85.8	88.6
A. LIABILITIES (300=210+330)	53.5	50.7	29.6	15.2	25.4	22.7	13.3	22.8	17.6	18.3	18.6	21.8
I. Short -term liabilities	31.8	26.9	29.1	14.3	24.5	21.8	12.4	21.7	16.3	16.6	16.3	18.5
1. Short-term trade accounts payable	15.0	10.4	13.8	6.4	3.8	8.6	2.3	8.7	3.0	4.6	0.0	1.7
2. Short-term advances from customers	3.7	1.7	0.7	0.7	2.3	7.5	2.1	1.8	0.0	1.8	1.6	2.8
3. Taxes and other payables to state authorities	3.1	5.2	10.4	0.4	0.1	0.2	0.3	0.4	0.4	0.2	2.7	0.1
4. Payable to employees	1.3	3.2	0.3	0.4	0.3	0.7	0.3	0.3	0.2	0.6	0.1	0.4
5. Short-term acrrued expenses	0.5	0.1	0.5	2.9	0.2	0.1	2.3	0.1	0.5	0.0	0.3	2.9
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.9	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	0.5	0.5	0.0	0.0	0.5	0.3	1.3	2.1	3.5	3.6	0.0	3.6
9. Other short-term payables	1.6	1.2	0.3	0.3	0.3	0.3	0.3	0.2	1.4	1.4	4.5	4.0
10. Short-term borrowings and financial leases	—	—	—	—	14.2	1.5	0.8	5.4	4.6	1.7	1.5	0.3
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	6.1	4.6	3.1	3.1	2.7	2.8	2.8	2.8	2.7	2.7	2.7	2.8
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	21.8	23.8	0.5	0.9	0.9	0.9	0.9	1.1	1.3	1.6	2.3	3.3
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	0.2	0.4	1.0	1.6	2.7
7. Other long-term liabilities	12.2	12.5	0.5	0.9	0.9	0.9	0.9	0.9	0.9	0.7	0.7	0.6
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	8.1	9.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.5	1.5	—	—	—	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)	239.3	236.5	104.5	73.1	71.7	71.4	71.5	70.1	69.2	67.6	67.2	66.8
I. Owner's equity	239.3	236.5	104.5	73.1	71.7	71.4	71.5	70.1	69.2	67.6	67.2	66.8
1. Owner's capital	120.0	120.0	60.0	60.0	60.0	60.0	30.0	30.0	30.0	30.0	30.0	30.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	15,440,000,000.00	15,440,000,000.00	30,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	14,560,000,000.00	14,560,000,000.00	0.00
2. Share premium	-0.3	-0.3	-0.1	-0.1	-0.1	-0.1	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	5.9	5.9	5.9	5.9	5.9	5.9	8.9	8.9	8.9	8.9	8.9	8.9
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	38.6	36.6	38.7	7.3	5.9	5.6	32.6	31.2	30.3	28.7	28.3	27.9
- Accumulated retained earning at the end of the previous period	35.7	5.3	5.3	5.3	5.6	2.1	29.1	28.7	28.8	27.9	27.9	27.9
- Undistributed earnings in this period	3.0	31.3	33.4	2.1	0.3	3.6	3.5	2.5	1.6	0.8	0.4	0.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	75.1	74.3	—	—	—	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)	292.9	287.2	134.1	88.3	97.1	94.1	84.7	92.9	86.8	85.9	85.8	88.6

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	5.7	-2.6	39.3	2.2	0.4	0.1	1.4	1.1	2.0	0.6	0.0	0.5
Depreciation of Fixed Assets and Investment Property	-19.1	0.2	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.9
Provision (Increase)/Reversal	-0.8	2.3	-0.3	-0.1	—	0.2	0.0	0.5	0.0	0.2	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	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.7	-109.4	-38.9	-0.3	-0.5	-0.5	-0.4	-0.1	-0.2	-0.4	-0.7	-1.0
Interest Expense	—	0.0	0.0	0.1	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0
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	-15.0	-109.4	0.5	2.3	0.4	0.3	1.5	2.0	2.2	0.9	0.0	0.3
Increase/(Decrease) in Receivables	10.8	4.3	-5.6	1.9	-9.4	-5.5	6.2	-8.8	-1.6	-0.4	-0.6	-1.7
Increase/(Decrease) in Inventory	-5.8	1.9	5.2	5.6	-1.9	-5.8	-1.4	-1.1	-1.1	0.1	-0.7	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.3	-1.8	2.4	3.3	-10.0	8.8	-4.5	4.4	-3.8	-2.2	-1.6	1.7
Increase/(Decrease) in Prepaid Expenses	-0.2	0.1	0.2	-0.2	0.0	0.1	0.2	0.2	-0.2	0.2	0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	0.0	-0.2	-0.1	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0
Corporate Income Tax Paid	-5.3	-7.7	-0.3	-0.1	-0.3	-0.2	-0.8	0.2	-0.2	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.2
Net Cash Flow from Operating Activities	-7.2	-112.7	2.2	12.6	-21.2	-2.5	1.1	-3.2	-4.7	-1.3	-2.8	0.5
Payments for Fixed Assets and Other Long-term Assets	15.0	0.0	0.0	0.0	-0.0	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-4.6	50.7	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	-51.0	—	—	-30.5	0.0	0.0	0.0	0.0	-11.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	21.0	7.5	2.0	0.0	0.0	6.0	20.0	15.0	9.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	-0.1	0.7	0.9	0.0	0.5	0.3	0.1	0.2	1.6	0.4	0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	16.1	46.4	0.5	21.9	7.5	-27.1	0.3	0.1	6.2	20.6	4.4	-0.2
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	—	5.8	0.0	0.0	12.8	1.5	0.0	0.8	4.6	1.7	0.0	0.3
Repayment of Borrowings	—	-5.8	0.0	-14.2	—	-0.8	-4.6	0.0	-1.7	0.0	-0.3	-1.1
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	—	59.7	0.0	-14.2	12.8	0.7	-4.6	0.8	2.9	1.7	-0.3	-0.9
Net Cash Flow During the Period	8.9	-6.6	2.7	20.2	-1.0	-28.9	-3.2	-2.3	4.4	21.0	1.3	-0.5
Cash and Cash Equivalents at Beginning of Period	17.3	24.0	21.3	1.0	2.0	32.0	32.0	32.0	32.0	9.3	9.3	9.3
FX Difference from Revaluation	—	-0.0	0.0	0.0	—	-0.0	0.0	0.0	0.0	0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	26.2	17.3	24.0	21.3	1.0	2.0	31.0	34.1	36.4	32.0	11.0	9.6

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VCM

What Is Changing

Drivers of VCM's profit

Financial Highlights

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What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

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