VE9

Đầu tư và Xây dựng VNECO 9 ·UPCOM ·2026Q1

Price

3,000

Latest close

02 Jun 2026

P/E 12.77x

P/B 3.17x

EPS 235

BVPS 947

ROE 27.1%

ROA 14.1%

Profit Margin -505.9%

Asset Turnover 0.01x

Equity Mult. 1.71x

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

Metric	2025	2024	2023	2022	2021
Revenue	0.2	0.2	2.3	3.5	1.5
Growth	+40%	-92%	-34%	+143%	—
Net Income	2.8	-0.1	-12.4	-10.4	-8.0
Net Margin	1148.01%	-41.79%	-532.62%	-293.28%	-549.26%

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	2.3	0.2	0.1	—	—	0.2	0.0	0.0	0.0	0.0	2.3	0.0
Growth	+1363%	+80%	—	—	—	—	—	—	—	-100%	—	—
Net Income	-0.2	0.9	2.5	-0.3	-0.2	-0.7	-0.2	0.1	-0.1	-0.3	-0.1	0.0
Net Margin	-10.20%	542.77%	2852.78%	—	—	-374.11%	—	—	—	—	-5.65%	—

Drivers of VE9's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Financial income ↑ 0.0bn

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 1148.01% +1189.8pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for construction contractors — liabilities at 0.40x equity, with a net cash position equivalent to 0.43x equity.

Inventory ended the period at 6.5bn, roughly 38.3% of total assets.

Over the last 12 months, working capital absorbed 2.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +7.1bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −9.6bn

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 7.0bn.

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.

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

Leverage and liquidity trend

Net Debt / Equity -0.43x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.12x +6.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.0bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was positive +6.3bn. Financing cash flow was negative +0.5bn.

CFO / net income was 0.12x.

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 0.3bn −5.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.43x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.43x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	0.2	0.2	2.3	3.5	1.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	0.2	0.2	2.3	3.5	1.5
Cost of Goods Sold	0.2	0.3	13.6	3.5	0.0
Gross Profit	0.1	-0.1	-11.3	0.0	0.2
Financial Income	0.0	0.0	0.0	0.1	0.1
Financial Expenses	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	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	-1.3	-0.4	-0.7	10.5	-8.6
Operating Profit	1.3	0.3	-10.5	-10.4	-8.3
Other Income	1.5	0.0	0.1	0.0	0.0
Other Expenses	0.0	0.4	0.8	0.0	0.0
Other Profit	1.5	-0.4	-0.7	-0.0	0.4
Profit Before Tax	2.8	-0.1	-11.2	-10.4	-8.0
Current Income Tax Expense	—	0.0	1.2	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.8	-0.1	-12.4	-10.4	-8.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.8	-0.1	-12.4	-10.4	-8.0
Earnings per Share	235.00	-6.00	-1,031.00	-862.00	-639.00
Diluted EPS	225.70	-5.85	-990.24	-827.33	-636.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14.6	11.3	10.9	22.6	29.5
I. Cash and cash equivalents	5.8	0.0	0.2	0.5	1.6
1. Cash	5.8	0.0	0.1	0.3	0.0
2. Cash equivalents	—	0.0	0.1	0.1	0.0
II. Short-term financial investments	0.7	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.7	0.0	0.0	0.0	0.0
III. Short-term receivables	0.8	4.1	3.3	2.2	9.9
1. Short-term trade accounts receivable	32.2	36.1	36.3	36.7	0.0
2. Short-term prepayments to suppliers	0.5	0.4	0.4	0.4	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	3.9	4.0	3.8	0.0
7. Provision for short-term doubtful debts (*)	-34.1	-36.4	-37.4	-38.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6.5	6.5	6.6	19.3	16.7
1. Inventories	19.1	19.1	19.3	19.8	0.0
2. Provision for decline in value of inventories	-12.6	-12.6	-12.6	-0.5	0.0
V. Other short-term assets	0.8	0.7	0.8	0.8	0.5
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.7	0.7	0.7	0.7	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)	2.3	8.0	8.1	8.6	8.6
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	1.3	1.4	1.4	1.5	1.5
1. Tangible fixed assets	0.3	0.4	0.4	0.4	0.5
- Cost	5.0	5.0	5.0	5.4	0.0
- Accumulated depreciation	-4.7	-4.6	-4.6	-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	1.0	1.0	1.0	1.0	1.0
- Cost	1.1	1.1	1.1	1.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	1.0	1.0	1.0	1.0	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.0	1.0	1.0	1.0	0.0
V. Long-term financial investments	—	5.6	5.6	6.1	6.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	5.6	5.6	5.6	0.0
3. Investments in other entities	—	0.0	0.0	0.5	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	16.9	19.3	19.0	31.2	38.1
A. LIABILITIES (300=210+330)	4.8	10.1	9.6	9.4	6.0
I. Short -term liabilities	4.6	9.8	9.4	9.2	5.8
1. Short-term trade accounts payable	1.9	4.5	4.8	3.8	1.7
2. Short-term advances from customers	0.3	2.3	2.3	2.3	0.9
3. Taxes and other payables to state authorities	0.3	0.3	0.3	0.3	0.0
4. Payable to employees	0.0	0.2	0.1	0.0	0.0
5. Short-term acrrued expenses	0.2	0.2	0.1	1.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	1.1	1.1	1.1	0.0
10. Short-term borrowings and financial leases	—	0.5	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	0.8	0.8	0.8	0.8	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	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	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)	12.1	9.3	9.3	21.7	32.1
I. Owner's equity	12.1	9.3	9.3	21.7	0.0
1. Owner's capital	125.2	125.2	125.2	125.2	32.1
- Common stock with voting right	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.6	0.6	0.6	0.6	0.6
5. Treasury shares	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	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	3.4	3.4	3.4	3.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.1	1.1	0.0
11. Undistributed earnings after tax	-117.8	-120.7	-120.6	-108.2	-97.8
- Accumulated retained earning at the end of the previous period	-120.7	-120.6	-108.2	-97.8	-89.9
- Undistributed earnings in this period	2.8	-0.1	-12.4	-10.4	-8.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	16.9	19.3	19.0	31.2	38.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	2.8	-0.1	-11.2	-10.4	-8.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.1
Provision (Increase)/Reversal	-2.3	-1.0	10.7	9.7	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	-0.1	-0.1	0.0
Interest Expense	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
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	0.6	-1.0	-0.6	-0.7	-1.1
Increase/(Decrease) in Receivables	11.2	0.3	0.3	-2.2	0.0
Increase/(Decrease) in Inventory	—	0.2	0.5	-2.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.7	-0.1	0.2	3.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	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	0.0
Corporate Income Tax Paid	—	0.0	-1.2	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	7.0	-0.7	-0.8	-2.0	-0.9
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	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	-0.7	0.0	0.0	0.0	-0.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.8	2.6
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.5	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.1	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	-0.7	0.0	0.6	0.9	2.0
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	—	0.5	0.0	0.0	0.0
Repayment of Borrowings	-0.5	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	-0.5	0.5	0.0	0.0	0.0
Net Cash Flow During the Period	5.8	-0.2	-0.3	-1.1	1.2
Cash and Cash Equivalents at Beginning of Period	0.0	0.2	0.5	1.6	0.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.8	0.0	0.2	0.5	1.6

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
Revenue	2.3	0.2	0.1	—	—	0.2	0.0	0.0	0.0	0.0	2.3	0.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.3	0.2	0.1	—	—	0.2	0.0	0.0	0.0	0.0	2.3	0.0
Cost of Goods Sold	2.4	0.1	0.0	—	—	0.3	0.0	0.0	0.0	0.0	2.3	0.0
Gross Profit	-0.1	0.0	0.1	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	—	0.0	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	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	0.2	-0.8	-1.0	0.3	0.2	0.2	0.2	-0.1	0.1	0.3	0.1	-1.1
Operating Profit	-0.2	0.9	1.0	-0.3	-0.2	-0.3	-0.2	0.1	-0.1	-0.3	-0.1	1.1
Other Income	—	—	1.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.0	1.1
Other Profit	—	-0.0	1.5	-0.0	-0.0	-0.4	0.0	0.0	-0.0	0.0	0.0	-1.1
Profit Before Tax	-0.2	0.9	2.5	-0.3	-0.2	-0.7	-0.2	0.1	-0.1	-0.3	-0.1	0.0
Current Income Tax Expense	—	—	—	—	—	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	-0.2	0.9	2.5	-0.3	-0.2	-0.7	-0.2	0.1	-0.1	-0.3	-0.1	0.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.2	0.9	2.5	-0.3	-0.2	-0.7	-0.2	0.1	-0.1	-0.3	-0.1	0.0
Earnings per Share	-20.00	71.00	209.00	-25.00	-20.00	-55.00	-15.00	8.00	-11.00	-25.00	-11.00	2.00
Diluted EPS	-18.86	68.62	200.19	-24.00	-19.10	-52.40	-14.80	7.24	-10.89	-23.80	-10.51	2.06

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)	14.3	14.5	13.7	15.3	15.5	10.5	10.5	10.6	10.8	23.2	23.5	20.7
I. Cash and cash equivalents	5.6	5.8	4.7	5.7	6.0	0.0	0.0	0.2	0.1	0.2	0.3	0.5
1. Cash	5.6	5.8	4.7	5.7	6.0	0.0	0.0	0.1	0.0	0.1	0.2	0.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.2
II. Short-term financial investments	0.7	0.7	0.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.7	0.7	0.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3.4	0.8	1.1	2.3	2.3	3.3	3.1	3.0	3.3	3.4	3.6	0.7
1. Short-term trade accounts receivable	32.2	32.2	33.5	36.0	36.0	36.1	35.9	35.9	36.3	36.3	36.5	33.9
2. Short-term prepayments to suppliers	3.1	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.3
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	2.2	2.2	2.2	2.2	2.2	3.9	3.9	3.8	3.9	4.0	3.9	3.8
7. Provision for short-term doubtful debts (*)	-34.1	-34.1	-35.1	-36.4	-36.4	-37.2	-37.2	-37.2	-37.4	-37.3	-37.1	-37.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4.1	6.5	6.5	6.5	6.5	6.5	6.6	6.6	6.6	18.8	18.8	18.8
1. Inventories	16.7	19.1	19.1	19.1	19.1	19.1	19.3	19.3	19.3	19.4	19.4	19.4
2. Provision for decline in value of inventories	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-0.5	-0.5	-0.5
V. Other short-term assets	0.6	0.8	0.8	0.8	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.7
1. Short-term prepayments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2.3	2.4	2.4	8.0	8.0	8.0	8.0	8.0	8.1	8.1	8.1	8.1
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	1.3	1.3	1.3	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
1. Tangible fixed assets	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4
- Cost	5.0	—	—	—	—	5.0	5.0	5.0	5.0	5.0	5.0	4.9
- Accumulated depreciation	-4.7	—	—	—	—	-4.6	-4.6	-4.6	-4.6	-4.6	-4.6	-4.5
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
V. Long-term financial investments	—	—	—	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
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	—	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	16.7	16.9	16.1	23.4	23.5	18.5	18.5	18.6	18.9	31.3	31.6	28.8
A. LIABILITIES (300=210+330)	4.8	4.8	4.9	14.6	14.5	10.1	9.4	9.3	9.7	10.5	10.5	8.0
I. Short -term liabilities	4.6	4.6	4.7	14.4	14.3	9.8	9.2	9.1	9.5	10.3	10.3	7.7
1. Short-term trade accounts payable	1.9	1.9	1.9	4.5	4.4	4.5	4.5	4.5	4.9	4.8	4.8	2.3
2. Short-term advances from customers	0.3	0.3	0.3	0.3	0.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
3. Taxes and other payables to state authorities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.1	0.1	0.1	0.0	0.0
5. Short-term acrrued expenses	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	1.0	1.0	1.0
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	1.2	1.1	1.1	8.3	8.2	1.1	1.1	1.1	1.1	1.1	1.1	1.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.5	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	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	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. 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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	11.9	12.1	11.2	8.7	9.0	8.5	9.1	9.3	9.2	20.7	21.0	20.9
I. Owner's equity	11.9	12.1	11.2	8.7	9.0	8.5	9.1	9.3	9.2	20.7	21.0	20.9
1. Owner's capital	125.2	125.2	125.2	125.2	125.2	125.2	125.2	125.2	125.2	125.2	125.2	125.2
- Common stock with voting right	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00	125,236,130,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
5. Treasury shares	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00	-669,000,000.00
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	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
11. Undistributed earnings after tax	-118.1	-117.8	-118.7	-121.2	-120.9	-121.5	-120.8	-120.6	-120.7	-109.2	-108.9	-109.1
- Accumulated retained earning at the end of the previous period	-117.8	-120.7	-120.7	-120.7	-120.7	-120.6	-120.6	-120.6	-120.6	-108.2	-108.2	-108.2
- Undistributed earnings in this period	-0.2	2.8	2.0	-0.5	-0.2	-0.9	-0.2	-0.0	-0.1	-1.0	-0.7	-0.9
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)	16.7	16.9	16.1	23.4	23.5	18.5	18.5	18.6	18.9	31.3	31.6	28.8

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	-0.2	0.9	2.5	-0.3	-0.2	-0.7	-0.2	0.1	-0.1	-11.7	-0.1	1.5
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	-1.0	-1.3	—	—	0.0	0.0	-0.2	0.0	12.3	0.0	-1.7
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	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.1
Interest Expense	—	0.0	0.0	0.0	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.2	-0.1	1.2	-0.3	-0.2	-0.6	-0.2	-0.1	-0.1	0.6	-0.1	-0.2
Increase/(Decrease) in Receivables	-2.4	7.0	2.5	-0.0	1.8	-0.2	-0.1	0.5	0.0	0.0	-2.7	0.1
Increase/(Decrease) in Inventory	2.4	—	—	-0.0	—	0.2	-0.0	0.0	0.0	0.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	-0.1	-9.7	0.1	4.9	0.1	0.1	-0.4	0.0	-0.9	2.6	1.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-0.0	-0.0	—	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	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.2
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
Net Cash Flow from Operating Activities	-0.2	6.8	-6.0	-0.3	6.5	-0.5	-0.2	0.0	-0.1	-0.1	-0.2	-0.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.1	-0.1
Loans and Purchases of Debt Instruments	—	0.0	-0.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	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	—	—	5.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.5
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	-5.6	4.9	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.4
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	—	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-0.5	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	-0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.2	1.2	-1.1	-0.3	6.0	-0.0	-0.2	0.0	-0.1	-0.1	-0.2	0.1
Cash and Cash Equivalents at Beginning of Period	5.8	4.7	5.7	6.0	0.0	0.2	0.2	0.2	0.2	0.5	0.5	0.5
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	5.6	5.8	4.7	5.7	6.0	0.0	0.0	0.2	0.1	0.2	0.3	0.5

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VE9

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Statement Data

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Cash Flow