VHE

Dược liệu và Thực phẩm Việt Nam ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.04%, +3.39pp YoY

Price

3,200

Latest close

02 Jun 2026

P/E 4.92x

P/B 0.28x

EPS 651

BVPS 11,529

ROE 5.8%

ROA 3.7%

Profit Margin 4.0%

Asset Turnover 0.92x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, VHE has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 535bn
	                                
+1.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+529.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.98x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	534.7	436.1	314.4	265.3	230.6
Growth	+23%	+39%	+19%	+15%	—
Net Income	17.6	1.9	1.6	1.4	2.1
Net Margin	3.30%	0.44%	0.52%	0.54%	0.92%

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	157.6	116.0	48.9	212.8	157.0	62.3	144.2	163.7	65.9	94.6	75.3	75.5
Growth	+36%	+137%	-77%	+36%	+152%	-57%	-12%	+148%	-30%	+26%	-0%	—
Net Income	5.2	2.5	2.6	11.4	1.2	0.5	0.8	1.0	0.4	0.9	0.5	0.4
Net Margin	3.27%	2.18%	5.28%	5.35%	0.74%	0.77%	0.52%	0.64%	0.57%	0.94%	0.64%	0.58%

Drivers of VHE's profit

TTM

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

Gross profit ↑ 32.6bn

Finance costs ↑ 8.5bn

Tax ↑ 4.9bn

TTM

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

Gross profit ↑ 7.5bn

Finance costs ↑ 2.2bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.0% = 0.7% × 1.08 × 1.41

2026Q1 5.8% = 4.0% × 0.92 × 1.57

ROE rose from 1.0% to 5.8% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 4.0% +3.4pp Asset turnover: 0.92x -0.16x Leverage: 1.57x +0.16x

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 4.04%, rising 3.4pp. The main driver is Gross margin rose 6.0pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.6pp and Other profit / Revenue fell 0.2pp).

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

Profitability trend

Net Margin 4.04% +3.4pp

Gross Margin 9.42% +6.0pp

SG&A / Revenue 1.24% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 52.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 3.91%, rising 3.4pp. That translates to 3.91 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.6pp, with capital turnover fell 0.19x; while invested capital expanded strongly by 98bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 3.91% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.91% +3.4pp

NOPAT Margin 4.07% +3.6pp

Capital Turnover 0.96x −0.19x

Average Invested Capital 557.3bn +97.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.65x equity, net debt at 0.58x equity.

Inventory ended the period at 320.3bn, roughly 51.6% of total assets.

Over the last 12 months, working capital absorbed 119.2bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −11.1bn

Inventories increased → lower CFO: −94.0bn

Payables decreased → lower CFO: −14.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 52.0 days versus the same period last year. The main moves came from DIO rose 48.0 days, DSO rose 5.3 days, and DPO rose 1.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 219.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 15.1 days +5.3 days

Inventory 212.9 days +48.0 days

Payables 8.8 days +1.3 days

Cash Conversion Cycle 219.1 days +52.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.58x and interest coverage only at 1.65x.

At present, short-term debt accounts for 99.8% of total debt, cash equals 4.9% of debt, and total debt stands at 232.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.65x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.8% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.58x +0.16x

Interest Coverage 1.65x +1.28x

Cash / Debt 4.9% +0.9pp

Short-term Debt / Total Debt 99.8% +0.2pp

CFO / NI -3.98x −18.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -109.6bn in 2025, against investing cash flow of 16.5bn.

Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +97.5bn.

CFO / net income was -3.98x.

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 85.6bn −135.1bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at 3.9%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from operating efficiency, with net margin improving 3.4 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.04% after expanding 3.4pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	534.7	436.1	314.4	265.4	231.1
Revenue Deductions	—	0.0	0.0	0.1	0.0
Net Revenue	534.7	436.1	314.4	265.3	230.6
Cost of Goods Sold	491.8	420.3	301.6	254.1	0.0
Gross Profit	42.9	15.8	12.8	11.2	33.3
Financial Income	0.1	0.3	0.2	0.1	0.1
Financial Expenses	14.4	7.0	4.9	4.3	-5.3
Interest Expense	14.1	6.7	4.8	4.3	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.8	2.6	2.3	1.3	-22.3
General and Administrative Expenses	4.6	4.4	3.6	3.6	-2.9
Operating Profit	22.1	2.1	2.1	2.1	2.9
Other Income	0.2	0.4	0.0	0.1	0.0
Other Expenses	0.1	0.2	0.1	0.3	0.0
Other Profit	0.0	0.2	-0.1	-0.2	-0.2
Profit Before Tax	22.1	2.3	2.0	1.9	2.7
Current Income Tax Expense	4.5	0.4	0.4	0.4	-0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.6	1.9	1.6	1.4	2.1
Non-controlling Interest	0.1	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.6	1.9	1.6	1.4	2.1
Earnings per Share	531.00	57.00	49.00	44.00	126.00
Diluted EPS	530.85	56.85	49.10	43.19	66.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	424.4	294.4	357.3	318.8	328.5
I. Cash and cash equivalents	5.1	0.7	0.2	0.1	10.2
1. Cash	5.1	0.7	0.2	0.1	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	95.6	84.3	146.5	15.9	8.1
1. Short-term trade accounts receivable	35.6	9.1	6.8	15.7	0.0
2. Short-term prepayments to suppliers	17.4	14.4	12.3	0.1	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	42.6	60.8	127.5	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	320.3	208.9	210.4	302.0	305.2
1. Inventories	320.3	208.9	210.4	302.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-0.6	0.0
V. Other short-term assets	3.4	0.5	0.2	0.8	2.1
1. Short-term prepayments	0.3	0.3	0.0	0.1	0.0
2. Value added tax to be reclaimed	3.1	0.2	0.1	0.7	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)	195.8	199.7	55.2	61.8	68.7
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	195.3	199.2	54.9	61.6	68.4
1. Tangible fixed assets	27.6	32.5	38.1	44.8	51.5
- Cost	73.4	71.9	70.9	70.7	0.0
- Accumulated depreciation	-45.8	-39.4	-32.7	-25.9	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	167.7	166.8	16.8	16.9	16.9
- Cost	168.1	167.1	17.1	17.1	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-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	—	0.2	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.2	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	0.5	0.3	0.2	0.2	0.0
1. Long-term prepayments	0.5	0.3	0.2	0.2	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	0.2
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)	620.2	494.1	412.4	380.6	397.2
A. LIABILITIES (300=210+330)	243.2	135.6	78.4	48.2	73.1
I. Short -term liabilities	242.6	135.1	75.4	44.4	68.3
1. Short-term trade accounts payable	7.6	2.2	2.6	4.1	1.3
2. Short-term advances from customers	0.3	0.1	6.2	0.3	0.5
3. Taxes and other payables to state authorities	4.5	0.6	0.4	1.3	0.0
4. Payable to employees	0.3	0.2	0.3	0.3	0.0
5. Short-term acrrued expenses	0.8	0.7	0.5	0.5	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	0.2	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	228.9	131.3	65.2	37.9	65.4
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	0.6	0.6	3.0	3.8	4.8
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	0.4	0.6	3.0	3.8	4.8
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	0.2	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)	376.9	358.5	334.1	332.5	324.2
I. Owner's equity	376.9	358.5	334.1	332.5	0.0
1. Owner's capital	331.4	331.4	331.4	331.4	324.2
- Common stock with voting right	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	316,400,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.3
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	-40,000.00	-40,000.00	-40,000.00	-40,000.00	0.00
6. Assets revaluation differences	0.7	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	22.5	4.9	3.1	1.5	8.1
- Accumulated retained earning at the end of the previous period	4.9	3.4	1.5	0.0	6.0
- Undistributed earnings in this period	17.6	1.5	1.6	1.4	2.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	22.8	22.6	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)	620.2	494.1	412.4	380.6	397.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.1	2.3	2.0	1.9	1.2
Depreciation of Fixed Assets and Investment Property	6.8	6.3	6.9	6.9	4.9
Provision (Increase)/Reversal	—	0.0	-0.6	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	0.0	-0.0	-0.0	-0.0	0.0
Interest Expense	14.1	6.7	4.8	4.3	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	43.0	15.4	13.1	13.6	10.0
Increase/(Decrease) in Receivables	-32.4	-3.6	-2.6	-6.7	0.0
Increase/(Decrease) in Inventory	-111.4	10.6	92.1	2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.7	-15.9	4.1	3.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.3	0.0	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.9	-6.7	-4.8	-4.3	0.0
Corporate Income Tax Paid	-0.5	-0.5	-1.0	-0.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-109.6	-1.1	101.1	7.9	-9.3
Payments for Fixed Assets and Other Long-term Assets	-1.7	-1.0	-0.2	-0.1	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-127.5	0.0	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	3.0	0.0
Investments in Other Entities	—	-184.9	0.0	0.0	0.0
Proceeds from Investments in Other Entities	18.2	127.5	0.0	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	16.5	-58.3	-127.7	3.1	-3.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	7,412,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	454.3	271.8	112.4	67.5	82.6
Repayment of Borrowings	-356.8	-211.8	-85.7	-95.9	-80.1
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	97.5	59.9	26.7	-21.1	2.6
Net Cash Flow During the Period	4.5	0.5	0.0	-10.1	0.0
Cash and Cash Equivalents at Beginning of Period	0.7	0.2	0.1	10.2	10.4
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.1	0.7	0.2	0.1	0.0

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	157.6	116.0	48.9	212.8	157.0	62.3	144.2	163.7	65.9	94.6	75.3	75.5
Revenue Deductions	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	157.6	116.0	48.9	212.8	157.0	62.3	144.2	163.7	65.9	94.6	75.3	75.5
Cost of Goods Sold	144.8	106.7	40.1	193.3	151.7	58.1	139.9	159.5	62.7	90.4	71.9	72.4
Gross Profit	12.8	9.3	8.8	19.5	5.2	4.2	4.2	4.1	3.2	4.2	3.4	3.1
Financial Income	0.0	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.2	0.1	0.1	0.0
Financial Expenses	4.7	4.2	4.1	3.6	2.5	2.2	1.8	1.5	1.5	1.4	1.2	1.2
Interest Expense	4.6	4.2	4.0	3.5	2.4	2.1	1.8	1.4	1.5	1.4	1.2	1.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.4	0.4	0.6	0.4	0.5	0.7	0.6	0.7	1.0	0.8	0.4
General and Administrative Expenses	1.2	1.5	1.1	1.1	1.0	1.3	1.1	1.2	0.7	0.9	0.9	1.0
Operating Profit	6.5	3.2	3.2	14.3	1.3	0.2	0.6	0.9	0.4	1.0	0.6	0.6
Other Income	—	0.0	—	0.0	0.1	0.4	0.4	0.4	0.0	0.0	0.0	-0.0
Other Expenses	0.1	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	-0.0	0.0	0.0
Other Profit	-0.1	-0.0	-0.0	-0.1	0.1	0.3	0.3	0.4	-0.0	0.0	-0.0	-0.0
Profit Before Tax	6.5	3.2	3.2	14.3	1.4	0.5	0.9	1.2	0.4	1.0	0.6	0.6
Current Income Tax Expense	1.3	0.7	0.6	2.9	0.3	0.1	0.1	0.2	0.1	0.1	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.2	2.5	2.6	11.4	1.2	0.5	0.8	1.0	0.4	0.9	0.5	0.4
Non-controlling Interest	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Profit Attributable to Parent	5.1	2.5	2.6	11.3	1.2	0.4	0.7	1.0	0.4	0.8	0.5	0.4
Earnings per Share	156.00	74.68	78.00	342.00	35.00	13.02	23.00	30.55	12.00	24.32	14.00	13.21
Diluted EPS	154.27	74.68	77.86	342.08	34.81	13.02	21.62	30.55	11.39	24.32	14.44	13.21

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)	432.4	424.4	423.7	395.5	340.4	294.4	290.6	281.0	386.6	233.7	303.4	319.9
I. Cash and cash equivalents	11.5	5.1	1.5	0.9	6.4	0.7	3.0	7.0	0.8	0.2	0.3	0.2
1. Cash	11.5	5.1	1.5	0.9	6.4	0.7	3.0	7.0	0.8	0.2	0.3	0.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	87.8	95.6	105.3	175.0	97.9	84.3	134.7	95.2	161.4	20.3	30.1	39.8
1. Short-term trade accounts receivable	23.8	35.6	22.2	95.2	20.4	9.1	28.9	33.3	7.9	8.1	30.0	38.0
2. Short-term prepayments to suppliers	31.4	17.4	22.3	19.0	16.7	14.4	45.0	1.2	26.0	12.3	0.1	1.8
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	32.6	42.6	60.8	60.8	60.8	60.8	60.8	60.8	127.5	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	329.8	320.3	313.2	219.3	235.8	208.9	152.5	178.3	224.2	213.0	272.9	279.8
1. Inventories	329.8	320.3	313.2	219.3	235.8	208.9	152.5	178.3	224.2	213.0	273.5	280.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.6	-0.6
V. Other short-term assets	3.3	3.4	3.7	0.4	0.4	0.5	0.4	0.6	0.1	0.2	0.1	0.1
1. Short-term prepayments	0.2	0.3	0.3	0.1	0.2	0.3	0.3	0.4	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.1	3.1	3.4	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	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)	194.1	195.8	197.1	197.2	198.0	199.7	200.8	202.1	53.5	205.1	95.9	58.6
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	193.7	195.3	196.2	196.9	197.5	199.2	200.0	201.7	53.3	204.9	56.6	58.3
1. Tangible fixed assets	26.0	27.6	28.5	30.1	30.8	32.5	33.3	34.9	36.5	51.5	39.8	41.5
- Cost	73.5	—	—	—	—	71.9	71.0	71.0	70.9	84.4	70.9	70.9
- Accumulated depreciation	-47.5	—	—	—	—	-39.4	-37.8	-36.1	-34.4	-32.9	-31.1	-29.3
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	167.7	167.7	167.7	166.8	166.8	166.8	166.8	166.8	16.8	153.4	16.8	16.8
- Cost	168.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	—	—	0.4	0.0	0.2	0.2	0.4	0.1	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	—	—	0.4	0.0	0.2	0.2	0.4	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	39.0	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	39.0	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	0.4	0.5	0.5	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.3	0.3
1. Long-term prepayments	0.4	0.5	0.5	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.3	0.3
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)	626.6	620.2	620.8	592.8	538.5	494.1	491.4	483.1	440.1	438.8	399.3	378.5
A. LIABILITIES (300=210+330)	244.5	243.2	246.4	221.7	178.8	135.7	133.0	125.0	105.6	81.7	65.5	45.2
I. Short -term liabilities	243.9	242.6	245.7	221.2	178.3	135.1	132.4	124.4	102.6	78.7	62.5	41.9
1. Short-term trade accounts payable	4.8	7.6	11.8	15.2	18.6	2.2	16.8	23.6	2.3	5.9	25.8	0.6
2. Short-term advances from customers	0.1	0.3	0.4	0.3	0.6	0.1	0.1	0.6	28.4	6.2	0.6	0.3
3. Taxes and other payables to state authorities	5.8	4.5	3.8	3.6	0.7	0.6	0.4	0.3	0.5	0.4	0.3	0.2
4. Payable to employees	0.3	0.3	0.2	0.2	0.3	0.2	0.3	0.3	0.3	0.3	0.3	0.3
5. Short-term acrrued expenses	0.5	0.8	0.4	0.3	0.3	0.7	0.2	0.2	0.1	0.5	0.1	0.2
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	0.3	0.2	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.1
10. Short-term borrowings and financial leases	232.0	228.9	229.1	201.4	157.7	131.3	114.5	99.4	70.8	65.3	35.3	40.1
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	0.6	0.6	0.7	0.6	0.6	0.6	0.6	0.6	3.0	3.0	3.0	3.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	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	0.4	0.4	0.5	0.6	0.6	0.6	0.6	0.6	3.0	3.0	3.0	3.3
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	0.2	0.2	0.2	—	—	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)	382.1	376.9	374.4	371.0	359.6	358.5	358.5	358.1	334.5	357.1	333.8	333.3
I. Owner's equity	382.1	376.9	374.4	371.0	359.6	358.5	358.5	358.1	334.5	357.1	333.8	333.3
1. Owner's capital	331.4	331.4	331.4	331.4	331.4	331.4	331.4	331.4	331.4	331.4	331.4	331.4
- Common stock with voting right	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00	331,400,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00	-40,000.00
6. Assets revaluation differences	0.7	0.7	0.7	—	—	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	27.6	22.5	20.0	17.4	6.0	4.9	4.9	4.6	3.5	3.6	2.8	2.4
- Accumulated retained earning at the end of the previous period	22.5	4.9	4.9	5.3	4.9	3.1	3.2	3.2	3.1	2.8	1.5	1.5
- Undistributed earnings in this period	5.1	17.6	15.1	12.1	1.2	1.9	1.8	1.4	0.4	0.7	1.4	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	22.8	22.8	22.8	22.7	22.6	22.5	22.5	22.5	0.0	22.6	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)	626.6	620.2	620.8	592.8	538.5	494.1	491.4	483.1	440.1	438.8	399.3	378.5

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	6.5	3.2	3.2	14.3	1.4	0.2	0.5	1.2	0.4	0.3	0.6	0.6
Depreciation of Fixed Assets and Investment Property	1.7	1.7	1.7	1.7	1.7	1.7	2.1	1.3	1.7	1.7	1.7	1.7
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.1	0.0	-0.0	0.0	-0.1	0.1	-0.1	-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	-0.0
Interest Expense	4.6	4.3	4.0	3.4	2.4	2.1	1.8	1.4	1.5	1.4	1.2	1.2
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	12.8	9.1	9.0	19.4	5.6	3.9	4.3	4.0	3.5	2.8	3.4	3.4
Increase/(Decrease) in Receivables	7.7	-8.0	66.5	-77.2	-13.6	50.3	26.5	0.3	-14.9	11.0	9.7	-6.7
Increase/(Decrease) in Inventory	-9.5	-7.1	-93.9	16.5	-26.9	-56.4	16.8	55.0	-13.8	63.0	6.9	4.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.4	-3.7	-3.4	-3.7	16.5	-16.1	1.7	-16.1	21.7	-17.2	25.4	0.9
Increase/(Decrease) in Prepaid Expenses	0.2	0.0	-0.3	0.0	0.2	0.0	-0.0	-0.4	0.0	0.0	0.1	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.6	-4.2	-3.9	-3.4	-2.4	0.0	-1.7	-1.4	-1.5	-1.3	-1.2	-1.2
Corporate Income Tax Paid	—	0.0	-0.4	0.0	-0.1	0.1	-0.0	-0.5	0.0	-0.0	0.0	-0.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	3.2	-13.7	-26.7	-48.3	-20.8	-18.1	47.5	40.9	-5.0	58.5	44.3	0.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.6	-0.2	-0.9	—	-0.9	0.0	0.0	0.0	-0.1	-0.1	-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	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-127.5	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	56.4	-184.9	0.0	39.0	-39.0	0.0
Proceeds from Investments in Other Entities	—	18.2	—	—	—	0.0	-126.5	127.5	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	0.0	17.6	-0.2	-0.9	0.0	-0.9	-70.1	-57.4	0.0	-88.5	-39.1	-0.0
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	137.2	122.0	112.3	251.2	-31.3	95.7	41.9	185.2	-47.7	35.2	33.4	12.2
Repayment of Borrowings	-134.0	-122.2	-84.8	-207.6	57.8	-79.1	-23.2	-162.6	53.2	-5.2	-38.4	-14.4
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	3.1	-0.2	27.6	43.7	26.5	16.6	18.7	22.7	5.6	30.0	-5.0	-2.2
Net Cash Flow During the Period	6.3	3.7	0.6	-5.6	5.7	-2.3	-3.9	6.2	0.6	-0.1	0.1	-1.3
Cash and Cash Equivalents at Beginning of Period	5.1	1.5	0.9	6.4	0.7	0.2	0.2	0.2	0.2	0.1	0.1	0.1
FX Difference from Revaluation	-0.0	-0.0	-0.0	—	-0.0	0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	11.5	5.1	1.5	0.9	6.4	0.7	3.0	7.0	0.8	0.2	0.3	0.2

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VHE

What Is Changing

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Financial Highlights

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Balance Sheet ▼

Working Capital Efficiency ▼▼

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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