VET

Thuốc thú y Trung ương Navetco ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 5.94%, +16.26pp YoY

Price

14,000

Latest close

01 Jun 2026

P/E 12.54x

P/B 0.70x

EPS 1,117

BVPS 19,958

ROE 5.8%

ROA 2.2%

Profit Margin 5.9%

Asset Turnover 0.37x

Equity Mult. 2.61x

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

What Is Changing

On a TTM 2026Q1 basis, VET posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 301bn
	                                
−21.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+145.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    42.4%

Metric	2025	2024	2023	2022	2021
Revenue	305.7	371.3	412.6	460.7	607.4
Growth	-18%	-10%	-10%	-24%	—
Net Income	18.2	-39.6	28.6	53.1	69.0
Net Margin	5.96%	-10.67%	6.93%	11.53%	11.36%

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	51.0	102.7	56.4	90.4	56.1	124.2	93.8	107.7	45.6	133.6	102.3	139.7
Growth	-50%	+82%	-38%	+61%	-55%	+32%	-13%	+136%	-66%	+31%	-27%	—
Net Income	0.8	4.8	4.4	7.9	0.4	-48.2	1.8	6.5	1.8	9.1	10.7	11.8
Net Margin	1.49%	4.65%	7.78%	8.78%	0.76%	-38.79%	1.96%	6.07%	3.96%	6.85%	10.44%	8.42%

Drivers of VET's profit

TTM

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

Selling expenses ↓ 51.9bn

Other profit ↑ 41.5bn

Administrative expenses ↓ 8.0bn

Gross profit ↓ 41.0bn

TTM

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

Selling expenses ↓ 3.7bn

Administrative expenses ↓ 2.7bn

Other profit ↓ 3.4bn

Gross profit ↓ 2.4bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -12.2% = -10.3% × 0.45 × 2.65

2026Q1 5.8% = 5.9% × 0.37 × 2.61

ROE rose from -12.2% to 5.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 5.9% +16.3pp Asset turnover: 0.37x -0.08x Leverage: 2.61x -0.04x

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 5.94%, rising 16.3pp. Core operating signals are improving as SG&A / Revenue fell 8.3pp are enough to offset pressure from Gross margin fell 1.7pp (in addition, Other profit / Revenue rose 11.5pp added support while Net financial result / Revenue fell 1.6pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 5.94% +16.3pp

Gross Margin 42.26% −1.7pp

SG&A / Revenue 34.92% −8.3pp

Non-core / Revenue -0.73% +9.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 42.4% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.

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 — —

Capital Turnover 0.49x −0.15x

Average Invested Capital 616.4bn +21.8bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.45x equity, net debt at 0.98x equity.

Inventory ended the period at 395.1bn, roughly 50.5% of total assets.

Over the last 12 months, working capital absorbed 67.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −26.1bn

Inventories decreased → higher CFO: +39.2bn

Payables decreased → lower CFO: −80.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 180.1 days versus the same period last year. The main moves came from DIO rose 143.2 days, DSO rose 26.3 days, and DPO fell 10.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 844.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +26.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 91.6 days +26.3 days

Inventory 869.7 days +143.2 days

Payables 116.6 days −10.7 days

Cash Conversion Cycle 844.7 days +180.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.98x and interest coverage only at 1.08x.

At present, short-term debt accounts for 36.4% of total debt, cash equals 1.3% of debt, and total debt stands at 316.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.08x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.98x −0.02x

Interest Coverage 1.08x +1.65x

Cash / Debt 1.3% +0.5pp

Short-term Debt / Total Debt 36.4% +3.1pp

CFO / NI -0.71x −1.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -17.3bn in 2025, against investing cash flow of 3.2bn.

Post-investment cash flow was negative +14.0bn. Financing cash flow was positive +14.5bn.

CFO / net income was -0.71x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 12.6bn +36.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.08x. The next watchpoint is the earnings mix, when non-core contribution is -53.4%. The main offsetting support comes from operating efficiency, with net margin improving 16.3 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.94% after expanding 16.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -53.4% of PBT and CFO / net income currently at -0.71x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.08x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	307.1	371.3	412.6	460.8	607.9
Revenue Deductions	1.5	0.0	0.0	0.1	0.0
Net Revenue	305.7	371.3	412.6	460.7	607.4
Cost of Goods Sold	183.3	206.6	232.7	256.0	0.0
Gross Profit	122.4	164.6	179.9	204.7	224.0
Financial Income	0.0	0.1	1.2	2.3	1.3
Financial Expenses	13.1	8.9	8.7	4.2	-2.3
Interest Expense	7.1	4.0	2.8	0.1	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	46.3	105.3	77.6	75.0	-91.6
General and Administrative Expenses	56.7	53.5	60.1	69.0	-36.7
Operating Profit	6.3	-3.0	34.7	58.9	94.7
Other Income	18.7	13.7	2.7	8.8	0.0
Other Expenses	6.8	50.3	1.2	1.0	0.0
Other Profit	11.9	-36.6	1.5	7.8	-6.2
Profit Before Tax	18.2	-39.6	36.2	66.6	88.5
Current Income Tax Expense	—	0.0	7.6	13.5	-19.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.2	-39.6	28.6	53.1	69.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.2	-39.6	28.6	53.1	69.0
Earnings per Share	1,139.00	-2,475.00	1,545.00	2,538.00	4,313.30
Diluted EPS	1,139.00	-2,475.00	1,786.41	3,319.27	4,313.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	494.3	509.6	544.7	494.5	307.1
I. Cash and cash equivalents	6.6	6.1	16.2	30.4	25.0
1. Cash	6.6	6.1	16.2	30.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	91.1	88.0	108.3	130.7	119.3
1. Short-term trade accounts receivable	79.6	72.2	90.5	110.1	0.0
2. Short-term prepayments to suppliers	6.5	3.9	5.4	4.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.4	11.9	12.4	16.6	0.0
7. Provision for short-term doubtful debts (*)	-5.3	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	395.1	414.0	420.0	329.7	162.6
1. Inventories	395.1	414.0	420.0	329.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.5	0.2	3.7	0.2
1. Short-term prepayments	—	0.0	0.2	2.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	1.5	0.0
3. Taxes and other receivables from state authorities	1.5	1.5	0.0	0.2	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)	287.4	322.4	353.3	393.4	416.1
I. Long-term receivables	2.7	2.7	2.5	2.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	2.7	2.7	2.5	2.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	51.9	80.5	114.3	152.1	179.7
1. Tangible fixed assets	51.9	80.5	114.3	152.1	179.7
- Cost	542.2	551.1	550.6	555.1	0.0
- Accumulated depreciation	-490.3	-470.6	-436.3	-403.0	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	—	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	22.3	22.3	22.2	22.2	22.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.3	22.3	22.2	22.2	0.0
V. Long-term financial investments	201.5	201.5	201.5	201.5	201.5
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	201.5	201.5	201.5	201.5	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	9.0	15.5	12.7	15.1	0.0
1. Long-term prepayments	9.0	15.5	12.7	15.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	12.3
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)	781.8	832.0	898.0	887.9	723.2
A. LIABILITIES (300=210+330)	463.2	531.6	557.4	547.0	352.8
I. Short -term liabilities	261.7	330.1	355.9	345.5	151.3
1. Short-term trade accounts payable	32.2	74.6	68.7	74.6	24.5
2. Short-term advances from customers	1.4	2.1	3.6	1.6	3.0
3. Taxes and other payables to state authorities	5.4	6.4	5.7	1.8	0.0
4. Payable to employees	3.6	2.7	0.3	0.0	0.0
5. Short-term acrrued expenses	0.5	0.3	0.0	0.0	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	29.3
9. Other short-term payables	132.3	170.0	229.3	259.3	0.0
10. Short-term borrowings and financial leases	94.6	80.1	48.2	4.8	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-8.2	-6.0	0.1	3.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	201.5	201.5	201.5	201.5	201.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	201.5	201.5	201.5	201.5	201.5
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)	318.6	300.3	340.6	340.9	370.4
I. Owner's equity	296.6	278.4	318.4	318.3	0.0
1. Owner's capital	160.0	160.0	160.0	160.0	347.5
- Common stock with voting right	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	142.5	142.5	142.9	142.2	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	-5.9	-24.1	15.5	16.2	63.4
- Accumulated retained earning at the end of the previous period	-24.1	15.5	15.5	15.5	0.0
- Undistributed earnings in this period	18.2	-39.6	0.0	0.6	63.4
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	21.9	21.9	22.2	22.5	22.9
1. Subsidized not-for-profit funds	21.9	21.9	21.9	21.9	0.0
2. Funds invested in fixed assets	—	0.0	0.3	0.6	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	781.8	832.0	898.0	887.9	723.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	18.2	-39.6	36.2	66.6	88.1
Depreciation of Fixed Assets and Investment Property	28.9	34.0	39.3	51.5	54.1
Provision (Increase)/Reversal	5.3	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.6	0.7	-0.9	0.0
Gain/Loss from Investment Activities	-3.6	0.0	-1.2	-1.4	0.0
Interest Expense	7.1	4.0	2.8	0.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	56.2	-1.0	77.9	116.0	141.3
Increase/(Decrease) in Receivables	-8.4	18.7	24.0	91.2	0.0
Increase/(Decrease) in Inventory	18.9	6.0	-90.3	-90.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-81.5	-47.8	-24.5	-34.9	0.0
Increase/(Decrease) in Prepaid Expenses	6.5	-2.6	4.2	-3.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.9	-3.7	-2.8	-0.1	0.0
Corporate Income Tax Paid	—	-4.6	-6.3	-13.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	-6.5	-7.2	-9.5	0.0
Net Cash Flow from Operating Activities	-17.3	-41.4	-24.9	54.5	-31.1
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.6	-1.9	-20.6	-11.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.8	0.0	1.1	0.0	0.1
Loans and Purchases of Debt Instruments	—	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
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	0.0	1.4	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	3.2	-0.5	-0.7	-19.2	-9.6
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	183.1	170.7	123.0	4.8	0.0
Repayment of Borrowings	-168.6	-138.9	-79.6	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-32.0	-42.6	-40.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	14.5	31.8	11.4	-37.8	-40.0
Net Cash Flow During the Period	0.5	-10.2	-14.2	-2.4	-29.2
Cash and Cash Equivalents at Beginning of Period	6.1	16.2	30.4	32.9	105.8
FX Difference from Revaluation	0.1	0.0	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	6.6	6.1	16.2	30.4	25.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	54.9	103.3	57.3	90.4	56.1	124.2	93.8	107.7	45.6	133.6	102.3	139.7
Revenue Deductions	3.9	0.6	0.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	51.0	102.7	56.4	90.4	56.1	124.2	93.8	107.7	45.6	133.6	102.3	139.7
Cost of Goods Sold	28.8	57.5	35.6	51.6	31.4	69.5	52.5	60.3	25.5	68.1	57.3	82.5
Gross Profit	22.2	45.2	20.8	38.8	24.7	54.6	41.3	47.4	20.1	65.5	45.0	57.3
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Financial Expenses	2.5	3.4	1.9	2.9	2.2	2.1	1.5	1.5	1.5	1.2	1.4	2.1
Interest Expense	1.8	1.8	1.1	2.1	1.0	0.7	0.8	0.7	0.9	1.1	0.5	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.8	29.6	4.5	12.9	13.5	50.1	23.6	21.5	10.0	33.6	15.5	19.2
General and Administrative Expenses	9.8	8.3	15.1	14.8	12.6	8.7	17.3	17.6	6.3	20.4	14.8	20.4
Operating Profit	0.1	3.9	-0.8	8.2	-3.5	-6.3	-1.1	6.8	2.3	10.4	13.3	15.8
Other Income	2.6	2.5	6.8	3.4	5.9	4.9	3.5	1.9	0.0	1.1	0.0	0.0
Other Expenses	1.9	1.6	1.6	1.7	1.8	46.9	0.1	0.5	0.0	0.0	0.0	1.1
Other Profit	0.6	0.9	5.2	1.7	4.0	-41.9	3.4	1.4	-0.0	1.1	0.0	-1.1
Profit Before Tax	0.8	4.8	4.4	9.9	0.5	-48.2	2.3	8.2	2.3	11.4	13.3	14.7
Current Income Tax Expense	—	—	—	2.0	0.1	0.0	0.5	1.6	0.5	2.3	2.7	2.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.8	4.8	4.4	7.9	0.4	-48.2	1.8	6.5	1.8	9.1	10.7	11.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.8	4.8	4.4	7.9	0.4	-48.2	1.8	6.5	1.8	9.1	10.7	11.8
Earnings per Share	47.46	298.51	274.39	496.45	26.79	-3,010.60	114.71	0.00	112.75	571.69	667.32	735.53
Diluted EPS	47.46	298.51	274.39	496.45	26.79	-3,010.60	114.71	0.00	112.75	571.69	667.32	735.53

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)	503.8	501.4	491.4	515.6	520.4	538.3	562.0	588.2	526.4	580.5	567.2	545.4
I. Cash and cash equivalents	4.0	8.3	8.7	5.5	2.2	26.4	5.9	13.3	4.9	27.8	27.5	14.7
1. Cash	4.0	8.3	8.7	5.5	2.2	26.4	5.9	13.3	4.9	27.8	10.5	14.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	17.0	0.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	103.9	100.0	77.2	78.4	82.6	107.3	128.0	134.0	102.6	100.3	123.1	134.7
1. Short-term trade accounts receivable	86.1	83.2	53.8	55.8	64.7	89.8	94.1	96.2	71.9	81.5	79.2	110.6
2. Short-term prepayments to suppliers	5.5	6.7	4.8	6.9	5.8	5.0	5.2	12.2	9.2	5.3	3.4	4.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	13.5	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	17.7	10.0	18.6	15.7	12.1	12.5	28.7	25.5	21.6	0.0	40.5	19.1
7. Provision for short-term doubtful debts (*)	-5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	394.0	391.6	403.1	431.3	433.1	404.6	427.3	439.1	418.0	451.9	413.7	392.5
1. Inventories	394.0	391.6	403.1	431.3	433.1	404.6	427.3	439.1	418.0	451.9	413.7	392.5
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	1.9	1.5	2.4	0.4	2.4	0.0	0.8	1.9	0.9	0.5	2.9	3.5
1. Short-term prepayments	—	—	0.5	—	0.0	0.0	0.5	0.1	0.1	0.5	0.4	0.9
2. Value added tax to be reclaimed	0.4	—	0.4	0.4	1.0	0.0	0.0	1.6	0.8	0.0	2.5	2.3
3. Taxes and other receivables from state authorities	1.5	1.5	1.5	—	1.4	0.0	0.3	0.1	0.0	0.0	0.0	0.3
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)	281.7	288.3	295.7	304.0	312.9	322.3	332.1	335.9	343.6	353.5	362.6	372.9
I. Long-term receivables	2.7	2.7	2.7	2.7	2.7	2.5	2.5	2.5	2.5	2.5	2.5	2.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.5
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	2.7	2.7	2.7	2.7	2.7	2.5	2.5	2.5	2.5	2.5	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	46.7	51.9	58.2	65.1	72.5	80.5	88.6	97.1	105.8	114.3	122.7	132.2
1. Tangible fixed assets	46.7	51.9	58.2	65.1	72.5	80.5	88.6	97.1	105.8	114.3	122.7	132.2
- Cost	542.3	—	—	—	—	551.1	550.9	550.9	550.9	550.6	555.4	555.5
- Accumulated depreciation	-495.5	—	—	—	—	-470.6	-462.3	-453.8	-445.1	-436.3	-432.7	-423.3
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	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.2	22.2	22.2	22.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	22.2	0.0	0.0
2. Construction in progress	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.3	22.2	0.0	22.2	22.2
V. Long-term financial investments	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5
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	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5
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	8.5	9.9	11.0	12.5	13.9	15.5	17.2	12.5	11.5	12.9	13.6	14.5
1. Long-term prepayments	8.5	9.9	11.0	12.5	13.9	15.5	17.2	12.5	11.5	12.9	13.6	14.5
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)	785.5	789.7	787.1	819.6	833.3	860.6	894.1	924.2	870.0	933.9	929.8	918.3
A. LIABILITIES (300=210+330)	466.2	470.8	473.0	511.0	532.5	560.5	546.1	575.4	527.7	561.7	566.8	562.7
I. Short -term liabilities	264.7	269.3	271.5	309.5	331.0	359.0	344.6	373.9	324.8	360.2	365.3	361.2
1. Short-term trade accounts payable	29.5	31.9	39.1	61.0	81.4	79.5	89.2	123.8	67.7	78.2	79.2	49.9
2. Short-term advances from customers	1.6	2.7	2.4	2.4	0.8	1.1	6.5	1.5	2.1	5.8	2.5	4.6
3. Dividends and profits payable	24.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.8	5.3	4.0	4.8	1.3	2.3	4.8	4.2	3.5	5.4	4.1	2.5
4. Payable to employees	1.1	7.8	—	—	—	0.0	0.0	1.1	0.0	4.4	2.4	1.3
5. Short-term acrrued expenses	0.5	0.2	0.2	0.3	0.3	15.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.5	0.0
9. Other short-term payables	97.4	132.2	131.6	166.3	154.1	171.7	183.0	195.4	203.3	218.0	231.7	261.7
10. Short-term borrowings and financial leases	115.3	97.5	102.3	82.9	100.6	93.0	64.7	49.9	48.2	48.2	44.5	42.3
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	-8.3	-8.2	-8.2	-8.1	-7.4	-3.6	-3.5	-2.1	0.0	0.2	0.4	-1.1
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	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	202.9	201.5	201.5	201.5
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	201.5	201.5	201.5	201.5	201.5	201.5	201.5	201.5	202.9	201.5	201.5	201.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	319.3	318.9	314.1	308.6	300.8	300.2	348.0	348.8	342.3	372.3	363.0	355.6
I. Owner's equity	319.3	296.9	292.2	286.7	278.8	278.2	326.1	326.8	320.2	350.1	340.7	333.3
1. Owner's capital	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0
- Common stock with voting right	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	0.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	142.2	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	142.5	142.5	142.5	142.5	142.5	142.5	142.5	142.9	142.9	0.0	142.2	142.2
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	21.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-5.1	-5.6	-10.3	-15.8	-23.7	-24.3	23.6	23.9	17.3	47.9	38.5	31.1
- Accumulated retained earning at the end of the previous period	-5.9	-24.1	-24.1	-24.1	-24.1	15.5	0.0	15.5	17.3	47.9	38.5	31.1
- Undistributed earnings in this period	0.8	18.5	13.7	8.3	0.4	-39.8	0.0	8.3	0.0	0.0	0.0	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	—	—	—	—	—	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	—	21.9	21.9	21.9	21.9	21.9	21.9	22.0	22.1	22.2	22.3	22.4
1. Subsidized not-for-profit funds	—	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.1	0.2	0.3	0.4	0.4
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)	785.5	789.7	787.1	819.6	833.3	860.6	894.1	924.2	870.0	933.9	929.8	918.3

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	0.8	4.5	4.4	8.8	0.5	-48.2	2.3	5.5	2.3	4.3	13.3	14.6
Depreciation of Fixed Assets and Investment Property	5.3	6.5	7.1	7.4	7.8	8.3	8.5	8.6	8.7	9.1	9.6	9.9
Provision (Increase)/Reversal	—	5.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-1.2	0.0	1.3	—	-1.3	0.0	1.3	0.0	0.7	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.3	0.3	-0.4	-3.2	-0.0	-0.0	-0.0	-0.0	-1.1	-0.1	-0.0
Interest Expense	1.8	2.5	1.1	2.5	1.0	0.9	0.8	0.7	0.9	1.1	0.5	0.6
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	7.8	17.4	12.9	19.7	6.2	-40.3	11.6	16.1	11.8	14.2	23.5	25.0
Increase/(Decrease) in Receivables	-13.2	-18.8	-3.5	9.5	4.4	21.0	-7.1	-17.7	4.9	17.2	9.3	-36.7
Increase/(Decrease) in Inventory	1.2	8.0	20.1	9.9	-19.2	22.7	29.9	-39.2	2.0	-6.2	-30.1	8.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-17.7	-1.4	-42.6	-19.2	-18.3	-11.6	-45.4	54.3	-28.5	-5.3	9.3	-23.4
Increase/(Decrease) in Prepaid Expenses	0.6	2.5	1.9	0.5	1.5	2.2	-4.1	-2.0	1.2	1.2	1.3	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-2.2	-1.1	-2.5	-1.0	-0.9	-0.8	-0.7	-0.9	-1.1	-0.5	-0.6
Corporate Income Tax Paid	—	—	—	—	—	-2.0	-1.0	-0.5	-3.1	-2.0	-0.5	-2.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.2	-0.0	-0.7	-1.4	1.2	-5.2	-2.1	0.0	-1.2	-1.4	25.4
Net Cash Flow from Operating Activities	-23.2	5.6	-12.3	17.3	-27.8	-7.6	-22.2	8.2	-12.5	16.7	10.8	-3.7
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.3	-0.3	—	—	-0.2	0.0	-0.1	-0.3	-0.9	-0.3	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	-0.3	0.4	3.4	0.0	0.0	0.0	0.0	1.1	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	—	—	—	—	—	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	0.0	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	-0.1	0.1	-0.6	0.4	3.4	-0.2	0.0	-0.1	-0.2	0.2	-0.2	-0.3
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	54.1	47.5	45.5	43.1	47.0	59.1	51.2	21.1	34.3	17.8	36.4	36.5
Repayment of Borrowings	-33.4	-55.2	-27.8	-59.1	-26.5	-30.8	-36.5	-20.8	-32.9	-14.0	-34.2	-26.6
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	-32.0	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	20.7	-7.7	17.7	-16.0	20.5	28.3	14.8	0.3	1.4	-28.2	2.2	9.9
Net Cash Flow During the Period	-2.6	-2.0	4.8	1.6	-3.9	20.5	-7.4	8.4	-11.3	-11.3	12.7	5.9
Cash and Cash Equivalents at Beginning of Period	6.6	8.7	3.9	2.2	6.1	16.2	16.2	16.2	16.2	30.4	30.4	30.4
FX Difference from Revaluation	—	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.0	6.6	8.7	3.9	2.2	26.4	5.9	13.3	4.9	16.2	27.5	14.7

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VET

What Is Changing

Drivers of VET's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▼▼

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow