VE1

Xây dựng Điện VNECO 1 ·HNX ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity −3.20x

Price

3,300

Latest close

02 Jun 2026

P/E 6.99x

P/B 0.67x

EPS 472

BVPS 4,937

ROE 9.9%

ROA 8.6%

Profit Margin 16.0%

Asset Turnover 0.16x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2025Q4 basis, VE1 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16bn
	                                
+1516.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+219.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    175.5%

Metric	2025	2024	2023	2022	2021
Revenue	12.5	0.8	6.0	4.2	14.5
Growth	+1466%	-87%	+42%	-71%	—
Net Income	3.8	0.5	-3.7	-4.9	1.2
Net Margin	30.22%	61.66%	-61.56%	-117.79%	7.99%

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	—	4.2	2.5	5.8	—	3.9	0.1	0.0	0.7	0.2	4.9	0.7
Growth	—	+66%	-57%	—	—	+3698%	—	-100%	+222%	-96%	+641%	—
Net Income	-1.1	5.7	-1.4	-0.3	-0.2	2.8	-0.3	-1.4	-0.4	0.0	-1.0	-1.3
Net Margin	—	135.14%	-56.39%	-5.77%	—	72.43%	-292.39%	—	-52.39%	22.31%	-20.83%	-191.93%

Drivers of VE1's profit

TTM

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

Other profit ↑ 7.8bn

Financial income ↑ 0.5bn

Finance costs ↑ 2.0bn

Administrative expenses ↑ 0.6bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Financial income ↑ 0.2bn

Finance costs ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

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

Profitability trend

Net Margin 30.22% −69.1pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (175.5% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for construction contractors — liabilities at 0.31x equity, with a net cash position equivalent to 0.28x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

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

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

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 9.4bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.28x and interest coverage only at -3.20x.

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

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

Interest coverage is thin

Interest coverage is -3.20x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.28x —

Interest Coverage -3.20x −4.27x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 4.25x +8.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.4bn in 2025, against investing cash flow of -12.0bn.

Post-investment cash flow was negative +2.6bn. Financing cash flow was positive 0.0bn.

CFO / net income was 4.25x.

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 11.9bn +16.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -9.2%. The main risk still sits in leverage and liquidity, with interest coverage at -3.20x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.25x. Even so, net financial result still accounts for -9.2% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -3.20x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12.5	0.8	6.0	4.2	14.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	12.5	0.8	6.0	4.2	14.5
Cost of Goods Sold	11.7	0.9	5.3	3.9	0.0
Gross Profit	0.8	-0.1	0.6	0.3	1.2
Financial Income	0.4	0.2	0.4	0.4	0.4
Financial Expenses	-0.0	-0.5	0.6	2.2	2.6
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	3.5	2.2	4.0	3.5	-3.2
Operating Profit	-2.3	-1.7	-3.6	-5.0	1.1
Other Income	7.8	2.9	0.0	0.1	0.0
Other Expenses	0.1	0.2	0.1	0.0	0.0
Other Profit	7.6	2.7	-0.1	0.1	0.1
Profit Before Tax	5.3	1.1	-3.7	-4.9	1.2
Current Income Tax Expense	1.5	0.6	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.8	0.5	-3.7	-4.9	1.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	3.8	0.5	-3.7	-4.9	1.2
Earnings per Share	669.00	83.00	-618.00	-833.00	53.00
Diluted EPS	669.00	83.00	-610.85	-823.70	193.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	39.8	28.0	26.0	28.9	33.8
I. Cash and cash equivalents	8.2	10.8	5.5	8.7	0.1
1. Cash	0.5	8.1	2.8	2.0	0.0
2. Cash equivalents	7.7	2.7	2.7	6.8	0.0
II. Short-term financial investments	22.6	10.0	9.5	10.0	0.0
1. Available for sale securities	20.7	20.7	20.7	20.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-10.7	-10.7	-11.2	-10.7	0.0
3. Held to maturity investments	12.6	0.0	0.0	0.0	0.0
III. Short-term receivables	7.8	5.0	9.2	9.6	13.7
1. Short-term trade accounts receivable	11.0	6.8	7.4	6.6	0.0
2. Short-term prepayments to suppliers	0.2	0.4	0.2	0.2	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	—	0.4	3.0	2.5	0.0
6. Other short-term receivables	1.5	1.4	2.7	2.5	0.0
7. Provision for short-term doubtful debts (*)	-4.9	-4.1	-4.0	-2.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.3	2.3	1.8	0.6	0.8
1. Inventories	1.3	2.3	1.8	0.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.1	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.1	0.0	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)	0.4	1.2	2.1	2.6	2.9
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	0.3	1.2	2.0	2.3	2.5
1. Tangible fixed assets	0.3	0.5	0.7	0.9	1.1
- Cost	5.9	5.9	5.9	5.9	0.0
- Accumulated depreciation	-5.5	-5.4	-5.2	-5.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.7	1.4	1.4	1.4
- Cost	0.0	0.7	1.4	1.4	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.1	0.0	0.1	0.3	0.0
1. Long-term prepayments	0.1	0.0	0.1	0.3	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	0.5
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)	40.2	29.3	28.1	31.5	36.7
A. LIABILITIES (300=210+330)	9.5	2.3	1.7	1.4	1.7
I. Short -term liabilities	9.5	2.3	1.7	1.4	1.7
1. Short-term trade accounts payable	5.6	0.5	0.4	0.2	1.1
2. Short-term advances from customers	0.1	0.1	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.6	0.8	0.1	0.1	0.0
4. Payable to employees	0.1	0.1	0.1	0.4	0.0
5. Short-term acrrued expenses	0.8	0.6	1.0	0.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.3	0.0	0.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	30.7	26.9	26.4	30.1	35.1
I. Owner's equity	30.7	26.9	26.4	30.1	0.0
1. Owner's capital	60.0	60.0	60.0	60.0	35.1
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	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	-28.9	-32.7	-33.2	-29.6	-24.6
- Accumulated retained earning at the end of the previous period	-32.7	-33.2	-29.6	-24.6	-25.8
- Undistributed earnings in this period	3.8	0.5	-3.7	-4.9	1.2
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)	40.2	29.3	28.1	31.5	36.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	0.0	0.0	0.0	0.0
Other Operating Receipts	4.4	2.9	0.1	0.1	0.0
Other Operating Payments	-8.9	-5.0	-2.1	-1.1	0.0
Net Cash Flow from Operating Activities	9.4	0.6	-2.7	4.4	-12.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	17.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	7.3
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.4	0.3	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	-12.0	4.8	-0.6	-2.2	25.3
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-2.6	5.3	-3.2	2.2	-1.9
Cash and Cash Equivalents at Beginning of Period	10.8	5.5	8.7	6.5	0.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.2	10.8	5.5	8.7	0.1

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	—	4.2	2.5	5.8	—	3.9	0.1	0.0	0.7	0.2	4.9	0.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	4.2	2.5	5.8	—	3.9	0.1	0.0	0.7	0.2	4.9	0.7
Cost of Goods Sold	—	4.1	2.5	5.1	—	0.7	0.3	0.0	0.7	0.2	4.3	0.7
Gross Profit	—	0.1	0.0	0.7	—	3.2	-0.2	0.0	0.0	0.0	0.6	0.0
Financial Income	0.2	0.2	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
Financial Expenses	0.8	-0.2	0.2	0.2	-0.3	-0.1	-0.4	-0.2	0.2	-1.6	1.1	0.5
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.5	0.9	1.3	0.9	0.5	0.5	0.5	1.7	0.3	1.6	0.6	0.9
Operating Profit	-1.1	-0.5	-1.4	-0.3	-0.2	2.9	-0.2	-1.4	-0.4	0.1	-1.0	-1.3
Other Income	—	7.7	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	7.7	-0.0	-0.0	-0.0	-0.1	-0.1	0.0	0.0	-0.0	-0.0	-0.0
Profit Before Tax	-1.1	7.2	-1.4	-0.3	-0.2	2.8	-0.3	-1.4	-0.4	0.0	-1.0	-1.3
Current Income Tax Expense	—	1.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.1	5.7	-1.4	-0.3	-0.2	2.8	-0.3	-1.4	-0.4	0.0	-1.0	-1.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.1	5.7	-1.4	-0.3	-0.2	2.8	-0.3	-1.4	-0.4	0.0	-1.0	-1.3
Earnings per Share	-186.00	954.00	-239.00	-57.00	-41.00	476.00	-51.00	-237.00	-62.00	8.00	-171.00	-212.00
Diluted EPS	-184.05	943.27	-236.56	-55.96	-40.21	470.81	-50.04	-234.55	-60.91	8.05	-168.94	-209.98

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)	36.1	39.7	27.9	28.1	27.1	28.0	23.8	24.1	25.5	26.4	27.1	26.9
I. Cash and cash equivalents	8.2	0.5	0.6	0.3	10.4	10.8	3.3	2.9	3.5	5.5	5.9	4.7
1. Cash	0.6	0.5	0.6	0.3	10.4	8.1	0.6	0.2	0.8	2.8	3.3	2.0
2. Cash equivalents	7.7	—	—	—	—	2.7	2.7	2.7	2.7	2.7	2.6	2.6
II. Short-term financial investments	18.8	30.2	20.9	19.8	10.6	10.4	15.0	15.1	15.3	12.6	11.1	12.5
1. Available for sale securities	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7
2. Provision for diminution in value of available for sale securities (*)	-11.5	-10.7	-10.9	-10.7	-10.4	-10.7	-10.8	-11.2	-11.4	-11.2	-12.8	-11.7
3. Held to maturity investments	9.5	20.2	11.0	9.8	0.3	0.4	5.1	5.6	6.0	3.1	3.2	3.5
III. Short-term receivables	7.8	7.8	5.2	6.6	3.7	4.5	4.1	4.9	5.4	6.6	8.5	8.4
1. Short-term trade accounts receivable	11.0	11.0	8.0	8.8	5.3	7.1	5.8	6.2	6.2	7.4	8.1	6.8
2. Short-term prepayments to suppliers	0.2	0.2	0.2	0.2	0.5	0.4	0.2	0.2	0.2	0.2	0.4	0.6
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	1.5	—	—	—	—	1.9	3.1	0.0	2.9	2.7	0.0	3.7
5. Short-term loan receivables	—	—	—	—	—	-5.0	-5.0	0.0	-3.8	-3.6	0.0	-2.6
6. Other short-term receivables	-4.9	1.6	1.7	1.7	1.9	0.0	0.0	3.4	0.0	0.0	2.6	0.0
7. Provision for short-term doubtful debts (*)	—	-5.0	-4.7	-4.1	-4.0	0.0	0.0	-4.9	0.0	0.0	-2.6	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.3	1.3	1.3	1.3	2.3	2.3	1.4	1.2	1.2	1.7	1.6	1.4
1. Inventories	1.3	1.3	1.3	1.3	2.3	2.3	1.4	1.2	1.2	1.7	1.6	1.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Short-term Biological Assets	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	0.0	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	—	—	—	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.1	0.1	0.1	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)	0.5	0.4	1.1	1.1	1.2	1.2	2.0	2.0	2.1	2.1	2.2	2.4
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	0.3	0.3	1.0	1.1	1.1	1.2	1.9	2.0	2.0	2.1	2.1	2.1
1. Tangible fixed assets	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.6	0.7	0.7	0.8
- Cost	5.9	—	—	—	—	5.9	5.9	5.9	5.9	5.9	5.9	5.9
- Accumulated depreciation	-5.5	—	—	—	—	-5.4	-5.3	-5.3	-5.2	-5.2	-5.1	-5.1
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	—	—	0.7	0.7	0.7	0.7	1.4	1.4	1.4	1.4	1.4	1.4
- Cost	0.0	—	—	—	—	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	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.1	0.1	0.2
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.1	0.1	0.2
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)	36.6	40.2	29.1	29.2	28.3	29.2	25.8	26.1	27.6	28.5	29.3	29.3
A. LIABILITIES (300=210+330)	6.9	9.6	4.1	2.9	1.6	2.2	1.6	1.4	1.5	1.4	2.2	1.1
I. Short -term liabilities	6.9	9.6	4.1	2.9	1.6	2.2	1.6	1.4	1.5	1.4	2.2	1.1
1. Short-term trade accounts payable	5.6	5.6	2.7	1.3	0.5	0.5	0.5	0.4	0.4	0.4	0.6	0.4
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	2.6	0.2	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
4. Payable to employees	0.2	0.1	0.2	0.1	0.1	-0.1	0.0	0.0	0.1	0.0	0.3	0.0
5. Short-term acrrued expenses	0.7	0.9	0.8	0.7	0.6	0.9	0.7	0.8	0.9	0.9	1.2	0.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.2	0.2	0.2	0.2	0.2	0.8	0.2	0.0	0.0	0.0	0.0	0.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	29.6	30.6	24.9	26.4	26.7	27.0	24.2	24.7	26.1	27.1	27.1	28.2
I. Owner's equity	29.6	30.6	24.9	26.4	26.7	27.0	24.2	24.7	26.1	27.1	27.1	28.2
1. Owner's capital	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00	-436,450,000.00
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	-30.1	-29.1	-34.7	-33.3	-33.0	-32.7	-35.5	-35.0	-33.6	-32.6	-32.6	-31.4
- Accumulated retained earning at the end of the previous period	-28.9	-32.7	-32.7	-32.7	-32.7	-33.2	-33.2	-33.2	-33.2	-29.6	-29.6	-29.6
- Undistributed earnings in this period	-1.1	3.7	-2.0	-0.6	-0.2	0.6	-2.3	-1.8	-0.4	-3.0	-3.0	-1.9
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)	36.6	40.2	29.1	29.2	28.3	29.2	25.8	26.1	27.6	28.5	29.3	29.3

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	—	—	—	—	—	-2.6	2.6	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.2	-0.2	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.6	-0.6	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	-1.1	1.1	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	-0.0	0.0	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	—	—	—	—	—	3.0	-3.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.2	-0.2	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.4	0.0	—	-0.6	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	-0.0	-0.0	0.0	-0.0	-1.0	1.0	0.1
Other Operating Payments	-1.3	-0.1	-4.7	1.0	-5.1	-3.5	0.8	-0.1	-0.7	-1.3	1.3	-1.6
Net Cash Flow from Operating Activities	-3.1	8.9	1.6	4.6	-5.6	2.8	-0.1	-1.2	1.1	-3.9	4.5	-2.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	6.0	-6.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	-4.0	4.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	-0.0	—	0.0	—	0.0	-0.1	0.1	0.0	0.4	-0.2	0.2
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	3.2	-1.3	-1.3	-9.5	0.1	4.8	-5.1	6.1	-3.0	-0.6	0.8	-1.0
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	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.1	7.6	0.3	-4.9	-5.6	7.5	-5.2	4.9	-1.9	-4.5	5.3	-3.4
Cash and Cash Equivalents at Beginning of Period	8.2	0.6	0.3	5.2	10.8	5.5	5.5	5.5	5.5	8.7	4.7	8.7
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	8.2	8.2	0.6	0.3	5.2	10.8	3.3	8.5	3.5	5.5	5.9	4.7

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VE1

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Balance Sheet ●

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Statement Data

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Cash Flow